Lefroy Exploration Limited (ASX:LEX) is a British Virgin Islands-incorporated exploration company focused on gold, nickel, and copper projects in Western Australia; its flagship Lefroy Project comprises a 635 square kilometre contiguous land package in the Kalgoorlie-Kambalda mining district with mineral resources totaling 1.1 million ounces of gold, 58,000 tonnes of contained copper, and 14,780 tonnes of contained nickel as of August 2023, including the Lucky Strike gold deposit (79,600 ounces at 1.95 grams per tonne), Mt Martin gold deposit (439,000 ounces at 1.47 grams per tonne), and Burns Central gold-copper deposit (159,285 ounces at 1.18 grams per tonne in the high-grade shallow zone); additional assets encompass the Lake Johnston nickel project 120 kilometres west of Norseman, the 2,872 square kilometre Glenayle project north of Wiluna, and the Goodyear nickel deposit within subsidiary Hampton Metals Ltd's portfolio on freehold Location 45 near Kambalda; operations include a joint venture with Gold Fields Limited at Western Lefroy and mineral rights under agreement with Franco-Nevada Australia Pty Ltd at Location 45. Founded in 1990 as U.S. Masters Holdings Limited and renamed in 2016 following acquisitions of tenements from Hogans Resources Pty Ltd and Montezuma Mining Company to form the Lefroy gold project, the company maintains its registered office in Road Town, Tortola, with principal operations in West Perth, Australia. Recent developments feature a 50:50 profit-sharing mining agreement with BML Ventures Pty Ltd executed in February 2025 for open-pit development of Lucky Strike, under which BML funds and manages mining activities, approvals, grade control drilling (16,500 metres completed with high-grade results including 19 metres at 4.10 grams per tonne gold), and toll milling; a toll milling agreement for 80,000-90,000 tonnes of Lucky Strike ore at Greenfields Mill in Coolgardie commencing February 2026; a $2.5 million Profit Cash Advance Facility with BML in July 2025 to fund operations through first-half 2026 profit distributions without shareholder dilution; mineral resource updates in October 2024 expanding near-surface ounces at Mt Martin and defining high-grade zones at Burns Central; a $3.3 million institutional placement in October 2024; and final mining and environmental approvals secured for Lucky Strike in November 2025, positioning the company for initial gold production in late 2025 or early 2026.