Lefroy Exploration (ASX: LEX)
Announced that it has entered into a Profit Cash Advance Facility Agreement with BML Ventures Pty Ltd with regards to the Lucky Strike Gold Deposit.
The Lucky Strike Gold Deposit contains an MRE of 1.27Mt @ 1.95 g/t Au for 79,600 ounces.
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Courtesy of Lefroy Exploration
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| Lefroy Exploration | ASX: LEX | |
| Stage | Exploration | |
| Metal | Gold | |
| Market cap | A$28 m @ 10 cents | |
| Location | Kalgoorlie, Western Australia | |
| Website | www.lefroyex.com |
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Lefroy secures crucial funding via BML Lucky Strike Profit Cash Advance Agreement
16 July 2025
Lefroy Exploration Limited (“Lefroy” or “the Company”) (ASX: LEX) is pleased to announce that it has entered into a Profit Cash Advance Facility Agreement with BML Ventures Pty Ltd (“BML”) with regards to the Lucky Strike Gold Deposit (“Lucky Strike”).
The Lucky Strike Gold Deposit contains an MRE of 1.27Mt @ 1.95 g/t Au for 79,600 ounces (Indicated 0.70Mt @ 1.93 g/t Au for 43,400 oz. Inferred 0.57Mt @ 1.97 g/t Au for 36,200 oz).
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Highlights
• Lefroy is now fully funded until profit-share distributions commence at Lucky
Strike in 1/H 2026, avoiding dilution of existing shareholders.
• Total funding commitment of $2.5 million, with the first cash advance of $1
million to be completed by the end of the September FY26 quarter.
• Additional advances of $500,000 to be available in each of the December,
March and June FY26 quarters.
• All cash advances to be offset against Lefroy’s 50% entitlement under its
existing Profit-Sharing Agreement with BML.
• Recourse under the facility security is limited to the Lucky Strike mining
tenement, no upfront fees and a coupon rate of 8% per annum.
• Substantially strengthens our cash position, which will enable the Company to
embark on additional high impact exploration programs across the broader
Lefroy tenure throughout the remainder of 2025 and beyond.
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Lefroy CEO Graeme Gribren commented:
“Securing a funding solution for Lefroy with our profit-sharing partner BML places the Company in a strong cash position as we advance towards operations at Lucky Strike in late 2025.
“BML’s support is a major vote of confidence in the Company and the Lucky Strike project, ensuring that Lefroy is fully funded as both parties advance toward profit share distribution in FY 2026.
“Lastly, and most importantly, this funding agreement avoids dilution of both new and long-term loyal Lefroy shareholders, whilst retaining 100% ownership of our Mineral Resources and the tenements that underlie them”.
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BML is a privately owned mining contractor based in Kalgoorlie and has a strong track record of funding, developing, and operating open pit gold mines.
With a strong technical focus, BML uses its low-cost owner/operator mining fleet and its
relationships with local toll treatment operators to maximise profitability and cash generation from small to medium sized mining projects.
Lefroy entered into a Profit-Sharing Agreement with BML in February 2025 in relation to the Lucky Strike Gold Project (refer ASX announcement 12 February 2025).
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To read the full news release, please click HERE
The live gold price can be found HERE
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Disclosure
At the time of writing the author holds shares in Lefroy Exploration
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