The Newest Gold Miner on the ASX: Lefroy Exploration (ASX: LEX) Ships First Bars to Perth Mint

Key Highlights:

• First three gold doré bars weighing 27.2kg shipped to Perth Mint
• Estimated 584 ounces produced in maiden toll milling campaign
• Lucky Strike hosts 79,600oz resource at 1.95g/t gold
• Further toll milling capacity under negotiation
• Part of broader one million ounce Lefroy Project resource base
  
   

Date: Monday, 23 February 2026

For a decade, Lefroy Exploration (ASX: LEX)  was known as a hopeful gold explorer in Western Australia’s legendary Kalgoorlie district. On Monday, that narrative changed.

In today’s ASX announcement, Lefroy Exploration confirmed it has produced and shipped its first three gold doré bars from the Lucky Strike Gold Mine to the Perth Mint for final refining. For small mining companies, this moment is more than symbolic. It marks the shift from spending money in the ground to generating it.

First Gold Leaves the Ground

According to the company, the initial shipment comprised three doré bars weighing a combined 27.2 kilograms, containing an estimated 584 ounces of gold . At current gold prices hovering above US$5,000 per ounce, that equates to a substantial first cash injection for a company with a market capitalisation of about $70 million.

Additional ore is already stockpiled at both the Lucky Strike site and the FMR Greenfields mill in Coolgardie, with the first toll milling campaign scheduled to be completed towards the end of February.

Lefroy CEO Graeme Gribbin described the milestone in personal terms.

“Production of our first gold doré bars from the Lucky Strike Gold Project is a culmination of 10 years hard work by past and present Lefroy employees and management, from early exploration efforts, formulation of the first mineral resource estimate, through to more recent collaborations with BML Ventures to facilitate funding and commencement of first production,” Mr Gribbin said.

He added, “Together with past and present shareholders and investors of Lefroy, whose funding and support have made this possible, I am pleased that the Company is now on the brink of delivering significant value to current shareholders, not just from Lucky Strike, but through realising value from our 1 million ounce gold resource base across the broader Lefroy Project.” 

Why This Matters

In mining circles, moving from explorer to producer is often called crossing the Valley of Death. Many companies never make it. Lefroy has done so using a toll milling model, meaning it did not have to spend hundreds of millions building its own processing plant.

Instead, ore from Lucky Strike is processed at the FMR Greenfields mill in Coolgardie  . This significantly lowers upfront capital costs and reduces financial risk. In a high inflation environment where construction and labour costs have surged globally, that strategy looks increasingly prudent.

Lucky Strike itself contains a mineral resource estimate of 1.27 million tonnes at 1.95 grams per tonne gold for 79,600 ounces  . It forms part of a much larger resource base across the Lefroy Project, which spans 635 square kilometres in the heart of the Kalgoorlie and Kambalda goldfields.

Beyond Lucky Strike, deposits such as Mt Martin and Burns Central contribute to a combined resource exceeding one million ounces, positioning the company as more than a single asset story.

Gold Tailwinds

The timing is notable. Gold prices have surged to record levels in early 2026 amid global trade tensions and inflation concerns. Historically, periods of geopolitical stress and policy uncertainty have supported gold, as seen during the global financial crisis and the pandemic years.

For a new producer, higher gold prices can dramatically improve margins. Lefroy’s decision not to build expensive infrastructure means a larger proportion of revenue can flow directly into further development and exploration.

The company also confirmed that negotiations are advancing for additional toll milling capacity, with further announcements expected soon  . Stage 1 of Lucky Strike is targeting up to 250,000 tonnes of toll milled ore  , suggesting this initial shipment may be just the beginning.

A New Chapter

On the ASX, Lefroy shares were trading around 28 cents in afternoon trade, up strongly over the past year as the company transitioned into production.

Source: MarketIndex

For a broader audience, this milestone boils down to a simple shift. Lefroy is no longer just telling the market there is gold in the ground. It is showing bars on a scale and trucks heading to the Mint.

In a sector where many stories remain theoretical, that tangible proof can change how a company is valued.