Lefroy Exploration (ASX:LEX) secured its first toll milling agreement for processing Lucky Strike project ore at Greenfields Mill in Western Australia, according to a Tuesday filing with the Australian bourse.

Under the deal between the company's mine profit-sharing partner, BML Ventures, and FMR Investments, BML secured a February 2026 milling slot to toll treat third-party ore from the project, the filing said.

BML must notify FMR by Jan. 7, 2026, of its intention to proceed with the milling slot, with metallurgical test work provided by the same date.

The company expects a throughput of 80,000 to 90,000 dry metric tonnes for the February 2026 toll treatment parcel, per the filing.

Shares were down 5% in morning trade on Tuesday.