REG - Lexington Gold Ltd - Completion of B-BBEE arrangements re WRE

Lexington GoldAnnouncement

17/10/2023 07:00

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RNS Number : 2999Q  Lexington Gold Limited  17 October 2023

17 October 2023

Lexington Gold Ltd

("Lexington Gold" or the "Company")

 

Completion of B‑BBEE arrangements

re White Rivers Exploration (Pty) Ltd

 

Lexington Gold (AIM: LEX), the gold exploration and development company, is
pleased to report, further to its announcement of 7 September 2023, that it
has now completed the Broad-Based Black Economic Empowerment ("B-BBEE")
partnership arrangements for White Rivers Exploration Proprietary Limited
("WRE").

 

As previously announced, Lexington Gold was the sole ultimate beneficial owner
of WRE for an interim period post-completion of the acquisition of WRE,
pending a 26 per cent. interest being transferred to its selected B‑BBEE
partner. The Company has now completed agreements with Letsema Holdings
Proprietary Limited ("Letsema"), as its B-BBEE partner, in accordance with
South African mining law and its prospecting rights obligations. Accordingly,
Lexington Gold is now a 74 per cent. ultimate beneficial owner of WRE.

 

Letsema is a black South African owned, family office and diversified
long-term investment holding company. Established in 1996 by Isaac Shongwe, a
Rhodes Scholar to Oxford, and Derek Thomas, an MSc Economic graduate of SOAS
University of London, the Letsema Group has achieved significant growth across
its three core pillars: professional services & advisory, investments and
its foundation. Letsema is a Level 1 B‑BBEE company with over 1,200 staff
members, including over 250 professional staff across its group.

 

Edward Nealon, Lexington Gold's Non-Executive Chairman, commented:

"We are delighted to welcome Letsema as our B‑BBEE partner and look forward
to working with them to unlock value from WRE's assets. Letsema is a prominent
and highly respected business established in 1996 by Isaac and Derek, being
two well-renowned South African businessmen. We similarly welcome Katlego
Tlale, the Letsema Group's Chief Financial Officer, who will shortly be
joining the board of WRE as Letsema's representative."

 

For further information, please contact:

 

 Lexington Gold Ltd                                      www.lexingtongold.co.uk (http://www.lexingtongold.co.uk)

 Bernard Olivier (Chief Executive Officer)               via Yellow Jersey

 Edward Nealon (Chairman)

 Mike Allardice (Group Company Secretary)

 Strand Hanson Limited (Nominated Adviser)               www.strandhanson.co.uk (http://www.strandhanson.co.uk)

 Matthew Chandler / James Bellman / Abigail Wennington   T: +44 207 409 3494

 WH Ireland Limited (Joint Broker)                       www.whirelandplc.com (http://www.whirelandplc.com)
 Katy Mitchell                                           T: +44 207 220 1666

 Peterhouse Capital Limited (Joint Broker)               www.peterhousecap.com (https://peterhousecap.com/)

 Duncan Vasey / Lucy Williams (Broking)                  T: +44 207 469 0930

 Eran Zucker (Corporate Finance)

 Yellow Jersey PR Limited (Financial Public Relations)   www.yellowjerseypr.com (http://www.yellowjerseypr.com)

 Charles Goodwin / Annabelle Wills / Soraya Jackson      T: +44 7747 788 221

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

 

Additional Information:

 

For further information on the Letsema Group, including detailed profiles on
Isaac and Derek, please visit its website at: www.letsema.co.za
(http://www.letsema.co.za) .

 

Katlego Tlale will shortly be joining the board of WRE as the Letsema Group's
representative. He is a chartered accountant with over a decade of experience
in the mining sector. He started his career in the mining department of KPMG
South Africa, before moving to managing financial reporting and treasury at
Gold One Limited (a then JSE and ASX dual-listed gold miner) prior to his
current role as the Group CFO of Letsema. Mr Tlale is also an independent
non-executive director on the board of Merafe Resources Limited, a JSE-listed
mining business which holds a participating right in the Glencore-Merafe
Chrome Venture.

 

 

Note to Editors:

 

Lexington Gold (AIM: LEX) is a gold exploration and development company
currently holding interests in four diverse gold projects, covering a combined
area of approximately 1,675 acres in North and South Carolina, USA and in five
gold projects covering approximately 89,505 hectares in South Africa.

 

Further information is available on the Company's website:
www.lexingtongold.co.uk (http://www.lexingtongold.co.uk) . Neither the
contents of the Company's website nor the contents of any website accessible
from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.

 

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