REG - Lexington Gold Ltd - Final Results for the year ended 31 December 2024
23/06/2025 07:00
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RNS Number : 8315N Lexington Gold Limited 23 June 2025
23 June 2025
Lexington Gold Ltd
("Lexington Gold" or the "Company")
Final Results for the year ended 31 December 2024
and availability of Annual Report and Financial Statements
Lexington Gold (AIM: LEX; OTCQB: LEXLF), the gold exploration and development
company with projects in South Africa and the USA, is pleased to announce its
audited results for the year ended 31 December 2024.
A copy of the Company's full Annual Report and Financial Statements for the
financial year to 31 December 2024 will be made available to download from
the Company's website at www.lexingtongold.co.uk
(http://www.lexingtongold.co.uk) and will be posted to shareholders this week.
Financial Summary
Net loss for the year was US$1.4 million (2023: US$0.1 million) primarily due
to the impairment of Project Argo in the US offset in part by a fair value
adjustment to the warrant derivative liability.
Total assets were US$16.4 million (2023: US$18.2 million) at the year end.
Net cash position of approximately US$0.9 million (2023: US$2.6 million) as at
the year end.
Total liabilities of US$0.7 million (2023: US$1.1 million) as at the year end.
In April 2025, successfully completed a fundraising of £530,000 gross at a
price of 3.4 pence per share.
Corporate Summary
As announced on 13 May 2024, the prospecting right owned by Jelani Resources
Proprietary Limited ("Jelani Resources") (the "Jelani Resources Prospecting
Right") was formally renewed until 29 May 2026.
The renewal of the Jelani Resources Prospecting Right was a milestone for the
issue of, in aggregate, 25,806,451 deferred consideration shares in respect of
the Company's acquisition last year of White Rivers Exploration Proprietary
Limited ("WRE").
Overview
2024 was another year of meaningful advancement for Lexington Gold. Our core
focus remained on advancing our high-quality gold exploration projects in
South Africa and the United States. We successfully executed multiple drill
programmes, published a maiden JORC-compliant Mineral Resource Estimate for
our Jelani JV, and defined exploration targets totalling several million
ounces of gold across our portfolio. Our continued strategy of value-driven,
technically robust exploration has positioned the Company well to unlock
long-term shareholder value.
We also made important strides in strengthening our access to capital markets,
secured additional funding, and maintained a disciplined financial structure.
These achievements reflect a year of careful capital allocation, strong
operational delivery and expanding geological potential across our projects.
Project Review
1. South Africa
1.1 Bothaville Project
At the Bothaville Project we completed a 2,355 metre percussion and diamond
drilling programme focused on delineating the A-Reef within the Kimberley
Formation. Our team completed four mother holes and multiple deflections.
Drilling resulted in a total of eight intersections of the A-Reef, with
similar geological characteristics to other A-Reef mineralised zones in the
Witwatersrand Basin. The drilling campaign confirmed the presence of the
A-Reef at shallow depth and the presence of A-Reef channels at Bothaville.
The geological information, assay results and historical data compiled were
integrated into a 3D geological model. The latest drilling, together with the
updated geological model, enabled the independent estimation of a
JORC-compliant Exploration Target for Bothaville which was announced post the
reporting period end in January 2025.
The JORC Exploration Target comprises a range of between 16 to 30 million
tonnes at grades of 3.26 to 6.03 g/t Au, translating to 1.7 to 5.8 million
ounces of contained gold. The JORC Exploration Target estimation included
historical assay results such as:
· 7.7 g/t Au over 68.2 cm; and
· 6.1 g/t Au over 77 cm.
1.2 Jelani Resources JV
In September 2024, we released our first JORC (2012) compliant Mineral
Resource Estimate for the Jelani JV Project, located in the Free State
Goldfield and held via our 74% interest in White Rivers Exploration
Proprietary Limited ("WRE"). The total JORC resource estimate, independently
audited by SRK, totals 6.02 million ounces of gold at an average grade of 6.47
g/t.
This resource was based on validated historical borehole data, 3D geological
block modelling, and detailed structural interpretation. Our attributable
interest currently stands at 0.56Moz, with scope to increase this to 2.24Moz
if operations are ultimately expanded to include the Buffer Zone.
In Q1 2025, the board of Jelani Resources Proprietary Limited engaged Bara
Consulting (Pty) Ltd ("Bara") to undertake a high-level conceptual mining
study on the Jelani JV Project (the "Bara Study"). The primary aim of the
study is to assess the technical and economic parameters that would underpin a
Mining Right Application under South Africa's Mineral and Petroleum Resources
Development Act.
The Bara Study will cover the following key areas:
· Investigation of available infrastructure;
· Preliminary underground mine design based on the current JORC
resource model;
· Assessment of mining method suitability;
· High-level scheduling of potential production start-up scenarios,
based on phased development access;
· Conceptual-level capex and opex estimates, incorporating the
potential use of adjacent existing infrastructure; and
· Preliminary ESG and permitting considerations in support of a
future project execution strategy.
Bara's engagement marks a major step forward in the potential
commercialisation of the Jelani JV Project as it will assist with the internal
project development decision-making process and support stakeholder
engagement, including with Harmony Gold, and the requisite mining licence
application.
1.3 Ventersburg Project
A comprehensive technical report by Shango Solutions was completed in December
2024. Their report drew on historical borehole results, litho-stratigraphic
correlations and structural models, confirming the presence of mineralisation
across multiple reef horizons, including the A-, B- and C-Reefs.
The Exploration Target was defined as 1.39 to 3.55 million ounces at gold
grades between 2.82 g/t and 3.44 g/t. Ventersburg is strategically located
adjacent to Gold One Africa Limited's 4.31Moz Mineral Resource and near
Sibanye-Stillwater's operations. Engagement has commenced with neighbouring
rights holders regarding potential collaboration.
Most notably, in November 2024, we announced a potential collaboration with
Gold One Africa Limited to examine potential strategic synergies at the
Ventersburg Project with their adjacent asset, which could enhance the
project's development timeline and access to shared infrastructure.
2. United States
2.1 Jennings-Pioneer Project
In April 2024, Lexington Gold completed a diamond drilling programme totalling
495 metres across three holes at its Jennings-Pioneer Project in South
Carolina, USA. The campaign confirmed mineralisation within the Barite Hill
Trend, intersecting quartz-sericite schist, gossans and carbonate-altered
metavolcanics. Gold and associated tellurium and silver mineralisation were
also confirmed by assay results.
Highlighted assay results included:
1.14 g/t Au from 127m to 150m including:
• 10m at 2.11 g/t Au from 127m to 137m
• 2m at 5.66 g/t Au from 133m to 135m
0.80 g/t Au and 60.49 ppm (60.49 g/t) Te from 14m to 53m including:
• 11m at 1.03 g/t Au and 79.54 ppm (79.54 g/t) Te from 42m to 53m
This serves to validate the potential of the Barite Hill Trend to host a
near-surface, high-margin deposit.
On 23 May 2025, the Company announced the commencement of a new diamond core
drilling programme at the project further to the execution of a drilling
contract with Logan Drilling USA on 30 April 2025. The programme aims to
expand upon the encouraging results from the abovementioned 2024 drilling
campaign, which confirmed the presence of gold, silver, base metals (including
copper and zinc), and tellurium mineralisation extending northeast from the
historic Barite Hill open pit mine. The current drilling campaign will target
both the Jennings Trend and the Barite Hill Trend, with an initial plan to
complete a minimum of 600 metres of diamond core drilling over approximately
two months, followed by assay analysis.
2.2 Project Priority
Given the relative prospectivity of the Jennings-Pioneer, Carolina Belle and
JKL Projects the Board decided to focus on these projects in preference to
Project Argo and accordingly has decided not to incur further expenditure on
Project Argo which means that the Minimum Funding Contributions for Project
Argo will not be met and an impairment provision has accordingly been made
against the carrying value of Project Argo in these financial statements.
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
Optiva Securities Limited (Joint Broker) www.optivasecurities.com (http://www.optivasecurities.com)
Bartu Ciftci / Christian Dennis T: +44 203 981 4178
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 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.
Note to Editors:
Lexington Gold (AIM: LEX; OTCQB: LEXLF) 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 six gold projects covering approximately 114,638 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.
Key Extracts from the Company's audited Annual Report and Financial Statements
are set out below:
Chairman's Statement
I am pleased to report that 2024 was a transformative year for the Company.
There has been a step change in our trajectory and the groundwork we have laid
during the year has strongly positioned Lexington Gold to unlock, what we
believe, could prove to be considerable future value for shareholders.
Our geological potential, paired with capital discipline and strategic
patience, can yield extraordinary outcomes, and this approach was applied
across our South African and US project portfolios during the year. I am
delighted that Lexington Gold now holds what we view as being one of the most
compelling exploration-stage portfolios in our sector.
In South Africa, our drilling and technical work across the Bothaville, Jelani
and Ventersburg projects has moved us from geological hypothesis to quantified
potential. Between these three assets alone, we now have circa 10 million
ounces of potential gold either estimated through formal JORC-compliant
Resources or Exploration Targets. For a junior natural resources company, this
is a rare position to be in, and one we do not take lightly.
In the United States, our continued success at the Jennings-Pioneer project
reinforces our conviction in the Barite Hill Trend's mineral potential. The
discovery of gold and strategic by-products such as tellurium not only
provides resource optionality but also positions us at the forefront of
emerging demand themes linked to clean energy and strategic minerals.
We also took important steps to seek to improve marketability, trading
liquidity and visibility. Our listing on the OTCQB, the United States Venture
Market, post the reporting period end in March 2025, and the strong support of
our cornerstone investors during our recent April 2025 fundraising, reflect a
growing recognition of Lexington's value proposition.
The Board's role is not merely to support the technical progress of the
Company but rather includes ensuring that the group's capital is allocated
rationally, our partners are aligned, and our risks are carefully managed. At
Lexington Gold, we strive to be good stewards of capital by deploying funds
only where the return on geological risk, time, and shareholder equity is
compelling.
Our sincere thanks go to our shareholders for their ongoing support and trust,
to our team for their resilience, and to our partners for their collaboration.
We are convinced that sizeable gold deposits are present in our licenced
acreage and with continued persistence and a focused approach, we intend to
unlock the considerable long term value potential of our attractive asset
portfolio.
Edward Nealon
Non-Executive Chairman
20 June 2025
Chief Executive's Operational and Financial Review
Overview
2024 was another year of meaningful advancement for Lexington Gold. Our core
focus remained on advancing our high-quality gold exploration projects in
South Africa and the United States. We successfully executed multiple drill
programmes, published a maiden JORC-compliant Mineral Resource Estimate for
our Jelani JV, and defined exploration targets totalling several million
ounces of gold across our portfolio. Our continued strategy of value-driven,
technically robust exploration has positioned the Company well to unlock
long-term shareholder value.
We also made important strides in strengthening our access to capital markets,
secured additional funding, and maintained a disciplined financial structure.
These achievements reflect a year of careful capital allocation, strong
operational delivery and expanding geological potential across our projects.
Project Review
1. South Africa
1.1 Bothaville Project
At the Bothaville Project we completed a 2,355 metre percussion and diamond
drilling programme focused on delineating the A-Reef within the Kimberley
Formation. Our team completed four mother holes and multiple deflections.
Drilling resulted in a total of eight intersections of the A-Reef, with
similar geological characteristics to other A-Reef mineralised zones in the
Witwatersrand Basin. The drilling campaign confirmed the presence of the
A-Reef at shallow depth and the presence of A-Reef channels at Bothaville.
The geological information, assay results and historical data compiled were
integrated into a 3D geological model. The latest drilling, together with the
updated geological model, enabled the independent estimation of a
JORC-compliant Exploration Target for Bothaville which was announced post the
reporting period end in January 2025.
The JORC Exploration Target comprises a range of between 16 to 30 million
tonnes at grades of 3.26 to 6.03 g/t Au, translating to 1.7 to 5.8 million
ounces of contained gold. The JORC Exploration Target estimation included
historical assay results such as:
· 7.7 g/t Au over 68.2 cm; and
· 6.1 g/t Au over 77 cm.
1.2 Jelani Resources JV
In September 2024, we released our first JORC (2012) compliant Mineral
Resource Estimate for the Jelani JV Project, located in the Free State
Goldfield and held via our 74% interest in White Rivers Exploration
Proprietary Limited ("WRE"). The total JORC resource estimate, independently
audited by SRK, totals 6.02 million ounces of gold at an average grade of 6.47
g/t.
This resource was based on validated historical borehole data, 3D geological
block modelling, and detailed structural interpretation. Our attributable
interest currently stands at 0.56Moz, with scope to increase this to 2.24Moz
if operations are ultimately expanded to include the Buffer Zone.
In Q1 2025, the board of Jelani Resources Proprietary Limited engaged Bara
Consulting (Pty) Ltd ("Bara") to undertake a high-level conceptual mining
study on the Jelani JV Project (the "Bara Study"). The primary aim of the
study is to assess the technical and economic parameters that would underpin a
Mining Right Application under South Africa's Mineral and Petroleum Resources
Development Act.
The Bara Study will cover the following key areas:
· Investigation of available infrastructure;
· Preliminary underground mine design based on the current JORC
resource model;
· Assessment of mining method suitability;
· High-level scheduling of potential production start-up scenarios,
based on phased development access;
· Conceptual-level capex and opex estimates, incorporating the
potential use of adjacent existing infrastructure; and
· Preliminary ESG and permitting considerations in support of a
future project execution strategy.
Bara's engagement marks a major step forward in the potential
commercialisation of the Jelani JV Project as it will assist with the internal
project development decision-making process and support stakeholder
engagement, including with Harmony Gold, and the requisite mining licence
application.
1.3 Ventersburg Project
A comprehensive technical report by Shango Solutions was completed in December
2024. Their report drew on historical borehole results, litho-stratigraphic
correlations and structural models, confirming the presence of mineralisation
across multiple reef horizons, including the A-, B- and C-Reefs.
The Exploration Target was defined as 1.39 to 3.55 million ounces at gold
grades between 2.82 g/t and 3.44 g/t. Ventersburg is strategically located
adjacent to Gold One Africa's 4.31Moz Mineral Resource and near
Sibanye-Stillwater's operations. Engagement has commenced with neighbouring
rights holders regarding potential collaboration.
Most notably, in November 2024, we announced a potential collaboration with
Gold One Africa Limited to examine potential strategic synergies at the
Ventersburg Project with their adjacent asset, which could enhance the
project's development timeline and access to shared infrastructure.
2. United States
2.1 Jennings-Pioneer Project
In April 2024, Lexington Gold completed a diamond drilling programme totalling
495 metres across three holes at its Jennings-Pioneer Project in South
Carolina, USA. The campaign confirmed mineralisation within the Barite Hill
Trend, intersecting quartz-sericite schist, gossans and carbonate-altered
metavolcanics. Gold and associated tellurium and silver mineralisation were
also confirmed by assay results.
Highlighted assay results included:
1.14 g/t Au from 127m to 150m including:
• 10m at 2.11 g/t Au from 127m to 137m
• 2m at 5.66 g/t Au from 133m to 135m
0.80 g/t Au and 60.49 ppm (60.49 g/t) Te from 14m to 53m including:
• 11m at 1.03 g/t Au and 79.54 ppm (79.54 g/t) Te from 42m to 53m
This serves to validate the potential of the Barite Hill Trend to host a
near-surface, high-margin deposit.
On 23 May 2025, the Company announced the commencement of a new diamond core
drilling programme at the project further to the execution of a drilling
contract with Logan Drilling USA on 30 April 2025. The programme aims to
expand upon the encouraging results from the abovementioned 2024 drilling
campaign, which confirmed the presence of gold, silver, base metals (including
copper and zinc), and tellurium mineralisation extending northeast from the
historic Barite Hill open pit mine. The current drilling campaign will target
both the Jennings Trend and the Barite Hill Trend, with an initial plan to
complete a minimum of 600 metres of diamond core drilling over approximately
two months, followed by assay analysis.
2.2 Project Priority
Given the relative prospectivity of the Jennings-Pioneer, Carolina Belle and
JKL Projects the Board decided to focus on these projects in preference to
Project Argo and accordingly has decided not to incur further expenditure on
Project Argo which means that the Minimum Funding Contributions for Project
Argo will not be met and an impairment provision has accordingly been made
against the carrying value of Project Argo in these financial statements.
3. Environmental and Social Responsibility
Lexington Gold continues to integrate ESG principles across its exploration
portfolio. In South Africa, we work closely with local communities and our
B-BBEE partner, Letsema Holdings Proprietary Limited, to ensure inclusive
participation in project activities. Core samples are processed locally, and
fieldwork engages regional subcontractors wherever possible.
We maintain stringent compliance with environmental regulations in both South
Africa and the US, and no reportable environmental incidents occurred during
the year.
4. Financial Review
For the year ended 31 December 2024, Lexington Gold reported a net loss of
US$1.4 million (2023: US$0.1 million), primarily due to the impairment of
Project Argo in the US offset in part by a fair value adjustment to the
warrant derivative liability.
· Exploration expenditure: US$0.89 million (2023: US$0.49 million)
· Operating expenses: US$0.88 million (2023: US$0.77 million)
Cash and cash equivalents at the year-end stood at approximately US$0.9
million (2023: US$2.6 million). In April 2025, we successfully completed a
fundraising of £530,000 gross (~US$670,000), to provide liquidity for ongoing
operations and general working capital.
No revenue was generated during the year, in line with the Company's
exploration-stage status with no producing assets. Cost discipline remains a
priority, and the Group continues to explore potential non-dilutive and
project-level funding opportunities.
5. Dividend
The directors have not declared a dividend (2023: Nil).
6. Corporate Activities
As announced on 13 May 2024, the prospecting right owned by Jelani Resources
Proprietary Limited ("Jelani Resources") (the "Jelani Resources Prospecting
Right") was formally renewed until 29 May 2026.
The renewal of the Jelani Resources Prospecting Right was a milestone for the
issue of, in aggregate, 25,806,451 deferred consideration shares in respect of
the Company's acquisition of WRE such that the following new common shares
were issued:
· 19,387,703 shares to Mark Creasy or his nominee; and
· 6,418,748 shares to Sunswell Holdings Pty Limited ("Sunswell") or its
nominees.
7. Post Period End Events
Post the reporting period end, on 23 May 2025 we announced the commencement of
a second round of drilling at the Jennings-Pioneer Project. The drill
programme will involve step-out and infill drilling to delineate the
mineralised zones further.
Corporate and Market Developments
So far in 2025, we have achieved several corporate milestones, namely:
· The commencement of trading on the OTCQB Venture Market (March 2025)
· The appointment of Optiva Securities as joint broker (April 2025)
· An equity fundraising of £530,000 gross at 3.4p per share (April
2025)
These developments serve to enhance our capital markets visibility and support
our broader investor engagement strategy.
As announced on 20 May 2025, the Company has now received its final Section 11
Ministerial Consent from the South African Department of Mineral Resources and
Energy ("DMRE") in connection with the acquisition of its 74% owned subsidiary
WRE as detailed in its announcements of 15 May 2023 and 7 September 2023
("Ministerial Consent"). The granting of such Ministerial Consent is a
milestone event which triggered the issue of a further tranche of 20,645,161
new common shares (the "Deferred Consideration Shares") to settle £1.28
million of deferred consideration, calculated at an issue price of 6.20 pence
per share (the "Issue Price").
Post the reporting period end, Pol Sun Limited ("Pol Sun"), a former minority
shareholder holding less than 5% of WRE's issued share capital, initiated
legal proceedings in the High Court of South Africa.
Its application seeks declaratory relief challenging the validity of WRE's
business rescue proceedings and the subsequent cancellation of Pol Sun's
equity interest as part of the adopted business rescue plan. The business
rescue process was conducted by independent business rescue practitioners from
BDO Business Restructuring (Pty) Ltd, in accordance with the provisions of the
South African Companies Act, 2008.
The business rescue plan was voted on and duly adopted by 100% of WRE's
creditors and a majority of its shareholders and was implemented during 2023.
Pol Sun was not a creditor of WRE and did not participate in the creditor
approval process. All creditor claims were settled in full as part of the
approved business rescue plan.
Pol Sun's application appears to seek the reinstatement of its former equity
interest, which was cancelled as part of the adopted rescue plan.
Based on legal advice received, the Company understands that the application
is unlikely to succeed. The advice notes that the cancellation of Pol Sun's
shareholding was lawfully effected under the statutory powers available to the
business rescue practitioners. Accordingly, the Company has been advised that
it has strong grounds to defend the application.
Given the remote likelihood of the case being successful against the Company,
no provision has been recognised in these financial statements.
8. Outlook
Looking ahead, Lexington Gold remains focused on delivering long-term value
through the disciplined advancement of its exploration and development-stage
projects. Our priorities include building on the strong technical foundations
established across our South African and US portfolios, progressing
project-level studies and unlocking the inherent potential of our resource
base.
In particular, we are committed to maturing the Jelani JV Project towards a
more advanced development stage, whilst continuing to refine and expand the
geological models at Bothaville, Ventersburg and Jennings-Pioneer. Potential
corporate development, strategic funding and partnership opportunities will
also remain key to supporting our forward momentum.
We believe that the platform established over the past 12 months positions
Lexington Gold well to convert its high-quality geological assets into
long-term shareholder value.
Bernard Olivier
Chief Executive Officer
20 June 2025
Financial Statements
Lexington Gold Ltd
Consolidated statement of profit or loss and other comprehensive income
for the Year Ended 31 December 2024
(Audited)
2024 2023
US$'000 US$'000
Other income - -
Operating expenses (881) (770)
Impairment (792) -
Operating loss (1,673) (770)
Fair value gain on derivative liability 243 703
Net finance income/(cost) 2 6
Loss before taxation (1,428) (61)
Income tax charge - -
(1,428) (61)
Loss for the year
Attributable to:
Equity owners of the parent (567) 50
Non-controlling interest (861) (111)
Other comprehensive income
Loss for the year (1,428) (61)
Items that may be reclassified to profit or loss:
Exchange losses arising on translation of foreign operations (23) (87)
(1,451) (148)
Total comprehensive loss for the year
Attributable to:
Equity owners of the parent (568) (46)
Non-controlling interest (883) (102)
(1,451) (148)
Total comprehensive loss for the year
(Loss)/profit per share attributable to the owners of the parent during the
year
Basic (loss)/profit per share (US cents/share) (0.15) 0.02
Diluted (loss)/profit per share (US cents/share) (0.15) 0.01
The above Consolidated statement of profit or loss and other comprehensive
income should be read in conjunction with the accompanying notes in the
Company's full Annual Report and Financial Statements.
Lexington Gold Ltd
Consolidated statement of financial position
as at 31 December 2024
(Audited)
2024 2023
US$'000 US$'000
Assets
Non-current assets
Exploration and evaluation assets 15,467 15,490
Total non-current assets 15,467 15,490
Current assets
Other receivables 64 79
Restricted cash and cash equivalents 55 45
Cash and cash equivalents 855 2,617
Total current assets 974 2,741
Total assets 16,441 18,231
Equity
Share capital 1,197 1,121
Share premium 67,293 65,425
Shares to be issued 3,113 5,058
Share option reserve 651 651
Foreign currency translation reserve (99) (98)
Accumulated loss (58,191) (57,624)
Total equity attributable to equity owners of the parent 13,964 14,533
Non-controlling interest 1,750 2,633
Total equity 15,714 17,166
Current liabilities
Trade and other payables 578 673
Borrowings - -
Derivative liability 149 392
Total current liabilities 727 1,065
16,441 18,231
Total equity and liabilities
The above Consolidated statement of financial position should be read in
conjunction with the accompanying notes in the Company's full Annual Report
and Financial Statements.
Lexington Gold Ltd
Consolidated statement of cash flows
for the Year Ended 31 December 2024
(Audited)
2024 2023
US$'000 US$'000
Cash flows from operating activities
Cash utilised by operations (937) (742)
Interest received 2 13
(935) (729)
Net cash flows utilised in operating activities
Cash flows from investing activities
Payments for exploration (886) (493)
Investment in restricted cash (9) -
Acquisition of subsidiary, net of cash - (287)
(895) (780)
Net cash flows utilised by investing activities
Cash flows from financing activities
Proceeds from issue of shares - 3,432
Share issue cost - (163)
Proceeds from borrowings - 525
- 3,794
Net cash flows generated from financing activities
Net (decrease)/increase in cash and cash equivalents (1,830) 2,285
Movement in cash and cash equivalents
Net foreign currency exchange losses 68 (92)
At the beginning of the year 2,617 424
Net decrease in cash and cash equivalents (1,830) 2,285
855 2,617
Cash and cash equivalents at the end of the year
The above Consolidated statement of cash flows should be read in conjunction
with the accompanying notes in the Company's full Annual Report and Financial
Statements.
Notes to the consolidated financial information
1. General Information
Lexington Gold Ltd (the "Company", "Lexington Gold" or "Lexington") and its
subsidiaries (together, "the Group") is focused on the exploration and
development of its four diverse gold projects, covering a combined area of
approximately 1,675 acres in North and South Carolina, USA and six gold
projects covering approximately 114,638 hectares in South Africa.
The Company is a limited liability company incorporated and domiciled in
Bermuda. The address of its registered office is Clarendon House, 2 Church
Street, Hamilton, HM 11, Bermuda.
The Company is quoted on the Alternative Investment Market ("AIM") of the
London Stock Exchange.
2. Basis of preparation and significant accounting policies
The principal accounting policies applied in the preparation of the
consolidated financial information are consistent with those set out in the
full Annual Report and Financial Statements. These policies have been
consistently applied to all the years presented unless otherwise stated.
(a) Going concern basis of accounting
For the year ended 31 December 2024, the Group recorded a loss of US$1.4
million (2023: US$0.1 million) and had net cash outflows from operating
activities of US$0.9 million (2023: US$0.7 million). An operating loss is
expected in the year subsequent to the date of these accounts. The ability of
the entity to continue as a going concern is dependent on the Group generating
positive operating cash flows and/or securing additional funding through the
raising of debt or equity to fund its projects and activities.
These conditions indicate a material uncertainty that may cast a significant
doubt about the entity's ability to continue as a going concern such that it
may be unable to realise its assets and discharge its liabilities in the
normal course of business.
The financial statements have been prepared on the basis that the entity is a
going concern, which contemplates the continuity of normal business activity,
realisation of assets and settlement of liabilities in the normal course of
business for the following reasons:
· The Company secured additional funding by way of a £530,000 gross
equity fundraise on 17 April 2025;
· The Directors are confident that they will be able to raise
additional funds to satisfy the Group's cash requirements as and when
necessary; and
· The Directors have the ability to reduce expenditure in order to
preserve cash if required.
Should the entity not be able to continue as a going concern, it may be
required to realise its assets and discharge its liabilities other than in the
ordinary course of business, and at amounts that differ from those stated in
the financial statements. The full annual report and financial statements do
not include any adjustments relating to the recoverability and classification
of recorded asset amounts or liabilities that might be necessary should the
entity not continue as a going concern.
(b) Basis of preparation
The consolidated financial information set out above do not constitute the
Group's financial statements for the years ended 31 December 2024 or 31
December 2023 but is derived from those financial statements. The auditors
have reported on the 2024 and 2023 financial statements which carried
unqualified audit reports. The 2024 financial statements included reference to
a matter to which the auditors drew attention by way of emphasis, namely the
existence of material uncertainty related to going concern as outlined in Note
2(a) above. The auditor's opinion was not modified in respect of such matter.
The 2023 financial statements included a similar emphasis of matter regarding
the existence of material uncertainty related to going concern and the
auditor's opinion was similarly not modified in respect of such matter.
While the financial information included in this announcement has been
compiled in accordance with, inter alia, International Financial Reporting
Standards ("IFRS"), this announcement does not in itself contain sufficient
information to comply with IFRS.
The full consolidated financial statements have been prepared in accordance
with IFRS, interpretations of the International Financial Reporting
Interpretations Committee ("IFRIC"). The consolidated financial statements
have also been prepared under the historical cost convention, as modified by:
· Share options measured at fair value; and
· Financial assets and liabilities at fair value through profit or
loss.
**ENDS**
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