REG - Lexington Gold Ltd - Operational Update

Lexington GoldAnnouncement

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RNS Number : 7099Z  Lexington Gold Limited  09 April 2026

9 April 2026

Lexington Gold Ltd

("Lexington Gold" or the "Company")

Operational Update

Lexington Gold (AIM: LEX; OTCQB: LEXLF), the gold exploration and development
company with a growing portfolio of high-quality projects in South Africa and
the United States, is pleased to provide the following operational update on
its key project workstreams and strategic priorities.

Highlights:

• Jelani JV Mining Right Application: In close collaboration with Harmony
Gold Mining Company Limited (JSE: HAR; NYSE: HMY) ("Harmony"), Lexington Gold
continues to make steady progress on the Jelani JV project's mining right
application which remains on track for submission during Q2 2026, supported by
various specialist studies, fieldwork and stakeholder engagement, alongside
the ongoing technical study being advanced with Harmony and Bara Consulting
(Pty) Ltd ("Bara Consulting").

• Jelani JV Technical Study: The Company continues to work closely with
Harmony and Bara Consulting to further refine and enhance the Jelani JV
project's technical study, incorporating additional input from Harmony in
relation to its project requirements, integration with neighbouring operations
and future development planning.

• Kroonstad: Shango Solutions (Pty) Limited has been engaged to review the
historical Kroonstad project's data set, including undertaking potential 3D
modelling based on existing geological and drilling information, to assist in
the design of a Phase 1 drilling programme.

• Ventersburg: The Ventersburg project is located adjacent to a similarly
named project held by Gold One Africa (ultimately owned by Baiyin Nonferrous
Group Company Limited) which benefits from an existing mining right and
integrated environmental authorisation.

• Bothaville: The Company's focused 2024 drilling programme at the
Bothaville project supported the establishment of a maiden JORC (2012)
Exploration Target of 16-30 million tonnes at 3.26-6.03 g/t Au, representing a
potential 1.68-5.82 million ounces of contained gold, as well as assisting
with the grant of a new consolidated Prospecting Right valid until 7 May 2030,
renewable thereafter for a further three years.

• U.S. assets / strategic discussions: Following the recent increase in the
independent JORC (2012) Inferred Mineral Resource Estimate for the JKL project
to 12.90 Mt at 0.78 g/t Au for 323,500 ounces of contained gold, together with
the successful 2025 Jennings-Pioneer drilling programme, the Board is
currently assessing a range of strategic options in relation to the Company's
U.S. asset portfolio.

 

Bernard Olivier, Chief Executive Officer of Lexington Gold, commented:

"We are pleased to report continued strong progress across our South African
and U.S. project portfolio. At the Jelani JV, we are working closely with
Harmony to advance both the mining right application and ongoing technical
study, and are encouraged by the progress being made.

"In the United States, the recent resource increase at the JKL project and the
successful Jennings-Pioneer drilling programme have materially strengthened
the strategic positioning of such assets and enhanced the Board's optionality
and ongoing strategic assessment of the best way forward for the Company's
U.S. asset portfolio.

"At the Kroonstad project, we are progressing important early-stage technical
and strategic work that we believe could help unlock the longer-term potential
of this highly prospective area, whilst at the Bothaville project we have
strengthened both our technical understanding and its tenure position.

"Overall, we continue to build momentum across multiple potential value
drivers and look forward to providing further updates in due course."

Jelani JV project

The Company continues to make strong progress in advancing its Jelani JV gold
project in South Africa, in close collaboration with Harmony Gold Mining
Company Limited (JSE: HAR; NYSE: HMY) ("Harmony"). The Board remains
encouraged by our constructive and ongoing engagement and high-level alignment
with Harmony as we seek to advance the next phase of the project.

As previously announced, Lexington Gold and Jelani Resources (Pty) Ltd
("Jelani") appointed contractors for the requisite specialist technical,
environmental, social, heritage and related studies, together with the
associated fieldwork and stakeholder engagement activities, required in
support of a mining right application. Steady progress is being made and the
Company remains on track to submit the application during Q2 2026.

The Board is particularly encouraged and appreciative of Harmony's existing
information and experience in relation to its neighbouring mining rights and
operations in the district, which is assisting in streamlining aspects of the
current application process.

In addition, the associated Water Use Licence process is underway as part of
the broader regulatory pathway supporting the mining right application. The
Board believes that the substantial progress achieved to date and JV parties'
close collaboration, continues to position the project well for the next stage
of its advancement whilst reinforcing the Jelani JV project's strategic
importance within our South African portfolio.

The timing of any decision on granting a mining right remains subject to the
South African regulatory process and is outside the Company's direct control.
Nevertheless, the project continues to be advanced in a positive, disciplined
and well-coordinated manner and remains well positioned for the next stage of
its development.

Jelani JV project's technical study update

The Company continues to work closely with Harmony and Bara Consulting on the
ongoing technical study for the Jelani JV project. As previously announced,
the study was originally commissioned in March 2025 as a conceptual-level
review designed to validate and refine the proposed mining approach,
engineering concepts, mine layout, scheduling and broader project parameters
in support of a potential mining right application. Its scope was subsequently
expanded in August 2025 to provide a more detailed and robust evaluation of
the project, including a broader assessment of  infrastructure and capacity,
refined preliminary mine design and scheduling, and more detailed high-level
capital and operating cost modelling, with associated cash flow analysis.

As announced in February 2026, Lexington Gold and Jelani received an advanced
draft of Bara Consulting's comprehensive study, comprising a detailed
technical report of approximately 320 pages, which covers infrastructure and
potential integration with Harmony's Target operations, mine design and
scheduling, mining methods and production rates, processing and metallurgical
testwork parameters, capital and operating cost estimates, and ESG,
environmental and permitting considerations.

The Company is now working closely with Harmony and Bara Consulting to further
update the study and increase its level of technical detail, following
additional input from Harmony in relation to its project requirements,
integration with neighbouring operations and future development planning. As a
result, the study has taken longer than originally anticipated, with mining
schedules and other key parameters being further refined to ensure closer
alignment with Harmony's internal requirements. The Board believes that this
additional work should materially strengthen the final study and provide a
more robust and value-enhancing technical framework for the project.

Lexington Gold, Harmony and Bara Consulting have a further review meeting
scheduled for April 2026, and the Company will provide a further update(s) as
appropriate.

Kroonstad project

The Company continues to advance its technical assessment of the Kroonstad
project with a view to refining its geological understanding of the area and
progressing the design of an initial drill programme.

The Company has engaged Shango Solutions (Pty) Ltd ("Shango") to review the
historical data available across the Kroonstad project area, including the
potential development of a 3D geological model based on the existing
geological interpretation and historical drilling information. The principal
objective of this work is to assist in the design of a Phase 1 drill programme
at Kroonstad, which is expected to focus in part on testing and validating
selected historical drilling and geological interpretations across the project
area. The Board believes such work should provide an important technical
foundation for the staged advancement of the project and help inform future
exploration and drilling programmes.

The Company also notes that the newly granted Kroonstad North extension
includes historical drilling information indicating that relevant geological
structures may extend into this area.

In parallel, the Company is currently working with a wind farm entity in the
area on a proposed co-existence agreement intended to provide an agreed
framework for the exploration and potential future development of the
Kroonstad project alongside the planned wind farm infrastructure. The Board
believes that there is a realistic and constructive basis for both projects to
co-exist for mutual benefit, whilst preserving flexibility for future mine
planning and infrastructure layout.

The Board believes that this co-operative approach is positive for the
long-term advancement of the Kroonstad project. The Company further notes that
the development of substantial power-related infrastructure in the overlapping
area could, over time, also be strategically beneficial to the broader
development context of the district from an infrastructure and power-planning
perspective.

The Company will provide a further update(s) in due course as Shango's review
progresses, the Phase 1 drilling programme is refined and the aforementioned
co-existence framework is advanced.

Ventersburg project / Gold One

Lexington Gold's Ventersburg project is located immediately adjacent to the
similarly named Ventersburg project held by Gold One Africa (Pty) Ltd ("Gold
One Africa"), a subsidiary of Gold One Group Limited, which is ultimately
owned by Baiyin Nonferrous Group Co., Ltd. Publicly available information
indicates that such project remains subject to an existing mining right and
integrated environmental authorisation and is currently at a pre-construction
phase. The relevant public environmental documentation indicates that the
environmental authorisation remains valid, subject to commencement of works by
January 2028.

The Company believes that the continued maintenance of an existing mining
right and integrated environmental authorisation on the adjacent GoldOne
Ventersburg project further underlines the recognised prospectivity and
strategic significance of the wider district. Lexington Gold has previously
held discussions regarding possible co-operation in the area and, whilst such
discussions are not currently being actively advanced whilst broader
development options in the district continue to be assessed, the Company
remains encouraged by the longer-term strategic potential of the area.

The Company will continue to monitor developments in the district. While
Lexington Gold's projects are separate assets and any development pathway for
the Company's own interests will depend on its own technical, regulatory,
funding and strategic progress, the Company believes that its position in this
well-established and highly prospective gold district continues to offer
meaningful longer-term optionality and potential value upside.

Bothaville project

The Company notes that the focused drilling programme completed at the
Bothaville project in 2024 represented an important technical and permitting
milestone. In particular, the drilling results, together with historical
information and updated geological modelling, supported the establishment in
January 2025 of a maiden JORC (2012) Exploration Target for the Bothaville
project of 16-30 million tonnes at an average grade of 3.26-6.03 g/t Au,
representing a potential 1.68-5.82 million ounces of contained gold across the
A and B Reefs.

The drilling campaign also assisted in advancing the tenure position at
Bothaville. As announced in July 2025, Lexington Gold's South African
subsidiary, Reef Exploration (Pty) Ltd, was granted a new consolidated
Prospecting Right over the Bothaville project. This new right consolidated and
superseded the previous Bothaville licences, is valid until 7 May 2030, and is
thereafter renewable for a further three years. The Board is of the view that
this has significantly strengthened and streamlined the Company's legal and
permitting position over the project area.

Given the recent grant of this new consolidated Prospecting Right, the Company
believes it now has appropriate tenure in place over the project such that a
Phase 2 drilling campaign at Bothaville is not currently a near-term priority.
The Board will continue to review the timing of any further work at Bothaville
in the context of the Company's broader portfolio priorities and capital
allocation framework.

U.S. assets and strategic considerations

Following the recent increase in the independent JORC (2012) Inferred Mineral
Resource Estimate for the JKL project to a combined total of 12.90 Mt at 0.78
g/t Au for 323,500 ounces of contained gold, together with the successful 2025
Jennings-Pioneer drilling programme, the Company believes it has materially
enhanced the value proposition of its U.S. asset portfolio.

Accordingly, the Board is currently considering a range of strategic options
in relation to the Company's U.S. assets. The Board believes that the recent
resource growth and continued technical advancement across the group's U.S.
portfolio have further improved the strategic and transactional optionality of
such assets. The Company will provide a further update(s) as and when
appropriate.

 

For further information, please contact:

 

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

 Bernard Olivier (Chief Executive Officer)                 info@lexingtongold.co.uk

 Edward Nealon (Chairman)

 Mark Greenwood (Director)

 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

 Marex Financial (Joint Broker)                            email: corporate@marex.com (mailto:corporate@marex.com)

 Angelo Sofocleous / Keith Swann / Matt Bailey (Broking)   T: +44 207 655 6000

 

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.

 

 

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