REG - Lexington Gold Ltd - Updated Independent JORC MREs for JKL Project

Lexington GoldAnnouncement

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RNS Number : 5979O  Lexington Gold Limited  13 January 2026

13 January 2026

Lexington Gold Ltd

("Lexington Gold" or the "Company")

Updated Independent JORC Mineral Resource Estimates for the Jones Keystone

and Loflin Deposits in the USA - Total JORC Resource estimate for the

JKL Project up 53% to 323,500 Au oz

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 announce the receipt of updated independent
JORC (2012) Mineral Resource Estimates for the Jones Keystone and Loflin
deposits on the Jones Keystone-Loflin ("JKL") Project, prepared by Pivot
Mining Consultants (Pty) Ltd ("Pivot").

The updated Mineral Resource Estimates reflect, inter alia, a decrease in the
cut-off grades applied for reporting Mineral Resources at both deposits,
following Pivot's updated consideration of RPEEE JORC requirements being the
criteria for "reasonable prospects for eventual economic extraction" ("RPEEE")
as per its independent reports dated 9 January 2026.

 

Highlights:

·   53% increase in contained gold for the combined JKL Project comprising:

o Total Inferred Resource of 12.90 Mt at 0.78 g/t Au for 323,500 oz of
contained gold

·   Updated independent JORC (2012) Mineral Resource Estimate for the Jones
Keystone deposit comprising:

o Total Inferred Resource of 9.36 Mt at 0.76 g/t Au for 228,000 oz of
contained gold

o Reported at a cut-off grade of 0.45 g/t Au (previously 0.5 g/t Au)

·   Updated independent JORC (2012) Mineral Resource Estimate for the
Loflin deposit comprising:

o Total Inferred Resource of 3.54 Mt at 0.84 g/t Au for 95,500 oz of contained
gold

o Reported at a cut-off grade of 0.35 g/t Au (previously 0.5 g/t Au)

·   Mineralisation at both Jones Keystone and Loflin remains open down dip
and along strike with additional targets identified from previous ground and
aerial geophysics surveys, field mapping and untested historical workings

·   Potential for further increase in the resources at Jones Keystone as
well as Loflin and Loflin South through additional future drilling

Bernard Olivier, CEO of Lexington Gold, commented:

"Pivot's updated independent JORC (2012) Mineral Resource Estimates for the
JKL Project (effective as of 9 January 2026) have increased the combined
Inferred Mineral Resource by over 50% to approximately 323,500 ounces of
contained gold (approximately 12.9 Mt at 0.8 g/t Au), compared to the
previously reported combined total for the JKL Project of approximately
211,000 ounces in November 2022, following Pivot's review of the applicable
economic parameters and adjustments in the cut-off grades applied for both
projects. This material increase provides a stronger, independently prepared
technical basis for assessing the scale and overall characteristics of the JKL
Project."

Mark Greenwood, Director, added:

"This updated independent JORC resource estimate materially strengthens the
strategic positioning of our JKL Project. A combined Inferred Resource of
approximately 323,500 ounces of Au, representing an increase of over 50%,
provides a clearer view of the scale and comparability of the project for
parties evaluating possible strategic initiatives, including potential
partnering or disposal outcomes. We believe this updated resource statement
improves the quality of information available to the market which will assist
prospective counterparties and stakeholders in their technical and commercial
assessment of the project."

Additional Information

1.   Pivot Mining Consultants (Pty) Ltd

Pivot was requested by Lexington Gold to update the previous Mineral Resource
estimates in respect of the Jones Keystone and Loflin deposits on the JKL
Project located in North Carolina, USA (including the incorporation of results
from drilling and trenching completed up to 2022 and subsequent modelling
updates). These latest Mineral Resource estimates (effective as of 9 January
2026) have been reported in accordance with the guidelines of the
"Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves (2012 Edition)" (JORC Code).

Pivot is an independent technical consulting group, with no direct or indirect
interests in Lexington Gold. Neither Pivot, nor the key personnel responsible
for its work, have any material interest in Lexington Gold, the companies
associated with this project, their subsidiaries or their mineral properties.
The Mineral Resource estimates were undertaken by Ken Lomberg, who is a
Competent Person with the requisite professional experience, as set out in the
JORC Code. Mr Lomberg is the Director of Geology and Resources at Pivot.

2.   Mineral Resources

The updated Mineral Resource estimates for the Jones Keystone and Loflin
deposits that form part of the larger JKL Project, as at 9 January 2026, are
presented in Table 1. The Mineral Resource estimate for the Jones Keystone
project can be found in Table 2, while Mineral Resource estimates for Loflin
can be found in Table 3. The estimates are in respect of in situ material.

Pivot had previously completed a maiden Mineral Resource estimate for Loflin
in September 2021 which was updated in August 2022, with its maiden Jones
Keystone Mineral Resource estimate announced in November 2022. The updated
Mineral Resource estimates set out herein apply revised cut-off grades for
both deposits following updated RPEEE considerations. The combined total
Mineral Resource estimation for the JKL Project is shown in Table 1 below.

 

 Deposit         Tonnage (Mt)  Grade - Au (g/t)  Content (oz)
 Loflin (total)  3.54          0.84              95,500
 Jones Keystone  9.36          0.76              228,000
 JKL Total       12.90         0.78              323,500

Table 1: Total Inferred Mineral Resource Estimation for the JKL Project in
accordance with the terms of the JORC Code (2012) as of January 2026. Note
that Loflin is reported at a cut-off grade of 0.35 g/t Au and Jones Keystone
is reported at a cut-off grade of 0.45 g/t Au. Discrepancies may occur due to
rounding.

 

 Deposit         Tonnage (Mt)  Grade - Au (g/t)  Contained (oz)
 Jones Keystone  9.36          0.76              228,000

Table 2: January 2026 Updated JORC Inferred Mineral Resource Estimate for
Jones Keystone in accordance with the terms of the JORC Code (2012) with a
cut-off Grade 0.45 g/t.

 

 Deposit                   Tonnage (Mt)  Grade - Au (g/t)  Contained (oz)
 Loflin Isocline           3.25          0.82              85,800
 Loflin South Satellite 1  0.11          1.14              4,100
 Loflin South Satellite 2  0.18          0.99              5,600
 Total                     3.54          0.84              95,500

Table 3: January 2026 Updated JORC Inferred Mineral Resource Estimate for
Loflin declared in terms of the JORC Code (2012) with a cut-off Grade 0.35
g/t. Discrepancies may occur due to rounding.

3.   Estimation Methodology

Mineral Resource estimates for the Jones Keystone and Loflin deposits were
completed using ordinary kriging of validated drill hole data within
geological model constraints, and with appropriate cut-off grades applied.
Drill hole data were reviewed and validated prior to resource estimation.
Mineral Resources were classified in accordance with the JORC Code (2012).
Geological and Mineral Resource models were constructed using the
three-dimensional (3D) modelling software Datamine™ Studio RM and
Micromine™, and are based on interpreted geology and structural controls.
The estimates were subject to visual and statistical validation prior to
acceptance.

The Competent Person responsible for the Mineral Resource estimation and
classification is Mr Ken Lomberg, Pr.Sci.Nat. Consideration of Reasonable
Prospects for Eventual Economic Extraction (RPEEE) was undertaken using a
preliminary financial assessment assuming open-pit mining and a suitable
processing facility.

Figure 1: Isometric view of the Jones Keystone block model used for resource
estimation. Image extracted from Pivot's Jones Keystone Mineral Estimation
report dated 9 January 2026.

Figure 2: Isometric view of the Loflin block model used for resource
estimation. Image extracted from Pivot's Loflin Mineral Estimation report
dated 9 January 2026.

4.   Geology and Geological Interpretation

The Jones Keystone and Loflin deposits are located within the Carolina Super
Terrane, a well-established gold-bearing province in the southeastern United
States that hosts major deposits including Haile, Ridgeway, Brewer and Barite
Hill.

The primary geologic units at the JKL Project are interbedded mafic flows,
volcanoclastics, and metasediments as well as large felsic intrusions and late
dolerite dykes. Oxidation and saprolite development ranges from 5 to 30
metres.

Gold mineralisation at both Loflin and Jones Keystone is typically hosted in
sheared volcanoclastics but can occur in the mafic flows and to a lesser
extent in the metasediments. Mineralised zones are associated with wide spread
phyllic alteration. Ore minerals include pyrite (py) / pyrrhotite (po) ±
arsenopyrite (asp) and native gold. Sulphides can be as disseminations, in
stringer veinlets, and as sooty matrix material in sheer zones. Native gold is
found within and along the margins of sulphides and is also found as free
gold. Oxide gold is present in the saprolite profile above supergene
mineralisation.

The Jones Keystone and Loflin deposits were classified as mesozonal orogenic
gold by the North Carolina Geologic survey in 2018. These deposits formed
along deformation zones that have been subjected to pervasive sulphidation.

Figure 3: 2021 drill core from Loflin displaying a phyllic altered and
deformed volcanoclastic. Note that the core block measurement is in feet.

Figure 4: 1989 drill core segment from Loflin displaying sheared sulphides
hosed in a foliated tuff.

5.   Competent Person's Statement

The information contained in this announcement relates to Mineral Resource
Estimate reports prepared by Mr Ken Lomberg (BSc (Hons) (Geology), BCom, MEng
(Mining Engineering)) at Pivot. Mr Lomberg is a qualified geologist,
registered with the South African Council for Natural Resources and is a
Competent Person as defined by the JORC Code. Mr Lomberg has sufficient
experience relevant to the style of mineralisation and type of deposit under
consideration, and to the activity being undertaken, to qualify as a Competent
Person as defined in the December 2012 edition of the "Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC
Code). Mr Lomberg has reviewed and approved the information in this
announcement.

 

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

 

Glossary of technical terms:

 

 "asp"                arsenopyrite;
 "Au"                 gold;
 "g"                  grammes;
 "g/t"                grammes per tonne;

 "Inferred Resource"  that part of a Mineral Resource for which quantity and grade (or quality) are
                      estimated on the basis of limited geological evidence and sampling. Geological
                      evidence is sufficient to imply but not verify geological and grade (or
                      quality) continuity. It is based on exploration, sampling and testing
                      information gathered through appropriate techniques from locations such as
                      outcrops, trenches, pits, workings and drill holes;
 "JORC"               the Australasian Code for Reporting of Exploration Results, Mineral Resources
                      and Ore Reserves, as published by the Joint Ore Reserves Committee of The
                      Australasian Institute of Mining and Metallurgy, Australian Institute of
                      Geoscientists and Minerals Council of Australia;
 "JORC (2012)"        the 2012 edition of the JORC code;
 "m"                  metre;
 "Mineral Resource"   a concentration or occurrence of material of economic interest in or on the
                      earth's crust in such form and quantity that there are reasonable and
                      realistic prospects for eventual economic extraction. The location, quantity,
                      grade, continuity, and other geological characteristics of a Mineral Resource
                      are known, estimated from specific geological evidence and knowledge, or
                      interpreted from a well-constrained and portrayed geological model;
 "po"                 pyrrhotite;
 "py"                 pyrite;
 "t"                  tonnes; and
 "oz"                 troy ounce.

 

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) or follow us through
our social media channel: X: @LexGoldLtd.

 

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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