Announcement • Apr 10
Lexington Gold Ltd Provides Operational Update on Gold Exploration and Development Projects
Lexington Gold Ltd. provided an operational update on its key project workstreams and strategic priorities. Jelani JV Mining Right Application: In close collaboration with Harmony Gold Mining Company Limited, Lexington Gold continues to make steady progress on the Jelani JV project's mining right application which remains on track for submission during Second Quarter 2026, supported by various specialist studies, fieldwork and stakeholder engagement, alongside the ongoing technical study being advanced with Harmony and Bara Consulting (Pty) Ltd. 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 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. 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. As previously announced, Lexington Gold and Jelani Resources (Pty) Ltd. 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 Second Quarter 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 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. 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. Lexington Gold, Harmony and Bara Consulting have a further review meeting scheduled for April 2026. 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. 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 Company also notes that the newly granted Kroonstad North extension includes historical drilling information indicating that relevant geological structures may extend into this area.
