Lexington Gold (LON: LEX), the AIM-listed gold explorer with projects in the United States and South Africa, reported a net loss of $0.4m (US$389,000) for the six months to 30 June, up slightly from US$357,000 a year earlier.
Cash rose to $0.8m at the period end from $0.3m at the end of 2025, after a £1.19m placing completed in January at 4p a share, alongside conversion of £356,322 of convertible loan notes into new shares on the same terms. Total assets stood at $17.8m, up from $16.8m, while total liabilities fell to $0.4m from $0.6m.
The shares fell 5.66% to 2.50p in London on results day, down from a previous close of 2.65p, on volume of 125,019 shares.
The market move sat against a period of operational change. Pivot Mining Consultants raised the JORC (Joint Ore Reserves Committee) resource estimate at the company’s JKL project in the Carolinas by 53% to about 323,500 ounces of contained gold in January, but rather than build on that in the US, Lexington agreed on the 24th of June to sell its principal US assets to GoldOz, an ASX-listing hopeful, via the disposal of Global Asset Resources, which holds the group’s 51% interests in the Jennings-Pioneer, JKL and Carolina Belle projects. Completion is conditional on GoldOz’s proposed ASX listing, to be satisfied or waived by the 30th of November.
The capital and management focus released by that deal is being redirected to South Africa. The Jelani JV Mining Right application, lodged with the Department of Mineral and Petroleum Resources on the 21st of April, was accepted on the 7th of May and the milestone announced on the 1st of June. The project, a joint venture with subsidiaries of Harmony Gold Mining Company, a major South African gold producer, carries a JORC resource of around 6.02 million ounces of gold at an average grade of 6.47 grams per tonne. Post period, on the 14th of September, the company said the historical drillhole dataset at its nearby Kroonstad project had expanded more than fivefold, to 64 primary holes from 12, ahead of work toward a JORC Exploration Target in the fourth quarter.
Non-Executive Chairman Edward Nealon said the period had delivered progress across the portfolio, while Chief Executive Bernard Olivier pointed to the gold price as support for the strategy, saying the board believes the company remains well positioned to pursue disciplined project advancement and long-term value creation with prices trading at historically strong levels.