Business
Final Results for the year ended 31 December 2021
Final Results for the year ended 31 December 2021.
About this update from Lexington Gold Ltd.
[{"type":"text","content":"\n \n \n \n 9 June 2022\n \n \n \n Lexington Gold Ltd\n \n \n (\"Lexington Gold\" or the \"Company\")\n \n \n \n \n \n \n \n \n Final Results for the year ended 31 December 2021,\n \n \n \n \n Availability of Annual Report and Notice of Annual General Meeting\n \n \n \n \n \n \n \n \n Lexington Gold (AIM: LEX), the gold exploration and development company with projects in North and South Carolina, USA, is pleased to announce its audited results for the year ended 31 December 2021.\n \n \n \n \n \n Copies of the Company's full Annual Report and Financial Statements for the financial year to 31 December 2021 will be made available to download from the Company's website at www.lexingtongold.co.uk and will shortly be posted to shareholders together with a Notice of Annual General Meeting (incorporating an Explanatory Memorandum), which will also be made available on the Company's website, to be held at 10.00 a.m. (Bermudan time) on 11 July 2022 at the Company's registered office at Clarendon House, 2 Church Street, Hamilton, HM11, Bermuda.\n \n \n \n \n \n Financial Summary\n \n \n \n \n \n \n \n ·\n Net loss for the year from continuing operations was US$1.0million against the prior year loss of US$0.7 million.\n \n \n \n \n \n ·\n Total assets were US$4.8 million (2020: US$5.5 million) at the year end.\n \n \n \n \n \n ·\n Net cash position of US$0.9 million (2020: US$2.9 million) as at the year end.\n \n \n \n \n \n ·\n Total liabilities of US$0.1 million (2020: US$0.09 million) as at the year end.\n \n \n \n \n \n ·\n Obtained\n £335,000 unsecured convertible loan in late April 2022, post the reporting period end, ensuring that the Group is funded to continue with its exploration plans. Conversion price set at a level 30.6 per. cent. above the then prevailing share price.\n \n \n \n \n \n \n \n \n Operational Summary\n \n \n \n \n \n ·\n Completion of 207.3 line-kilometre Helicopter borne VTEM survey.\n \n \n ·\n Completion of 937 line-kilometre magnetic, radiometric and very-low-frequency (\"VLF\") fixed-wing airborne geophysical survey over the JKL, Carolina Belle and Argo projects.\n \n \n ·\n Completed\n Phase 1 drilling campaign at Loflin\n comprising six diamond drill holes for a total of 562m. All six holes of the Phase 1 drilling camp...