Business
Final Results for the year ended 31 December 2022
Final Results for the year ended 31 December 2022.
About this update from Lexington Gold Ltd.
[{"type":"text","content":"\n\n29 June 2023\nLexington Gold Ltd\n(\"Lexington Gold\" or the \"Company\")\n \nFinal Results for the year ended 31 December 2022\nand Availability of Annual Report and Financial Statements\n \nLexington 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 2022.\n \nCopies of the Company's full Annual Report and Financial Statements for the financial year to 31 December 2022 will be made available to download from the Company's website at www.lexingtongold.co.uk and will be posted to shareholders on or before 30 June 2023.\n \nFinancial Summary\n \n· Net loss for the year from continuing operations was US$0.9 million (2021: US$1.0 million).\n \n· Total assets were US$5.1 million (2021: US$4.8 million) at the year end.\n \n· Net cash position of US$0.42 million (2021: US$0.95 million) as at the year end.\n \n· Total liabilities of US$0.1 million (2021: US$0.1 million) as at the year end.\n \nCorporate Summary\n \n2022 was a very successful year for Lexington Gold. The team has delivered on a series of important exploration milestones across the Company's existing project portfolio, including the commissioning and release of an updated and increased independent JORC resource estimate for the Loflin deposit, the completion of the latest reverse circulation (\"RC\") drilling campaign across both the Carolina Belle and JKL Projects and the establishment of a maiden independent JORC Mineral Resource Estimate for the Jones-Keystone side of the JKL Project towards the end of the year.\n \nPost-year end, on 15 May 2023, the Company announced a major corporate development namely the proposed acquisition of 76% of White Rivers Exploration (Pty) Limited (\"WRE\") in South Africa, which has a number of significantly larger projects and prospects than those explored by Lexington Gold to date. The Company's strategic emphasis will remain on the exploration for, and development of, gold resources, with a particular focus on areas with known significant historical gold production. Successful completion of the proposed WRE acquisition will enable the Company to explore in the Witwatersrand gold fields, an...