Business
Final Results for the year ended 31 December 2023
Final Results for the year ended 31 December 2023.
About this update from Lexington Gold Ltd.
[{"type":"text","content":"\n\n26 June 2024\nLexington Gold Ltd\n(\"Lexington Gold\" or the \"Company\")\n \nFinal Results for the year ended 31 December 2023\nand availability of Annual Report and Financial Statements\n \nLexington Gold (AIM: LEX), the gold exploration and development company with projects in South Africa and the USA, is pleased to announce its audited results for the year ended 31 December 2023.\n \nCopies of the Company's full Annual Report and Financial Statements for the financial year to 31 December 2023 will be made available to download from the Company's website at www.lexingtongold.co.uk and will be posted to shareholders by 28 June 2024.\n \nFinancial Summary\n \nNet loss for the year from continuing operations was US$0.1 million (2022: US$0.9 million).\n \nTotal assets were US$18.2 million (2022: US$5.1 million) at the year end.\n \nNet cash position of US$2.6 million (2022: US$0.42 million) as at the year end.\n \nTotal liabilities of US$1.1 million (2022: US$0.1 million) as at the year end.\n \nCorporate Summary\n \nIn March 2023, the Company entered into a US$150,000 unsecured loan facility with Lexington Gold's Chairman, Edward Nealon, to support the group's ongoing working capital requirements and the costs associated with evaluating potential additional new gold projects/opportunities.\n \nIn May 2023, the Company announced a substantial development in the form of the proposed acquisition of WRE, an exploration and development company with significant gold assets in the Witwatersrand gold fields in South Africa, which historically was the largest single gold producing district in the world. The aggregate amount payable by the Company under the associated WRE Acquisition and Loan Agreements is £0.3 million, by way of the provision of a subordinated loan to WRE, and up to £6.4 million to be settled by way of the issue of new common shares in Lexington Gold based on certain pre-determined milestones being satisfied, with such shares being subject to a 12-month lock-up arrangement followed by a 12-month orderly market arrangement from the date of their issue.\n \nWRE's tenement interests have been estimated by WRE's former management to contain non-code compliant potential resources of over 37 million ounces of gold. WRE has focussed its exploration effort...