Business
Final Results for the year ended 31 December 2024
Final Results for the year ended 31 December 2024.
About this update from Lexington Gold Ltd.
[{"type":"text","content":"\n\n23 June 2025\nLexington Gold Ltd\n(\"Lexington Gold\" or the \"Company\")\n \nFinal Results for the year ended 31 December 2024\nand availability of Annual Report and Financial Statements\n \nLexington Gold (AIM: LEX; OTCQB: LEXLF), 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 2024.\n \nA copy of the Company's full Annual Report and Financial Statements for the financial year to 31 December 2024 will be made available to download from the Company's website at www.lexingtongold.co.uk and will be posted to shareholders this week.\n \nFinancial Summary\n \nNet loss for the year was US$1.4 million (2023: US$0.1 million) primarily due to the impairment of Project Argo in the US offset in part by a fair value adjustment to the warrant derivative liability.\n \nTotal assets were US$16.4 million (2023: US$18.2 million) at the year end.\n \nNet cash position of approximately US$0.9 million (2023: US$2.6 million) as at the year end.\n \nTotal liabilities of US$0.7 million (2023: US$1.1 million) as at the year end.\n \nIn April 2025, successfully completed a fundraising of £530,000 gross at a price of 3.4 pence per share.\n \nCorporate Summary\n \nAs announced on 13 May 2024, the prospecting right owned by Jelani Resources Proprietary Limited (\"Jelani Resources\") (the \"Jelani Resources Prospecting Right\") was formally renewed until 29 May 2026.\n \nThe renewal of the Jelani Resources Prospecting Right was a milestone for the issue of, in aggregate, 25,806,451 deferred consideration shares in respect of the Company's acquisition last year of White Rivers Exploration Proprietary Limited (\"WRE\").\n \nOverview\n \n2024 was another year of meaningful advancement for Lexington Gold. Our core focus remained on advancing our high-quality gold exploration projects in South Africa and the United States. We successfully executed multiple drill programmes, published a maiden JORC-compliant Mineral Resource Estimate for our Jelani JV, and defined exploration targets totalling several million ounces of gold across our portfolio. Our continued strategy of value-driven, technically robust exploration has positioned the Company well to unlock long-term ...