23rd Jun 2025 18:39
(Alliance News) - Lexington Gold Ltd on Monday reported a wider annual loss, primarily due to the impairment of a US project, but said it made significant progress across its gold exploration portfolio in South Africa and the US.
The gold exploration and development firm said its pretax loss widened to USD1.4 million in 2024 from USD61,000 in 2023. The loss was mainly driven by an impairment charge related to its project Argo in the US. Lexington generated no revenue in either year.
Total assets declined to USD16.4 million from USD18.2 million, while year-end cash and equivalents fell to USD900,000 from USD2.6 million. The company completed a GBP530,000 fundraising in April 2025 to support working capital needs.
During 2024, Lexington focused on progressing its Bothaville, Jelani and Ventersburg projects in South Africa, which now represent a combined estimated potential of around 10 million ounces of gold through JORC-compliant resources or exploration targets.
In the US, the company confirmed mineralisation at its Jennings-Pioneer project in South Carolina and began follow-up drilling in May 2025 to expand on positive results from the previous year.
Looking ahead, Lexington said it remains committed to unlocking long-term shareholder value through disciplined project development, with particular focus on advancing the Jelani JV project and refining geological models across its asset base.
No dividend was declared for the year, unchanged from 2023.
Shares in Lexington Gold closed 0.8% higher at 3.78 pence in London on Monday.
By Eva Castanedo, Alliance News reporter
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