Lexington Gold reports continued progress in South Africa, US

9th Apr 2026 15:47

(Sharecast News) - Lexington Gold reported continued progress across its South African and US project portfolio on Thursday, as the company advanced permitting and technical work at its flagship Jelani joint venture while assessing strategic options for its US assets.

The AIM-traded gold explorer and developer said it was on track to submit a mining right application for the Jelani JV project in South Africa during the second quarter of 2026.

It said the application was being supported by specialist technical, environmental and social studies, alongside ongoing fieldwork and stakeholder engagement, conducted in collaboration with Harmony Gold Mining Company and Bara Consulting.

Lexington said the associated technical study for Jelani was being further refined, incorporating additional input from Harmony on project integration, mine design and development planning.

The study, which had expanded in scope since its initial commissioning in 2025, was expected to provide a more robust framework for the project, although timelines had been extended to accommodate the additional work.

Elsewhere in South Africa, the company said it had engaged Shango Solutions to review historical data at its Kroonstad project, including the potential development of a 3D geological model to support the design of a Phase 1 drilling programme.

At Ventersburg, Lexington highlighted the proximity of its asset to a neighbouring project held by Gold One Africa, which benefitted from an existing mining right and environmental authorisation, underscoring the prospectivity of the district.

At the Bothaville project, Lexington reiterated the establishment of a maiden JORC (2012) Exploration Target of 16 to 30 million tonnes at grades of 3.26 to 6.03 grams per tonne, equating to a potential 1.68 to 5.82 million ounces of contained gold.

The firm also confirmed it had secured a consolidated prospecting right valid until May 2030, strengthening its tenure position, while noting that further drilling is not an immediate priority.

In the US, the company said it was evaluating strategic options for its asset portfolio following an increase in the inferred mineral resource at the JKL project to 12.9 million tonnes at 0.78 grams per tonne, containing 323,500 ounces of gold, alongside encouraging drilling results at Jennings-Pioneer.

"We are pleased to report continued strong progress across our South African and US project portfolio," said chief executive Bernard Olivier.

"At the Jelani JV, we are working closely with Harmony to advance both the mining right application and ongoing technical study, and are encouraged by the progress being made.

"In the United States, the recent resource increase at the JKL project and the successful Jennings-Pioneer drilling programme have materially strengthened the strategic positioning of such assets and enhanced the board's optionality and ongoing strategic assessment of the best way forward for the company's US asset portfolio.

"At the Kroonstad project, we are progressing important early-stage technical and strategic work that we believe could help unlock the longer-term potential of this highly prospective area, whilst at the Bothaville project we have strengthened both our technical understanding and its tenure position.

"Overall, we continue to build momentum across multiple potential value drivers and look forward to providing further updates in due course."

At 1351 BST, shares in Lexington Gold were up 8.31% at 3.52p.

Reporting by Josh White for Sharecast.com.

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