Aim-listed gold exploration and development company Lexington Gold has received updated independent Joint Ore Reserve Committee- (Jorc-) compliant mineral resource estimates (MREs) for the Jones Keystone and Loflin deposits on the Jones Keystone-Loflin (JKL) project, in the US, prepared by Pivot Mining Consultants.

Lexington notes that the updated MREs reflects a decrease in the cutoff grades applied for reporting mineral resources at both deposits.

The company notes a 53% increase in contained gold for the combined JKL project comprising a total inferred resource of 12.9-million tonnes at 0.78 g/t gold for 323 500 oz of contained gold.

The updated independent Jorc-compliant MRE for the Jones Keystone deposit comprises a total inferred resource of 9.36-million tonnes at 0.76 g/t gold for 228 000 oz of contained gold at a reported cutoff grade of 0.45 g/t gold, which was previously 0.5 g/t gold.

Additionally, Lexington says the updated independent MRE for the Loflin deposit comprises a total inferred resource of 3.54-million tonnes at 0.84 g/t gold for 95 500 oz of contained gold reported at a cutoff grade of 0.35 g/t gold, which was previously 0.5 g/t gold.

The company notes that mineralisation at both deposits remains open down dip and along strike with additional targets identified from previous ground and aerial geophysics surveys, field mapping and untested historical workings.

Lexington says there is potential for further increase in the resources at Jones Keystone as well as Loflin and Loflin South through additional future drilling.

"Pivot's updated independent MRE for the JKL project – effective as of January 9 – has increased the combined inferred mineral resource by over 50% to about 323 500 oz of contained gold – approximately 12.9-million tonnes at 0.8 g/t gold – compared to the previously reported combined total for the JKL project of about 211 000 oz in November 2022, following Pivot's review of the applicable economic parameters and adjustments in the cutoff grades applied for both projects.

“This material increase provides a stronger, independently prepared technical basis for assessing the scale and overall characteristics of the JKL project,” says Lexington CEO Bernard Olivier.

“This updated independent resource estimate materially strengthens the strategic positioning of our JKL project.

“A combined inferred resource of approximately 323 500 oz of gold, representing an increase of over 50%, provides a clearer view of the scale and comparability of the project for parties evaluating possible strategic initiatives, including potential partnering or disposal outcomes.

“We believe this updated resource statement improves the quality of information available to the market which will assist prospective counterparties and stakeholders in their technical and commercial assessment of the project,” adds director Mark Greenwood.

FUNDRAISE

Meanwhile, in a separate media release, Lexington announced that it has raised in aggregate, gross proceeds of £1.19-million from certain existing and new investors at a price of 4p per new common share of $0.003 each in the capital of the company from the issue of, in aggregate, 29.75-million new common shares conditional upon admission of such fundraising shares to trading on Aim.

The fundraising comprises a placing of 19.38-million new common shares to raise £775 000 at the fundraising price through the company's joint broker, Marex Financial, and direct subscriptions for, in aggregate, 10.36-million shares at the fundraising price to raise £415 000.

Existing major shareholder Orasa Chiaratanasen has invested £125 000 for 3.13-million fundraising shares in the subscription representing apout 10.5% of the total fundraising amount.

In addition, Lexington notes that the outstanding unsecured convertible loans of, in aggregate, £350 000 principal amount announced on November 5, 2025 which were provided by longstanding substantial shareholder Pure Ice (as to £201 746), and three of the company's directors have, together with accrued interest, been settled in new equity on the same commercial terms as the fundraising in accordance with their conversion terms and in order to conserve the company's working capital.

"We are pleased to have secured this equity financing, alongside the conversion of certain outstanding loans, which serves to strengthen Lexington Gold's balance sheet and provide funding to advance our asset portfolio.

“As well as augmenting the group's working capital position, the net proceeds will be directed towards progressing our Jelani joint venture, completing Bara Consulting's updated study, and undertaking selected drilling on priority targets in South Africa, whilst continuing to assess strategic options across our US projects.

“We thank both existing and new investors for their continued support and would especially like to welcome those US institutional investors who have acted as cornerstone participants in this fundraising,” says nonexecutive chairperson Edward Nealon.