Lexington Gold Ltd
Lexington Gold Ltd (formerly Richland Resources Ltd) is a Bermuda-incorporated, AIM-quoted gold exploration and development company with a portfolio of projects in the Witwatersrand Basin of South Africa (Jelani JV, Bothaville, Kroonstad, Ventersburg) and in the Carolina Super Terrane of North and South Carolina, USA (Jennings-Pioneer, Carolina Belle, JKL). The Group generates no revenue and is pre-production, funding exploration through equity and loan note issuance while advancing JORC resource definition, exploration drilling and regulatory/mining-right processes. The flagship Jelani JV project has a JORC-compliant resource of 6.02 million ounces of gold.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 19 Jun 2026 · 56 pages · Company website
Lexington Gold Ltd explores for gold in South Africa and the Carolinas in the US. It does not yet sell any gold, so it had no revenue. Its loss before tax narrowed to $804k in the year to 31 December 2025, from $1.4m the year before.
The smaller loss mainly reflects the absence of a one-off charge. In 2024 the company wrote down the value of its Project Argo in the US by $792k. In 2025 it also booked a $144k paper gain on the value of its warrants (rights to buy shares). Fees for advisers and other services rose.
Cash fell to $280k at the year end from $855k. The company had $479k of borrowings, raised $705k by selling new shares and paid no dividend. After the year end it raised a further £1,190,000. Management plans to move its main Jelani project in South Africa through permit and environmental approvals. The auditor did not qualify its opinion, but it flagged a "material uncertainty" over whether the company can keep going, because that depends on raising more money.
Professional and other services costs rose to $633k (2024: $511k), driving total operating expenses up to $950k (2024: $881k)
Note 4 Operating expenses breakdown
page 41Looking ahead, Lexington Gold remains focused on advancing its portfolio in a disciplined and technically robust manner... priorities include progressing the [Jelani] project through the next phases of the statutory review and environmental authorisation processes, completing and assessing the enhanced Bara study, refining geological models across its South African portfolio and determining the most value-accretive next steps for its US assets.
page 11The directors have not declared a dividend for the year ended 31 December 2025 (2024: Nil).
page 13Exploration expenditure/cash outflow reduced slightly to $0.81m (2024: $0.89m) and no impairment was recognised in 2025 versus a $0.79m impairment in 2024 (Project Argo)
CEO financial review and consolidated statement of profit or loss
page 911 years on one page · FY2015–FY2025
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USD millions, negatives in brackets. Per-share lines in cents. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
3 figures restated in a later report
Every figure is read again from the following year’s report: 248 confirmed, 12 differ, 3 restated.
No figure has been restated: every figure a later report printed again, it printed the same.
3 more figures were restated in FY2015 to FY2022, which a free account opens.