Lexington Gold Limited (AIM: LEX; OTCQB: LEXLF) has provided an update on geological modelling progress at its Kroonstad Gold Project in South Africa's Free State Province, with a JORC (2012) Exploration Target estimation now expected in December 2026. The company's independent consultant, Shango Solutions, has completed quality assurance and quality control on 141 historical drillhole records, a significant expansion from the 12 primary drillholes used in the original 2021 estimate. Lexington Gold is simultaneously pursuing a regulatory application to consolidate its four existing Prospecting Rights into a single right, a move intended to streamline administration and support coordinated exploration planning.

Key Points

  • Lexington Gold Limited (AIM: LEX; OTCQB: LEXLF) is an AIM-quoted gold explorer focused on the Witwatersrand Basin, South Africa
  • Shango Solutions has completed QA/QC on 141 historical drillhole records at Kroonstad, compared with just 15 used in the 2021 non-code-compliant estimate
  • JORC (2012) Exploration Target estimation and Shango's final technical report are expected by end of December 2026; a drilling campaign could follow in the first half of 2027
  • Investors should watch for the December 2026 Exploration Target result and any update on the Section 102 Prospecting Rights consolidation approval

Shango Solutions Completes QA/QC on 141 Kroonstad Drillhole Records, Including AngloGold Ashanti Historical Data

Shango Solutions, engaged by Lexington Gold in July 2026, has now completed QA/QC across 141 historical drillhole records comprising 64 primary drillholes and 77 deflections. This compares with only 12 primary drillholes and three deflections underpinning the original 2021 non-code-compliant estimate. The expanded dataset includes records originally generated by AngloGold Ashanti and material obtained through the Council for Geoscience. Approximately 101 of the captured records fall within the proposed consolidated licence area, with a further 40 providing contextual geological information on surrounding mineralisation. Reef correlations and historical stratigraphic nomenclature have been standardised, and 3D geological modelling using Leapfrog Geo software is described in the announcement as nearing completion.

Kroonstad's Non-Code-Compliant Estimate of 6.06 Moz to 62.41 Moz Cited as Context for Forthcoming JORC Work

Kroonstad carries an independently reported historical non-code-compliant grade-tonnage estimate of between 6.06 million ounces and 62.41 million ounces of gold, at grades of 4.96 grammes per tonne to 11.54 grammes per tonne. The company is explicit that this figure is not a current JORC (2012) Exploration Target or Mineral Resource Estimate and is cited for geological context only. Shango's programme is specifically designed to upgrade an appropriate part of this estimate to JORC (2012) Exploration Target status. The project is held through Lexington Gold's 74%-owned subsidiary, White Rivers Exploration Proprietary Limited, and geological data suggests the Kimberley Reef zone may occur at relatively shallow depths, potentially supporting cost-efficient future exploitation.

Section 102 Application Seeks to Merge Four Prospecting Rights Into Single Consolidated Licence Valid to June 2030

Alongside its technical programme, Lexington Gold has progressed a Section 102 application under South Africa's Mineral and Petroleum Resources Development Act, 2002, to consolidate its four Kroonstad Prospecting Rights into one. The application proposes incorporating three existing rights — FS 889 PR, FS 10520 PR, and FS 10519 PR — into FS 10696 PR (Kroonstad North Extension), which was granted in June 2025 and is currently valid until 30 June 2030. Following the successful renewal of two Prospecting Rights announced on 14 October 2026, consolidation would simplify regulatory administration. The application remains subject to requisite regulatory approvals, and the company has indicated it will provide further updates as appropriate.

December 2026 Exploration Target and Potential 2027 Drilling Campaign Represent Key Milestones for LEX Investors

Lexington Gold has identified the forthcoming JORC (2012) Exploration Target as a potential catalyst, with Shango's estimation work and final technical report both expected by the end of December 2026. The company states that timescales are indicative and subject to completion of remaining modelling, verification, and internal QA/QC. Subject to Exploration Target outcomes, a drilling campaign could commence in the first half of 2027. Investors should note the company's own regulatory disclosure that any Exploration Target will be conceptual in nature, that insufficient exploration has occurred to define a Mineral Resource estimate, and that there can be no guarantee that further exploration will result in a Mineral Resource estimation.