New Prospecting Right Granted at Kroonstad

11 August 2025

Lexington Gold Ltd

("Lexington Gold" or the "Company")

New Prospecting Right Granted in respect of the Kroonstad Project, South Africa

Lexington Gold (AIM: LEX; OTCQB: LEXLF), the gold exploration and development company with projects in South Africa and the USA, is pleased to announce that its South African subsidiary, White Rivers Exploration (Pty) Ltd ("WRE"), has been granted a new Prospecting Right over the New Kroonstad North Extension, located in the Free State Province of South Africa.

Highlights:

·    The new Prospecting Right (Ref: FS 30/5/1/1/2/10696 PR) was granted to WRE by the South African Department of Mineral and Petroleum Resources ("DMPR") for approximately five years, being valid until 30 June 2030, and is renewable for a further three years thereafter.

·    The right covers a total area of approximately 18,340.5 hectares, spanning multiple farms in the Kroonstad district.

·    The Prospecting Right covers a broad suite of minerals, including gold, rare earth elements, silver, platinum group metals, diamonds (alluvial), uranium, copper, zinc, lead, sulphur, coal, iron, manganese, cobalt, nickel, molybdenum, and tungsten.

·    This licence award is the result of a new standalone application and is not part of the historical WRE licence portfolio acquired in September 2023 as detailed in the Company's announcements of 15 May 2023 and 7 September 2023.

·    WRE's combined Kroonstad Project area has an independently estimated non-code compliant gold exploration target of between 6.06 million ounces and 62.41 million ounces, at grades ranging from 4.96 g/t and 11.54 g/t and potentially constitutes a new goldfield within the Witwatersrand region.

The new licence is directly adjacent and to the north of Lexington Gold's existing and historical Kroonstad licences held by WRE, of which Kroonstad (Ref: FS 30/5/1/1/2/889 (10637) PR) is pending renewal, the renewal of Kroonstad (FS 30/5/1/1/2/10520 PR) is under appeal and Kroonstad (Ref: FS 30/5/1/1/2/10519 PR) was previously renewed for three years, ending 29 May 2027.

Dr Bernard Olivier, CEO of Lexington Gold, commented:

"The granting of this New Kroonstad North Extension Prospecting Right is an exciting development that expands our presence across one of South Africa's most prospective gold-bearing regions. This new licence increases our strategic footprint in, and directly complements, our adjacent Kroonstad licences, in respect of which an independent non-code compliant exploration target of up to approximately 62 million ounces of gold was previously estimated.

"Based on geological continuity, adjacent drilling results and favourable structural interpretations, we believe that this area could host extensions of the mineralised Kimberley Reef and has considerable potential for new discoveries."

Additional Information

Geological Context and Prospectivity

The New Kroonstad North Extension is located in the northern extent of the Witwatersrand Basin, globally recognised as the largest known repository of gold. The licence area is underlain by the Central Rand Group, part of the Witwatersrand Supergroup, which hosts the majority of South Africa's historical gold production.

As previously announced, WRE's Kroonstad Project has an independently estimated non-code compliant gold exploration target of between 6.06 million ounces and 62.41 million ounces with a gold grade of between 4.96 g/t and 11.54 g/t and potentially constitutes a new Witwatersrand goldfield.

Geological mapping indicates that the Kimberley Formation conglomerates, the primary gold-bearing horizons in the region, extend into the Kroonstad North Extension area. In addition, the licence area also includes overlying Ventersdorp volcanic units, which show potential for rare earth elements and polymetallic mineralisation.

Historical Work and Exploration Potential

While the New Kroonstad North Extension project remains largely underexplored in modern times, historical records indicate that the broader Kroonstad area was the subject of significant exploration by Anglo American plc ("Anglo") in the mid-20th century. Anglo undertook several regional-scale mapping and reconnaissance programmes across the Free State goldfields, including early reconnaissance over the farms now included in the Kroonstad North licence. While no compliant resource was declared at the time, these historic activities confirmed the presence of Witwatersrand Supergroup stratigraphy and Kimberley Formation conglomerates at depth.

Gold intersections from historical drillholes completed by Anglo are interpreted to lie within the Kimberley Formation conglomerates, the primary host of gold mineralisation in the region. Given the stratigraphic continuity and proximity, Lexington Gold believes that these mineralised zones likely extend northward into the newly granted licence area.

Furthermore, analysis conducted by Shango Solutions as part of an Environmental Authorisation application highlighted that the Karoo Supergroup thickness across the project area is relatively uniform at 400 to 450 metres. This geological control provides a potential upper limit for the top of the underlying Ventersdorp and Witwatersrand Supergroups, suggesting that the Kimberley Formation potentially sub-outcrops at relatively shallow depths within the licence area. This contrasts favourably with other parts of the basin where overburden can exceed 1,000 metres, indicating a potential cost and development advantage.

The uniform thickness of cover, coupled with favourable structural interpretations - including anticlinal features and possible channel geometries - adds confidence in the area's potential to host laterally continuous and economically viable gold reefs.

In addition to gold, the licence area's geology includes Ventersdorp lavas and Archaean basement structures, which may also be prospective for rare earth elements and polymetallic mineralisation, presenting a potential multi-commodity upside.

Figure 1: New Kroonstad North Extension tenement locality map.

Competent Person's Statement

The information contained in this announcement that relates to exploration activities is based upon information compiled by Edward Nealon, Chairman of Lexington Gold. Mr Nealon is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the December 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Mr Nealon consents to the inclusion in this announcement of the matters based upon the information in the form and context in which it appears.

For further information, please contact:

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.

Note to Editors:

Lexington Gold (AIM: LEX; OTCQB: LEXLF) is a gold exploration and development company currently holding interests in four diverse gold projects, covering a combined area of approximately 1,675 acres in North and South Carolina, USA and in six gold projects covering approximately 114,638 hectares in South Africa.

Further information is available on the Company's website: www.lexingtongold.co.uk. Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.