- Lexington Gold Ltd (DI)
- 24 June 2026 17:21:02
Source: Sharecast
The AIM-traded company said GoldOz had agreed to acquire 100% of Global Asset Resources, through which Lexington holds its 51% interests in the Jennings Pioneer, Jones-Keystone-Loflin and Carolina Belle projects in the Carolina Slate Belt.
Under the agreement, Lexington is expected to receive A$25,000 upfront and A$325,000 on completion, as well as 25.5 million new GoldOz shares, representing about 36.7% of GoldOz on re-listing under the illustrative capital structure.
Lexington will also retain a 1% net smelter royalty over the US projects.
The company may receive a further 12.5 million GoldOz shares if defined JORC resource milestones are achieved.
Assuming no further dilution, that would increase Lexington’s holding to 38 million shares, or about 46.3% of GoldOz’s enlarged share capital.
Lexington said the transaction would give shareholders a route to crystallise value from its US portfolio while retaining exposure to future upside.
It would also allow the company to focus management time and capital on its South African assets, including the Jelani JV project, which hosts a JORC-compliant mineral resource estimate of about 6.02 million ounces of gold.
The US assets comprise around 1,326 acres across the three projects.
Jones-Keystone-Loflin has a JORC inferred mineral resource estimate of about 323,500 ounces of contained gold, while Jennings Pioneer and Carolina Belle provide additional exploration upside.
Chairman Edward Nealon said the proposed deal represented a “compelling pathway” for Lexington’s American project interests, while chief executive Bernard Olivier said the structure allowed the company to retain meaningful exposure to the projects through its GoldOz shareholding, deferred consideration and royalty.
Completion remains subject to due diligence, GoldOz raising seed capital, execution of revised joint venture arrangements, ASX approvals, GoldOz shareholder approval and completion of the re-listing process.
Lexington said there could be no certainty that the transaction would complete.
At 1447 BST, shares in Lexington Gold were up 3.57% at 2.9p.
Reporting by Josh White for Sharecast.com.
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