Fully Funded, Fully Focused : Lexington Gold’s Path from JV to Production
“…We’re not just an American exploration company with some huge exploration acreage in South Africa. We’re much more than that. We’ve got a real live joint venture with one of the biggest gold mining companies in the world…”
When one of Lexington Gold’s largest shareholders spoke about the price of gold, it was the end of January in the week gold hit a $5500 plus high and just days before the u-turn in the precious metal’s previously unfettered ascendancy.
He wasn’t to know that would be the case when he spoke to Total Market Solutions, but Mark Greenwood has experienced frothy cycles before, and as one of the directors of Lexington, he and the rest of the board had already factored in a more realistic gold price into their business model calculations.
Lexington Gold came into 2026 with a blue-chip partnership with Harmony Gold focused on the Jelani Resources Project joint venture in South Africa which comes with a JORC mineral Resource Estimate of 6.02 Moz of gold. After a start of the year equity fundraise Lexington is now collating the data required for a mining licence application and also apportioning funds for a drilling programme at other priority targets while concurrently assessing strategic options for the group’s projects in the U.S..
With cash in the bank, a JV with South Africa’s largest gold mining company, and a portfolio of gold assets in the Carolinas in the U.S., Lexington has options which includes disposals to support the favoured child.
“If you’ve got a joint venture which has already got drilled holes with one of the biggest gold mining companies in the world and plenty of exploration acreage not too far away,” says Greenwood, “you would think that maybe the best bang that’s going for your buck when you drill it in the ground to get all those wonderful things called ounces is going to be in South Africa.”
“It’s not that we’re desperate to get out of the American assets, but we’re letting the market know that they are potentially for sale, either as a joint venture or to inject into another public company or just a straight cash transaction.”
That’s not wishful thinking on Greenwood’s part, as already there are interested parties in some of Lexington’s assets, though due to commercial sensitivity Greenwood is not at liberty to divulge who exactly.
What Greenwood can divulge, and does so in this video interview with Sarah Lowther, is the secret that the mining licence application is for a mine already in existence with an abundant labour supply and an influential economic empowerment partner. With those in place, the company is confident it can withstand any wild fluctuations in commodity prices.
Lexington Gold featured in our 20 Mining Companies to follow in 2026
Follow the company on X – @LexGoldLtd
The author was remunerated but does not hold shares in the company
