Two Heads. One Focus : Unlocking Lexington Gold’s True Value
“…If you tell me you have found a Company that has a three-million-ounce JORC in a joint venture with a top 10 gold producing company, which is valued at only 12 million quid, I would say there isn’t one…”
A familiar face is taking the driving seat at Lexington Gold and new CEO Mark Greenwood believes the company is at a point where execution, communication and a laser-like focus on its South African assets could make all the difference.
Greenwood is hardly an outsider. A long-term shareholder, former non-executive director and one of the company’s largest investors, he has now stepped up to become chief executive, while former CEO Dr Bernard Olivier moves into the role of Chief Operations Officer.
And Greenwood is keen to stress that this is not about ripping up the existing strategy.
“Not much is changing. We’re just hopefully making sure that one plus one equals at least two and a half.”
The idea is simple. Let Olivier concentrate on geology and operations while Greenwood takes responsibility for capital markets, investors and corporate relations.
That could be particularly important given what Greenwood sees as a glaring disconnect between Lexington’s assets and its current market valuation.
The company’s Jelani project, held in partnership with major gold producer Harmony Gold, has a potential 6.05 million-ounce JORC exploration target. Greenwood argues that even assuming only half that figure, the valuation remains difficult to reconcile.
“If you tell me that they’ve got a three-million-ounce JORC… in a joint venture with a top 10 gold producing company, which is valued at 12 million quid, I would say there isn’t one.”
But ounces in the ground do not automatically translate into shareholder returns. The next stage is about proving, developing and ultimately unlocking that potential.
For Lexington, three priorities stand out: advancing the Harmony mining licence, progressing exploration at Kroonstad and dealing with the company’s U.S. assets.
Kroonstad could provide the nearer-term catalyst. Project partner South African geological consultancy Shango Solutions is incorporating historic drilling data into a JORC exploration target, with further drilling expected to follow.
Greenwood expects the exploration target before the end of November, while work on the Harmony joint venture is also progressing.
And then there is the market itself.
Greenwood says more than half of his time as CEO will be devoted to investor relations. “Getting the message out, getting the presentations right, talking to investors” will be a major part of his role.
For Lexington shareholders, that may be just as important as the next drill result. The assets are there. Greenwood’s challenge is to make sure the market understands them – and, ultimately, values them accordingly.
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Access Lexington Gold’s latest corporate presentation here
The company was 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
