Lexington Gold : Results for the Six Months Ended 30 June 2022

28 September 2022

Lexington Gold Ltd

("Lexington Gold" or the "Company")

Interim Results for the half-year ended 30 June 2022

Lexington Gold (AIM: LEX), the gold exploration and development company with projects in North and South Carolina, USA, is pleased to announce its unaudited interim results for the six-month period to 30 June 2022 ("H1 2022" or the "Period").

Highlights:

Corporate Summary

The first half of 2022 has been a productive period for the Company, with encouraging exploration results announced for two of the Company's gold projects in North and South Carolina, United States, a region which has seen historical production and multi-million-ounce mines. Lexington Gold remains focused on highly prospective exploration and development work with the objective of proving up a significant resources base.

The Company has increased its investment in exploration activities whilst keeping overhead costs low. Exploration results for the reporting period have been encouraging, with estimated resources at one of the Company's four projects, Jones-Keystone-Loflin, increasing by 27% since the period end to approximately 83,000oz of contained gold.

Global macroeconomic uncertainty, especially in light of the ongoing war in Ukraine and rising inflation, creates a climate that has in the past often supported gold prices. Such an environment also serves to highlight the benefits of operating in a stable political and regulatory region, such as the USA.

Operational Highlights

Jones-Keystone-Loflin ("JKL") Project:

• Drilling programme successfully completed on both the Loflin and Jones-Keystone sides of the project thereby concluding the Company's latest 5,000m reverse circulation ("RC") drill programme
• Assay results confirmed a significant new discovery which has been named Loflin South
• Exceptional assay results obtained for the six RC drill holes at Jones-Keystone

Carolina Belle Project:

• Very encouraging drill results received, predominantly from two targets, McMaster and Martha Washington South, both showing good intersections close to surface of approximately 1 g/t Au or more
• Results included 3m @ 3.68 g/t Au from 64m and 4m @ 1.8 g/t Au from 28m
• Results of maiden drilling campaign being interpreted and incorporated into a 3D model in order to facilitate the design of a Phase II drilling programme to further target, define and expand on intersected gold mineralisation at all three current targets

Lexington Gold Ltd: Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda.

Registration No: EC33385 Website: www.lexingtongold.co.uk

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.

Note to Editors:

Lexington Gold (AIM: LEX) is focused on the exploration and development of its four diverse gold projects, covering a combined area of approximately 1,675 acres in North and South Carolina, USA. The projects are situated in the highly prospective Carolina Super Terrane ("CST"), which has seen significant historic gold production and is host to a number of multi-million-ounce mines operated by majors. It was also the site of the first US gold rush in the early 1800s, before gold was discovered in California.

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.

Lexington Gold Ltd: Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda.

Registration No: EC33385 Website: www.lexingtongold.co.uk

Chairman's Statement

Dear Fellow Shareholder,

I am pleased to present Lexington Gold's unaudited interim results for the six-month period ended 30 June 2022 and to report on the Company's ongoing activities to the date of this statement.

It has been a period of substantial progress with the publication of an updated and increased JORC resource estimate for the Loflin deposit and the completion of our latest reverse circulation ("RC") drilling campaign across both the Carolina Belle and JKL projects. Lexington Gold remains focused on progressing highly prospective exploration activities and the development and proving up of significant gold resources. Exploration results received in this reporting period serve to justify the Company's acquisition of majority interests in its four gold exploration projects in North and South Carolina in 2020, and the subsequent investment in additional leased acreage last year, taking its total project acreage in the Carolinas to approximately 1,675 acres.

Our exploration drilling during the period has led to the identification of Loflin South as a separate resource, initially estimated to contain over 9,000 gold ounces. The scope of the drill programme has only enabled limited definition so far and the deposit remains open in all directions. It is currently modelled as two separate satellite deposits.

At Jones-Keystone-Loflin, we also commissioned and announced on 8 August 2022 an updated independent JORC (2012) Mineral Resource Estimate for the Loflin deposit (including the 9,000 gold ounces from Loflin South) comprising a total Inferred Resource of 2,596,000t @ 0.99 g/t Au for 82,700oz of contained gold, as at 31 July 2022. This represented a 27% increase in contained gold achieved for the Loflin deposit when compared to the 65,000oz estimated in September 2021.

There is potential for the mineralisation at Loflin to remain open down-dip, to the north-east and along the plunge of the syncline. There is also potential for significant further increases in the resources for Loflin and Loflin South through additional drilling. 3D Geological modelling and drilling to date has delineated a NE-SW shallow plunging synclinal fold structure with shallow gold mineralisation in the core of the structure.

A maiden JORC Mineral Resource Estimate for the Jones-Keystone side of the JKL Project is currently being prepared by Pivot Mining Consultants Pty Ltd following the recent receipt of the 1m assay results for the Jones-Keystone project.

At Carolina Belle, during the reporting period, we received the final assay results from our maiden drilling campaign, exceeding our expectations for this reconnaissance programme. The results were predominantly from two targets, McMaster and Martha Washington South. Both targets returned excellent initial results with multiple good intersections of 1 g/t Au or more found close to surface, including 3m @ 3.68 g/t Au from 64m and 4m @ 1.8 g/t Au from 28m. The drilling data and assay results now incorporated into our database and models for Carolina Belle, are facilitating the design of a Phase II drill campaign to further target, define and expand the intersected gold mineralisation from the various targets identified to date at the project.

Lexington Gold Ltd: Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda.

Registration No: EC33385 Website: www.lexingtongold.co.uk

Our investment in exploration activities during the period increased by approximately 41% to US$612,000, while overhead costs were reduced by approximately 22% to US$363,000 since the comparable period in 2021.

In late April 2022, the Company obtained an unsecured £335,000 convertible loan which has ensured the uninterrupted implementation of our exploration plans. The conversion price was set at 3.2p per share being approximately a thirty per cent. premium to the then prevailing market share price. The current market share price is now in excess of the conversion price.

The current uncertain global macroeconomic environment, impacted by the ongoing war in Ukraine and rising inflation, is one that in the past has often supported gold prices and serves to highlight the benefits of operating in a stable political and regulatory region, such as the USA.

In August 2022, we were pleased to appoint WH Ireland Limited, a leading broker to AIM quoted mining companies, as our joint broker.

We look forward to obtaining a maiden resource estimate for the Jones-Keystone deposit in the near term and thereafter to continuing with our planned further exploration and development work across our project portfolio.

Once again, I would like to thank our entire team for their consistent delivery of results as we continue to execute our exploration plans and develop our understanding of our exciting assets in the Carolinas alongside our highly experienced local joint venture partner, Uwharrie Resources Inc.

Mr Edward Nealon

Non-Executive Chairman

28 September 2022

Lexington Gold Ltd: Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda.

Registration No: EC33385 Website: www.lexingtongold.co.uk