Lexington Gold Ltd (AIM:LEX) entered into an agreement to acquire 76% stake in White Rivers Exploration Pty Limited on May 13, 2023. Lexington Gold will issue 1.2 billion new ordinary shares at a price of 5 pence per share to WRE shareholders, representing approximately 81 per cent. of the enlarged share capital of Lexington Gold. The company will also provide a loan of £1.5 million to WRE for working capital purposes. The proposed acquisition is subject to certain conditions, including due diligence, regulatory approvals and shareholder approval by both Lexington Gold and WRE shareholders. The company expects to complete the transaction by the end of June 2023. As on June 21,2023, shareholders of White Rivers Exploration (Pty) Ltd approved the transaction. As on June 26, 2023, Transaction has been approved by Lexington Gold's shareholders. In July 2023, Lexington Gold Ltd successfully raised approximately £2.5 million (gross) from certain new and existing investors to, inter alia, support the proposed WRE acquisition and its initial workstreams. The Company settled, in aggregate, £423,518 of outstanding loans and accrued interest on the same terms as the fundraise by way of issuing new shares. Matthew Chandler and James Bellman of Strand Hanson Limited acted as financial advisor to Lexington Gold Ltd.

Lexington Gold Ltd (AIM:LEX) completed the acquisition of 76% stake in White Rivers Exploration Pty Limited for on September 7, 2023. In accordance with the terms of the acquisition, Lexington Gold is issuing 36,129,032 new common shares (the "Initial Consideration Shares") to settle £2.24 million, representing 35 per cent. of the maximum Lexington Gold Equity of up to £6.4 million to be paid as consideration under the WRE Acquisition and Loan Agreements. The balance of the consideration due under the WRE Acquisition and Loan Agreements is to be settled by way of the issue of new common shares in Lexington Gold at the Issue Price based on certain milestones being achieved: (i) 46,451,613 new common shares in Lexington Gold to be issued no later of 30 November 2023 and the date of renewal of four of the Prospecting Rights split, 25%, 10%, 8% and 2% respectively between the four Prospecting Rights concerned; and (ii) 20,645,161 new common shares in Lexington Gold to be issued on receipt of Ministerial Consent. The remaining 26% interest in White Rivers Exploration Pty Limited to be issued to Lexington Gold's Broad-Based Black Economic Empowerment ("BBBEE") partners in due course which will reduce Lexington Gold's remaining interest in White Rivers Exploration Pty Limited to 76%.