Lexington Gold : 2022 05 09 Mines and Money_May 2022

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DISCLAIMER

Farm-in style Joint Venture with Carolina Gold - vast local knowledge and significant expertise in the local geology

Prudent spending on quality exploration work with exploration expenditure counting towards 80% ownership interest

STRONG RETURN ON INVESTMENT

STRONG LOCAL PARTNER

The Carolina Super Terrane is host to a number of multi million ounce mines operated by majors

HIGHLY PROSPECTIVE AREA

Excellent opportunity to apply modern exploration techniques to build on significant historic gold production

FOUR UNDEREXPLORED PROJECTS

Exploration and development of diverse gold projects in North and South Carolina, USA

COMPANY OVERVIEW

EXPERIENCED TEAM Extensive experience and success in gold and other precious metals, taking projects from exploration through to production

PREVAILING STRONG GOLD PRICE Price continues to be driven by financial and economic factors and gold continues to be seen as a safe haven

Au

• • Located in the Carolina Super Terrane, North & South Carolina, USA

• • Carolina Gold team has +130 years collective experience in gold exploration in the United States

• • Option to increase ownership to 80% and 100% through money spent directly on the project

• • 49% owned by Carolina Gold, a Carolina based gold exploration company

• • 51% ownership of four gold projects over 1,650 acres

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  376 acres and combination of two mining areas (Jones-Keystone and Loflin). Established a maiden JORC resource estimate through targeted exploration Inferred Resource of 2,064,000t @ 0.99 g/t Au for 65,056 oz contained gold 400 acres situated approximately 600m from historical Barite Hill Mine and has a potential satellite deposit with historical rock chip sampling results including 92 g/t Au

  431 acres combining both the historical Iola and Uwarra Mining areas. Drilling results include: 3m @ 2.65g/t Au

  Exploration and dHevigelholpigmhetn:t of four diverse gold projects in North and South Carolina, USA

  PROJECT OVERVIEW

• • Next batch of Loflin assay results expected in early-May

• • 8m @ 1.32 g/t Au from 80m and 4m @ 1.78 g/t Au from 20m

• • 20m @ 1.52 g/t Au from 16m including 4m @ 3.01 g/t Au from 32m

• • 36m @ 1.67 g/t Au from 20m including 12m @ 3.27 g/t Au from 28m

  • • Assay results returned for Loflin South including:

    • • Successful completion 5,000m Phase II RC drill programme at Loflin, Jones Keystone and Carolina Belle

    • • Drill target generated at Caroline Belle through soil sampling, surface and rock sampling as well as geophysics

    • • Upside potential from additional mining leases acquired on the south-western (Loflin) side of JKL

      • • Inferred JORC Resource of ~2Mt @ 1 g/t Au for 65k oz of contained gold

      • • Initial Maiden JORC Resource estimate established for Loflin:

        • • 35.7m @ 1.15 g/t from surface to 35.7m and 6.1m @ 3.36 g/t from 79.9m

      • • All six holes encountered significant intervals of gold mineralisation of over 1g/t Au above 100m depth including:

    • • 600m diamond drilling campaign over six holes at Loflin resulted in:

    • • All historical data, including drilling data, from Jones-Keystone-Loflin already incorporated into 3D geological model

    • • Fixed-wing airborne geophysical survey including VTEM completed over all four projects

      All operational milestones achieved following admission of LEX on AIM

      SUMMARY OF RECENT EXPLORATION ACTIVITES