Member Info for angleseyangel

Https://m.youtube.com/watch?v=bZTJDjV0u7c

Interesting stuff, addresses legal case, the non existent dilution, mining license at Harmony JV , sale of USA assets and more. Worth a watch.

Funny really, we had all the doomsayers this time last week suggesting that the 3 major non Creasy shareholders were diluted down and inferring that they were not interested anymore. Actually, one of them has reiterated that this absolutely is not the case by picking up around 2mn shares in the market when LEX got stupidly cheap last week. Actually, they originally held around 43% of the business when the USA assets were injected, now they are at a combined 37%, but since then, Creasy and co have come on board for around 19% of the company. Their so called "dilution" is simply a result of the arrival of Creasy, which indicates that their smaller stake is due solely to the arrival of one of the worlds best known and wealthiest private exploration people.

Hardly an issue. Great to see big shareholders keeping the faith!!!!

Continued from below, not enough room!!!

Finally, I sometimes get totally frustrated with really badly thought out comments that sometimes get put out on channels like this, just like the silly stuff earlier this week with the release of the financial result for FY2025. Claims about the threats to LEX from the Polsun case were totally overdone, and there were those who were expressing surprise that this had even happened despite that fact that the case was disclosed a year ago! And then we had the mad maths professors suggesting that LEX was about to run out of cash. The professors had just conveniently forgotten that LEX had raised 1.2mn quid in January!!!

The core group of shareholders have been putting their money where their mouths are too. Greenwood is now on the Board. They have not been diluting down as has been suggested elsewhere in these pages. All in all, lots to get excited about here. Lots of things to look forward to.

Late in 2025, LEX announced that it would strategically be looking to find a way to monetise its USA assets following a successful drilling campaign leading to a JORC reserve of 323k oz. The idea behind this was to be able to concentrate its available firepower on the very substantial JORC assets on hand, 6.02mn oz in the JV with Harmony Gold and start exploring some of the South African shallow gold prospects that had been nurtured for years by well known Aussie prospector, Mark Creasy.

The result announced yesterday is actually a serious surprise on the upside. As I understand it:-

1. They inject their current 51% stake in exchange for a 36.8% immediate stake in a soon to be listed Aussie company (Goldoz) with a 1 year lock up.

2. The IPO will raise 2.5mn pounds which will be applied exclusively to further exploration of the USA assets.

3. Assuming they find more JORC-able ozs, they could go up to as much as 46.3% of Goldoz.

4. Also they will receive up to A$400k in cash (GBP200k) if the IPO goes ahead.

5. LEX retains effective control as the largest shareholder.

Boiling this all down, LEX is sacrificing its 51% for 36.8% upfront and a possible eventual 46.3% based on finding new JORC compliant reserves. So they are potentially sacrificing just 5% and raising 2.5mn of new money for exploration purposes.. Whoever negotiated this deal deserves a serious pat on the back!

LEX has done what it said it would and is now free to follow its South African opportunities. I am sure there will be plenty of good news to salivate over in the next 6 to 12 months.

1. The result of the mining license application at the Jelani JV with Harmony. This is likely to be the tipping point for Harmony as to whether to go ahead with the JV or just buy LEX out for cash.

2. Its interesting to note that The LEX subsidiary, Shango Solutions, the in house geologists of White Rivers when it was owned by Creasy, put out press releases claiming JORC compliant resources of close to 12 million oz. This was in 2018 at a time when the gold price was around 1300 dollars/oz.

3. Even the current 6.02mn oz number is likely conservative as it was based on a gold price of around $1300/oz. Recently, LEX increased the size of its JORC in the USA by 50% based on a gold price of 2,700/oz as I recall.

4. And then there is thee potential huge upside of the Kroonstadt prospect which could be a brand new South African goldfield. LEX has said it is assessing its plans in this prospect, so likely we can hope for a drilling program to be announced in the not too distant future.

You also seem to 4get that the core shareholders have been around for every placing that has taken place! Do you have information that these very supportive shareholders will not be around when new funds are required? Who says they need new funds right now?

Erm, the balance sheet has no debt! How do you define improvement?

The market really is getting idiotically ahead of itself here. If anyone had taken the time to look at the deets of the case, basically, it says that if Polsun people take it forward they're nuts. The case has no merit. That's why the judge stated the same and it's now being used as precedent in SA law. Also, who says they're running out of cash? There's no evidence of this. Yes we await the result of the potential sale of the USA assets.

I remember reading somewhere that "patience is a virtue"!! There's still a JV with Harmony with 6mb Oz plus of reserves, still a mining license application pending... Etc. etc.. doesn't sound like doom and gloom to me?

And then there's Kroonstadt. If you're not buying here? Well, no guts no glory. I prefer glory.

Starting to watch this one. Seems like there is tons going on in the background, partial disposal of some nice USA assets, but looking to concentrate on the massive potential of the stuff in South Africa. Interesting!! I can't believe the valuation given that these guys have a 6mn oz + JORC and some very interesting properties in South Africa including the Kroonstadt concession. Totally undervalued. Looks like I'll start picking a few of these up.

Very exciting. I understand that MP minerals is very short of MREE. Their ore is much lighter.