Member Info for rosetintedspecs

Look at the recent acquisitions done by Calibre gold and Yintai mining. Valuations in x. S. of $110 per oz.. If you just take our portion of the Jelani JV with Harmony, 2.95mn oz, that alone values LEX at around $320mn. More than 20x higher than where we are now. And from what I can see from the info released, the reserve in the JV thiight not officially JORC'D yet, is based on historic actual drilling!! Therefor it can be turned into a JORC.

And then we hace all the other stuff with potential up to tens of millions of ounces. It really is painfully silly to see the price of the stock at these levels, but as the old broker saying goes, "Fill yer boots boys and girls"!! It'll be alright on the night.

OK. So we hit mineralisation in Bothaville in 3 of the 4 holes, likely reason I'm guessing for not hitting the 4th is faulting, but who am 1 to say. We'll know soon enough. So the cores have gone 4 assay. Hopefully no queues at labs in SA, so expect stuff back in 3 to 4 weeks with luck.

Barite Hill, 500 metres away fm our Jennings Pioneer was a producing open pot mine. The only reason it closed was the collapse in the price of gold in the mid 90s and the bankruptcy of its owner at the time. There were some really good trenching and rock chip samples there a year ago. We're looking to see if that trend extends into our Jennings property.. Longer term, if its not sold to fund more drilling in SA, there's every liklihood that the Barite property could be taken over from the Environmental Protection Agency who would love to get shot of this liability.

Hopefully buying pressure will build as we move closer to nearer term assay results announcements!! Keep chewing away at these levels all. Ain't seen nothing yet.

This was the news release on this in March 2023. It looked pretty good then...

https://markets.ft.com/data/announce/detail?dockey=1323-15905569-7MMDTDVHE32J15FD8QGBCNLUSN

It is still interesting today. Two cents could well be right that they are setting this up to be more attractive to a potential buyer by drilling on an area which looks like a no brainer, proving up something interesting and then moving it on to a buyer, using the funds generated to drill the hell out of South Africa.

Assay results will be pretty quick now with COVID delays out of the way. We should know something about this pretty quickly.

Well well!! Just what we needed, confirmation that the strategy following acquisition is working, early days yet, but they have hit the A reef, and, it is implied, some other potentially mineral bearing zones. Anyway, these are now going off for testing. My understanding is that labs in South Africa don't have much of a waiting list, but my guess is that we could have some results late next month...... One would have thought it vaguely possible that some buying may even occur in advance of the announcement......, but in this market who knows. However, for anyone with half a brain, this should get the buying juices flowing, its certainly got my juices flowing, not that they have stopped flowing for the last three years or so. Tough ride this has been, but the Bothaville NE pot of gold under the rainbow just got a little closer, and there are lots more pots to shoot for to keep the market excited!!

Fingers X'd on that one, hoping we see progress report on SA drilling sooner than that. Be interesting to know if they struck the reefs they were hoping to hit!! A bit of movement today, bit of volume too, maybe the defibrillator man is on his or her way!!!

Why this stock trades where it is now is beyond me. Potential for 37mn oz or more worth 80bn dollars and we are talking about a market cap of 14 million pounds.. Anyone with half a brain would be able to put 2 and 2 together and say that LEX is one hell of an attractive punt!? We should see pre news, on the SA drilling program soon, and who knows, maybe an update on the Harmony JV..

The announcement is a disappointment, but to whack it 33 percent over a couple of days seems a bit harsh. The selling is very low quality. Small retail investor liquidation by the looks of it. The involvement of ebrd and the czeck state almost guarantees that this will go ahead. I'd be filling my proverbial boots down here..

Jimzi, it's actually 4.2mn warrants with profit of around 1p per warrant, that's 42k not 420k. But the point remains, there maybe a short lurking out there, and that could be dynamite. I have not checked, but I'm told there's something on the LEX website that says the warrants expired unexercised...

See below report on linked in by Paul Ensor. Well known natural resources analyst and investor fm the UK. Excellent read. About time someone took this stock seriously.. Even more so than W. H. Ireland, the company's supposed broker. Hahaha!!

https://www.linkedin.com/pulse/contrarian-bet-african-gold-chairman-nealon-who-built-paul-ensor-vnsee

So we now have 1) The start of our SA drilling program in an area with SHALLOW GOLD!! 2) We have Australia's most successful private prospector as major shareholder 3) We have a JV in SA with that country's largest gold miner (Harmony) with potentially 2.9mn oz 4) we have a JORC in the USA of 220K oz and potential for over 30mn oz in SA and the stock price over the last 3 months or so is OFF by 40%?

Well, at least 5) LEX is cashed up and has the resources available to do lots of drilling at its prospects, and 6) as per the last announcement, we can expect drilling results in March next year. Only 3 months forward. 6) one would expect that things are going on in the background re the Jelani JV with Harmony and that negotiation to get that moving will be underway soon. Interestingly, the gold in the WRE JV with Harmony grades at nearly 6.5g/tonne as opposed to what they are mining now at Target Mine which is less than 4g. Its way more profitable.

Anyway, 2023 is almost a dead letter now. Buy a few for 2024!!! Cheers all you LEXERS...

Haha!! Light at the end of the tunnel? So not only do we have a potentially multi million share short, we also have a 2000m drilling campaign in South Africa at one of LEX's new South African prospects, NE Bothaville. And its shallow. The previous operator hit gold at around 250m. For the Witwatersrand, that is a walk in the park. We are drilling around that hole. For those who don't know what "wedging" is, its a bit like directional drilling in the oil industry. Get to your chosen depth, or just above it and fan out, more bang for the buck in the same hole.

Temperature is rising, pressure is building. Should be an interesting week.....Hoping the Gamestop mob arrives on time....

It would be interesting to hear, especially from those who bought last week, whether the trades settle with physical stock. If lots of them don't, cat is out of the bag... there is a short MM big time.....

I wonder if there are any "meme stock" fanatics in the UK who love tripping up financial institutions who are short... LEX could be a fun one for them to have a go at on Monday!!!!

Re my earlier post, the section in the website that mentioned the 7.34mn warrants exercisable at 2.75p that expired yesterday, has now disappeared. I think Genius is right. If they were exercised, they would have to put out an RNS. The fact that they have not done one indicates they have expired unsubscribed. Thing is brokers are not that well known for leaving money on the table. In this case, 45 grand at least. So what were those trades on Tuesday? Over 5mn shares traded at between 3.5 and 4p. What was that about? I had thought that maybe a Market Maker was selling shares in the market on behalf of say, Peterhouse, and that Peterhouse exercised the warrants and gave them the stock back, so no more short position. If those trades were warrant related and Peterhouse didn't exercise their warrants, that indicates there is possibly a short out there of around 4.5mn shares. That would take a lot of covering!! And would push the price dramatically higher.....

Worth a punt? I'd say so, and this is in addition to the fact that the stock is dirt cheap and great value.... The other interesting point is that because the warrants were not exercised, there is no potential overhang of stock anymore.

Well done you guys. I am still sure those trades on Tuesday were expiring warrant fuelled, Let's see. They were due to expire yesterday or be exercised, November 23rd. I am watching to see if the website is updated.....

Seen the the late prints last night.. I'm convinced it's the Warrant related, likely Peterhouse. Prepare for an RNS announcement... At least the potential overhang has gone. Yesterday or today is the last day for exercise.. They will have been hiding behind MMs (who went short on their behalf for a price) for the last three months or so. I'm convinced this is why the price has behaved like dog c***!!

Well well!! I can't fathom this out at all. I was expecting a load of "cloaked trades" to emerge this morning that were delayed reporting, but that does not appear to have happened. The stock opened yesterday, traded just over 2300 shares and dropped like stone and all the later trades were BUYS!!! Doesn't make sense. I can only suggest that there were some very big trades that have not appeared as yet because the MMs are using their discretion not to declare them immediately. Furthermore, it appears that tomorrow is the last day for the exercise of the 7mn or so warrants issued in 2020. Strand Hanson have already exercised theirs. I am assuming that Peterhouse have not, because there has not been an announcement that they have. I can't believe they would just let them expire with profit on the table, maybe they have been shorting them over the past few months through an MM (MMs don't have to report shorts) and the exercise will allow them to give the stock back to the MM who helped, thereby squaring its books. Given there were still around 4mn warrants out there by my calculation, that could explain why the stock has been weak over the last couple of months when really nothing has changed!!!

LEX has very supportive shareholders, has a sugar daddy (Creasy) Lots of cash, a huge potential asset in the form of the South African stuff... what's not to like? I am going to look down the back of my sofa set and see what I can dig up. We all thought (with the exception of Mr. Long) that this was cheap at 6p.... at 3.75p its totally nuts!!! Have to credit Mr. Long for holding off though, maybe he'll be a buyer now??!!

the market for natural resources has been absolute c**p for a couple of years now, but the action in lithium over the past couple of months may serve as a reminder that there is value in the mining sector. we've had fun and games in oz with liongate, albemarle and the han**** lady. just today atlantic lithium rejected an offer pitched with a 60% premium. our own shareholder, mark creasy is cashing out his holding in azure lithium and selling out to sq. and guess what, the lithium price is still drifting down, despite the excellent outlook for demand. yet the gold price remains close to its all time high and diddlysquat is happening to gold miners.

maybe the lithium market is the trying to tell the wider natural resources sector that there is serious value out there. time will tell.

Why the market is so dismissive of this share is beyond me. Its just been announced that Azure Lithium, in which Creasy has a 14% stake, is being bought by SQM of Chile for A$1.6bn. That's 1,200% upside since the beginning of the year. They are paying cash. SQM is a major Lithium player from Chile. I can't even see that they have a JORC compliant resource though Azure says that it has a target of 100-120mn tons of Li2O at a grade of 1.5%. Not a bad stash. And Azure hasn't even broken ground on a plant yet. It really is an extraordinary deal....

But the point here is that Creasy has yet again proved that he is more than capable of identifying world class resources. This time in Lithium. He obviously has faith in LEX management and the way the deal is structured, it means that Creasy is committed to putting in MORE cash once certain landmarks are reached. Why this stock isn't trading at 15-20p already is beyond me!!

If your boots are not full of LEX yet, they should be!!!

BEEs come in two forms, leeches and contributors. The Leeches are all ANC lackeys out for what they can steal off unsuspecting investors. We are lucky to have a very serious one.... They have a reputation for being hands on investors and having the right contacts to make it possible to get things done. Yet more good news, anyone who is not filling their boots at these levels 1) doesn't know the story, 2) has their boots full already, or 3) has a mental impairment of some description.