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Well well, more good news in today's RNS.. Loflin as a whole, including Loflin South, now has reserves up 27% to 83000 oz worth $145mn. The announcement:

1. Confirms there are already reserves in newly discovered Loflin South

2. Confirms the old Loflin is open to the NE and along strike

3. Loflin South is open in all directions and coupled with the fact that previous recent RNS have mentioned there are other anomalies close by yet to be drilled, we can expect more excitement.

4. We are still waiting for the announcement of the reserves at Jones Keystone after the 1 metre drilling assay is released.

5. We also know that Jones Keystone is open too. Its possible that they may link up and that together with the Loflin deposit and the new Loflin South discovery, may form one single deposit. The Haile deposit started as a patchwork. Look where that ended up... And like Haile, our resource is close to the surface, making it easy to access and cheap to mine using open pit methods.

Onwards and upwards.. Be interesting to see how the market reacts to this...

Hi Iptuf.. Agree there's is lots potentially interesting stuff aqto come, but 1. I doubt we'll get to see a detailed drilling program for a while yet. They'll also have to get the land in place they need to do this, no point drilling b4 the land issue is, sorted 2. Don't 4get there are still anomalies at JKL that have not been touched (have they got the land sorted here yet?) and 3. There's lots of easy stepping out and infill to do before looking for the deep stuff which is much more expensive.

My guess therefore, is that they'll concentrate on the low hanging fruit and build up the reserves in the lowest risk way possible to build up shareholder value and therefore push the share price.. However, things have gone a bit quiet. But we're still waiting for 1m assays at JK, and two sets of JORC compliant reserves. That could start coming out very soon. I think the last rns mentioned early August. Not far away..

Exciting!!

Big up tick in volume in the last 2 or three days.. MMs keeping their spreads wide and narrow then wide, they're behaving skittishly... I detect accumulation though I have to say I'm not sure where all this stock is coming from... Good 2 way trade... Buying above 3.00 rather than where we've been for the last month and a half is encouraging.

Charts are turning positive too. All will be revealed.

It seems yesterday's results were for the whole of Loflin.. So what have we got to look forward to announcement wise?

1. 1m breakdown of the Jones Keystone drilling

2. Maiden JORC for Loflin

3. Maiden JORC for JK

That's quite a bit to be looking forward to. Then we've got the next drilling program to step out the resource and infill. Given that there are still some undrilled anomalies also that also throws further spice onto the fire. Also, given that. JK and Loflin are so close to each other, less than 2 miles, they can be jointly developed, reducing costs substantially. It may even turn out that Loflin, Loflin South and JK are actually one formation.

Also this stuff is so close to the surface that the economically mineable grades that can be added to the JORC are lower than they otherwise would be.

The next few weeks should be interesting, to say the least.

Basically, its about accuracy. LEX's drilling program used Rverse Circulation (RC) drilling. Samples are flushed up as bits of rock as they are hammered out of place rather than drilled in a single piece. They come up in 4m lengths. The first assay was based on these 4m lengths. Now they have broken them down into 1m sample lengths which have been assayed separately.

If you check the results in March and compare them to now, there are are some differences. Take LFC 008 for instance
March July
Length of intersect 12m 14m
Overall Grade 1.26g/tonne 1.2g/tonne
Highest Grade 1.78g/tonne over 4m 1.87g/tonne over 4m

Basic maths will prove that we have a bigger interval gold by a factor of 8% but the ore is around 4% weaker. So we have gained. Its swings and roundabouts, but it will help he reserve estimators pin down the shape of the structure better and dot the i's and cross the t's etc. Grades of up to 10g/tonne over a couple of metres in hole LFR006 is really good news for instance, that's pretty high. Market seems to be reacting accordingly this morning at long last. These results are from the new prospect I think, Loflin South. There is plenty of stepping out to do here and infilling too. Reserve estimates for Loflin out in late July according to RNS.

https://www.londonstockexchange.com/news-article/LEX/loflin-project-1m-sample-results/15533616

Take a look. These are pretty mazing. Need to inwardly digest before commenting.

Iptuf. I reckon it has a chance to be a bit faster then before given we are now largely post Covid. But only time will tell. Fingers crossed.

Lithium prices are still very attractive. Prices are way over costs. Permissions are due to be forthcoming on the near future. Also, they have the biggest Lithium deposit in Europe.. There will be a structural shortage of this stuff for the next few years as sales of electric cars continues to rise faster then planned.. The recent dip is a great chance to get in at a bargain basement price.

Interesting call, I just think it was done outside the MMs, hence the funny pricing. They're probably using an e-broker with free commissions thinking they'll be paying less. If this trade had gone through the MMs, the price would have moved up. 1 to. 15 for sure... Nevertheless, nice to see a good trade at these levels..

For a small cap, this is actually quite a liquid one. It is suffering as a result of margin liquidation. Its easy to raise cash on this one.. The news really doesn't matter.. However good the fundamentals are. This is always the right time to be buying, when everyone is selling. But psychologically, that's very hard to do. You need staying power.

Hmm. U The BOD iseless? Well OK, this is never going to me Anglo Gold. But what we are seeing now is the potential for LEX to become a Brewer or Mini Haile. It's easy to criticise when stock prices are going down, but they are going down across the board. Also look at what's going on in Crypto today. In the meantime, we have an excellent set of results just come out with assays that pretty much guarantee a new JORC reserve in JK as well as an uprating to the Loflin resource.

Progress maybe slower than we'd like in the real world, but in the real world of today, the assay labs are jammed, Covid and staff shortages, hence the delays, we should have had these results 3 months ago. Now we can move onto the the new resource estimates, and a new drilling program of infill and stepping out at JKL. Remember it's open along strike and at depth at both sides, JK, and L.

Finally, some light at the end of the tunnel... Do I hear onwards and upwards?

It seems that I have garnered the hate factor over the past couple of weeks. Every thing is about timing. Don't forget, when this stock moves up, it does so on very little volume, so the time to pick it ilup is, when it sells off. Granted u need to take a bit of a leap of faith in the next set of assay results due anytime, but bear in mind, I'm suffering just like the rest of the LEX steadfasts.. And actually, the assays so far have been excellent... Information flow is getting better.

Still hanging in there, though its a longer play than I expected..

Boracic, I agree with you. The environment on AIM stinks. 2 of my brokers called my yesterday to say that there are margin calls all over the place and with worries about the cost of living people are just liquidating their portfolio of smaller AIM listed stocks whatever their prospects. However, one can only hope that things settle down sooner rather than later. As mentioned below on Monday, the announcement is actually a pretty good one. One thing I know for sure through chatter on the street, is that Strand Hanson, LEX's NOMAD is very picky on what you can say to the market in RNS's. They have had run ins with the AIM people and have to be squeaky clean in this regard. I suspect that this is why management find it tough be more optimistic in tone with announcements. This kind of attitude is killing AIM as a market. NOMADs are expensive and if you speak to the companies on the AIM market, they actually make it more difficult to develop compared to having a main board listing. This is a real issue.

But the story is intact, They are hitting shallow gold wherever they drill. They have found and confirmed a new anomaly which is likely part of the Loflin structure in the first place, and that Loflin is open to the NE, S, and SE. We are still awaiting the announcements re the last holes on JK. That, as we know, will be a prelude to the expansion of the Loflin JORC reserve, and likely a new one at Loflin South and the possibility of a new one at JK. Not to mention the above, it is looking increasingly likely that JKL is actually one single deposit. They just cant say so yet....

Understand that there is disappointment out there, I am a member of that club, but the global backdrop is not a help. Nevertheless LEXers, I shall be eagerly awaiting the next 3 or 4 instalments of the LEX RNS story as it unfolds.

Oh ye of little faith!!! At the risk of being accused by Mr. Long of being a LEX employee yet again, I am venturing to make another post. In the interest of my sanity I thought it best if I didn't say anything to save my reputation following Mr. Long's iterations (if I still have one that is!!) and let the numbers do the talking. So now we have an RNS that is beginning to confirm what one or two of us have suspected all along, that this is one MUCH LARGER deposit rather than 2 or three smaller ones. We will need to have more drilling to confirm this but let's use the evidence of what we see in today's RNS as a starting point. The numbers ARE doing the talking now, NOT me! See below......

"Drilling has extended the known north-eastern (Loflin) deposit boundary and confirmed that the deposit remains open to the north-east towards the direction of Jones-Keystone". And...

"Loflin deposit appears to pinch off in a South-Westerly direction, but the drilling results also indicate that the deposit opens towards the south and south-east and potentially links in with the Loflin South deposit, with intersections including 36m @1.67 g/t Au between 20m to 56m as recently announced".

At this stage it is worth referring to the prospectus for this property when the stock was re-listed and renamed in 2020. There were pictures incorporating all the underground knowledge available at the time and although it clearly showed there was a gap between JK and L, if you look at it, given the directions of both deposits, it was not exactly rocket science to turn around and say that they could well have been the same deposit, even at that time!! But actually, we now have a new anomaly which has been drilled which means it is likely that Loflin South and Loflin are one and the same with the deposit getting thicker again as you go further south into the anomaly...which also remains open.

Also we now get the following comments from the CEO:-

"The drilling results for Loflin continue to return significant shallow level intersections including intersections outside of the known north-eastern boundary of the main Loflin resource. The main Loflin deposit remains open to the north-east and also to the south and south-east and potentially links up with Loflin South."

I take this as extremely good news, whether the market will is a different matter, but I have to say I am very encouraged by what I see here. We still have 1) The drilling results for Jones Keystone to come and, 2) JORC compliant reserves likely for a) Loflin, b) Loflin South and c) Jones Keystone; though it is possible by then that the 2 Loflins may actually be treated as one!!

It's not going to take much to get this one moving..... just a bit of sane rational thinking by new or existing players could get this on its way in a heartbeat. Its been a long wait, but I can see the "pot of gold" coming into focus now. Let's not throw our toys out of the pram here....

What's this other listed vehicle?

Well, I didn't say I have "many" other investments. You seem to conclude this on your own. I said that this one was "significant". And yes, I am comfortable with the investment, largely because I picked the stock up when it was a real penny stock. So I'm still in the money even though the price hasn't exactly been heroic from a performance standpoint over the past 12 months or so. And now, yes I'm comfortable with what I see coming out in terms of hard announcements in a time frame where everything has been affected by Covid delays... Just something we have to live with for a bit longer. We're all in this together, and I trust our patience will be rewarded.

Ahh, Mr. Long, I wish I did work for LEX, unfortunately I am just an old fashioned investor who likes to do a bit of research on smaller companies and who runs them so I can assess their track records. The extra cash from a salary would be useful. Boohoo, but it's not real. But actually, this is not my only investment, far from it... But the secret to investing is to put objectivity at the top of your list. And, since you seem to be curious as to whether I am a flag carrier of sorts for LEX, well, yes, it's a substantial investment for me, and frankly, I'm very comfortable with it. But no, I'm not working for them. I do wish them the best of luck though. Perhaps excuse the hype... Like fill yer boots, which I suppose is an ancient version of the current terminology... Go large!!!

Hi Iptuf. You make an interesting point here, however, I can totally understand why management do not want to release the information as to which plots they are interested in. As I understand it, unlike the UK, mineral rights reside with land owners. If land owners know which bits of land are next to which new anomaly or next to which drill hole, they will be able to hold out for a higher price.

My understanding is that this is very sensitive information and LEX are trying to eke out mineral rights as quietly and as cheaply as they possibly can. I think we should leave them to it and to use their local contacts. There are specialists who do this for a living over there...

As for the rest of your post.. Agree, this financing tides LEX over and will allow them to release lots of info to the market which should result in a fundamental revaluation of the prospects of the company. I am particularly looking forward to seeing the results of the drilling on Loflin South which, if its positive, may prove that indeed, South Loflin and the new anomaly are actually one. This would potentially have a huge impact on the JORC compliant reserve estimates in that area

Bring it on, fill yer boots, etc etc..

Market was very weak yesterday. Announcement yesterday ended with stock marginally up.. They are expecting the assays this week according to yesterday's brief. I agree with Iptuf. Seeing is believing.. Let's see the colour of your money... But all will start to be revealed very soon..

If we needed a message of encouragement on LEX, we got it this morning. Effectively the directors and the gnomes of Bangkok have raised £325k as a convertible.. At 3.2p conversion price, a 30%premium to Friday's close.
1. I had heard a little whisper from my broker that there was a potential capital raising in the offing.
2. I guess that the directors didn't like the pricing in this ****ty market so;
3. They decided not to sell cheap to the public at a price lower than the 2020 offering, instead,
4. They raised money at a 30 % premium to last Friday's close and to the stock up themselves..

What this tell me is that the major shareholders are a. Still very supportive and b. Think that 3.2p per share is still a bargain.. Otherwise they would not have taken up the offer.. So where does that leave us?

Well, 1. I think it shows that those in the know must be very confident that the JORC reserves will move in the right direction.
2. We are expecting assay results in more Loflin North and south anytime now and at Jones Keystone.
3. We should have 3 JORC compliant reserves at the end of this Covid delayed exercise, likely by end of June or July.
4. It stands to reason that the announcements of these will push the share price up from here..

There would appear that there is lots left on the table for buyers at the current level, if the major shareholders and directors are all champing at the bit to get in on the action AT A PREMIUM, shouldn't the market be doing the same?