Goldstone Resources - Interim Results

Goldstone Resources

30/09/2025 07:00

RNS Number : 3065B

Goldstone Resources Ltd

30 September 2025

 

 

30 September 2025

 

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

Interim Results for the six months ended 30 June 2025

 

GoldStone Resources Limited (AIM: GRL), the AIM quoted gold exploration and development company focused on bringing the Homase Mine within its Akrokeri-Homase Gold Project ("AKHM") in Ghana into production, announces its unaudited interim results for the six-month period ended 30 June 2025 (the "Period").

 

HIGHLIGHTS

 

•     Produced 2,917 ounces of gold to the end of August 2025.

•     Significant infrastructure upgrades, paid from cashflow, have enhanced long-term capacity. 

•     Focus on delivering production targets with 48,000 tonnes per month of agglomerated ore delivered to the heap leach pads.

•     Gross profits in the period increased by more than 200% versus H1 FY24,  supported by the strong gold price during the period.

•     Liabilities reduced with the successful conversion of the Loan Note on 28 January 2025.

•     Cambell Smyth, who brings over 30 years of experience in fund management, capital markets, and corporate finance, appointed as Interim Chairman.

  

 

CHIEF EXECUTIVE'S STATEMENT

 

The first half of 2025 has been one of steady but determined progress for Goldstone, as we look to build on the operational and financial achievements of H2 2024 and deliver on our near-term production targets.  Whilst the past 6 and 12 months have presented challenges for the board and management, I feel tremendous pride when I look at what has been achieved in recent months at Homase, and the continued promise of what can be delivered at both the Homase open pit and the Akrokeri underground mine in the longer term.

 

Post-period, the Board has seen a change in leadership with Angela List stepping down and Campbell Smyth assuming the role of Interim Chairman.  We thank Angela for her efforts during her time as Chair, and welcome Campbell to his expanded role as we continue to execute our strategy.

 

Gold production continued to progress during the period. As announced on 2 September 2025, the Company poured 11.06 kilograms (approximately 355.6 ounces) of gold doré, underlining our ability to maintain steady production as we optimise our operations.

 

Expansion of our heap leach facilities also continues to move forward with the engineering design is complete, the construction permit pending, and the Company have ordered and paid for the geotextile and geomembrane liner, with delivery anticipated by the end of the month.  This expansion will provide the additional capacity needed to support sustained growth throughout the remaining months of 2025 and into 2026.

 

Operationally, our focus remains on delivering 48,000 tonnes of agglomerated stacked ore per month.  Together with the recommencement of mining at Pit 1, maintaining an average grade of 1 g/t, this strategy is expected to support our production profile through the remainder of 2025.

 

Looking ahead, we remain confident in the fundamentals of our assets and our ability to execute our growth plans.  We thank our employees and partners for their hard work and commitment, and our shareholders for their continued support as we move through this growth and ramp up phase.

 

 

 

 

 

Emma K Priestley

Chief Executive Officer

29 September 2025

 

 

For further information, please visit www.goldstoneresources.com or contact:

 

GoldStone Resources Limited
Emma Priestley
Tel: +44 (0)1534 487 757
Strand Hanson Limited
James Dance / James Bellman
Tel: +44 (0)20 7409 3494
S. P. Angel Corporate Finance LLP
Ewan Leggat / Charlie Bouverat
Tel: +44 (0)20 3470 0501
St Brides Partners Ltd
Susie Geliher
goldstone@stbridespartners.co.uk

 

Consolidated statement of financial position

as at 30 June 2025

 

in united states dollars
notes
30 June
2025
30 June
2024
31 December
2024
unaudited
unaudited
audited
Assets
non- current assets
property, plant and equipment
6
23,686,947
17,696,604
20,424,671
total non-current assets
23,686,947
17,696,604
20,424,671
Current assets
inventory
4,268,698
1,385,096
2,953,074
trade and other receivables
1,276,943
477,817
690,529
cash and cash equivalents
437,262
788,802
95,782
total current assets
5,982,903
2,651,715
3,739,385
total assets
29,669,850
20,348,319
24,164,056
Equity
share capital - ordinary shares
12,590,269
8,774,897
10,105,549
share capital - deferred shares
6,077,013
6,077,013
6,077,013
share premium
39,543,059
35,218,946
35,275,221
foreign exchange reserve
(6,195,569)
(8,318,013)
(5,336,004)
capital contribution reserve
555,110
555,110
555,110
accumulated deficit
(36,134,467)
(34,998,642)
(36,143,673)
total equity
16,435,415
7,309,311
10,533,216
Liabilities
non-current liabilities
provision for rehabilitation
1,474,171
1,178,158
1,008,148
total non-current liabilities
1,474,171
1,178,158
1,008,148
current liabilities
trade and other payables
3,522,422
2,992,523
3,122,225
borrowings
7
8,237,842
8,868,327
9,500,467
total current liabilities
11,760,264
11,860,850
12,622,692
total liabilities
13,234,435
13,039,008
13,630,840
total equity and liabilities
29,669,850
20,348,319
24,164,056

 

 

Consolidated statement of comprehensive income

for the 6 months ended 30 June 2025

 

in united states dollars
notes
6 months ended
30 June 2025
6 months ended
30 June 2024
year ended
31 December
2024
unaudited
unaudited
audited
continuing operations
revenue
6,706,161
2,606,521
4,951,071
cost of sales
(2,816,640)
(1,346,181)
(3,728,443)
gross profit
3,889,521
1,260,340
1,222,628
administrative expenses
(4,673,263)
(2,267,398)
(3,334,027)
administrative operating loss
(783,742)
(1,007,058)
(2,111,399)
finance costs
(2,972,291)
(1,407,032)
(2,039,118)
loss before and after tax from continuing operations
5
(3,756,033)
(2,414,090)
(4,150,517)
Items that may be reclassified subsequently to profit and loss:
foreign exchange translation movement
2,905,674
(1,407,196)
2,166,209
total comprehensive loss for the period/year
(850,359)
(3,821,286)
(1,984,308)
loss per share from operations
basic and diluted earnings per share attributable to the equity holders of the company during the period/year (expressed in cents per share)
4
(0.004)
(0.005)
(0.007)

 

 

Consolidated statement of changes in equity

for the 6 months ended 30 June 2025

 

in united states dollars
share capital
ordinary shares
share capital
deferred shares
share premium
foreign exchange reserve
capital contribution reserve
accumulated deficit
total equity
balance as at 1 January 2024
6,865,393
6,077,013
35,218,946
(6,910,817)
555,110
(32,584,552)
9,221,093
total loss for the period
-
-
-
-
-
(2,414,090)
(2,414,090)
translation movement
-
-
-
(1,407,196)
-
-
(1,407,196)
share issue in period
1,909,504
-
-
-
-
-
1,909,504
balance as at 30 June 2024
8,774,897
6,077,013
35,218,946
(8,318,013)
555,110
(34,998,642)
7,309,311
total loss for the period
-
-
-
-
-
(1,736,427)
(1,736,427)
translation movement
-
-
-
2,982,009
-
591,396
3,573,405
share issue in period
1,330,652
-
56,275
-
-
-
1,386,927
balance as at 31 December 2024
10,105,549
6,077,013
35,275,221
(5,336,004)
555,110
(36,143,673)
10,533,216
total loss for the period
-
-
-
-
-
(3,756,033)
(3,756,033)
translation movement
-
-
-
(859,565)
-
3,765,239
2,905,674
share issue in period
2,484,720
-
4,267,838
-
-
-
6,752,558
balance as at 30 June 2025
12,590,269
6,077,013
39,543,059
(6,195,569)
555,110
(36,134,467)
16,435,415

 

Consolidated statement of cash flow

for the 6 months ended 30 June 2025

 

in united states dollars
6 months ended
30 June
2025
6 months ended
30 June
2024
year ended
31 December
2024
unaudited
unaudited
audited
cash flow from operating activities
operating loss for the period/year before and after
(3,756,033)
(2,414,090)
(4,150,517)
tax adjusted for:
- finance costs
2,972,291
1,407,032
2,039,118
- depreciation
312,420
182,912
236,220
- gold loan settlement
-
(671,474)
-
- foreign exchange differences
(684,417)
202,931
3,635,014
- changes in working capital
(1,035,818)
110,647
(1,710,351)
net cash (used in)/generated from operating activities
(2,191,557)
(1,182,042)
49,484
cash flow from investing activities
acquisition of property, plant and equipment
(33,152)
(65,567)
(2,670,952)
disposals of property, plant and equipment
-
5,475
-
disposals of producing mine
48,547
-
-
net cash (used in)/generated from investing activities
15,395
(60,092)
(2,670,952)
cash flow from financing activities
gold loan
2,244,646
-
2,593,343
repayment from bond issues
(2,972,291)
1,909,504
(3,602,879)
proceeds from loan notes
(3,507,271)
-
338,116
proceeds from share issues
6,752,558
-
3,296,431
net cash generated from financing activities
2,517,642
1,909,504
2,625,011
net increase in cash and cash equivalents
341,480
667,370
3,543
cash and cash equivalents at beginning of the period/year
95,782
121,432
121,432
effect of exchange rate fluctuations on cash held
-
-
(29,193)
cash and cash equivalents at end of the period/year
437,262
788,802
95,782

 

 

Notes to the unaudited consolidated financial statement

 

1.          General information

 

The financial statements present the consolidated results of the Company and its subsidiaries (the "Group") for each of the periods ending 30 June 2025, 30 June 2024 and 31 December 2024.

 

As permitted, the Group has chosen not to adopt International Accounting Standard 34 'Interim Financial Reporting' in preparing these interim financial statements.  The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2024, which have been prepared in accordance with UK-adopted International Accounting Standards.

 

The unaudited interim financial information set out above does not constitute statutory accounts. The information has been prepared on a going concern basis in accordance with the recognition and measurement criteria of UK-adopted International Accounting Standards. Except as described below, the accounting policies applied in preparing the interim financial information are consistent with those that have been adopted in the Group's 2024 audited financial statements. Statutory financial statements for the year ended 31 December 2024 were approved by the Board of Directors on 30th June 2025 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified. The Directors approved these unaudited condensed interim financial statements on 26th September 2025.

 

There are no IFRSs or IFRIC interpretations that are effective for the first time for the financial year commencing 1 January 2025 that would be expected to have a material impact on the Group.

 

The financial information for the 6 months ended 30 June 2025 and the 6 months ended 30 June 2024 have not been audited.

 

The business is not subject to seasonal variations. No dividends have been paid in the period (2024: US$ Nil).

 

2.          Risks and uncertainties

 

The key risks that could affect the Group's short and medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group's 2024 Annual Report and Financial Statements, a copy of which is available on the Company's website: www.goldstoneresources.com.The Group's key financial risks are the availability of adequate funding and foreign exchange movements.

 

3.          Critical accounting estimates and judgements

 

The preparation of the unaudited condensed consolidated interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 2(d) of the Group's 2024 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period. The unaudited condensed consolidated interim financial statements have been prepared under the historical cost convention as modified by the measurement of certain investments at fair value.

 

4.          Earnings per share

in united states dollars
6 months ended
30 June
2025
6 months ended
30 June
2024
year ended
31 December
2024
unaudited
unaudited
audited
loss attributable to shareholders (in USD)
(3,756,033)
(2,414,090)
(4,150,517)
weighted average number of ordinary shares
903,874,832
524,811,666
621,591,869
basic and diluted earnings per share (in USD)
(0.004)
(0.005)
(0.007)

 

5.          Operating segments

 

The Group has two reportable segments, exploration and corporate, which are the Group's strategic divisions. For each of the strategic divisions, the Group's CEO, deemed to be the Chief Operating Decision Maker ("CODM"), reviews internal management reports on at least a monthly basis.  The results are then subsequently shared with the Board.  The Group's reportable segments are:

 

Exploration, Evaluation and production: the exploration operating segment is presented as an aggregation of the Homase and Akrokeri licences (Ghana).  Expenditure on exploration activities for each licence is used to measure agreed upon expenditure targets for each licence to ensure the licence clauses are met.

 

Corporate: the corporate segment includes the holding company costs in respect of managing the Group. There are varying levels of integration between the corporate segment and the combined exploration activities, which include resources spent and accounted for as corporate expenses that relate to furthering the exploration activities of individual licences.

 

information about reportable segments for the year ended 31 December 2024

in united states dollars
exploration
corporate
total
reportable segment revenue
4,951,071
-
4,951,071
reportable segment cost of sales
(3,728,443)
-
(3,728,443)
reportable segment expenditure
(1,425,009)
(3,948,136)
(5,373,145)
reportable segment loss
(202,381)
(3,948,136)
(4,150,517)
reportable segment non-current assets
20,424,671
-
20,424,671
reportable segment current assets
3,695,316
44,069
3,739,385
total reportable segment liabilities
(3,431,081)
(10,199,759)
(13,630,840)

 

 

 

 

information about reportable segments for the period ended 30 June 2025

in united states dollars
exploration
corporate
total
reportable segment revenue
6,706,161
-
6,706,161
reportable segment cost of sales
(2,816,640)
-
(2,816,640)
reportable segment expenditure
(2,898,217)
(4,747,337)
(7,645,554)
reportable segment profit/(loss)
991,304
(4,747,337)
(3,756,033)
reportable segment non-currentassets
23,686,947
-
23,686,947
reportable segment current assets
5,966,949
15,954
5,982,903
total reportable segment liabilities
(3,917,475)
(9,316,960)
(13,234,435)

 

 

information about reportable segments for the period ended 30 June 2024

in united states dollars
exploration
corporate
total
reportable segment revenue
2,606,521
-
2,606,521
reportable segment cost of sales
(1,346,181)
-
(1,346,181)
reportable segment expenditure
(1,233,449)
(2,440,981)
(3,674,430)
reportable segment profit / (loss)
26,891
(2,440,981)
(2,414,090)
reportable segment non-current assets
17,696,604
-
17,696,604
reportable segment current assets
2,175,523
476,192
2,651,715
total reportable segment liabilities
(6,716,086)
(6,322,922)
(13,039,008)

 

 

 

 

6.          Property, plant and equipment

 

in united states dollars
gold samples
plant and equipment and motor vehicles
producing mine
total
Cost
1 January 2024
4,570
1,994,762
18,232,010
20,231,342
transfers
additions
disposals
exchange movement
-
-
-
-
(587,725)
750,528
(104,225)
(145,431)
587,725
2,024,649
-
(1,294,181)
-
2,775,177
(104,225)
(1,439,612)
31 December 2024
4,570
1,907,909
19,550,203
21,462,682
transfers
-
147,006
(147,006)
-
additions
disposals
exchange movement
-
-
-
33,152
-
453,268
-
(48,547)
3,136,823
33,152
(48,547)
3,590,091
30 June 2025
4,570
2,541,335
22,491,473
25,037,378

 

 

in united states dollars
gold samples
plant and equipment and motor vehicles
producing mine
Total
Depreciation
1 January 2024
-
643,668
158,123
801,791
charge for the year
eliminated
-
184,540
-
51,680
-
236,220
-
31 December 2024
-
828,208
209,803
1,038,011
charge for the period
eliminated
-
-
286,580
-
25,840
-
312,420
-
30 June 2025
-
1,114,788
235,643
1,350,431

 

Net Book Value
31 December 2024
4,570
1,079,701
19,340,400
20,424,671
30 June 2025
4,570
1,426,547
22,255,830
23,686,947

 

 

 

7.          Borrowings

in united states dollars
6 months ended
30 June
2024
6 months ended
30 June
2024
year ended
31 December
2024
unaudited
unaudited
audited
gold loan
8,237,842
3,399,853
5,993,196
derivative
-
2,299,319
-
loan notes
-
3,169,155
3,507,271
current borrowings
8,237,842
8,868,327
9,500,467
total borrowings
8,237,842
8,868,327
9,500,467

 

 

Gold Loan

 

The Company entered into a loan agreement with Asian Investment Management Services Limited ("AIMSL") in June 2020, for a gold loan of up to 2,000 troy ounces of gold at a price of US$1,500 per troy ounce, equating to a value of US$3.0 million before expenses.  AIMSL and the Company have agreed to extensions over the periods since the inception of the Gold Loan.

 

On 3 January 2024, the Company announced a Standstill Agreement with AIMSL, which provided the Company with a deferment for the repayment of the gold loan to 31 December 2025. A total of 675 oz (21 kilos) of gold has been paid to AIMSL in respect of the Gold Loan, to the date of signing this report

 

As at 30 June 2025, the outstanding principal of the Gold Loan stands at 1,871.31 troy ounces, with accrued interest to date of 642.93 troy ounces.

 

 

8.          Post Period End

 

There are no subsequent events.

 

9.          Availability of interim report

The interim report is available on the Company's website www.goldstoneresources.com.

 

 

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