REG - Goldstone Resources - Corporate Update

Goldstone ResourcesAnnouncement

01/03/2024 07:00

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RNS Number : 0572F  Goldstone Resources Ltd  01 March 2024

1 March 2024

 

GOLDSTONE RESOURCES LIMITED

("Goldstone", the "Company" or, together with its subsidiaries, the "Group")

 

Corporate Update

 

Further to the Company's announcement of 3 January 2024, the Board notes that
it continues to pursue the raising of additional funds to provide working
capital for the group's operational development and to settle various balances
due to the Company's outstanding creditors in order to facilitate publication
of the 2022 Accounts and Interim Results on a going concern basis.

The Board believes it is making positive progress in this regard and expects
to be able to provide a further update during the course of the next 10 days.
It is noted than any equity funding arrangements are expected to be
conditional on shareholder approval at a general meeting of the Company and
that there can be no guarantee such additional funding arrangements can be
concluded.

The Group's consolidated unaudited current cash position is approximately
$0.5m, with current liabilities of approximately $11.2m, comprising
approximately $4.8m in relation to the Gold Loan (which is subject to the
Standstill Agreement announced on 3 January 2024), approximately $3.0m in
respect of the convertible loan note issued to Blue Gold International Limited
due for repayment on 30 November 2023, and a variety of smaller creditors
totalling approximately $3.4m of which the vast majority are overdue for
repayment. Accordingly, in the event that the Company is unable to procure
sufficient additional funding to fund its ongoing operations, partially settle
balances due to the Group's overdue creditors, and reach suitable repayment
agreements with such creditors, the Company may be unable to continue as a
going concern and trading in the Company's Ordinary Shares on AIM may be
cancelled.

The Company's Ordinary Shares will remain suspended from trading and further
updates will be provided as appropriate in due course.

 

Defined terms used in this announcement shall have the same meanings as in the
Company's announcement dated 3 January 2024 unless otherwise defined herein.

 

 

 

- ENDS -

 

For further information, please 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
                                     Tel: +44 (0)20 7236 1177

 St Brides Partners Ltd

 Susie Geliher / Max Bennett

 

 

About GoldStone Resources Limited

GoldStone Resources Limited (AIM: GRL) is an AIM quoted mining and development
company with projects in Ghana that range from grassroots exploration to
production.

 

The Company is focused on developing the Akrokeri-Homase project in
south-western Ghana, which hosts a JORC Code compliant 602,000oz gold resource
at an average grade of 1.77 g/t.  The existing resource is confined to a 4km
zone of the Homase Trend, including Homase North, Homase Pit and Homase South.

 

The project hosts two former mines, the Akrokerri Ashanti Mine Ltd, which
produced 75,000 oz gold at 24 g/t recovered grade in the early 1900s, and the
Homase Pit which AngloGold Ashanti developed in 2002/03 producing 52,000 oz
gold at 2.5 g/t recovered.  Production is currently focussed on the Homase
Mine however it is the Company's intention to build a portfolio of
high-quality gold projects in Ghana, with a particular focus on the highly
prospective Ashanti Gold Belt.

 

 

 

 

 

 

 

 

 

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