REG - Goldstone Resources - Homase Mine and update re Convertible Loan Note

Goldstone ResourcesAnnouncement

09/12/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241209:nRSI3034Pa&default-theme=true

RNS Number : 3034P  Goldstone Resources Ltd  09 December 2024

9 December 2024

 

GOLDSTONE RESOURCES LIMITED

("Goldstone" or the "Company")

 

Homase Mine Update

Update re Convertible Loan Note

 

Goldstone Resources Limited (AIM: GRL) is pleased to provide an update on the
progress of operations in respect of the Homase Mine and heap leach operation
in south-western Ghana ("Homase").

 

·    The production ramp up continues to advance in line with expectations
and remains on target for expected production for the remainder of 2024 and
going into 2025.

·    34% increase in average monthly production, with 380 ounces of gold
doré produced in November (average production during 2024 of 250 ounces per
month) - see Figure 1 for the bar poured.

·    The second shift started in November 2024 and stacked agglomerated
ore totalled 45,000 tonnes.

·    Civil engineering continues to progress the construction for Cells 6
and 7 for the continuation of the mining operations for the planned ramp up of
production into 2025.

 

Convertible Loan Note

 

Further to the Company's announcement of 2 December 2024, the Company
continues to be in discussion with Blue Gold International Limited ("BGL" or
"Blue Gold") and its related party that now controls the Convertible Loan Note
("CLN"). The Company has agreed a Standstill Agreement until 20 December 2024,
during which time the Board remains confident that a resolution will be agreed
and the Company will provide a further update in due course.

 

Emma Priestley, Chief Executive Officer, commented:

"Our ramp up at Homase continues at pace and we remain on track to deliver our
stated objective of producing 1,000oz pcm from January 2025.  November was a
great month on site, with gold production up 34% from our yearly average, and
we stacked a total of 45,000 tonnes of ore, supporting our upward production
trajectory into next year. We have had constructive discussions with Blue
Gold and its related parties and we are hopeful that this will reach a
positive conclusion in the coming weeks."

 

 

Figure 1: Poured Doré 12 kilos

 

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

 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDDXBDDCXGDGSI