REG - Goldstone Resources - Interim Results
30/09/2022 09:30
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RNS Number : 3346B Goldstone Resources Ltd 30 September 2022
30 September 2022
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Interim Results for the six months ended 30 June 2022
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 2022 (the
"Period").
Chief Executive Officer's Statement
During H12022, the Company has seen steady progress as we look to develop and
optimise our inaugural gold mining operation at Homase, at the same time,
developing a substantial gold resource base which will support a significant,
long-term and profitable mining operation at the Akrokeri-Homase Project,
located in the world class Ashanti Belt in Ghana.
GoldStone achieved its first milestone of pouring first gold November 2021
following the construction of the initial stage of the mine, which includes a
crushing, sizing, agglomeration and stacking unit, three heap leach pads, a
carbon-in-column plant, and an elution and gold room. While the first gold
pour was a huge step-forward for GoldStone, it quickly became apparent that
significant optimisation work was required in order to enhance recoveries due
to agglomeration issues.
The team immediately commenced detailed test work and cost analysis to further
understand the leach kinetics to optimise the recovery of the remaining
contained gold in the heap. This work informed the reconfiguration of the
agglomeration and crushing circuit to handle the excess clay encountered and
the greater than expected amount of silt originating from the oxide orebody's
fragile phyllitic content. A modified screening system has been designed and
built to control the feed sizing, with the fines (<3mm) which represents
approximately 20% of the ore body being removed, which and will be fed
initially to a gravity recovery circuit. These improvements are being made
to the circuit as quickly as possible and should all be completed before the
year end.
This work programme has had the desired effect, in that recoveries are now
consistently moving in the right direction, however our ability to regain some
lost ground from our initial production target has been further frustrated by
a very extreme and prolonged rainy season, which has significantly curtailed
our stacking from June 2022 to date. The Company has produced 4,095 oz of
gold to date, and whilst the Company continues to target production of
14,000oz by the end of 2022, in light of the circumstances described above the
Board's minimum expectation for production for the year is revised to 7,000oz.
A review of the production schedule to the calendar year-end and beyond is
ongoing and further updates on production will be provided in due course.
Whilst disappointing, this will be a familiar account for many experienced
mining investors, with the oft-cited "teething-problems" which accompany many
new mining operations. The message here is that the direction of travel is
clear, and we have a capable and committed team on the ground, using practical
and learned experiences to ensure that our production trajectory continues
improving on a monthly basis.
GoldStone continues to focus on resource expansion, and subsequent conversion
to mineable resources requiring additional geotechnical drilling which has
been undertaken within the first two pits, which subject to the results and
subsequent permitting, The results from the geotechnical drilling have been
received from ALS Certified Laboratory and analysis and modelling are
currently being undertaken and will be announced shortly by the Company.
GoldStone has also undertaken grade control drilling for the third pit within
the Homase Mine to determine the pit planning and to potentially expand the
mineable resource inventory. The results of the drilling have been
received and the modelling of this third pit is currently underway a press
release on this will follow in the next few weeks.
The Akrokeri Licence is the primary exploration focus of our geological
team,who are working with the aim of adding a further shallow high grade
deposit capable of being added to the mineable resources of the Company.
This effort is currently centred on the former Akrokeri Underground Mine and
surrounding area. During the period, our geological team continued with the
reassessment of the previous drilling campaigns at the former mine workings,
undertaken by Birim Goldfields Ltd ("Birim") in 1996 and Pan African Resources
Ltd ("Pan African Resources") in 2008. Also, an assessment of several former
artisanal mine working areas, have been reviewed and built into the database
along with recent exploration work and consolidating historical geological
reports that reference not just the Akrokeri Mine but other historical
exploration targets in the vicinity of the Akrokeri Mine.
Post period end, on 30 August 2022, we commenced a 1,500m Diamond Drilling
programme at Akrokeri with the aim of advancing high-priority gold targets
towards production. Akrokeri benefits from both the right geological setting,
being approximately 12km NNE and along strike from the Obuasi Mine, owned by
AngloGold Ashanti Ltd, and its potential is supported by verified accounts of
historical production, reported to be some 75,000 ounces of gold from some
104,000 tons (94,347 tonnes) of ore, equating to an average recovered grade
equivalent to approximately 24g/t.
The first three-holes from this programme have delivered highly encouraging
results, demonstrating significant intersections and confirming the continuity
of the mineralised zone along strike of the former Akrokeri Mine. Significant
intersections to date include:
- 22AKDD001: 6.5 metres @ 1.63g/t from 7.7 metres, including 3.5 metres @
2.35g/t
- 22AKDD002: 4.1metres @ 11.01g/t from 46 metres, including 1metre @
41.04g/t
- 22AKDD003: 3.6 metres @ 5.77g/t from 69.4 metres, including 1metre @
12.06g/t
Holes 22AKDD002 and 3 were inclined at 55(o) and one at 75(o) respectively
and intersected the mineralised zone at vertical depths between 37 m and 66 m
beneath surface. All three holes intersected significant widths of
approximately 2.2 metres mineralisation, thus confirming the continuity of the
zone along strike and with depth.
This is a very encouraging start to the programme, and we look forward to
providing further updates over the coming weeks.
Corporate and Financial Review
Losses from operations for the six months to 30 June 2022 were US$0.29 million
(H1 2021: loss of US$0.55 million). It is noted that, were it not for the
theft of gold concentrate announced on 29 June 2022, estimated to be
US$350,000 in value, the Company would have reported an operating profit.
The financial statements at year end show the Group's balance sheet, with net
assets standing at US$16.0 million (H1: US$15.5 million).
Cash and cash equivalents as at 30 June 2022 were US$0.9 million (H1 2021:
US$1.5 million).
As announced earlier today, post period end, the Company has agreed a
variation in respect of the gold loan entered into with Asian Investment
Management Services Limited ("AIMS") announced on 22 June 2022 (the "Gold
Loan"). Pursuant to this variation, the due date for repayment of the
principal and outstanding interest is extended to 30 September 2023, interest
on the Gold Loan will continue to accrue at 14% per annum, and the Company is
able (though not obliged) to repay any part of the Gold Loan and/or accrued
interest thereon from time to time by way of instalments. As at 30 September
2022, the outstanding principal of the Gold Loan currently stands at 1,924.61
oz, with accrued interest to date of 124.37 oz. A total of 675.17 oz (21
kilos) of gold to date has been paid to AIMS to date in respect of the Gold
Loan.
As previously reported, in June 2022 the Group suffered an armed robbery at
site which resulted in the loss of gold, with a value of approximately
US$350k. The Group was not in a position to make an announcement which was
compliant with the AIM Rules, which led to a suspension in the trading of its
ordinary shares on the AIM market on 10 June 2022 whilst an investigation was
launched by the authorities in Ghana. The suspension was lifted following the
Company's 29 June 2022 announcement.
With the revenue now being generated from our gold production together with
the further funds from the exercise of warrants in June 2022, we can continue
with the current level of operations. However, further funding may be
required to accelerate the ramp-up of production at Homase and the exploration
programme at Akrokeri.
Outlook
It is with cautious optimism that I look forward to the remaining months of
2022 and into 2023, as we continue to make stead progress towards achieving
our production goals. H1 2022 has been a difficult period of hard-won lessons,
but these lessons have been valuable as we continue to inform, improve, and
expand our gold production profile at Homase, and pave the way for what we
believe will be a second mining operation at Akrokeri.
I would like to take this opportunity to thank my fellow Board members, our
operational team in Ghana and of course our shareholders for their continued
support this year, and I look forward to reporting on our progress moving
forward.
Emma Priestley
Chief Executive Officer
For further information, please contact:
GoldStone Resources Limited
Bill Trew / 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 Limited Tel: +44 (0) 20 7236 1177
Susie Geliher / Catherine Leftley
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018 (as amended).
**ENDS**
Consolidated statement of financial position
as at 30 June 2022
30 June 30 June 31 December
in united states dollars notes 2022 2021 2021
unaudited unaudited audited
Assets
property, plant and equipment 6 21,794,616 20,926,500 21,280,257
total non-current assets 21,794,616 20,926,500 21,280,257
inventory 909,192 - 1,959,083
trade and other receivables 273,655 85,102 257,013
cash and cash equivalents 927,702 1,537,600 336,524
total current assets 2,110,549 1,622,702 2,552,620
23,905,165 22,549,202 23,832,877
total assets
Equity
share capital - ordinary shares 6,559,310 5,742,974 6,383,213
share capital - deferred shares 6,077,013 6,077,013 6,077,013
share premium 33,887,579 31,400,794 33,535,384
foreign exchange reserve (1,158,177) 6,684 (1,332,396)
capital contribution reserve 555,110 555,110 555,110
share options reserve 3,535,197 3,535,197 3,535,197
accumulated deficit (33,406,173) (31,783,539) (32,758,006)
total equity 16,049,859 15,534,233 15,995,514
Liabilities
provision for rehabilitation 901,284 901,284 901,284
non-current liabilities 901,284 901,284 901,284
trade and other payables 2,140,112 593,558 1,395,222
borrowings 7 4,813,910 5,520,127 5,540,857
current liabilities 6,954,022 6,113,685 6,936,079
total liabilities 7,855,306 7,014,969 7,837,363
total equity and liabilities 23,905,165 22,549,202 23,832,877
Consolidated statement of comprehensive income
for the 6 months ended 30 June 2022
6 months ended 6 months ended year ended
30 June 2022 30 June 2021 31 December
in united states dollars notes 2021
unaudited unaudited audited
continuing operations
revenue 5,250,298 - -
cost of sales (3,157,003) - -
gross profit 2,093,295 - -
administrative expenses (2,380,665) (548,628) (794,208)
operating loss (287,370) (548,628) (794,208)
finance expense (360,797) - (728,887)
net finance cost (360,797) - (728,887)
loss before and after tax from continuing operations 5 (648,167) (548,628) (1,523,095)
Items that may be reclassified subsequently to profit and loss: (1,250,247)
foreign exchange translation movement
174,219 88,833
total comprehensive loss for the period (473,948) (459,795) (2,773,342)
loss per share from operations
basic and diluted earnings per share attributable to the equity holders of the 4 (0.002) (0.002) (0.004)
company during the period (expressed in cent per share)
Consolidated statement of changes in equity
for the 6 months ended 30 June 2022
in united states dollars share capital share capital share premium foreign exchange reserve capital contribution reserve share options reserve accumulated deficit total equity
ordinary shares deferred shares
balance as at 1 January 2021 3,913,963 6,077,013 28,080,853 (82,149) 555,110 3,535,197 (31,234,911) 10,845,076
total loss for the period - - - - - - (548,628) (548,628)
translation movement - - - 88,833 - - - 88,833
share warrants exercised in period 1,776,839 - 3,037,133 - - - - 4,813,972
share issue in period 52,172 - 282,808 - - - - 334,980
balance as at 30 June 2021 5,742,974 6,077,013 31,400,794 6,684 555,110 3,535,197 (31,783,539) 15,534,233
total loss for the period - - - - - - (245,580) (245,580)
translation movement - - - (1,339,080) - - - (1,339,080)
loan derivative movement - - - - - - (728,887) (728,887)
share warrants exercised in period 414,876 - 330,007 - - - - 744,883
share issue in period 225,363 - 1,804,583 - - - - 2,029,946
balance as at 31 December 2021 6,383,213 6,077,013 33,535,384 (1,332,396) 555,110 3,535,197 (32,758,006) 15,995,515
total loss for the period - - - - - - (648,167) (648,167)
translation movement - - - 174,219 - - - 174,219
share warrants exercised in period 176,097 - 352,195 - - - - 528,292
balance as at 30 June 2022 6,559,310 6,077,013 33,887,579 (1,158,177) 555,110 3,535,197 (33,406,173) 16,049,859
Consolidated statement of cash flow
for the 6 months ended 30 June 2022
6 months ended 6 months year ended
30 June ended 31 December
in united states dollars 2022 30 June 2021
2021
unaudited unaudited audited
cash flow from operating activities
operating loss for the period/year (287,370) (548,628) (794,208)
adjusted for:
- depreciation 131,785 12,739 71,300
- foreign exchange differences - 88,833 164,170
changes in working capital: 864,615 (408,440) (462,499)
net cash used in operating activities 709,030 (855,496) (1,021,237)
cash flow from investing activities
capitalisation of exploration costs - (746,640) (746,640)
acquisition of property, plant and equipment (646,144) (2,066,238) (4,872,653)
net cash used in investing activities (646,144) (2,812,878) (5,619,293)
cash flow from financing activities
repayment of loan - (344,362) -
redemption of bonds - (300,000) (300,000)
proceeds from share issue 528,292 5,148,952 6,575,670
net cash received from financing activities 528,292 4,504,590 6,275,670
net decrease in cash and cash equivalents 591,178 836,216 (364,860)
cash and cash equivalents at beginning of the period/year 336,524 701,384 701,384
cash and cash equivalents at end of the period/year 927,702 1,537,600 336,524
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 2022, 30
June 2021 and 31 December 2021.
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 2021, which have been prepared in accordance with International
Financial Reporting Standards (IFRS) in accordance with UK-adopted IFRSs.
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 International
Financial Reporting Standards (IFRS) in accordance with UK-adopted IFRSs.
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 2021 audited financial statements. Statutory financial
statements for the year ended 31 December 2021 were approved by the Board of
Directors on 29 June 2022 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
30 September 2022.
There are no IFRSs or IFRIC interpretations that are effective for the first
time for the financial year commencing 1 January 2022 that would be expected
to have a material impact on the Group.
The financial information for the 6 months ended 30 June 2022 and the 6 months
ended 30 June 2021 have not been audited.
The business is not subject to seasonal variations. No dividends have been
paid in the period (2021: 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 2021 Annual Report and Financial Statements, a
copy of which is available on the Company's website:
www.goldstoneresources.com (http://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 2021 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
6 months ended 6 months ended year ended
30 June 30 June 31 December
in united states dollars 2022 2021 2021
unaudited unaudited audited
loss attributable to shareholders (648,167) (548,628) (1,523,095)
weighted average number of ordinary shares 360,234,874 271,403,038 353,369,120
basic and diluted earnings per share (0.002) (0.002) (0.004)
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 Group's
reportable segments are:
Exploration and Evaluation: 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 2021
in united states dollars exploration corporate total
reportable segment expenditure (1,236,963) (286,132) (1,523,095)
reportable segment (loss) (1,236,963) (286,132) (1,523,095)
reportable segment assets 23,558,117 274,760 23,832,877
reportable segment liabilities 2,066,460 5,770,903 7,837,363
information about reportable segments for the period ended 30 June 2021
in united states dollars exploration corporate total
reportable segment expenditure - (548,628) (548,628)
reportable segment (loss) - (548,628) (548,628)
reportable segment assets 20,986,537 1,562,665 22,549,202
reportable segment liabilities (1,109,658) (5,905,311) (7,014,969)
information about reportable segments for the period ended 30 June 2022
in united states dollars exploration corporate total
reportable segment revenue 5,250,298 - 5,250,298
reportable segment cost of sales (3,157,003) - (3,157,003)
reportable segment expenditure (2,012,075) (368,590) (2,380,665)
reportable segment profit/(loss) 81,223 (729,390) (648,167)
reportable segment assets 23,657,473 247,692 23,905,165
reportable segment liabilities (2,698,423) (5,156,883) (7,855,306)
6. Property, plant and equipment
in united states dollars gold samples plant and equipment and motor vehicles assets under construction total
producing mines
Cost
1 January 2021 4,570 763,652 - - 768,222
transfers from intangibles - - 15,086,412 - 15,086,412
additions - 451,533 4,421,120 - 4,872,653
increase in provision for rehabilitation
- - 901,284 - 901,284
31 December 2021 4,570 1,215,185 20,408,816 - 21,628,571
transfer to producing mine
- - (20,408,816) 20,408,816 -
additions - 32,868 - 613,276 646,144
30 June 2022 4,570 1,248,053 - 21,022,092 22,274,715
in united states dollars gold samples plant and equipment and motor vehicles assets under construction total
producing mine
Depreciation
1 January 2021 - 277,014 - - 277,014
charge for the year - 71,300 - - 71,300
31 December 2021 - 348,314 - - 348,314
charge for the period - 33,995 97,790 131,785
30 June 2022 - 382,309 - 97,790 480,099
Net Book Value
31 December 2021 4,570 866,871 20,408,816 - 21,280,257
30 June 2022 4,570 865,744 - 20,924,302 21,794,616
7. Borrowings
6 months ended 6 months ended year ended
30 June 30 June 31 December
in united states dollars 2022 2021 2021
unaudited unaudited audited
shareholder loan 765,012 1,041,282 742,587
gold loan 2,868,001 3,478,845 3,769,500
derivative 880,897 - 728,770
bonds 300,000 1,000,000 300,000
current borrowings 4,813,910 5,520,127 5,540,857
total borrowings 4,813,910 5,520,127 5,540,857
Shareholder loan
The Company entered into a loan agreement with Paracale Gold Limited
("Paracale"), the Company's major shareholder, in December 2018, for a loan of
up to US$1.2 million.
In consideration of entering into the loan agreement, Paracale, were issued
with 40,352,377 warrants to subscribe for such number of ordinary shares of 1
penny each in the capital of the Company ("Ordinary Shares") at an exercise
price of 1.2p per share, at any time during the period through to 2 June
2022. As at 30 June 2022, Paracale had exercised all of their warrants.
Gold Loan
The Company entered into a loan agreement with Asian Investment Management
Services Limited ("AIMS") 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. AIMS and the Company had agreed during
2021 to further extension to the timing of payment of the principal and
interest on the Gold Loan, to 19 September 2021 (being the maturity date of
the Gold Loan) (the "Extension"), although at the default interest rate of
17%. Interest therefore accrued at the default rate of 17%.
In January 2022, a payment of 19kg of gold was made in order to repay the
interest due for October, November and December 2021. This payment was against
the principal and accrued interest, with the interest paid in full and
reducing the principal from 2,000 oz to 1,924.61 oz.
It was further agreed with AIMS that in order to enable the Company to
efficiently manage shipments, it would not be deemed an event of default if
the monthly payments set out in the Company's announcement on 20 September
2021 were not made at the end of each month.
On 29 September 2022, it was agreed with AIMS to vary the terms of the
Agreement as follows:
• the date for repayment of the Gold Loan shall be extended to 30
September 2023 (the "Revised Term") and the Maturity Date stated in Schedule 1
of the Agreement shall be amended accordingly;
• interest shall continue to accrue on the Gold Loan at the
non-default rate of 14% per annum until the date of repayment; and
• the Company may (but shall not be obliged to) repay any part of
the Gold Loan and/or accrued interest thereon from time-to-time by way of
instalments during the Revised Term.
The outstanding principal of the Gold Loan currently stands at 1,924.61 oz,
with accrued interest to date of 124.37 oz. A total of 675.17 oz (21 kilos) of
gold to date has been paid to AIMs to date in respect of the Gold Loan.
Bonds
In March 2020, the Company issued twenty six unsecured bond notes of US$50,000
each to certain existing and new investors, raising, in aggregate, US$1.3
million before expenses. Paracale Gold and Nguvu Holdings Limited (formerly
BCM Investments Limited), the Company's major shareholders, each subscribed
for six bonds with a value of, in aggregate, US$0.3 million respectively.
During 2021, twenty of the bond notes were redeemed for cash or shares, as
announced on 12 July 2021.
During the period 14,000,000 warrants were exercised for new ordinary shares
of 1 penny each in the capital of the Company at a price of 3 pence per
Ordinary Share, and this Warrant Exercise provided £420,000 of additional
funding to the Company.
Additionally, Nguvu Holdings Limited (formerly known as BCM Investments
Limited) ("Nguvu") gave notice to the Company in late May 2022 of its
intention to exercise 6,000,000 of the 12,000,000 warrants it held to
subscribe for Ordinary Shares at a price of 3 pence per Ordinary Share (the
"Nguvu Warrants"), but Nguvu was unable to provide a signed notice of exercise
before the Company entered into a close period pending publication of the
annual report and accounts of the Company for the year ended 31 December
2021. As Angela List, a director of the Company, is a director of and
shareholder in Nguvu, the Nguvu Warrants, which had an expiry date of 22 June
2022, could not be exercised during this close period. Accordingly, the Board
of the Company resolved to extend the exercise period of the Nguvu Warrants by
two weeks, to expire at midnight on 6 July 2022 (the "Warrant Extension").
The remaining 6 million Warrants held by Nguvu expired at midnight on 22 June
2022.
8. Post Period End
The Company commenced, on 30 August 2022, a 1,500m Diamond Drilling programme
at Akrokeri to advance high-priority gold targets towards production. Akrokeri
benefits from both the right geological setting, being approximately 12km NNE
and along strike from the Obuasi Mine, owned by AngloGold Ashanti Ltd, and its
potential is supported by verified accounts of historical production, reported
to be some 75,000 ounces of gold from approximately 104,000 tons (94,347
tonnes) of ore, equating to an average recovered grade equivalent to
approximately 24g/t.
The first three-holes from this programme have delivered highly encouraging
results, demonstrating significant intersections and confirming the continuity
of the mineralised zone along strike of the former Akrokeri Mine. Significant
intersections to date include:
- 22AKDD001: 6.5 metres @ 1.63g/t from 7.7 metres, including 3.5 metres @
2.35g/t
- 22AKDD002: 4.1metres @ 11.01g/t from 46 metres, including 1metre @
41.04g/t
- 22AKDD003: 3.6 metres @ 5.77g/t from 69.4 metres, including 1metre @
12.06g/t
Holes 22AKDD002 and 3 were inclined at 55(o) and one at 75(o) respectively
and intersected the mineralised zone at vertical depths between 37 m and 66 m
beneath surface. All three holes intersected significant widths of
approximately 2.2 metres mineralisation, thus confirming the continuity of the
zone along strike and with depth. The Company is currently analysing and
modeling the minable resources following receipt of the drilling results from
the second and third pits of the Homase Mine.
On 8 July 2022, the Company announced the issue of 9,600,000 new Ordinary
Shares pursuant to an exercise of warrants and bond settlement agreement.
On 13 July 2022, the Company announced the issue of 9,802,821 new Ordinary
Shares pursuant conversion to a loan conversion by Paracale Gold Limited.
9. Availability of interim report
The interim report is available on the Company's website
www.goldstoneresources.com. (http://www.goldstoneresources.com.)
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AnnouncementREG - Goldstone Resources - Posting of Circular and Notice of AGM
AnnouncementREG - Goldstone Resources - Director and Senior Management Fee Conversions
AnnouncementREG - Goldstone Resources - Final Results
AnnouncementREG - Goldstone Resources - Interim Results
Announcement