REG - Goldstone Resources - Interim Results
10/04/2024 16:30
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RNS Number : 0878K Goldstone Resources Ltd 10 April 2024
10 April 2024
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Interim Results for the six months ended 30 June 2023
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 2023 (the
"Period").
Chief Executive Officer's Statement
In H1 2023, the Board was mindful of the need to expand the Company's Homase
Mine which produced and sold 5,155 troy ounces of gold in 2022 (against a
target of 7,000 oz) realising an average price of US$1,727 per oz and revenues
of US$8.9m. Therefore, it quickly became apparent that significant
optimisation work was required in order to enhance recoveries due to
agglomeration issues.
To undertake this, further investment was required and a convertible loan note
was entered into on 27 January 2023 with Blue Gold International Limited
("BGL") in the nominal amount of £2,400,000 (the "Loan Notes") which is due
for redemption on 30 November 2024. At the election of BGL, the Loan Notes
(together with accrued interest to date) may be converted (in whole or in
part) at any time prior to redemption into new ordinary shares of 1 penny each
in the capital of the Company ("Ordinary Shares") at a conversion price of
£0.0325 per share. BGL has also received warrants to subscribe for up to
60,000,000 Ordinary Shares at a price of £0.04 per share exercisable at any
time until 26 January 2025.
The proceeds from the Loan Notes contributed towards the purchase of plant and
equipment, including a radial stacker, to assist in reducing the operating
costs of the operation, increase production, and improve the recovery rate of
the heap leach operation, which during 2022 yielded 65% of the contained gold
delivered to the heap.
The team immediately commenced detailed test work and cost analysis to further
understand the leach kinetics in order 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, which has allowed for the
oversize >80mm to be removed from the circuit thus allowing for more
consistency within the agglomeration drum.
This work programme improved recoveries from the heap leach operation, 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
significantly curtailed stacking from June to October 2023. Production for
the year to 31 December 2023 was 95,497 tonnes of ore, agglomerated and
stacked, averaging 1g/t Au with 1,275.25 oz of gold bullion sold at an average
price USD1,969.82/oz. This was a disappointing result for us, however, the
practical and learned experiences should ensure that our production trajectory
improves going forward.
As shareholders will be aware, the current available mineable resource from
the first pit within the Homase Mine was estimated by management to be 304,000
tonnes @ 1.7g/t of oxide ore. From the second pit, it is estimated by
management that there is 640,000 tonnes @ 1.1g/t of oxide ore, which was
derived from the update regarding the mineable resource announced on 12
November 2020. The mineable resource is within the confines of the 602,000oz
JORC (2012) resource previously announced.
Exploration
The Akrokeri Licence is a primary exploration focus of our geological team,
and they are working tirelessly with the aim of adding a significant deposit
to GoldStone. The exploration centred on the former Akrokeri Underground Mine
and along strike from it. During the period and post period end, our
operational team continue with the reassessment of the former mine workings
and artisanal mine workings, building the database with historical exploration
work and consolidating historical geological reports that reference not just
the Akrokeri Mine but also other historical exploration targets in the
vicinity of the Akrokeri Mine.
The main ore body at Akrokeri is a lenticular quartz-carbonate vein, in places
with parallels, within a substantial mineralized structural corridor, trending
north and dipping to the west at about 70°. It lies on the eastern contact of
a massive granitoid within Birimian-age meta-sedimentary units, predominantly
phyllites that dip steeply north-west. The contained gold mineralisation
occurs as coarse visible gold and is also associated with pyrite,
arsenopyrite, and galena in the vein-quartz and in altered wallrocks.
In August 2022, we commenced a 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. A total of 20 diamond drillholes were drilled, totaling 1,979.5
metres, 14 probing the southern extension of the South Shaft of the former
Akrokeri Mine and the remaining six holes around the North Shaft, which sits
half a kilometre north of the South Shaft.
The assays completed and announced on 5 April 2023 showed there is a
significant mineralised lode hosting gold at 4.1m @ 11.01 g/t, including 1m @
41.04 g/t in hole 22AKDD002. This gold-bearing zone has been defined over a
distance of approximately 360 metres southwards from the South Shaft, at which
point it appeared that there may be a significant fault that displaces the
zone westwards. The results from this exploration programme provided an
explanation as to why the southern extension had not been identified at the
surface in the past and has provided a basis to continue exploring this part
of the historical mine area.
In addition, an area, approximately 2km south of the South Shaft, hosts
sulphide-rich sheared metasediments which were identified from the
interpretation of the drilling results and assays, this underpins the
probability that this southern area has considerable potential and merits
further systematic exploration. These results give strong grounds for
continued exploration and further core drilling at Akrokeri.
The Company continues to review all current and historical data derived from
the exploration program at Akrokeri, and from continued exploration along the
Homase Trend, including targeted soil geochemistry from soil and auger
sampling.
Results from exploration at the Homase trend confirmed anomalies that
demonstrate a new mineralised zone to the west of the main Homase orebody and
also shows further extension along strike to the north and south of the known
Homase Trend.
Corporate and Financial Review
Losses from operations for the six months to 30 June 2023 were US$3.1 million
(H1 2022: loss of US$0.3 million).
The financial statements at the end of the Period show the Group's balance
sheet, with net assets standing at US$8.6 million (H1 2022: US$16.0 million).
Cash and cash equivalents as at 30 June 2023 were US0.3 million (as at 30 June
2022: US$0.9 million).
On 3 January 2024, the Company announced a standstill agreement with AIMSL in
respect of its Gold Loan agreement (the "Standstill Agreement"). This
Standstill Agreement, which was necessary due to the inability to complete a
negotiation on an extension within the appropriate timeframe, provided the
Company with the potential to defer repayment of the gold loan until 29 June
2024.
As announced on 10 April 2024, the Company has conditionally raised £1.82
million before expenses by way of the Subscription of, in aggregate,
182,000,000 new Ordinary Shares at a price of 1 penny per Subscription Share
together with one warrant per Subscription Share to subscribe for a further
new Ordinary Share at an exercise price of 2 pence during the period of 24
months from the date of Admission (the "Warrants") (the "Subscription").
The net proceeds of the Subscription will be used to partially settle the
Company's overdue creditor balances in line with payment plans agreed with the
Company's major creditors, to progress the Company's strategy of developing
and improving production at its Homase Mine in Ghana and for general working
capital purposes.
As also announced on 10 April 2024, the Company has entered into an agreement
(the "Amendment Agreement") with AIMSL in respect of the Gold Loan Agreement
to extend the Standstill Period under terms of the Standstill Agreement dated
29 December 2023, to 31 December 2025. Pursuant to the Amendment Agreement,
AIMSL has also agreed to accept settlement of the interest accrued under the
Gold Loan Agreement to 31 December 2023 by the issue to AIMSL of 101,803,680
new Ordinary Shares (the "Conversion Shares"). Following and subject to issue
of the Conversion Shares, the outstanding balance in respect of the Gold Loan
and accrued interest will be reduced to the principal of 1,871.43 troy ounces
and will accrue interest at 14% from 1 January 2024.
Outlook
It is with cautious optimism that I look forward to 2024. 2023 was a difficult
period of hard-won lessons, but these lessons will be valuable as we go into
H2 2024.
I would like to take this opportunity to thank our shareholders for their
patience and continued support, and I look forward to reporting on our
progress moving forward.
Emma Priestley
Chief Executive Officer
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
St Brides Partners Limited Tel: +44 (0) 20 7236 1177
Susie Geliher
Consolidated statement of financial position
as at 30 June 2023
30 June 30 June 31 December
in united states dollars notes 2023 2022 2022
unaudited unaudited audited
Assets
property, plant and equipment 6 19,466,506 21,794,616 19,967,587
total non-current assets 19,466,506 21,794,616 19,967,587
inventory 167,246 909,192 114,376
trade and other receivables 774,968 273,655 870,468
cash and cash equivalents 265,092 927,702 113,312
total current assets 1,207,306 2,110,549 1,098,156
20,673,812 23,905,165 21,065,743
total assets
Equity
share capital - ordinary shares 6,865,393 6,559,310 6,836,778
share capital - deferred shares 6,077,013 6,077,013 6,077,013
share premium 35,218,946 33,887,579 35,143,117
foreign exchange reserve (6,488,757) (1,158,177) (5,930,054)
capital contribution reserve 555,110 555,110 555,110
share options reserve - 3,535,197 -
accumulated deficit (33,608,471) (33,406,173) (29,897,222)
total equity 8,619,234 16,049,859 12,784,742
Liabilities
provision for rehabilitation 821,622 901,284 821,622
non-current liabilities 821,622 901,284 821,622
trade and other payables 3,882,359 2,140,112 3,647,352
borrowings 7 7,350,597 4,813,910 3,812,027
current liabilities 11,232,956 6,954,022 7,459,379
total liabilities 12,054,578 7,855,306 8,281,001
total equity and liabilities 20,673,812 23,905,165 21,065,743
Consolidated statement of comprehensive income
for the 6 months ended 30 June 2023
6 months ended 6 months ended year ended
30 June 2023 30 June 2022 31 December
in united states dollars notes 2022
unaudited unaudited audited
continuing operations
revenue 245,425 5,250,298 8,902,549
cost of sales (1,521,157) (3,157,003) (5,746,204)
gross profit (1,275,732) 2,093,295 3,156,345
expenses (1,829,101) (2,380,665) (3,319,225)
operating loss (3,104,833) (287,370) (162,880)
finance expense (606,416) (360,797) (511,533)
loss before and after tax from continuing operations 5 (3,711,249) (648,167) (674,413)
Items that may be reclassified subsequently to profit and loss: (4,597,658)
foreign exchange translation movement
(558,703) 174,219
total comprehensive loss for the period (4,269,952) (473,948) (5,272,071)
loss per share from operations
basic and diluted earnings per share attributable to the equity holders of the 4 (0.010) (0.002) (0.001)
company during the period (expressed in cent per share)
Consolidated statement of changes in equity
for the 6 months ended 30 June 2023
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 2022 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
total loss for the period - - - - - - (26,246) (26,246)
translation movement - - - (4,771,877) - - - (4,771,877)
share warrants exercised in period 75,788 - 145,680 - - - - 221,468
share issue in period 201,680 - 1,109,858 - - - - 1,311,538
transfer - - - - - (3,535,197) 3,535,197 -
balance as at 31 December 2022 6,836,778 6,077,013 35,143,117 (5,930,054) 555,110 - (29,897,222) 12,784,742
total loss for the period - - - - - - (3,711,249) (3,711,249)
translation movement - - - (558,703) - - - (558,703)
share issue in period 28,615 - 75,829 - - - - 104,444
balance as at 30 June 2023 6,865,393 6,077,013 35,218,946 (6,488,757) 555,110 - (33,608,471) 8,619,234
Consolidated statement of cash flow
for the 6 months ended 30 June 2023
6 months ended 6 months year ended
30 June ended 31 December
in united states dollars 2023 30 June 2022
2022
unaudited unaudited audited
cash flow from operating activities
operating loss for the period/year (3,711,249) (648,167) (674,413)
adjusted for:
- finance costs 606,417 360,795 511,533
- depreciation 100,137 131,785 272,404
- gold loan settlement - - (1,191,427)
- director and senior management fees 104,444 - 245,839
- foreign exchange differences (558,703) - 812,410
- changes in working capital 1,291,919 864,615 645,290
net cash generated (used in)/by operating activities (2,167,035) 709,030 621,636
cash flow from investing activities
acquisition of property, plant and equipment (623,313) (646,144) (1,593,787)
net cash used in investing activities (623,313) (646,144) (1,593,787)
cash flow from financing activities
proceeds from loan notes 2,942,128 - -
proceeds from share issue - 528,292 748,939
net cash received from financing activities 2,942,128 528,292 748,939
net decrease in cash and cash equivalents 151,780 591,178 (223,212)
cash and cash equivalents at beginning of the period/year 113,312 336,524 336,524
cash and cash equivalents at end of the period/year 265,092 927,702 113,312
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 2023, 30
June 2022 and 31 December 2022.
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 2022, 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 2022 audited financial
statements. Statutory financial statements for the year ended 31 December 2022
were approved by the Board of Directors on 10 April 2024 and delivered to the
Registrar of Companies. The report of the auditors on those financial
statements was qualified, as set out in the auditors report therein. The
Directors approved these unaudited condensed interim financial statements on
10 April 2024.
There are no IFRSs or IFRIC interpretations that are effective for the first
time for the financial year commencing 1 January 2023 that would be expected
to have a material impact on the Group.
The financial information for the 6 months ended 30 June 2023 and the 6 months
ended 30 June 2022 have not been audited.
The business is not subject to seasonal variations. No dividends have been
paid in the period (2022: 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 2022 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 2022 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 2023 2022 2022
unaudited unaudited audited
loss attributable to shareholders (in USD)
(3,711,249) (648,167) (674,413)
weighted average number of ordinary shares 368,618,154 360,234,874 367,663,379
basic and diluted earnings per share (in USD) (0.010) (0.002) (0.002)
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 2022
in united states dollars exploration corporate total
reportable segment revenue 8,902,549 - 8,902,549
reportable segment cost of sales (5,746,204) - (5,746,204)
reportable segment expenditure (2,169,216) (1,661,542) (3,830,758)
reportable segment loss 987,129 (1,661,542) (674,413)
reportable segment non-current assets 19,967,587 - 19,967,587
reportable segment assets 1,080,570 17,587 1,098,157
reportable segment liabilities (4,196,956) (4,084,045) (8,281,001)
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 non-current assets 21,794,616 - 21,794,616
reportable segment assets 1,862,857 247,692 2,110,549
reportable segment liabilities (2,698,423) (5,156,883) (7,855,306)
information about reportable segments for the period ended 30 June 2023
in united states dollars exploration corporate total
reportable segment revenue 245,425 - 245,425
reportable segment cost of sales (1,521,157) - (1,521,157)
reportable segment expenditure (1,026,325) (1,409,192) (2,435,517)
reportable segment loss (2,302,057) (1,409,192) (3,711,249)
reportable segment non-current assets 19,466,506 - 19,466,506
reportable segment assets 983,706 223,600 1,207,306
reportable segment liabilities (4,385,246) (7,669,332) (12,054,578)
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 2022 4,570 1,215,185 20,408,816 - 21,628,571
transfer to producing mine
- - (20,408,816) 20,408,816 -
additions - 322,050 - 1,271,737 1,593,787
exchange movement - (123,797) - (2,510,256) (2,634,053)
31 December 2022 4,570 1,413,438 - 19,170,297 20,588,305
additions - 518,942 - 104,371 623,313
exchange movement - (184,721) - (839,536) (1,024,257)
31 June 2023 4,570 1,747,659 - 18,435,132 20,187,361
in united states dollars gold samples plant and equipment and motor vehicles assets under construction Total
producing mine
Depreciation
1 January 2022 - 348,314 - - 348,314
charge for the year - 129,804 - 142,600 272,404
31 December 2022 - 478,118 - 142,600 620,718
charge for the period - 100,137 - 100,137
31 June 2023 - 578,255 - 142,600 720,855
Net Book Value
31 December 2022 4,570 935,320 - 19,027,697 19,967,587
31 June 2023 4,570 1,169,404 - 18,292,532 19,466,506
7. Borrowings
6 months ended 6 months ended year ended
30 June 30 June 31 December
in united states dollars 2023 2022 2022
unaudited unaudited audited
shareholder loan - 765,012 -
gold loan 3,128,766 2,868,001 2,906,262
derivative 1,279,703 880,897 905,765
bonds - 300,000 -
loan notes 2,942,128 - -
current borrowings 7,350,597 4,813,910 3,812,027
total borrowings 7,350,597 4,813,910 3,812,027
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 1p ordinary shares at
an exercise price of 1.2p per share, at any time during the period through to
2 June 2022.
During FY22, the outstanding balance on the Paracale loan of $765,012 was
converted into 9,802,821 new Ordinary Shares (the ''Conversion Shares'') at a
price of 6.55p per Ordinary Share. Following the Loan Conversion, there are
no outstanding loans or warrants held by Paracale.
Gold Loan
The Company entered into a loan agreement with 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.
Since entering into the gold loan, AIMSL have continued to be supportive to
the Company, with several extensions and addendums having been agreed.
From gold production, gold loan repayments were made via the delivery of 675
troy ounces to AIMSL, and as at 30 December 2023, the outstanding principal
was 1,871.31 ounces with accrued interest of 578.43 ounces.
On 3 January 2024, the Company announced a Standstill Agreement with AIMSL
which provided the Company with the potential to defer repayment of the gold
loan until 29 June 2024, which has subsequently been extended to 31 December
2025 as announced on 10 April 2024.
The outstanding principal of the Gold Loan stands at 1,871.31oz, with accrued
interest to date of 578.43oz, as at 30 December 2023. AIMSL agreed to
convert and settle the interest accrued to 31 December 2023 by the issue of
ordinary Shares of £0.01 each in the capital of the Company (the "Conversion
Shares"), which will be in addition to the fundraise.
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.
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
31 December 2022, the remaining six bond notes held by Nguvu Holdings Limited
were redeemed in shares. When entering into the Bonds, a total of 52,000,000
warrants were issued to subscribe for such number of Ordinary Shares at the
Exercise Price, at any time during the period through to 22 June 2022.
During 31 December 2022, the remaining 20,000,000 warrants were redeemed and
6,000,000 expired.
As at 31 December 2022 there is nil value in the Bonds.
8. Post Period End
During the first six months of 2023, the Company undertook a review of its
Homase production plan and forecast, during which there was no stacking on the
heap, due to the plant and heap leach operation being upgraded and improved
and new equipment was procured and bought. After the reconciliation of the
mine and production from 2022, the Company commenced mining and stacking in
July 2023.
On 3 January 2024, the Company announced a Standstill Agreement with AIMSL in
respect of its gold loan agreement. This standstill agreement, which was
necessary due to the inability to complete a negotiation on an extension
within the appropriate timeframe, provided the Company with the potential to
defer repayment of the gold loan until 29 June 2024, which was subsequently
been extended until 31 December 2025 as announced on 10 April 2024. In
conjunction with the extension of the Standstill Agreement, the Company
announced, on 10 April 2024, that it had conditionally raised £1.82 million
before expenses by way of a Subscription of, in aggregate, 182,000,000 new
ordinary shares of 1 penny par value each in the capital of the Company at a
price of 1 penny per share together with one warrant per Subscription Share to
subscribe for a further new Ordinary Share at an exercise price of 2 pence
during the period of 24 months from the date of Admission. AIMSL have also
agreed to convert and settle the interest accrued to 31 December 2023 by the
issue of the Conversion Shares.
Of the, in aggregate, 182,000,000 Subscription Shares, corresponding
182,000,000 Warrants, and approximately 101,803,680 for the Conversion Shares,
is conditional, inter alia, on the Company obtaining the requisite
shareholder approvals in respect of the issue of such shares from
its Shareholders at a forthcoming general meeting to be convened shortly
(the "General Meeting").
The net proceeds of the Subscription will be used to partially settle the
Company's overdue creditor balances in line with payment plans agreed with the
Company's major creditors, to progress the Company's strategy of developing
and improving production at its Homase Mine in Ghana and for general working
capital purposes.
It was announced that Mr William (Bill) Trew stood down as Non-Executive
Director to the Company on the 1 April 2024.
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
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