REG - Goldstone Resources - Interim Results
30/09/2025 07:00
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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
(http://www.goldstoneresources.com) or contact:
GoldStone Resources Limited Tel: +44 (0)1534 487 757
Emma Priestley
Strand Hanson Limited Tel: +44 (0)20 7409 3494
James Dance / James Bellman
S. P. Angel Corporate Finance LLP Tel: +44 (0)20 3470 0501
Ewan Leggat / Charlie Bouverat
St Brides Partners Ltd goldstone@stbridespartners.co.uk
Susie Geliher
Consolidated statement of financial position
as at 30 June 2025
30 June 30 June 31 December
in united states dollars notes 2025 2024 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
29,669,850 20,348,319 24,164,056
total assets
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
6 months ended 6 months ended year ended
30 June 2025 30 June 2024 31 December
in united states dollars notes 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: 2,166,209
foreign exchange translation movement
2,905,674 (1,407,196)
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 4 (0.004) (0.005) (0.007)
company during the period/year (expressed in cents per share)
Consolidated statement of changes in equity
for the 6 months ended 30 June 2025
in united states dollars share capital share capital share premium foreign exchange reserve capital contribution reserve accumulated deficit total equity
ordinary shares deferred shares
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
6 months ended 6 months ended year ended
30 June 30 June 31 December
in united states dollars 2025 2024 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 30(th) 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 (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 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
6 months ended 6 months ended year ended
30 June 30 June 31 December
in united states dollars 2025 2024 2024
unaudited unaudited audited
loss attributable to shareholders (in USD) (4,150,517)
(3,756,033) (2,414,090)
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-current assets 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 total
producing mine
Cost
1 January 2024 4,570 1,994,762 18,232,010 20,231,342
transfers - (587,725) 587,725 -
additions - 750,528 2,024,649 2,775,177
disposals - (104,225) - (104,225)
exchange movement - (145,431) (1,294,181) (1,439,612)
31 December 2024 4,570 1,907,909 19,550,203 21,462,682
transfers - 147,006 (147,006) -
additions - 33,152 - 33,152
disposals - - (48,547) (48,547)
exchange movement - 453,268 3,136,823 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 Total
producing mine
Depreciation
1 January 2024 - 643,668 158,123 801,791
charge for the year - 184,540 51,680 236,220
eliminated - - -
31 December 2024 - 828,208 209,803 1,038,011
charge for the period - 286,580 25,840 312,420
eliminated - - - -
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
6 months ended 6 months ended year ended
30 June 30 June 31 December
in united states dollars 2024 2024 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. (http://www.goldstoneresources.com)
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