REG - Goldstone Resources - Operational Update and Growth Strategy

Goldstone ResourcesAnnouncement

05/05/2026 08:16

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RNS Number : 0399D  Goldstone Resources Ltd  05 May 2026

5 May 2026

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

 

Operational Update and Growth Strategy

 

GoldStone Resources Limited (AIM: GRL) is pleased to provide an operational
update following the recent strengthening of its Board and successful funding
announced in February 2026.

 

With a restructured Board and secured funding in place, the Company is now
operating from a more stable and confident position. The focus remains on
maximising production from the existing oxide resource at the Homase Mine,
while advancing plans to seek to confirm a multi-million-ounce resource
through continued exploration along strike and parallel extensions, including
areas associated with the historic high-grade Akrokeri underground mine.

 

Operational Progress at Homase

 

The management team is actively implementing a series of initiatives aimed at
delivering both near-term production growth and long-term operational
sustainability.

 

Key developments include:

·      Progression of a structured exploration strategy to extend the
known oxide resource, supporting continued production while permitting of the
sulphide resource is advanced

·      Receipt of approval from the Minerals Commission for Pad 6, the
largest heap leach pad constructed by the Company to date

·      Commencement of stacking of agglomerated ore onto Pad 6

 

Production for the quarter ended March 2026:

·      36,268 tonnes stacked

·      480 troy ounces (15.08 kg) of gold produced

·      Gold in process ("GIP") within the heap leach circuit: 19.99kg

 

The Company is preparing a comprehensive drilling programme to support an
updated JORC-compliant resource estimate for Homase, with a focus on
identifying the full strike and depth extensions of ore shoots along the
4,000m strike of the Homase mineralised zone that were previously reported in
2012 as a JORC 2012-compliant resource of 602,000 oz gold. The Company will
ensure that the updated resource is fully compliant with the revised JORC Code
and is expected to be announced later this year.

 

Further updates will be provided to the market as this programme progresses.

 

Sierra Leone - New Investment

 

Senior management and directors recently visited the Company's new investment
in Sierra Leone, located in the Wandor Province in the south-east of the
country (refer to the Company's announcement dated 17 March 2026).

 

This is an early-stage opportunity; however, initial observations indicate
strong prospectivity, including:

 

·      Presence of gold-bearing soils and gravels

·      Indications of a deeper primary ("reef") source

 

A large excavator has been mobilised to site to:

 

·      Improve access through track development

·      Prepare operational areas for wash plants and crushing equipment

·      Enable targeted exploration activities

 

The Company has ongoing discussions with project partner MinCorp (SL) Limited
to formalise a detailed exploration plan, which will be conducted in
coordination with the National Minerals Agency of Sierra Leone.

 

 

Emma Priestley, Chief Executive Officer, commented:

"With a strengthened Board and management team, and following our recent
funding, GoldStone is entering a new phase of development. We are focused on
delivering immediate production improvements at Homase while advancing a clear
exploration strategy to unlock the broader resource potential. At the same
time, our early-stage investment in Sierra Leone provides additional upside
and diversification. We are encouraged by the initial indications and look
forward to generating gold production from the alluvial gravels while
progressing wider exploration activities, about which we will update the
market in the coming weeks."

 

 

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

 Ana Ribeiro                        goldstone@stbridespartners.co.uk

 

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 by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

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 historical JORC Code 2012-compliant 602,000
oz 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, with a particular focus on the highly prospective
Birimian Gold Belt.

 

GoldStone has entered into a binding MoU to acquire a 50% interest in a gold
project in Sierra Leone, located adjacent to the Boamuhun Gold Mine, a known
gold deposit estimated to contain approximately 5.8 million ounces, with early
work indicating grades of approximately 12 g/t.

 

 

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