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Goldstone ResourcesAnnouncement

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RNS Number : 8607W  Goldstone Resources Ltd  17 March 2026

 

17 March 2026

 

 

GoldStone Resources Limited (AIM: GRL)

("GoldStone" or the "Company")

 

Sierra Leone Investment

 

GoldStone Resources Limited (AIM: GRL) announces that it has entered into
a binding Memorandum of Understanding ("MOU") with Mincorp (SL) Limited
("Mincorp"), a Sierra Leone incorporated gold exploration company.

 

Sierra Leone Opportunity

 

Mincorp holds interests in a small-scale artisanal gold operation (the
"Project") together with highly prospective exploration ground in the Eastern
Province of Sierra Leone. The Project is adjacent to the Boamahun Gold Mine, a
known gold deposit estimated to contain approximately 5.8 million ounces,
placing the licence within a well-endowed and proven gold belt.

 

The Board believes the Project offers a compelling combination of near-term
production potential and

significant district-scale exploration upside.

 

Under the terms of the MOU, GoldStone has agreed to acquire a 50%
interest in Mincorp through a subscription for new ordinary shares in Mincorp
for a total investment of £600,000, which will be funded from the proceeds
of the Company's recently completed equity fundraising.

 

Strategic Rationale

 

The investment is intended to fund the commissioning of mining and processing
equipment aimed at establishing an initial production rate targeted at
approximately 2 kilograms of gold per month, subject to operational
performance.

 

A phased approach has been designed to generate early operational cashflow
while providing a platform to advance systematic exploration across the
broader licence area in Sierra Leone.

 

GoldStone will assist and advise on operations, equipment and project
security.  The Company intends to work alongside MinCorp to implement
a phased technical programme, initially focussing on mining the gravels while
undertaking exploration aimed at exposing Kimber structure, from which a
broader exploration programme will be designed.

 

The Board believes the scale of the prospective corridor provides material
exploration upside alongside the initial small-scale production base.

 

Key Terms of the MOU

 

The principal terms of the MOU include:

·     MinCorp will issue and allot to GoldStone 1,000 new ordinary
shares, increasing MinCorp's issued share capital to 2,000 ordinary shares,
resulting in GoldStone holding 50% of the issued share capital on a fully
diluted basis.

·     MinCorp will pay GoldStone a one-off overriding royalty in
respect of 100% of the first 70 troy ounces of refined .9999 fine
gold derived from total gold production at the Project.

·     GoldStone will have a right of first refusal to purchase all
MinCorp gold offtake for 30 days from the date the gold is refined to .9999
fine.

·     GoldStone will nominate one director to the board of MinCorp,
subject to which the board of MinCorp is expected to comprise Augustine Sheku
(further detailed below) and Mike Jones, currently a Non-Executive Director of
Goldstone.

 

Development and Exploration Upside

 

The parties intend to initially operate the existing small scale mining
activity to generate early cashflow while simultaneously advancing
exploration.

 

The Project hosts:

 

·     multiple mineralised gravel occurrences;

·     highly oxidised gold-bearing outcrops; and

·     a prospective structural corridor interpreted to extend over
approximately 7 miles.

 

Early work undertaken by MinCorp on the gravels using rudimentary gravity
recovery methods indicates a grade of approximately 12 g/t, suggesting
potential for optimisation through improved processing technology.

 

About MinCorp Limited

 

MinCorp works through strategic partnerships to provide support, finance,
management and development of small scale operations, and is focused on the
acquisition, investment, and development of small-scale mineral licences
located within established mining districts. Its strategy is to identify
opportunities situated within, adjacent to, or along strike from major
producing mines or large, proven mineral reserves, where geological continuity
and existing infrastructure significantly enhance the potential for discovery
and development.

 

By targeting licences in known exploration corridors, MinCorp seeks to reduce
geological risk while leveraging the upside that often remains in
underexplored or fragmented licence areas surrounding major deposits.

 

Founded by Augustine Sheku (Managing Director, General Counsel - Sierra
Leone).  Augustine is the Senior State Counsel (Prosecutor) for Sierra Leone,
for the Southern Region. He served as lawyer to the Environment and Natural
Resources group of the Constitutional Review Committee of Sierra Leone. He has
legal expertise in all aspects pertinent to mining including mining rights,
licences and exportation. Augustine has excellent relationships with the
chiefdoms and traditional authorities in the mining areas of Sierra Leone and
with the senior management of the National Minerals Agency. He also has 12
years' experience of mining gold and diamonds in Southern Sierra Leone and
coordinates the Project's mining operation, licencing and exportation of the
gold produced.

 

Emma Priestley, Chief Executive Officer of GoldStone Resources Limited,
commented:

 

"We are pleased to have entered into this binding MOU with Mincorp, which
provides GoldStone with exposure to a highly prospective gold district in
Sierra Leone. The Project offers an attractive combination of near-term
production potential and significant exploration upside along a proven
mineralised trend adjacent to the Boamahun deposit. The Board believes the
Project has the potential to contribute to GoldStone's wider strategy of
building a self-funding exploration-from-production-business while
maintaining disciplined capital deployment, and we look forward to working
closely with the MinCorp team to advance the Project and unlock its wider
exploration potential"

 

 

For further information, please contact:

 

 GoldStone Resources Limited
 Emma Priestley / Mike Jones         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 Ltd

 Ana Ribeiro                         Tel: +44 (0)20 7236 1177

                                     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 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, with a particular focus on the highly prospective
Birimian Gold Belt.

 

 

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