£3.51 million Subscription and Total Voting Rights
Summary by AI BETAClose X
6 July 2026
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
£3.51 million Subscription and Total Voting Rights
GoldStone Resources Limited (AIM: GRL), the AIM-quoted gold producer and exploration company focused on Ghana, is pleased to announce that it has entered into a subscription agreement with Persistence Gold Group Ltd, ("Persistence") a Hong Kong-listed mining and investment company (HKEX:2489), pursuant to which Persistence has agreed to subscribe for 351,594,899 new ordinary shares in the Company (the "Subscription Shares") at a price of 1.0 pence per Subscription Share. The Subscription will raise gross proceeds of £3.51 million for the Company.
The Subscription represents a significant strategic investment in GoldStone and establishes a new relationship with an experienced international mining investor. On Admission, the Subscription Shares will represent, ceteris paribus, an interest of 20.96 per cent. in the Company's Ordinary Shares.
Use of Proceeds
The net proceeds of the Subscription will be used to:
· undertake an expanded drilling programme at the Homase Mine designed to increase and enhance the existing JORC Mineral Resource;
· progress exploration activities across the Company's licence portfolio;
· support mine planning and technical studies;
· strengthen the Company's working capital position; and
· associated general corporate and operational expenditure.
The Board believes that the expanded drilling programme has the potential to materially enhance the long-term value of the Homase Project and support future mine development opportunities.
Board Representation
In connection with the Subscription, Persistence Gold Group Ltd will have the right to nominate one representative to the Board of GoldStone for so long as Persistence retains an interest of 15 per cent. or more in the Company's Ordinary Shares.
Accordingly, Jeff Malaihollo is expected to be appointed as a Non-Executive Director of the Company following the admission of the Subscription Shares.
Dr. Malaihollo is an Executive Director of Persistence. He obtained a bachelor's degree in arts with a major in geological sciences from University of California, Santa Barbara in July 1987 and a doctor of philosophy degree from the University of London in December 1993. He is currently a fellow of each of the Australasian Institute of Mining and Metallurgy (FAusIMM), Geological Society of London and a member of each of the Geological Society of America. Dr. Malaihollo has served as director of several mining companies listed on AIM and on the ASX.
The Company will make the disclosures required under Rule 17 and Schedule 2(g) of the AIM Rules in respect of Dr Malaihollo on his appointment.
Relationship Agreement
The Company, Persistence and Strand Hanson Limited, the Company's Nominated Adviser, have entered into a relationship agreement, to provide certain safeguards to ensure, inter alia, that for so long as Persistence and its associates together are entitled to exercise or control the exercise of 15 per cent. or more of the issued share capital of the Company, GoldStone is capable of carrying on its business independently of Persistence as a substantial shareholder.
Admission
Application will be made for the 351,594,899 Subscription Shares to be admitted to trading on AIM ("Admission"). The Subscription Shares will rank pari passu in all respects with the Company's existing ordinary shares. Admission is expected to become effective at 8.00 a.m. on or around 13 July 2026.
Total Voting Rights
Following Admission, the Company's issued share capital will comprise 1,677,425,013 Ordinary Shares, each with one voting right. The Company does not hold any shares in treasury. Accordingly, the total number of voting rights in the Company will be 1,677,425,013, which shareholders may use as the denominator for the purposes of calculating their interests under the FCA's Disclosure Guidance and Transparency Rules.
Emma Priestley, Chief Executive Officer, commented:
"We are delighted to welcome Persistence Gold Group Ltd as a strategic shareholder in GoldStone. This investment provides the Company with significant financial flexibility to accelerate the next phase of development at Homase through an expanded drilling programme aimed at increasing and enhancing our JORC Mineral Resource. We also look forward to working closely with Jeff Malaihollo and the Persistence team as we continue to develop GoldStone into a leading African gold company."
About Persistence Gold Group Ltd
Persistence Gold Group Ltd (formerly known as 'Persistence Resources Group Ltd') was incorporated in the Cayman Islands on 21 May 2019. Persistence, through its wholly-owned subsidiary" Majestic Yantai Gold Ltd. (BVI)" ("Majestic Yantai BVI") has established Yantai Zhongjia Mining Co. Ltd, ("Yantai Zhongjia") in Yantai city of Shandong Province, China in which Majestic Yantai BVI owns 75% of Yantai Zhongjia and the balance of 25% of Yantai Zhongjia is owned by Yantai City Dahedong Mineral Processing Co. Ltd. ("Yantai Dahedong").
The Songjiagou operations comprise both open pit and underground mines and contain substantial gold mineral reserves and resources. As at 30 June 2023, based on the SRK Report under NI 43-101, the Songjiagou Open Pit Mine has Probable Mineral Reserves of approximately 22.6 million tonnes at an average grade of 1.17 g/t Au, together with Indicated and Inferred Mineral Resources of approximately 70.9 million tonnes at an average grade of approximately 1.0 g/t Au. The Songjiagou Underground Mine has Probable Mineral Reserves of approximately 530,000 tonnes at an average grade of 1.39 g/t Au, together with Indicated and Inferred Mineral Resources of approximately 4.65 million tonnes at an average grade of approximately 1.3 g/t Au.
In March 2025, Persistence and Majestic Yantai Gold Ltd. (BVI) became the 52% shareholder of Yantai Mujin Mining, which holds three underground mining licences covering the Denggezhuang, Chahe and Heiniutai mining areas. The principal Denggezhuang mining area contains Probable Ore Reserves of approximately 1.3 million tonnes at an average grade of 3.8 g/t Au, together with additional Indicated and Inferred Mineral Resources.
Collectively, these assets provide Persistence with a diversified portfolio of producing and advanced-stage development gold projects in one of China's principal gold mining regions, underpinning the Company's strategy of building a significant international gold mining business.
Appointment of Broker
The Company also announces the appointment of Strand Hanson Limited as its broker, with immediate effect.
For further information, please contact:
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GoldStone Resources Limited |
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Emma Priestley |
Tel: +44 (0)1534 487 757 |
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Strand Hanson Limited |
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James Dance / James Bellman |
Tel: +44 (0)20 7409 3494 |
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St Brides Partners Ltd Susie Geliher / Ana Ribeiro |
Tel: +44 (0)20 7236 1177 goldstone@stbridespartners.co.uk
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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.
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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