Operational Update and Growth Strategy
Summary by AI BETAClose X
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 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 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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 1 minute ago M&G
- 10 minutes ago Frasers Group
- 16 minutes ago BT Group
- 29 minutes ago CLS Holdings
- 36 minutes ago British American Tobacco