Operational Update

Goldstone Resources Ltd

07 January 2026

 

7 January 2026

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

Operational Update

GoldStone Resources Limited (AIM: GRL), the West African gold producer and developer, is pleased to provide an operational update for the year ended 31 December 2025 (the "Period").

Operations Overview

Operations have continued at the Company's Homase mine in Ghana. Gold production for the Period totalled 90.6 kilos of gold, equivalent to 2,912 troy ounces, all of which was sold during the Period (refined from 113 kilos of doré, equivalent to 3,640 ounces). This generated approximately US$10 million in revenue, at an average realised gold price of approximately US$3,464/oz - compared with a weighted average gold price of approximately US$3,325/oz during the Period.

Total material mined during the Period was approximately 744,000 tonnes, including approximately 144,000 tonnes of ore, which is consistent with the reported gold production.

Operations during the Period were impacted by a combination of increased frequency of regulatory inspections, all of which were dealt with in a professional and satisfactory manner, but nonetheless were time consuming and diverted management focus from routine operational activities, and an unusually heavy rainy season which resulted in three months of heavy rainfall.

The heavy rainfall disrupted mining operations and the stacking of agglomerated ore, and average stacked ore volumes reduced from approximately 36,000 tonnes per month to 14,000 tonnes per month. Leach performance was also affected during the Period due to increased solution dilution. 

Mining and Processing Plan

During the Period, the Company continued to advance its heap leach and processing infrastructure. A new screening and conveying system was completed and commissioned in December 2025, enabling stacking rates of up to 56,000 tonnes of agglomerated ore per month, providing increased operational flexibility.

Mining in 2026 will continue to focus on near-surface oxide material from the Homase Mine open pit operations. Ore will be sourced primarily from Pit 3, which the Company began mining in December 2025, following the completion of the Pit 1 pushback which gave access to approximately 100,000 tonnes of ore, which was completed during the Period.

The mining schedule has been restructured to maximise production during drier operational periods, with moderated mining and stacking rates during the wetter months to reduce the impact of rainfall on mining continuity, agglomeration and leach performance.  An additional intermediary pond has been included in the FY26 budget to further mitigate solution dilution.

Subject to permitting, and the further expansion of the heap leach pad area, the Company expects to mine approximately 250,000 tonnes of ore during FY26, at an average mined grade of approximately 1.0 g/t of gold.

Heap Leach Pad Capacity

Heap leach operations are dependent on favourable dry-season operating conditions, and are planned at an average stacking rate of approximately 36,000 tonnes per month, with the variations between 14,000 - 56,000 tonnes per month, consistent with historical performance,

During 2026, ore stacking will be supported by the existing leach pads together with Pad 6, which is currently under construction and scheduled for geomembrane lining and commissioning in Q1 2026. Pad 6 measures approximately 160 metres by 120 metres and represents the largest leach pad constructed at the Homase mine to date, providing additional stacking flexibility and operational resilience.

Production Guidance

Based on the planned mining and stacking profile, heap leach recovery characteristics of oxide material and the available leach pad capacity, the Company is targeting total gold production of approximately 4,000 ounces of gold in FY26.    

This guidance assumes average metallurgical recoveries of approximately 68%, in line with historical oxide performance and normal seasonal variability.

Financial Performance and Guidance

GoldStone has been self-funding since January 2023 and, during the Period, reduced its historical balance sheet liabilities by settling approximately US$2.5 million of historical creditor balances.

The Company achieved an average All-In Sustaining Cost ("AISC") of US$2,781 per ounce for the year to November 2025.

For FY26, AISC is expected to be approximately US$2,500 - US$2,900 per ounce reflecting:

·      Increased stacking and leach pad capacity

·      Improved equipment utilisation

·      Ongoing cost discipline

·      Seasonal rainfall adjustments

Capital Expenditure

Capital expenditure in respect of the Homase Mine during FY26 is expected to be limited and largely restricted to:

·      Completion and commissioning of Pad 6

·      Expansion of the adsorption plant

·      Construction of an intermediary pond to enhance recovery

·      Routine maintenance capital for mining and processing equipment

Community Engagement

The Mine Clinic, completed during the Period, is now fully operational and open to local communities. In addition, construction has commenced on a new community centre in Krodua village, reinforcing the Company's ongoing commitment to local development and stakeholder engagement.

Board Changes

As announced on 22 December 2025, the Company appointed two new directors to the Board. These appointments are intended to strengthen the Board's collective experience and support GoldStone as it advances its operational and corporate objectives.

Outlook

Despite operational challenges experienced during the Period, the Board believes that the Homase Mine is well positioned to deliver improved operational consistency in 2026. With mining access established, enhanced heap leach infrastructure in place and disciplined planning around seasonal conditions, the Company remains focused on maximising cash generation, strengthening its financial position.  This was supported by Asian Investment Management Services Ltd extending the Gold Loan maturity date to 31 December 2026 and the interest payments being frozen to 30 June 2026, as announced on 30 December 2025, which will help the Company in continuing to develop its resource base to deliver long-term value for shareholders.

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

"The past year has seen steady operational progress at our Ghanaian operation. While we faced challenges from numerous regulatory inspections and unusually heavy rainfall, resulting in operational disruptions, the team has continued to advance key infrastructure and improved the Company's financial position with the added support from our major shareholder Asian Investment Management Services Ltd.

"With the strengthening of the Board, the Company is well placed to continue focusing on operational stability and incremental improvements as we move into the next phase of development."

For further information, please contact:

GoldStone Resources Limited
Emma Priestley	Tel: [phone]
Strand Hanson Limited
James Dance / James Bellman	Tel: [phone]
S. P. Angel Corporate Finance LLP
Ewan Leggat / Charlie Bouverat	Tel: [phone]
St Brides Partners Ltd Ana Ribeiro	Tel: [phone] [e-mail]

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 in Ghana, with a particular focus on the highly prospective Ashanti Gold Belt.

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.

 

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