Sierra Leone Update

Goldstone Resources Ltd

02 June 2026

 

2 June 2026

GOLDSTONE RESOURCES LIMITED

("Goldstone" or the "Company")

Sierra Leone Update 

GoldStone Resources Limited (AIM: GRL) is pleased to announce recent progress at MinCorp SL, a private company in Sierra Leone developing several small-scale gold mining licences (the "Licences"), in which GoldStone holds a 50% equity interest.

MinCorp SL's mining licences are contiguous to the Baomahun Gold Mine, a known gold deposit estimated to contain approximately 5.8 million ounces, with early work indicating grades of approximately 12 g/t.

Overview

·    Significant progress made in establishing operations on site since the initial March 2026 investment.

·    Preparatory works have included the installation and commissioning of a wash plant.

·    Visible coarse gold was identified during the wash plant commissioning process which provides encouragement regarding the potential of the licence area.  

·    An excavator has been deployed to improve access, clear vegetation and prepare the site for the commencement of small-scale mining and processing activities.        

·    GoldStone has seconded local management and technical personnel to support MinCorp SL during the establishment of mining and processing activities and to assist with the ongoing optimisation of the operations.

·    GoldStone will receive 100% of revenue derived from sales for the first 70 troy ounces of refined gold from the Licences, in accordance with the terms of the MOU, as previously announced.

Emma Priestley, CEO, commented:

"We are pleased with the speed at which our investment in MinCorp SL which is in the process of being deployed, as well as the strong progress made in establishing operations on site.

"While the commissioning process remains ongoing and the material has not yet been sampled and monitored under controlled operating conditions, the identification of visible coarse gold through the wash plant is nonetheless a highly encouraging indicator of the licences' potential. We are eager to complete commissioning and commence small scale mining production.

"We believe this investment in Sierra Leone complements our existing production asset in Ghana and aligns with our strategy of expanding our operational footprint in West Africa. We look forward to providing further updates from both operations in the coming weeks."

Further Information

The wash plant has been established and commissioned, and the excavator is currently excavating test trenches adjacent to the existing stream bed.  This work is designed to identify the principal gold-bearing horizons within the widespread alluvial soils and gravels and has also exposed sections of the underlying consolidated regolith, locally referred to as "kimber reef" which will be determined for mineralisation through future exploration which will be supported by Sierra Leone's National Minerals Agency.

During this establishment/commissioning phase, material was processed through the wash plant, using gravity recovery techniques. Whilst the material processed was not sampled or monitored under controlled conditions and therefore cannot be used to determine grade, the results indicated the presence of visible coarse gold and provide encouragement regarding the potential of the licence area.

As operations progress, future processing campaigns will be undertaken on a more systematic basis to provide additional information on the gold content of the material, optimise recovery methods and support mine planning.

GoldStone has also seconded local management and technical personnel to support Mincorp SL during the establishment of the operation.  The team brings extensive expertise in the start-up and development of small- and medium-scale mining projects, together with expertise in operational management, community engagement and gold security.  In addition, GoldStone will provide geological support to complement the work previously and currently undertaken by Sierra Leone's National Minerals Agency.

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 Susie Geliher / 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, 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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