1 March 2024
GOLDSTONE RESOURCES
LIMITED
("Goldstone", the "Company"
or, together with its subsidiaries, the "Group")
Corporate
Update
Further to the Company's
announcement of 3 January 2024, the Board notes that it continues
to pursue the raising of additional funds to provide working
capital for the group's operational development and to settle
various balances due to the Company's outstanding creditors in
order to facilitate publication of the 2022 Accounts and Interim
Results on a going concern basis.
The Board believes it is making
positive progress in this regard and expects to be able to provide
a further update during the course of the next 10 days. It is noted
than any equity funding arrangements are expected to be conditional
on shareholder approval at a general meeting of the Company and
that there can be no guarantee such additional funding arrangements
can be concluded.
The Group's consolidated unaudited
current cash position is approximately $0.5m, with current
liabilities of approximately $11.2m, comprising approximately $4.8m
in relation to the Gold Loan (which is subject to the Standstill
Agreement announced on 3 January 2024), approximately $3.0m in
respect of the convertible loan note issued to Blue Gold
International Limited due for repayment on 30 November 2023, and a
variety of smaller creditors totalling approximately $3.4m of which
the vast majority are overdue for repayment. Accordingly, in the
event that the Company is unable to procure sufficient additional
funding to fund its ongoing operations, partially settle balances
due to the Group's overdue creditors, and reach suitable repayment
agreements with such creditors, the Company may be unable to
continue as a going concern and trading in the Company's Ordinary
Shares on AIM may be cancelled.
The Company's Ordinary Shares will
remain suspended from trading and further updates will be provided
as appropriate in due course.
Defined terms used in this announcement shall have the same
meanings as in the Company's announcement dated 3 January 2024
unless otherwise defined herein.
- ENDS -
For
further information, please contact:
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GoldStone Resources Limited
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Emma Priestley
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Tel: +44 (0)1534 487 757
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Strand Hanson Limited
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James Dance / James
Bellman
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Tel: +44 (0)20 7409 3494
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S.
P. Angel Corporate Finance LLP
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Ewan Leggat / Charlie
Bouverat
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Tel: +44 (0)20 3470
0501
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St
Brides Partners Ltd
Susie Geliher / Max
Bennett
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Tel: +44 (0)20 7236 1177
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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.