Half-year Results
H1 2025 gross profit up 200% to $3.9m; 2,917 ounces gold produced; loss of $3.8m due to high finance costs.
- Revenue $6,706,161 (prior $2,606,521)
- Gross profit $3,889,521 (prior $1,260,340)
- Loss before tax $(3,756,033) (prior $(2,414,090))
- Gold produced to August 2025 2,917 ounces
- Agglomerated ore delivered to heap leach 48,000 tonnes per month
- Cash at period end $437,262 (prior $95,782)
Select text to share a quote on X · sign in to keep highlights & notes in your GRL notes
GoldStone Resources Limited (AIM: GRL), the AIM quoted gold exploration and development company focused on bringing the Homase Mine within its Akrokeri-Homase Gold Project ("AKHM") in Ghana into production, announces its unaudited interim results for the six-month period ended 30 June 2025 (the "Period").
HIGHLIGHTS
- Produced 2,917 ounces of gold to the end of August 2025.
- Significant infrastructure upgrades, paid from cashflow, have enhanced long-term capacity.
- Focus on delivering production targets with 48,000 tonnes per month of agglomerated ore delivered to the heap leach pads.
- Gross profits in the period increased by more than 200% versus H1 FY24, supported by the strong gold price during the period.
- Liabilities reduced with the successful conversion of the Loan Note on 28 January 2025.
- Cambell Smyth, who brings over 30 years of experience in fund management, capital markets, and corporate finance, appointed as Interim Chairman.
CHIEF EXECUTIVE'S STATEMENT
The first half of 2025 has been one of steady but determined progress for Goldstone, as we look to build on the operational and financial achievements of H2 2024 and deliver on our near-term production targets. Whilst the past 6 and 12 months have presented challenges for the board and management, I feel tremendous pride when I look at what has been achieved in recent months at Homase, and the continued promise of what can be delivered at both the Homase open pit and the Akrokeri underground mine in the longer term.
Post-period, the Board has seen a change in leadership with Angela List stepping down and Campbell Smyth assuming the role of Interim Chairman. We thank Angela for her efforts during her time as Chair, and welcome Campbell to his expanded role as we continue to execute our strategy.
Gold production continued to progress during the period. As announced on 2 September 2025, the Company poured 11.06 kilograms (approximately 355.6 ounces) of gold doré, underlining our ability to maintain steady production as we optimise our operations.
Expansion of our heap leach facilities also continues to move forward with the engineering design is complete, the construction permit pending, and the Company have ordered and paid for the geotextile and geomembrane liner, with delivery anticipated by the end of the month. This expansion will provide the additional capacity needed to support sustained growth throughout the remaining months of 2025 and into 2026.
Operationally, our focus remains on delivering 48,000 tonnes of agglomerated stacked ore per month. Together with the recommencement of mining at Pit 1, maintaining an average grade of 1 g/t, this strategy is expected to support our production profile through the remainder of 2025.
Looking ahead, we remain confident in the fundamentals of our assets and our ability to execute our growth plans. We thank our employees and partners for their hard work and commitment, and our shareholders for their continued support as we move through this growth and ramp up phase.
Emma K Priestley
Chief Executive Officer
| in united states dollars | notes | 6 months ended 30 June 2025 | 6 months ended 30 June 2024 | year ended 31 December 2024 | |||
|---|---|---|---|---|---|---|---|
| unaudited | unaudited | audited | |||||
| continuing operations | |||||||
| revenue | 6,706,161 | 2,606,521 | 4,951,071 | ||||
| cost of sales | (2,816,640) | (1,346,181) | (3,728,443) | ||||
| gross profit | 3,889,521 | 1,260,340 | 1,222,628 | ||||
| administrative expenses | (4,673,263) | (2,267,398) | (3,334,027) | ||||
| administrative operating loss | (783,742) | (1,007,058) | (2,111,399) | ||||
| finance costs | (2,972,291) | (1,407,032) | (2,039,118) | ||||
| loss before and after tax from continuing operations | 5 | (3,756,033) | (2,414,090) | (4,150,517) | |||
| Items that may be reclassified subsequently to profit and loss: foreign exchange translation movement | 2,905,674 | (1,407,196) | 2,166,209 | ||||
| total comprehensive loss for the period/year | (850,359) | (3,821,286) | (1,984,308) | ||||
| loss per share from operations | |||||||
| basic and diluted earnings per share attributable to the equity holders of the company during the period/year (expressed in cents per share) | 4 | (0.004) | (0.005) | (0.007) | |||
| Consolidated statement of changes in equity | |||||||
| for the 6 months ended 30 June 2025 | |||||||
| in united states dollars | share capital ordinary shares | share capital deferred shares | share premium | foreign exchange reserve | capital contribution reserve | accumulated deficit | total equity |
| balance as at 1 January 2024 | 6,865,393 | 6,077,013 | 35,218,946 | (6,910,817) | 555,110 | (32,584,552) | 9,221,093 |
| total loss for the period | - | - | - | - | - | (2,414,090) | (2,414,090) |
| translation movement | - | - | - | (1,407,196) | - | - | (1,407,196) |
| share issue in period | 1,909,504 | - | - | - | - | - | 1,909,504 |
| balance as at 30 June 2024 | 8,774,897 | 6,077,013 | 35,218,946 | (8,318,013) | 555,110 | (34,998,642) | 7,309,311 |
| total loss for the period | - | - | - | - | - | (1,736,427) | (1,736,427) |
| translation movement | - | - | - | 2,982,009 | - | 591,396 | 3,573,405 |
| share issue in period | 1,330,652 | - | 56,275 | - | - | - | 1,386,927 |
| balance as at 31 December 2024 | 10,105,549 | 6,077,013 | 35,275,221 | (5,336,004) | 555,110 | (36,143,673) | 10,533,216 |
| total loss for the period | - | - | - | - | - | (3,756,033) | (3,756,033) |
| translation movement | - | - | - | (859,565) | - | 3,765,239 | 2,905,674 |
| share issue in period | 2,484,720 | - | 4,267,838 | - | - | - | 6,752,558 |
| balance as at 30 June 2025 | 12,590,269 | 6,077,013 | 39,543,059 | (6,195,569) | 555,110 | (36,134,467) | 16,435,415 |
| Consolidated statement of cash flow | |||||||
| for the 6 months ended 30 June 2025 | |||||||
| in united states dollars | 6 months ended 30 June 2025 | 6 months ended 30 June 2024 | year ended 31 December 2024 | ||||
| unaudited | unaudited | audited | |||||
| cash flow from operating activities | |||||||
| operating loss for the period/year before and after | (3,756,033) | (2,414,090) | (4,150,517) | ||||
| tax adjusted for: | |||||||
| - finance costs | 2,972,291 | 1,407,032 | 2,039,118 | ||||
| - depreciation | 312,420 | 182,912 | 236,220 | ||||
| - gold loan settlement | - | (671,474) | - | ||||
| - foreign exchange differences | (684,417) | 202,931 | 3,635,014 | ||||
| - changes in working capital | (1,035,818) | 110,647 | (1,710,351) | ||||
| net cash (used in)/generated from operating activities | (2,191,557) | (1,182,042) | 49,484 | ||||
| cash flow from investing activities | |||||||
| acquisition of property, plant and equipment | (33,152) | (65,567) | (2,670,952) | ||||
| disposals of property, plant and equipment | - | 5,475 | - | ||||
| disposals of producing mine | 48,547 | - | - | ||||
| net cash (used in)/generated from investing activities | 15,395 | (60,092) | (2,670,952) | ||||
| cash flow from financing activities | |||||||
| gold loan | 2,244,646 | - | 2,593,343 | ||||
| repayment from bond issues | (2,972,291) | 1,909,504 | (3,602,879) | ||||
| proceeds from loan notes | (3,507,271) | - | 338,116 | ||||
| proceeds from share issues | 6,752,558 | - | 3,296,431 | ||||
| net cash generated from financing activities | 2,517,642 | 1,909,504 | 2,625,011 | ||||
| net increase in cash and cash equivalents | 341,480 | 667,370 | 3,543 | ||||
| cash and cash equivalents at beginning of the period/year | 95,782 | 121,432 | 121,432 | ||||
| effect of exchange rate fluctuations on cash held | - | - | (29,193) | ||||
| cash and cash equivalents at end of the period/year | 437,262 | 788,802 | 95,782 | ||||
Notes to the unaudited consolidated financial statement
General information
The unaudited interim financial information set out above does not constitute statutory accounts. The information has been prepared on a going concern basis in accordance with the recognition and measurement criteria of UK-adopted International Accounting Standards. Except as described below, the accounting policies applied in preparing the interim financial information are consistent with those that have been adopted in the Group's 2024 audited financial statements. Statutory financial statements for the year ended 31 December 2024 were approved by the Board of Directors on 30th June 2025 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified. The Directors approved these unaudited condensed interim financial statements on 26th September 2025.
The business is not subject to seasonal variations. No dividends have been paid in the period (2024: US$ Nil).
Risks and uncertainties
The key risks that could affect the Group's short and medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group's 2024 Annual Report and Financial Statements, a copy of which is available on the Company's website: www.goldstoneresources.com.The Group's key financial risks are the availability of adequate funding and foreign exchange movements.
- Critical accounting estimates and judgements
- Earnings per share
| in united states dollars | 6 months ended 30 June 2025 | 6 months ended 30 June 2024 | year ended 31 December 2024 |
|---|---|---|---|
| unaudited | unaudited | audited | |
| loss attributable to shareholders (in USD) | (3,756,033) | (2,414,090) | (4,150,517) |
| weighted average number of ordinary shares | 903,874,832 | 524,811,666 | 621,591,869 |
| basic and diluted earnings per share (in USD) | (0.004) | (0.005) | (0.007 ) |
Operating segments
information about reportable segments for the year ended 31 December 2024
| in united states dollars | exploration | corporate | total |
|---|---|---|---|
| reportable segment revenue | 4,951,071 | - | 4,951,071 |
| reportable segment cost of sales | (3,728,443) | - | (3,728,443) |
| reportable segment expenditure | (1,425,009) | (3,948,136) | (5,373,145) |
| reportable segment loss | (202,381) | (3,948,136) | (4,150,517) |
| reportable segment non-current assets | 20,424,671 | - | 20,424,671 |
| reportable segment current assets | 3,695,316 | 44,069 | 3,739,385 |
| total reportable segment liabilities | (3,431,081) | (10,199,759) | (13,630,840) |
information about reportable segments for the period ended 30 June 2025
| in united states dollars | exploration | corporate | total |
|---|---|---|---|
| reportable segment revenue | 6,706,161 | - | 6,706,161 |
| reportable segment cost of sales | (2,816,640) | - | (2,816,640) |
| reportable segment expenditure | (2,898,217) | (4,747,337) | (7,645,554) |
| reportable segment profit/(loss) | 991,304 | (4,747,337) | (3,756,033) |
| reportable segment non-current assets | 23,686,947 | - | 23,686,947 |
| reportable segment current assets | 5,966,949 | 15,954 | 5,982,903 |
| total reportable segment liabilities | (3,917,475) | (9,316,960) | (13,234,435) |
information about reportable segments for the period ended 30 June 2024
| in united states dollars | exploration | corporate | total | |
|---|---|---|---|---|
| reportable segment revenue | 2,606,521 | - | 2,606,521 | |
| reportable segment cost of sales | (1,346,181) | - | (1,346,181) | |
| reportable segment expenditure | (1,233,449) | (2,440,981) | (3,674,430) | |
| reportable segment profit / (loss) | 26,891 | (2,440,981) | (2,414,090) | |
| reportable segment non-current assets | 17,696,604 | - | 17,696,604 | |
| reportable segment current assets | 2,175,523 | 476,192 | 2,651,715 | |
| total reportable segment liabilities | (6,716,086) | (6,322,922) | (13,039,008) | |
| 6. Property, plant and equipment | ||||
| in united states dollars | gold samples | plant and equipment and motor vehicles | producing mine | total |
| Cost | ||||
| 1 January 2024 | 4,570 | 1,994,762 | 18,232,010 | 20,231,342 |
| transfers additions disposals exchange movement | - - - - | (587,725) 750,528 (104,225) (145,431) | 587,725 2,024,649 - (1,294,181) | - 2,775,177 (104,225) (1,439,612) |
| 31 December 2024 | 4,570 | 1,907,909 | 19,550,203 | 21,462,682 |
| transfers | - | 147,006 | (147,006) | - |
| additions disposals exchange movement | - - - | 33,152 - 453,268 | - (48,547) 3,136,823 | 33,152 (48,547) 3,590,091 |
| 30 June 2025 | 4,570 | 2,541,335 | 22,491,473 | 25,037,378 |
| in united states dollars | gold samples | plant and equipment and motor vehicles | producing mine | Total |
| Depreciation | ||||
| 1 January 2024 | - | 643,668 | 158,123 | 801,791 |
| charge for the year eliminated | - | 184,540 - | 51,680 - | 236,220 - |
| 31 December 2024 | - | 828,208 | 209,803 | 1,038,011 |
| charge for the period eliminated | - - | 286,580 - | 25,840 - | 312,420 - |
| 30 June 2025 | - | 1,114,788 | 235,643 | 1,350,431 |
| Net Book Value | ||||
| 31 December 2024 | 4,570 | 1,079,701 | 19,340,400 | 20,424,671 |
| 30 June 2025 | 4,570 | 1,426,547 | 22,255,830 | 23,686,947 |
| 7. Borrowings | ||||
| in united states dollars | 6 months ended 30 June 2024 | 6 months ended 30 June 2024 | year ended 31 December 2024 | |
| unaudited | unaudited | audited | ||
| gold loan | 8,237,842 | 3,399,853 | 5,993,196 | |
| derivative | - | 2,299,319 | - | |
| loan notes | - | 3,169,155 | 3,507,271 | |
| current borrowings | 8,237,842 | 8,868,327 | 9,500,467 | |
| total borrowings | 8,237,842 | 8,868,327 | 9,500,467 | |
Gold Loan
The Company entered into a loan agreement with Asian Investment Management Services Limited ("AIMSL") in June 2020, for a gold loan of up to 2,000 troy ounces of gold at a price of US$1,500 per troy ounce, equating to a value of US$3.0 million before expenses. AIMSL and the Company have agreed to extensions over the periods since the inception of the Gold Loan.
On 3 January 2024, the Company announced a Standstill Agreement with AIMSL, which provided the Company with a deferment for the repayment of the gold loan to 31 December 2025. A total of 675 oz (21 kilos) of gold has been paid to AIMSL in respect of the Gold Loan, to the date of signing this report
As at 30 June 2025, the outstanding principal of the Gold Loan stands at 1,871.31 troy ounces, with accrued interest to date of 642.93 troy ounces.
Post Period End
There are no subsequent events.
Availability of interim report
The interim report is available on the Company's website www.goldstoneresources.com.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.