Goldstone Resources (GRL) H1 2024 earnings summary

Executive summary

• Produced 1,333.81 ounces of gold in H1 2024, a significant increase from 124.80 ounces in H1 2023, driven by infrastructure upgrades at the Homase Mine.

• Focused on ramping up production to 1,000 ounces of doré per month by January 2025, with ongoing optimization and expansion of heap leach capacity.

• Strengthened financial position through additional funding, deferral of secured gold loan repayment to December 2025, and successful fundraising.

• Board changes included the appointment of Campbell Smyth, bringing extensive capital markets experience.

• Continued exploration along the Homase Trend and within Akrokeri and Homase prospecting licenses to add further gold resources.

Financial highlights

• Revenue for H1 2024 was $2.61 million, up from $245,425 in H1 2023.

• Gross profit reached $1.26 million in H1 2024, compared to a gross loss in H1 2023.

• Operating loss narrowed to $1.01 million in H1 2024 from $3.10 million in H1 2023.

• Net loss for H1 2024 was $2.41 million, an improvement from $3.71 million in H1 2023.

• Cash and cash equivalents increased to $788,802 at 30 June 2024 from $265,092 at 30 June 2023.

Outlook and guidance

• Targeting monthly gold production of 1,000 ounces from January 2025, supported by infrastructure and operational upgrades.

• Ongoing exploration and drilling programs to expand resource base and unlock further value at Akrokeri-Homase.

• Optimistic about growth prospects, leveraging a resilient gold market.