Goldstone Resources (GRL) H2 2023 earnings summary

Executive summary

• Focused on improving operational performance at the Homase Gold Project and advancing corporate activities to resume AIM trading.

• Raised £2.4 million via convertible loan notes in January 2023 to invest in equipment and infrastructure.

• Mining and stacking recommenced in June 2023, with 1,257oz produced in 2023; production expected to increase in 2024.

• Standstill agreement on gold loan extended to December 2025, enabling corporate restructuring and new management appointments.

• Ongoing exploration at Homase and Akrokeri projects, with significant drilling results supporting further development.

Financial highlights

• Revenue for 2023 was $2.2 million, down from $8.9 million in 2022.

• Operating loss increased to $2.7 million in 2023 from $0.7 million in 2022.

• Net assets at year-end were $9.2 million, down from $12.8 million in 2022.

• Cash and cash equivalents at year-end were $121k (2022: $113k).

• No dividend declared for 2023.

Outlook and guidance

• Production at Homase Mine expected to increase in 2024, with 1,350oz produced to date in 2024.

• Board confident that recent fundraising and production rates will support ongoing operations.

• Additional capital may be sought to further increase production and exploration.