Goldstone Resources (GRL) H2 2024 earnings summary

Executive summary

• Achieved significant operational improvements at the Homase Gold Project, with production and recovery rates increasing in late 2024 and into 2025.

• Strengthened financial position through balance sheet improvements and key debt conversions, reducing financial pressure.

• Maintained a focus on optimizing production and expanding exploration at both Homase and Akrokeri, with ongoing civil works and heap leach expansions.

• Benefited from robust gold prices, supporting the business model and cash flow generation.

Financial highlights

• Revenue for 2024 was $4.95 million, up from $2.20 million in 2023, driven by higher gold production.

• Operating loss increased to $2.11 million (2023: $1.30 million), with a total comprehensive loss of $1.98 million (2023: $3.67 million).

• Net assets rose to $10.5 million at year-end 2024 (2023: $9.2 million).

• Cash and cash equivalents at year-end were $96k (2023: $121k).

• Loss per share was $0.007 (2023: $0.005).

Outlook and guidance

• Production at Homase is expected to increase incrementally through 2025, with ongoing expansion of heap leach pads and civil works.

• Exploration activities at Akrokeri are planned to expand, with updates forthcoming.

• The Board remains confident in meeting contractual obligations and raising further funding if required.