Goldstone Resources Limited AIM:GRL
- Incorporated
- Jersey
- Chief executive
- Emma Priestley (Emma K Priestley)
- Reports in
- USD
Read straight from the annual reports
0.5c at close on 8 Oct 2026 · 12 reported years, 2014–2025
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USD millions, negatives in brackets. Per-share lines in cents, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
5 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
GoldStone Resources mines gold at its Homase site in Ghana. In 2025 its revenue more than doubled to $11.2m, from $5.0m the year before, as production increased, but its loss widened to $9.5m from $4.2m. Selling more gold lifted the profit on its sales, though mining and processing costs also rose. The main reason for the bigger loss was $6,333,075 of finance costs on a loan the company must repay in gold: as gold prices rose, so did the cost of that loan. The company ended the year with $435k of cash and $11.6m of borrowings, essentially all of it the gold loan. It raised $6.8m by selling new shares and paid no dividend. Management says it enters 2026 with a strengthened platform, aiming to grow production and find more gold, and has since raised more money and won more time to repay the loan. But the report warns of serious doubt over whether the company can keep going without further funding and the lender's continued support; if the loan is not repaid or rescheduled, the lender could take its main assets.
Gold doré sales from the Homase heap leach operation
Revenue of $11,165,365 (2024: $4,951,071) comprised gold doré $11,149,046 and silver doré $16,319, from 2,912.27 oz gold and 375.82 oz silver sold
page 49Ore stacked and recovery/grade at Homase
163,313 tonnes of ore stacked at average grade 1.07 g/t; 2,912.2 troy ounces of gold produced; GIP of 74.2kg within the heap leach circuit
page 6Processing costs and mining costs within cost of sales
Processing costs rose to $2,618,348 (2024: $1,011,526) and mining costs to $1,390,067 (2024: $355,738) as production ramped up
page 51Finance costs on gold loan (fair value movement on embedded derivative/interest)
Finance costs of $6,333,075 (2024: $2,039,118), described as loan derivative and interest attributable to fair value movements on the AIMSL gold loan due to open market gold prices
page 52Looking ahead, the Company enters 2026 with a strengthened platform and clearer strategic direction... building on a historic established JORC resource for long-term value creation.
page 4Equity fundraise of approximately £2 million (USD 2.6m) completed following EGM held 6 February 2026; proceeds allocated to working capital, exploration at Homase, and strategic investment (incl. Sierra Leone)
page 7Directors do not recommend a dividend for the year ended 31 December 2025 (2024: US$ nil); no dividends proposed or declared in either period
page 13Financial statements prepared on a going concern basis subject to material uncertainty (net current liabilities $11.2m, available cash $435k, continuing losses, reliance on AIMSL gold loan standstill/deferrals and future funding). Auditor Moore Stephens Audit and Assurance (Jersey) Limited gave an unmodified (unqualified) opinion but drew attention to the material uncertainty related to going concern in an Emphasis of Matter-type paragraph; Key Audit Matters: going concern, risk of management override of controls, existence/valuation of the producing mine, related party transactions, valuation/completion of inventory, valuation of the rehabilitation provision, and risk of fraud in revenue recognition. No material issues noted in any KAM area.
page 25- Going concern / funding and liquidity risk: net current liabilities of $11.2m, available cash of $435k, continuing losses and reliance on gold loan standstill and future fundraisingp.36
- Secured gold loan default/enforcement risk: if the AIMSL gold loan principal (1,871.31 oz) and accrued interest (801.40 oz) cannot be repaid or rescheduled, security over the Company's primary assets could be enforcedp.12
- Development and mining risk: production schedules may not be achieved due to equipment failure, process inefficiencies, external disruptions; sensitivity to gold price fluctuations, recovery rate variability, inflation and supply chain constraintsp.9
- Country and political risk: operations concentrated in Ghana (and prospectively Sierra Leone) subject to legal, regulatory, economic and political risk, including the new Ghana Gold Board Act (GoldBod)p.9
Read from C000553-AR-2025-website.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Company website (10)
FY2026Next report expected 6 Jul 2027