GoldStone Resources Limited (LSE: GRL) is an AIM listed gold exploration and development company focused on projects in Ghana and Senegal.
GoldStone Resources was admitted to AIM on 25th March 2004 and raised £5.6 million in gross proceeds by placing 22.4 million ordinary shares at a share price of 25 pence each. Following the placing, GRL had a market capitalisation of £15.6 million.
In July 2023, the company had c. 498.5 million shares in issue and the GRL share price was trading at 2.15 pence per share giving the company a market value of c. £11 million.
Overview of the company’s assets
GoldStone’s main focus of operations is the Akrokeri-Homase (AKHM) project in Ghana which is located adjacent to the highly prospective Ashanti Gold Belt.
The Akrokeri-Homase licence is the company’s flagstone asset. It comprises two former mines and the latest JORC compliant estimate indicates a mineral resource of 602,000 oz gold with an average grade of 1.77g/t and approximately 82,000 oz of contained gold in the oxide ore.
In February 2020, GoldStone was awarded a ten-year mining licence for AKHM by the Ghanaian Ministry of Lands and Natural Resources.
GoldStone has also agreed a 2% royalty on all gold sales generated, less all costs etc to Cherry Hill Mining.
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