GoldStone Resources (LSE:GRL) has started a 2,000-metre reverse circulation drilling campaign at its Homase Mine in Ghana as part of plans to strengthen future gold production. The programme will focus on the proposed Pit 5 and Pit 6 oxide deposits, with the objective of improving the definition of near-surface mineralisation, refining resource models and supporting mine planning while increasing confidence in recoverable reserves across the Homase Trend.
Drilling Targets Mine Life and Resource Growth
The latest exploration programme forms part of GoldStone’s wider strategy to increase its available mining inventory and provide greater operational flexibility along the Homase structural corridor, which extends for more than four kilometres.
During the six months ended 30 June 2026, the company produced approximately 46.43 kilograms of doré gold and sold 1,214.4 ounces. Although operations were affected by Ghana’s seasonal rains, GoldStone continued investing in infrastructure upgrades designed to improve production efficiency and reduce weather-related disruptions.
Processing Plant Upgrades Aim to Improve Recovery Rates
To enhance operational performance, the company is installing higher-capacity pumps, upgrading its adsorption circuit and expanding heap leach pad capacity. GoldStone is also adding new mining equipment to improve plant reliability and increase gold recovery rates as production ramps up.
Management believes these investments will strengthen the resilience of operations while supporting more consistent output in the future.
Financial Challenges Remain Despite Operational Progress
While operational development continues, GoldStone’s financial outlook remains constrained by widening losses and ongoing cash outflows, despite improving revenue. The absence of earnings and dividend payments also limits valuation support.
Technical indicators present a more balanced picture, with the share price trading above its major moving averages and the relative strength index remaining moderately positive. However, weaker momentum reflected by a negative MACD suggests investor sentiment remains mixed.
About GoldStone Resources
GoldStone Resources is an AIM-listed gold exploration, development and production company focused on projects in Ghana and West Africa. Its flagship Akrokeri-Homase project hosts a JORC-compliant gold resource of 602,000 ounces across a four-kilometre section of the Homase Trend, covering the Homase North, Homase Pit and Homase South deposits, together with two historic mining areas.
In addition to operating the Homase heap leach mine in Ghana, the company is pursuing further regional growth through a 50% interest in a gold project in Sierra Leone located adjacent to the Boamuhun Gold Mine.
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