GoldStone Resources Limited (LSE:GRL) said it produced 2,912 ounces of gold in 2025 from its Homase mine in Ghana, generating revenue of roughly US$10 million. Output was affected by an unusually prolonged rainy season and a higher frequency of regulatory inspections, which limited mining activity and slowed ore stacking during the year.
Since year end, the company has completed new screening and conveying installations and is in the process of building its largest heap leach pad to date. In parallel, the mine plan has been revised to place greater emphasis on maximising production during the dry season. These changes underpin GoldStone’s guidance for the 2026 financial year of around 4,000 ounces of gold, with all-in sustaining costs expected to fall in the range of US$2,500 to US$2,900 per ounce.
GoldStone said operations continue to be self-funded, with historical creditor balances reduced and capital expenditure kept modest, focused mainly on leach pad expansion and processing improvements. The group is also investing in local community facilities around Homase. Recent board changes, together with extended loan terms agreed with a major shareholder, are intended to support operational continuity, strengthen cash generation and help build longer-term value.
From a market perspective, the outlook remains constrained by loss-making operations, pressure on gross margins, negative free cash flow and increased leverage, despite the step-up in revenue. Technical indicators offer some support, with the shares trading above key moving averages and a positive MACD, although a very elevated RSI points to potentially stretched momentum. Valuation metrics provide limited comfort given the negative price-to-earnings ratio and the absence of dividend guidance.
More about GoldStone Resources
GoldStone Resources Limited is an AIM-listed gold producer and developer focused on the Akrokeri–Homase project in south-west Ghana, within the Ashanti Gold Belt. Its portfolio spans exploration through to production, with current output centred on the Homase Mine. The wider project hosts a JORC-compliant gold resource of 602,000 ounces across a 4km stretch of the Homase Trend, encompassing Homase North, Homase Pit and Homase South, and builds on a history of mining at the former Akrokerri and Homase operations.
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