Update re Convertible Loan Note

Goldstone Resources Ltd

02 December 2024

 

2 December 2024

GOLDSTONE RESOURCES LIMITED

("Goldstone" or the "Company")

Update re Convertible Loan Note

Goldstone Resources Limited (AIM: GRL) announces that the Convertible Loan Note ("CLN") issued to Blue Gold International Limited ("BGL" or "Blue Gold") announced on 27 January 2023 was due for redemption on 30 November 2024. The CLN is unsecured and the total outstanding balance including accrued interest as at 29 November 2024 was £2.7m. Under the terms of the CLN, the Company has five business days from the redemption date to make final payment under the CLN. The Company is in ongoing discussions with the provider of the CLN and other parties in relation to a potential variation and extension to the terms of the CLN and will provide a further update in due course.

Whilst the Company expects to be able to renegotiate or otherwise refinance the CLN, there can be no guarantee that this will be achieved. The Board is taking appropriate professional advice regarding the company's trading position in the event that a solution cannot be achieved and the final payment under the CLN cannot be repaid or rescheduled prior to 9 December 2024.

For further information, please contact:  

GoldStone Resources Limited
Emma Priestley	Tel: [phone]
Strand Hanson Limited
James Dance / James Bellman	Tel: [phone]
S. P. Angel Corporate Finance LLP
Ewan Leggat / Charlie Bouverat	Tel: [phone]
St Brides Partners Ltd Susie Geliher	Tel: [phone]

About GoldStone Resources Limited

GoldStone Resources Limited (AIM: GRL) is an AIM quoted mining and development company with projects in Ghana that range from grassroots exploration to production.

The Company is focused on developing the Akrokeri-Homase project in south-western Ghana, which hosts a JORC Code compliant 602,000oz gold resource at an average grade of 1.77 g/t. The existing resource is confined to a 4km zone of the Homase Trend, including Homase North, Homase Pit and Homase South.

The project hosts two former mines, the Akrokerri Ashanti Mine Ltd, which produced 75,000 oz gold at 24 g/t recovered grade in the early 1900s, and the Homase Pit which AngloGold Ashanti developed in 2002/03 producing 52,000 oz gold at 2.5 g/t recovered. Production is currently focussed on the Homase Mine however it is the Company's intention to build a portfolio of high-quality gold projects in Ghana, with a particular focus on the highly prospective Ashanti Gold Belt.

 

END