Aim-listed GoldStone Resources has reported gold production at its Homase mine, in Ghana, of 90.6 kg of gold, equivalent to 2 912 oz, for the year ended December 31, all of which was sold during the period – refined from 113 kg of doré, equivalent to 3 640 oz.

The company says this generated about $10-million in revenue, at an average realised gold price of about $3 464/oz.

Total material mined during the period was about 744 000 t, including about 144 000 t of ore, which the company says is consistent with the reported gold production.

GoldStone explains that operations during the period were impacted by a combination of increased frequency of regulatory inspections, all of which were dealt with in a professional and satisfactory manner, but, nonetheless, were time consuming and diverted management focus from routine operational activities.

Additionally, the company says an unusually heavy rainy season resulted in three months of heavy rainfall.

GoldStone says the heavy rainfall disrupted mining operations and the stacking of agglomerated ore, and average stacked ore volumes reduced from about 36 000 t a month to 14 000 t a month.

Leach performance was also affected during the period owing to increased solution dilution.

MINING AND PROCESSING PLAN

During the period, GoldStone notes that it continued to advance its heap leach and processing infrastructure.

The company says a new screening and conveying system was completed and commissioned in December, enabling stacking rates of up to 56 000 t of agglomerated ore a month, providing increased operational flexibility.

The company notes that mining in 2026 will continue to focus on near-surface oxide material from the Homase mine openpit operations.

GoldStone says ore will be sourced primarily from Pit 3, which the company began mining in December, following the completion of the Pit 1 pushback which gave access to about 100 000 t of ore, which was completed during the period.

The company notes that the mining schedule has been restructured to maximise production during drier operational periods, with moderated mining and stacking rates during the wetter months to reduce the impact of rainfall on mining continuity, agglomeration and leach performance. 

An additional intermediary pond has been included in the 2026 financial year budget to further mitigate solution dilution.

Subject to permitting, and the further expansion of the heap leach pad area, the company says it expects to mine about 250 000 t of ore during the 2026 financial year, at an average mined grade of about 1 g/t of gold.

HEAP LEACH PAD CAPACITY

GoldStone explains that heap leach operations are dependent on favourable dry-season operating conditions, and are planned at an average stacking rate of about 36 000 t a month, with the variations between 14 000 t to 56 000 t a month, consistent with historical performance.

During this year, the company says ore stacking will be supported by the existing leach pads together with Pad 6, which is currently under construction and scheduled for geomembrane lining and commissioning in the first quarter of this year.

The company says Pad 6 measures about 160 m by 120 m and represents the largest leach pad built at the Homase mine to date, providing additional stacking flexibility and operational resilience.

PRODUCTION GUIDANCE

Based on the planned mining and stacking profile, heap leach recovery characteristics of oxide material and the available leach pad capacity, the GoldStone says it is targeting total gold production of about 4 000 oz of gold in the 2026 financial year.   

The company explains that this guidance assumes average metallurgical recoveries of about 68%, in line with historical oxide performance and normal seasonal variability.

FINANCIAL PERFORMANCE

GoldStone says it has been self-funding since January 2023 and, during the period, reduced its historical balance sheet liabilities by settling about $2.5-million of historical creditor balances.

The company says it has achieved an average all-in sustaining cost (AISC) of $2 781/oz for the year to November 2025.

For the 2026 financial year, GoldStone says, AISC is expected to be about $2 500/oz to $2 900/oz reflecting increased stacking and leach pad capacity; improved equipment utilisation; ongoing cost discipline; and seasonal rainfall adjustments.

GoldStone notes that capital expenditure in respect of the Homase mine during the 2026 financial year is expected to be limited and largely restricted to the completion and commissioning of Pad 6; the expansion of the adsorption plant; construction of an intermediary pond to enhance recovery; and routine maintenance capital for mining and processing equipment.

OUTLOOK

Despite operational challenges experienced during the period under review, GoldStone says the board believes the Homase mine is well positioned to deliver improved operational consistency this year.

With mining access established, enhanced heap leach infrastructure in place and disciplined planning around seasonal conditions, the company says it remains focused on maximising cash generation, strengthening its financial position. 

The company says this was supported by Asian Investment Management Services extending the gold loan maturity date to December 31, 2026, and the interest payments being frozen to June 30, this year, as announced on December 30, 2025, which the company says will help it in continuing to develop its resource base to deliver long-term value for shareholders.

"The past year has seen steady operational progress at our Ghanaian operation.

“While we faced challenges from numerous regulatory inspections and unusually heavy rainfall, resulting in operational disruptions, the team has continued to advance key infrastructure and improved the Company's financial position with the added support from our major shareholder Asian Investment Management Services,” says GoldStone CEO Emma Priestley.