Member Info for Fr.Jack.Hackett

Mr booboo,

You stated : "I also believe the next Operational Update will show another material increase in Ounces produced based on improved feedstock going on to the Leaching Heaps. But that's just my own hunch."

Please note - your hunch is not in line with Emma's understanding in the last RNS : "is expected to maintain the Company's production profile through the remaining months of 2025".

But who believes anything EP puts in an RNS?

I am sure Emma P will be working for the organisation who holds the rights to the Homasa mine on the 1st jan 2026.

She has been instrumental in achieving an operational mine -funded with publically available monies - all fit and ready with little operational issues now (many of which have been had them over the last 4 years) - ready for the owners - little or no additional capital expenditure required.

- possible 12000oz/year production next year.

All this from a 2000 oz gold loan which she was so happy to take. Inflation has had its toil on 30 pieces of silver in the last 2000 years !!

Mr HarChris - maybe some good news for you with all the doom & gloom!!

Simple question into Google!!

Is goldstone resources GRL going to fold

Response: No, Goldstone Resources (GRL) does not appear to be folding; the company has provided recent operational updates showing continued gold production, plans for expanding its heap leach operations, and a positive operational outlook for the remainder of 2025, despite some financial challenges and liquidity concerns noted in earlier reports. The company is actively working on operational improvements and exploring funding options to support its future.

The issue is for me: they have always indicated a positive operational outlook!!

Mr loyaltrader,

" . . GRL Turn around in production is starting with pads 6 and 7 coming into action likely by early next year and gold at record prices.. . . "

- early next year - bit too late for GRL! GRL have developed the Homase mine with investment whilst a publicly listed company ($15m+) - now is perfect time for the main creditor to take the lot as debt default . Little bank debt, an operational mine - already producing and fully staffed - risk to AIMS now is very low (compared to previous years) - AIMS must be on the strong source tonight in Malaysia. But if they wait till next year - opportunity gone.

Your statement above . . . "coming into action likely by early next year and gold at record prices" . . . encourages them to do this - as on 31-Dec they can demand Emma to hand to them over 2000oz Au (not dore). Most on here agree the mine will be well profitable - despite low grade.

AIMS then have an operational mine - fully staffed - and probably put the wonderful Emma as the entity head - she deserves it - she's got them what they want.

Sure someone gonna 10 bag - suggest likely to be AIMS. Sorry to say this to PI. Suggest this is why BT was a little frustrated - suggest he agrees AIMS now have this golden opportunity.

Mr Loyaltrader, I maybe off the mark with my understanding, but I understood the gold loan was set at 2000oz at a fixed price of 1500 to GRL - for when GRL are drawing down on it hence $3m. The loan is still to be paid in gold or cash - at the election of AIMS.

- If gold is higher than $1500 - they will (assume) elect for gold; If gold is lower than $1500 - they will (again assume) take the cash ($1500). So if my understanding is correct - Mr HarChris would therefore be correct - as it will cost GRL over $7-8 m if gold is still at these price levels come december if they don't have the correct amount of bullion in stock.

Mr HarChris, earlier you said: ". . . To pay down anything we’ll need to be seeing around 600 dore ounces per month, a near doubling from here. . . ",

Did you read my posting on 6th Sept?

"

Latest gold pore (announced 2/9) was 355.6oz - it was stated this occurred in w/c 18 Aug - so for production from START of August (as July month production was stated in Results of AGM - so no partial July carry-over) to 18th of August (18 days - optimistic) - or up to 24th Aug.

Based on this - monthly production can be (optimistically) as high as 600 oz or down at 450 oz ! this is of dore so may apply an 80% purity (optimistic): 480 / 360

"

Https://www.barchart.com/stocks/quotes/CMCL.LN/opinion 100% buy

https://www.barchart.com/stocks/quotes/GGP.LN/opinion 56% buy

https://www.barchart.com/stocks/quotes/GRL.LN/opinion 88% sell

https://www.barchart.com/stocks/quotes/OMI.LN/opinion 100% buy

https://www.barchart.com/stocks/quotes/THS.LN/opinion 100% buy

https://www.barchart.com/stocks/quotes/SLP.LN/opinion 88% buy

- and with gold prices flying - GRL should be warning the market of excess profits (like CMCL) - instead some shareholders are living in fear of the next RNS - could make a good Stephen King story !

I suspect the gold price surge is the singularity keeping this company breathing on life-support for now - providing they can show concrete evidence and facts to the creditor (AIMs is all that matters) that production shall increase early next year (GRL have already confirmed it will not increase production this year - and they also need money to survive to year end stated in the Annual Report*).

* I just wonder if this recent increase in Au/oz since the AR may help GRL deal with AIMs as it equates to about 150 - 200k extra a month - and maybe this covers the extra dosh they need to survive till end of year.

Assume simple gold production is: Stacked Ore x Grade x Efficiency = Gold produced.

48kt x 1g/t x 0.65 (as conservative) = 975oz

In Ms Priestley last announcement she never confirm they are achieving 48,000 tonnes stack, but they have confirmed they achieved this in the past (Nov & Dec 24). She also never confirmed the actual gold grade - she does refer to the pit's average grade of 1g/t - so will have to use this. Efficiency of 65% recovery - is low but I understand this value has been stated in the past (but prob expect higher now) - will use 65% to keep the hole small:

Latest gold pore (announced 2/9) was 355.6oz - it was stated this occurred in w/c 18 Aug - so for production from START of August (as July month production was stated in Results of AGM - so no partial July carry-over) to 18th of August (18 days - optimistic) - or up to 24th Aug.

Based on this - monthly production can be (optimistically) as high as 600 oz or down at 450 oz ! this is of dore so may apply an 80% purity (optimistic): 480 / 360

So - to make up the numbers I have the following (for 480 / 360 oz month):

Actual Stacked ore can be as low as: 23kt / 17.7kt

Actual Grade/t can be as low as: 0.5g / 0.37 g

Actual efficiency can be as low as: 32% / 24%

Actual hole in the fence big enough to fit: 495oz / 615oz

- Choose your option.

- It also is probably a harlequin mixture of the above.

". . .so unless they already have that gold sitting in the inventory. . .",

if they do have - then you will be able to see the party at Mr HarChris house at the international space station - and maybe also by the stranded astronaut!

https://news.sky.com/story/elderly-woman-conned-by-romance-scammer-posing-as-stranded-astronaut-13424162

Mr KennyP,

". . Or am I being far too cynical!?. . ", I suggest one of two things:

1) maybe you're not being cynical enough - and Ms Priestley had this in the board and AIMs sights all along - and she (or they) have played a blinder with PI's.

2) it is just total incompetence from a team that have displayed the same each year for 5 years.

Take your pick.

30 Dec 2022

-5,153 troy ounces of gold produced and sold to date from the Homase Mine

-Gold loan repayments from gold via the delivery of 675 troy ounces to Asia Investments Management Services Limited ("AIMS"), have been delivered.

8 Jul 2024

-On track to increase production to deliver the planned 50,000 tonnes of stacked and agglomerated ore, targeting gold-production of 1,000oz pcm within six months

11 Nov 2024

-Remain on schedule to meet the Company's target of 1,000 ounces gold production per month from January 2025, from 48,000 tonnes of stacked agglomerated ore per month.

18 June 2025

-Strong 2025 production at the Homase Mine in south-western Ghana ("Homase"), with 72.9 kilograms of gold doré, equivalent to approximately 2,343 ounces of gold doré poured in 2025 as at 31 May 2025, averaging 468 ounce of gold doré per month.

15 Jan 2025

-with gold production expected to reach our 1,000 ounces per month target in Q1 2025.

1 Jul 2025 - from AR

will require additional funds and/or funding facilities in order to fully develop its business, which is a follow on from the delays and problems encountered with production and permitting, and for the exploration to expand the resource.

2 September 2025

- gold production continues to progress encouragingly, with 11.06 kilograms of gold doré, equivalent to approximately 355.6 ounces of gold doré poured during the w/c 18 August 2025.

-the Company continues to focus on delivering 48,000 tonnes of agglomerated stacked ore per month

-operations and gold production remain on a positive trajectory

" . . . if they fail to do this then surely their positions are untenable. . . ",

Suggest that ship has already sailed - no matter what outcome occurs - but EP I think does have some positive connection with AIMS which is probably useful for now if AIMS are involved in any additional funding.

Still suggest GRL has a lot of mist, fog and mirrors:

". . . the Company confirms that it produced approximately 213.7 troy ounces in July 2025. . .", what about June - is that figure also included in the same figure ? Is it 213.7 ozs since the last RNS stated pour which was mid May I think ? If so maybe its even less than 100oz/month! GRL's wonderful CEO need to come up with a short-term and mid-term plan that all parties can scrutinise - including PIs to identify if there is any value left in this outfit - to show its not throwing good spondoolies after after bad.

I still think the only reasonable solution is the consolidate some or all of the the gold-loan into a NSR as I mentioned a few days ago - providing the operation is viable.

Mr Rax,

The increase in AISC does appear high and as it is a sustaining cost - it is to maintain current production levels: $1,805 v $1,485 : $320 increase.

For a 80kozpa = $25m off the margin.

Mr HarChris,

I think thats the difference in opinion factor - for me - it was clear statement they cannot continue to function without tapping the market for more.

When I look at Goldstone - I see Gold-Loan - and I suggest most other potential investors also see this company swamped by debt from this gold-loan (as well as inability to mine). I have often commented on MCAP v goldloan which suspect many on here do not like.

I do not know a way out of this predicament, but suspect Ms Priestley has kept her Malaysian tourists well stocked-up with activities during their GRL gap year venture - taking them to all the hidden-gem dark sordid tourist spots never advertised but every taxi will take you to. I am sure they have enjoyed their venture in GRL - and Emma keeping them happy -- they have previously extended the gold-loan to GRLs benefit!! :)

I wonder if it is feasible for the now Talented Ms Priestley to get her Malaysian tourist to swap the gold-loan into a net smelter return.

-At least it will appear debt free. It may also encourage further investment to increase production.

There could be caveats for the NSR such as a limit amount or future buy-back under conditions .

I would also suggest this may be a way for EP to keep her position (for now) - as outside of AIMS I am sure nobody would believe a word EP says or will give GRL another ringgit!!

Mr HarChris,

You stated . . "most concerning part for me is the supposed comments from Emma at the AGM saying that they were not in a position to reach the 1000 ounce target anymore without further funding. . . "

But this was clearly stated in the Annual Report (page 35) and something I made clear to you specifically in my posting on 30 June 20:35:

". . The financial models and projections prepared by the Board, in order to monitor cash flow, demonstrate that the Group, in common with many businesses engaged in the early stages of development, will require additional funds and/or funding facilities in order to fully develop its business, which is a follow on from the delays and problems encountered with production and permitting, and for the exploration to expand the resource.. . "

Correction:

Debt now 2.5xMCAP

Maybe EP has a stop loss at 3xMCAP and will leave then ! Which investment firm is going to deal with such a character? Suggest AL was more of a figurehead - the damage is all under EP. The numbers of votes in the AL - I don't even think Ms AL voted for herself !!

Mr NigelBonger,

If you opt for option 1 - suggest review some of my previous posts and comparisons I made to another African miner. Still risks - but the board is professional and provide quarterly progress reports - and been paying about 5% dividends for last 5 years - whilst expanding activities from 80koz (now) to 230koz (after).

Correction:

Debt now 2xMCAP