Like peers, the gold explorer has been hit hard by the sharp fall in the gold price. The knock-on effect has been that explorers and junior miners have struggled to raise new funding. GoldStone responded by focusing on cash conversion, keeping its licenses in good standing, and avoiding selling any projects.
Its pretax loss narrowed to
Last month, the company said it planned to raise gross proceeds of
"The funds raised through the
It said it is also considering joint ventures for some of its projects, including Sangola, where it now has extensive data from Randgold's exploration activities, as well as its projects in
"If momentum is gained through our relationship with
The company's projects include majority stakes in the Homase and Akrokerri project in
GoldStone did manage to drill the Oyem and Ngoutou licences during its last financial year. The Ngoutou project's best results included 16 metres at 1.3 grams per tonne of gold, including 2 metres at 5.6 grams per tonne, 33.5 metres at 0.4 grams per tonne and 32 metres at 0.4 grams per tonne.
The Oyem project's best results included 2 metres at 5.3 grams per tonne, including 1 metre at 9.5 grams per tonne and 2.2 metres at 4.5 grams per tonne, including 1 metre at 9.1 grams per tonne. Under the terms of a co-existence agreement, GoldStone will receive a 1% royalty on any iron ore produced by partner
GoldStone shares were down 4.4% at
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