Goldstone Resources Limited

Notable vs. Peers

• Financials score of 1/10 is weaker than the peer average of 6.5/10.
• Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7.8/10.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · Ghana EPA granted the environmental permit for the Homase South Pit within the Akrokeri-Homase (AKHM) project, the final key permit (alongside the mining operating permit and water use permit) required before construction/mining could proceed -- reported February 12, 2021, following the 10-year Mining Lease's Parliamentary Ratification on December 22, 2020. Exact grant day not independently confirmed from available sourcing -- recorded reached-but-undated. · Source
2. Construction decision (FID)

   Mar 2020 · No release titled 'Board approves construction' or 'FID' was found; the clearest dated, sourced instance of the board committing capital specifically to construct (rather than explore/permit) is Goldstone's Mar 16, 2020 RNS 'Funding of up to US$4.3m to commence production' (US$3.0m secured gold loan plus US$1.3m of bonds with warrants), which states the funds will let Goldstone 'move forward rapidly with the development of the Homase South Pit and the construction of a low cost cyanide heap leach facility,' targeting production in H2 2020 (independently re-fetched and confirmed from investegate.co.uk). This followed completion of Goldstone's Definitive Economic Plan (feasibility study) for AKHM, announced June 27, 2019. Same financing-commits-capital-to-construction convention already used for this campaign's DMET/Zancudo CONSTRUCTION_DECISION row (Trafigura prepayment facility) and MUX/Stock Mine. · Source
3. Construction start

   Reached — date not disclosed · Construction of the elution plant and smelt house at Homase began in September 2021. Exact day not confirmed from available sourcing -- recorded reached-but-undated. · Source
4. First pour / production

   Nov 2021 · GoldStone Resources completed its first commercial gold pour at the Homase open pit mine, Ashanti Gold Belt, Ghana -- 14.46kg of gold bars from the first smelt. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached (a real milestone), but imprecisely dated across sources: Goldstone completed its first commercial gold pour at the Homase Mine (Ashanti Gold Belt, Ghana) during the commissioning of its Smelt House, reported in a range of late November 2021 to January 2022 across different sources with no single corroborated exact day. Left null rather than guess between the conflicting reported dates. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.