Goldstone Resources Limited (AIM: GRL), the AIM-quoted gold mining and exploration company focused on Ghana, West Africa, has announced the posting of a shareholder circular and AGM notice, alongside a significant gold loan interest conversion involving its substantial shareholder Asian Investment Management Services Limited. The company will issue 109,215,120 new ordinary shares to settle approximately £1.09 million of accrued interest, subject to shareholder approval at the AGM scheduled for 25 November 2026. The transaction has been classified as a related party transaction under AIM Rules, adding a layer of regulatory scrutiny that investors should monitor closely.

Key Points

  • Goldstone Resources Limited (AIM: GRL) — AIM-quoted gold mining, development and exploration company operating in Ghana, West Africa
  • 109,215,120 new ordinary shares to be issued at 1 penny each to settle 351.40 troy ounces of accrued gold loan interest, valued at approximately £1.09 million
  • AGM scheduled for 11.00 a.m. on Wednesday, 25 November 2026, at 8 Bishopsgate, London; Admission expected on or around 27 November 2026
  • Investors should watch for shareholder approval of Resolutions 9 and 10 at the AGM and AIMSL's resulting 28.3 per cent. stake in the enlarged company

Gold Loan Interest Settled in Equity at USD 4,200 Per Ounce Conversion Price

The announcement states that Asian Investment Management Services Limited (AIMSL) has agreed to accept settlement of all accrued interest under a gold loan agreement originally entered into on 19 June 2020. The accrued interest amounts to 351.40 troy ounces of gold, converted into approximately £1.09 million using an agreed price of USD 4,200 per ounce and an exchange rate of USD:GBP 0.74. Rather than a cash payment, this liability will be extinguished through the issuance of 109,215,120 new ordinary shares at 1 penny each, preserving the company's cash position while increasing its total share count materially.

AIMSL to Hold 28.3 Per Cent. of Goldstone Following AGM Resolutions

Subject to shareholders passing Resolutions 9 and 10 at the AGM, AIMSL will hold 506,183,972 ordinary shares in Goldstone, representing approximately 28.3 per cent. of the company's enlarged issued share capital of 1,786,640,133 ordinary shares. The transaction constitutes a related party transaction under Rule 13 of the AIM Rules for Companies due to AIMSL's status as a substantial shareholder. The company's directors — excluding Campbell Smyth, the AIMSL-nominated director who is not considered independent — have consulted Nominated Adviser Strand Hanson Limited and consider the terms fair and reasonable to shareholders.

Principal Gold Loan Balance of 1,871.31 Troy Ounces Remains Outstanding After Conversion

Following the interest conversion, the announcement confirms that only the principal amount of the gold loan — 1,871.31 troy ounces — will remain outstanding. Crucially, interest will not begin to accrue again on the gold loan until 1 January 2027, unless the loan is repaid before that date. This provides Goldstone with a temporary interest-free window on its principal balance, which may ease near-term financing pressure as the company continues gold production at its Homase Mine within the Akrokeri-Homase Gold Project in south-western Ghana.

Akrokeri-Homase Project Hosts 602,000-Ounce Gold Resource in Ghana's Birimian Gold Belt

Goldstone's core asset, the Akrokeri-Homase Gold Project, hosts a mineral resource of 10.6 million tonnes at an average grade of 1.77 grammes per tonne for 602,000 ounces of gold, reported under the JORC Code. The project lies within a 4.4 kilometre section of the Homase Trend in south-western Ghana and encompasses two historically productive mines. The company additionally holds an interest in a gold project in Sierra Leone. Investors will be watching the 25 November AGM closely, as the outcome of Resolutions 9 and 10 determines whether the interest conversion and associated share admission proceed as planned.