Business
Corporate and Operational Update
Corporate and Operational Update.
About this update from Goldstone Resources Limited
[{"type":"text","content":"\n\n19 September 2023\n \nGOLDSTONE RESOURCES LIMITED\n(\"GoldStone\" or the \"Company\")\n \nCorporate and Operational Update\n \nCorporate Update\nFurther to the Company's announcement of 27 June 2023, the Company notes that the audit of its final results for its financial year ended 31 December 2022 is ongoing, with the final results and Annual Report currently expected to be finalised and published within the next 2-3 weeks. The audit process is taking longer than expected, in part due to the fact that Moore Stephens Audit & Assurance (Jersey) Limited (\"Moore Stephens\"), as the Company's new auditor who started working at the beginning of June 2023, have needed, inter alia, to on-board the Company and the Company's Ghanaian subsidiary. In addition, an associate firm of Moore Stephens, based in Africa, was required to audit the Company's Ghanaian subsidiary. \n \nThe Board is also in ongoing discussions with Asia Investment Management Services Limited (\"AIMS\") with regard to seeking an appropriate extension to its secured gold loan facility which is currently scheduled to mature and fall due for settlement in full on 30 September 2023. AIMS has historically been supportive of the Company, and the Board is therefore confident of obtaining an extension in the coming weeks, however it is noted that there can be no certainty as to the outcome of these discussions and that, if an extension cannot be agreed, security over the Company's primary assets could potentially be enforced.\n \nThe Company's ordinary shares will remain suspended from trading until such time as it has satisfied the requirements of AIM Rule 19 with respect to the 2022 Annual Report. The Company also notes the requirements of AIM Rule 18 with regard to its interim results for the six-month period to 30 June 2023, which are required to be published by 30 September 2023. Preparation of the Company's interim results is underway, which are expected to be published shortly after publication of the abovementioned final results for the financial year ended 31 December 2022.\n \nOperational Update\nOn 27 January 2023, the Company set out its plans to improve production utilising the proceeds from the issue of its £2.4m Convertible Loan Note. The Company has subsequently made significant improvements to the existing dry p...