Goldstone Resources (GRL) AI Stock Analysis

• Market Cap: £10.92M
• Dividend Yield: N/A
• Average Volume (3M): 2.32M
• Price to Earnings (P/E): ―
• Beta (1Y): -0.11
• Revenue Growth: 93.10%
• EPS Growth: -150.00%
• Country: UK
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): N/A
• Shares Outstanding: 949,189,800
• 10 Day Avg. Volume: 1,089,646
• 30 Day Avg. Volume: 2,315,892
• PEG Ratio: -0.09
• Price to Book (P/B): 0.87
• Price to Sales (P/S): 1.85
• P/FCF Ratio: -3.50
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: 1.00p ▲(81.82% Upside)

The score is held back primarily by weak fundamentals—loss-making performance, deteriorating gross margin, negative free cash flow, and higher leverage—despite strong revenue growth. Technicals are the main offset, with a clear uptrend and supportive momentum indicators. Valuation remains challenged because the company is unprofitable and no dividend yield is available.

Positive Factors

Revenue Growth

Sustained near-doubling of revenue signals meaningful commercial progress converting exploration/development into sales. Over the medium term this supports scaling operations, securing buyer relationships, and funding development if cost control and cash conversion improve.

Strategic Resource Focus

Concentration on gold in West Africa provides structural advantage: high-potential mineral endowments, established regional mining ecosystems, and focused technical expertise. This niche positioning supports long-term reserve build-up and project pipeline development.

Balanced Asset Structure

A relatively stable equity ratio implies assets are not over-levered and provides a degree of financial resilience. This balanced structure helps preserve capacity to raise project finance, withstand commodity cycles, and limit dilution when executing development plans.

Negative Factors

Weak Profitability

Sharp gross margin compression and negative operating profitability show revenue gains are not being converted to sustainable earnings. Persistent margin erosion undermines reinvestment capacity and increases dependency on external capital to fund growth or capex.

Rising Leverage

Higher leverage reduces financial flexibility and elevates servicing risk, particularly with negative earnings and cash flow. Over months this can constrain capital allocation, increase funding costs, and force asset sales or equity raises if operating performance doesn’t improve.

Negative Free Cash Flow

Negative FCF and weak operating cash coverage mean core operations aren’t generating surplus capital for development or debt repayment. This structural cash shortfall raises refinancing risk and could necessitate dilutive financing or curtailment of long-term project investments.

Goldstone Resources Business Overview & Revenue Model

Company Description

Goldstone Resources Limited, through its subsidiaries, engages in the exploration and development of gold and associated elements in West and Central Africa. It holds 100% interest in the Akrokeri-Homase Gold project located in Ghana. The company was incorporated in 1998 and is based in Saint Helier, Jersey.

How the Company Makes Money

Goldstone Resources generates revenue primarily through the extraction and sale of gold. Its revenue model is centered on mining operations that convert gold ore into marketable products. The company earns money by selling gold directly to refineries or through contracts with buyers in the commodities market. Key revenue streams include sales of gold from its operational mines and potential royalties from exploration projects. Additionally, strategic partnerships with local governments and mining services companies can enhance operational efficiency and reduce costs, further contributing to the company’s earnings.

Goldstone Resources Financial Statement Overview

Summary

Strong revenue growth (+89.81%) is a positive, but profitability is weak with negative net profit/EBIT margins and a sharp gross margin decline (57.39% to 24.69%). Balance sheet leverage has risen (debt-to-equity 0.90) with negative ROE, and cash flow quality is pressured by minimal operating cash flow vs. net income and negative free cash flow.

Income Statement

Goldstone Resources has shown significant revenue growth of 89.81% in the latest year, indicating a positive trajectory. However, the company is struggling with profitability, as evidenced by negative net profit and EBIT margins. The gross profit margin has decreased from 57.39% to 24.69%, highlighting potential cost management issues.

Balance Sheet

The company's debt-to-equity ratio has increased to 0.90, suggesting rising leverage, which could pose financial risks. Return on equity remains negative, reflecting ongoing losses. However, the equity ratio is relatively stable, indicating a balanced asset structure.

Cash Flow

Operating cash flow has improved but remains minimal compared to net income, resulting in a low operating cash flow coverage ratio. Free cash flow is negative, and the free cash flow to net income ratio is unfavorable, indicating cash flow challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	7.52M	4.95M	2.20M	8.90M	0.00	0.00
Gross Profit	3.85M	1.22M	1.26M	3.16M	0.00	0.00
EBITDA	1.81M	-1.88M	-1.01M	109.52K	-722.91K	-562.54K
Net Income	-5.49M	-4.15M	-2.69M	-674.41K	-2.25M	-643.04K
Balance Sheet
Total Assets	21.65M	24.16M	22.15M	21.07M	23.83M	17.68M
Cash, Cash Equivalents and Short-Term Investments	319.09K	95.78K	121.43K	113.31K	336.52K	701.38K
Total Debt	6.01M	9.50M	6.57M	2.91M	4.81M	5.83M
Total Liabilities	13.23M	13.63M	12.93M	8.28M	7.84M	6.83M
Stockholders Equity	11.99M	10.53M	9.22M	12.78M	16.00M	10.85M
Cash Flow
Free Cash Flow	-3.60M	-2.62M	-2.93M	-972.15K	-6.64M	-4.90M
Operating Cash Flow	-960.03K	49.48K	-1.75M	621.64K	-1.02M	-236.95K
Investing Cash Flow	-2.60M	-2.67M	-1.18M	-1.59M	-5.62M	-4.67M
Financing Cash Flow	2.66M	2.63M	2.94M	748.94K	6.28M	5.52M

Goldstone Resources Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.55
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:GRL, the sentiment is Positive. The current price of 0.55 is below the 20-day moving average (MA) of 0.76, below the 50-day MA of 0.58, and below the 200-day MA of 0.58, indicating a bullish trend. The MACD of 0.22 indicates Negative momentum. The RSI at 61.85 is Neutral, neither overbought nor oversold. The STOCH value of 50.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:GRL.

Goldstone Resources Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
GRL	52 Neutral	£10.92M	-2.38	-47.73%	―	93.10%	-150.00%
CGNR	51 Neutral	£11.93M	-76.25	-2.46%	―	―	―
PALM	48 Neutral	£5.94M	-1.60	-91.05%	―	―	―
HAMA	46 Neutral	£5.20M	-0.96	-86.67%	―	―	―

Goldstone Resources Corporate Events

GoldStone Raises £2m and Restructures Liabilities to Accelerate Ghana Gold Exploration

GoldStone Resources has convened an extraordinary general meeting and has conditionally raised £2.0 million through a subscription for 200 million new shares at 1 penny each, with accompanying warrants, in a move designed to strengthen its balance sheet and accelerate exploration at the Homase Mine in Ghana while also funding evaluation of gold opportunities outside Ghana, including advanced discussions over a potential investment in Sierra Leone. In parallel, major shareholder AIMS is converting approximately £1.45 million of accrued interest under a gold loan into equity, directors are converting around half of their unpaid fees into shares, and an adviser is being paid partly in equity, transactions that collectively increase the company’s enlarged share capital to 1.32 billion shares, reduce cash outflows, deepen stakeholder alignment and leave AIMS with just under 30% of the company, signalling strong internal and investor support for GoldStone’s growth strategy.

The most recent analyst rating on (GB:GRL) stock is a Hold with a £0.46 price target. To see the full list of analyst forecasts on Goldstone Resources stock, see the GB:GRL Stock Forecast page.

GoldStone Targets Higher Output from Homase as New Leach Capacity Comes Onstream

GoldStone Resources reported 2025 gold production of 2,912 ounces from its Homase mine in Ghana, generating about US$10 million in revenue despite disruptions from an unusually heavy rainy season and frequent regulatory inspections that constrained mining and stacking rates. The company has completed new screening and conveying infrastructure, is constructing its largest heap leach pad to date, and has restructured its mine plan to prioritise dry-season output, underpinning FY26 guidance of around 4,000 ounces at an all-in sustaining cost of US$2,500–US$2,900 per ounce. GoldStone remains self-funded, has reduced historical creditor balances, expects modest capital expenditure focused on leach pad and processing upgrades, and is investing in community facilities, while board changes and extended loan terms from a major shareholder are intended to support operational stability, cash generation and long-term value creation.

The most recent analyst rating on (GB:GRL) stock is a Hold with a £0.60 price target. To see the full list of analyst forecasts on Goldstone Resources stock, see the GB:GRL Stock Forecast page.

GoldStone Wins Year-Long Extension and Interest Freeze on Gold Loan

GoldStone Resources has secured an amendment to its gold loan agreement with Asian Investment Management Services, extending the loan’s maturity by a year to 31 December 2026 and freezing interest payments for six months to 30 June 2026. Management frames the revised terms as a supportive move by its major creditor that eases near-term cash flow pressures at the Homase Mine, enhances working capital flexibility in a favourable gold price environment, and gives the company more headroom to stabilise operations and advance its wider development plans in Ghana.

The most recent analyst rating on (GB:GRL) stock is a Hold with a £0.54 price target. To see the full list of analyst forecasts on Goldstone Resources stock, see the GB:GRL Stock Forecast page.

GoldStone Resources bolsters board with two independent non-executive directors

GoldStone Resources has strengthened its board by appointing two independent non-executive directors, Richard Kofi Amegashie and Michael Jones, bringing in a blend of international strategic, commercial and technical mining expertise. Amegashie adds three decades of cross-industry experience in strategic development, operations and commercial leadership with global blue-chip firms, while Jones contributes deep operational, engineering and capital markets credentials from senior roles in mine management, mining investment banking and consulting. The company’s chairman said the appointments come at an important stage for GoldStone, bolstering governance and board capabilities as the group pursues disciplined execution and long-term value creation for shareholders and other stakeholders across its Ghanaian gold portfolio.

The most recent analyst rating on (GB:GRL) stock is a Hold with a £0.39 price target. To see the full list of analyst forecasts on Goldstone Resources stock, see the GB:GRL Stock Forecast page.