Shares in GoldStone Resources (AIM:GRL) fell 5% to 0.52p after the AIM-listed miner reported modest production at its Homase mine in Ghana and set out cautious guidance for the year ahead.
GoldStone produced 2,912 ounces of gold in 2025, generating about $10 million in revenue at an average realised price of $3,464 an ounce, comfortably above the average market price during the period. All output was sold.
Operations were hampered by unusually heavy rainfall, which disrupted mining and heap leach performance for around three months, and by an increased number of regulatory inspections.
While the inspections were passed, the company said they absorbed management time and slowed day-to-day activity.
The miner said it had continued to improve its processing infrastructure, completing a new screening and conveying system that should allow higher stacking rates during drier periods.
A new leach pad, the largest built at Homase to date, is due to be commissioned in the first quarter of 2026.
For the year ahead, GoldStone is targeting production of about 4,000 ounces, assuming average recoveries of 68%. All-in sustaining costs are expected to be between $2,500 and $2,900 an ounce.
The company said it has been self-funding since early 2023 and reduced historic liabilities by $2.5 million during the year. It added that extended loan terms from its major shareholder had eased near-term financial pressure.