GoldStone Resources (LSE:GRL) Beneish M-Score: -2.25 (As of Jun. 24, 2026)


What is GoldStone Resources Beneish M-Score?

GoldStone Resources LSE:GRL Beneish M-Score is -2.25 as of Jun. 24, 2026. The stock has 4 warning signs investors should review. Among 685 Metals & Mining companies, GoldStone Resources ranks worse than 51.39% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.25 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for GoldStone Resources's Beneish M-Score or its related term are showing as below:

LSE:GRL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.25   Med: -2.25   Max: -2.25
Current: -2.25

During the past 13 years, the highest Beneish M-Score of GoldStone Resources was -2.25. The lowest was -2.25. And the median was -2.25.

GoldStone Resources Beneish M-Score Historical Data

* Premium members only.

The historical data trend for GoldStone Resources's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

GoldStone Resources Beneish M-Score Chart

GoldStone Resources Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 -2.25

GoldStone Resources Semi-Annual Data
Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 -2.25 0.00

LSE:GRL vs NEM, AU: Beneish M-Score Comparison

For the Gold subindustry, GoldStone Resources's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

GoldStone Resources Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, GoldStone Resources's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where GoldStone Resources's Beneish M-Score falls into.


GoldStone Resources Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of GoldStone Resources for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.5401+0.528 * 2.3234+0.404 * 0+0.892 * 2.2558+0.115 * 1.2791
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.173799-0.327 * 0.9502
=-2.25

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was £0.55 Mil.
Revenue was £3.92 Mil.
Gross Profit was £0.97 Mil.
Total Current Assets was £2.96 Mil.
Total Assets was £19.11 Mil.
Property, Plant and Equipment(Net PPE) was £16.16 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.19 Mil.
Selling, General, & Admin. Expense(SGA) was £0.00 Mil.
Total Current Liabilities was £9.99 Mil.
Long-Term Debt & Capital Lease Obligation was £0.00 Mil.
Net Income was £-3.28 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £0.04 Mil.
 Total Receivables was £0.45 Mil.
Revenue was £1.74 Mil.
Gross Profit was £1.00 Mil.
Total Current Assets was £2.27 Mil.
Total Assets was £17.62 Mil.
Property, Plant and Equipment(Net PPE) was £15.35 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.23 Mil.
Selling, General, & Admin. Expense(SGA) was £0.00 Mil.
Total Current Liabilities was £9.69 Mil.
Long-Term Debt & Capital Lease Obligation was £0.00 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(0.547 / 3.916) / (0.449 / 1.736)
=0.139683 / 0.258641
=0.5401

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(0.996 / 1.736) / (0.967 / 3.916)
=0.573733 / 0.246936
=2.3234

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (2.958 + 16.156) / 19.114) / (1 - (2.274 + 15.35) / 17.623)
=0 / -5.7E-5
=0

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=3.916 / 1.736
=2.2558

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(0.228 / (0.228 + 15.35)) / (0.187 / (0.187 + 16.156))
=0.014636 / 0.011442
=1.2791

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(0 / 3.916) / (0 / 1.736)
=0 / 0
=1

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((0 + 9.985) / 19.114) / ((0 + 9.689) / 17.623)
=0.522392 / 0.549793
=0.9502

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-3.283 - 0 - 0.039) / 19.114
=-0.173799

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

GoldStone Resources has a M-score of -2.25 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.25 mean?
GoldStone Resources (LSE:GRL) has a Beneish M-Score of -2.25 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on GoldStone Resources and its competitors. According to the industry distribution chart, GoldStone Resources ranks #352 out of 685 companies in the Metals & Mining industry, placing it in the top 51.4%.
Is GoldStone Resources' Beneish M-Score too high?
GoldStone Resources' current Beneish M-Score is -2.25. Based on the distribution chart, GoldStone Resources ranks #352 out of 685 companies in the Metals & Mining industry, which is below the industry midpoint.
How does GoldStone Resources' Beneish M-Score compare to NEM and AU?
According to the Metals & Mining industry distribution chart, GoldStone Resources ranks #352 out of 685 companies for Beneish M-Score. This places GoldStone Resources in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Metals & Mining company?
A good Beneish M-Score depends on the Metals & Mining industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on GoldStone Resources and its competitors. GoldStone Resources's current Beneish M-Score is -2.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is GoldStone Resources stock overvalued right now?
Based on GuruFocus' analysis, GoldStone Resources (LSE:GRL) is currently considered Possible Value Trap. The stock's GF Value™ is £0.02, compared to a current price of £0.01 — trading 72.5% below its estimated fair value. The current Beneish M-Score is -2.25. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For GoldStone Resources (LSE:GRL), the current Beneish M-Score is -2.25 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

GoldStone Resources Business Description

Other Exchanges GVL1:Germany
Address 41 The Parade, 2nd Floor, International House, Saint Helier, JEY, JE2 3QQ
GoldStone Resources Ltd is an exploration company. Its primary activity is the exploration and mining of gold and associated elements. The company projects include the Akrokeri and Homase Licences (Ghana). It has two reportable segments: Exploration and Corporate.