TIDMWSBN

RNS Number : 9655A

Wishbone Gold PLC

28 September 2022

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR

28 September 2022

Wishbone Gold Plc

("Wishbone" or the "Company")

Wishbone Gold Plc / Index: AIM: WSBN / Sector: Natural Resources / AQSE: WSBN

Unaudited Interim Results

Chairman's Statement

Wishbone Gold Plc has pleasure in announcing its interim results for the period ended 30 June 2022. Shareholders are reminded that these results are unaudited and based on the Company's management accounts.

General Background

We continued our expansion into Western Australia with the acquisition of the Cottesloe EPM in March 2021. This expanded our portfolio in WA to just under 160 sqkm. We also added a southern extension to the Wishbone EPMs (Wishbone VI) in Queensland ("QLD") in August 2021 bringing the Wishbone portfolio in the Ravenswood area to 174 sqkm. We also retain the 37.2 sqkm at White Mountains in QLD further north from Ravenswood.

We are now drilling our main exploration targets at Red Setter in Western Australia and our Wishbone tenements in Queensland.

Interim Operation Highlights

Heritage Surveys

After almost two years, the WA border reopened on March 2022. Following the reopening, we managed to get Heritage surveys completed on target drilling areas at Red Setter and commenced surveys at Cottesloe. We also completed all necessary Heritage surveys in Queensland. Heritage Surveys are a continuing process but we are now well ahead of requirements.

Drilling In Western Australia

Before the reopening of WA we managed only a limited amount of exploration work at Red Setter so the full program did not start until May 2022. This is now going well and the combination of the recent gravity survey with the earlier magnetic survey will enable improved focusing on future drill targets.

Drilling In Queensland

The completion of all necessary Heritage surveys in Queensland enabled drilling to start at Wishbone II in June. Initial results from this program were announced in the RNS dated xx

Interim Financial Highlights

At the end of the period under review, the accounts show that Wishbone held cash balances totalling GBP2,375,022 (December 2021: GBP3,002,547). Administrative costs, excluding interest during the period, were GBP384,823 (June 2021: GBP510,378).

The Company continues its strategy of exploration on its properties in Australia. In conclusion I would like to thank you all: staff, shareholders and advisers for your hard work and support. We will continue to announce news as soon as we are allowed by regulations to do so.

Richard Poulden

Chairman

28 September 2022

For more information on Wishbone, please visit the Company's website.

www.wishbonegold.com .

For further information, please contact:

 
 Wishbone Gold PLC 
 Richard Poulden, Chairman               Tel: +971 4 584 
                                          6284 
 
 Beaumont Cornish Limited 
 (Nominated Adviser and AQUIS Exchange 
  Corporate Adviser) 
 Roland Cornish/Rosalind Hill Abrahams   Tel: +44 20 7628 
                                          3396 
 
 
 Peterhouse Capital Limited 
 (Broker) 
 Lucy Williams and Duncan Vasey          Tel: +44 20 7469 
                                          0930 
 
 
 Wishbone Gold PLC 
 
 Consolidated Income Statement 
 for the period 1 January 2022 to 30 June 2022 
                                                     Unaudited                Unaudited                      Audited 
                                                    Six Months               Six Months                   Year Ended 
                                                      Ended 30                 Ended 30                  31 December 
                                                     June 2022                June 2021                         2021 
                                                           GBP                      GBP                          GBP 
 
 Interest Income                                             -                        -                       17,605 
 Administration expenses                                     -                        -                      (9,901) 
                                   ---------------------------  -----------------------  --------------------------- 
 
 Income/(Loss) from discontinued 
  operations                                                 -                        -                        7,704 
 
 Continuing Operations 
 
 Other Income                                                -                   28,932                            - 
 Interest Income                                             -                        -                       16,340 
 
 Administration expenses                             (384,823)                (510,378)                  (1,184,152) 
                                   ---------------------------  -----------------------  --------------------------- 
 
 Operating loss                                      (384,823)                (481,446)                  (1,167,812) 
 
 Foreign exchange gains/(loss)                         (1,065)                    5,742                     (80,049) 
 
 Loss from continuing operations 
  - before taxation                                  (385,888)                (475,705)                  (1,247,861) 
 
 Tax on loss                                                 -                        -                            - 
 
 Loss from continuing operations                     (385,888)                (475,705)                  (1,247,861) 
                                   ---------------------------  -----------------------  --------------------------- 
 
 Loss for the financial year                         (385,888)                (475,705)                  (1,240,157) 
                                   ---------------------------  -----------------------  --------------------------- 
 
 
 Wishbone Gold PLC 
 
 Consolidated Statement of Financial Position 
 as at 30 June 2022 
 
                                          Unaudited                Unaudited         Audited Year 
                                         Six Months               Six Months    Ended 31 December 
                                           Ended 30                 Ended 30                 2021 
                                          June 2022                June 2021 
                                                GBP                      GBP                  GBP 
 
 Current assets 
 Trade and other receivables                 82,264                   36,043               33,135 
 Cash and cash equivalents                2,375,022                3,609,557            3,002,547 
 
                                          2,457,286                3,645,600            3,035,682 
                                 ------------------  -----------------------  ------------------- 
 
 Non-current assets 
 Other intangible assets                  1,963,431                1,241,675            1,460,055 
 
                                          1,963,431                1,241,675            1,460,055 
                                 ------------------  -----------------------  ------------------- 
 
 Total assets                             4,420,717                4,887,275            4,495,737 
                                 ==================  =======================  =================== 
 
 Current liabilities                        343,489                   76,335              135,752 
 
 Equity 
 Share capital                            2,991,216                2,861,740            2,991,216 
 Share premium                           11,698,892               11,032,072           11,698,892 
 Share payment reserve                       72,987                        -               72,987 
 Translation Adjustment                   (411,419)                        -            (411,419) 
 Foreign exchange reserve                 (109,127)                (156,114)            (212,258) 
 Accumulated losses                    (10,165,321)              (8,926,757)          (9,779,433) 
 
 Total equity and liabilities             4,420,717                4,887,275            4,495,737 
                                 ==================  =======================  =================== 
 
 
 Wishbone Gold PLC 
 
 Consolidated Statement of Cash Flows 
 for the period from 1 January 2022 to 30 June 2022 
 
                                                        Unaudited       Unaudited           Audited 
                                                       Six Months      Six Months        Year Ended 
                                                         Ended 30        Ended 30       31 December 
                                                        June 2022       June 2021              2021 
                                                              GBP             GBP               GBP 
 Cash flows from operating 
  activities 
 Loss before tax                                        (385,888)       (475,705)       (1,240,157) 
 Reconciliation to cash generated 
  from operations: 
      Foreign exchange (gain)/loss                          1,065         (5,742)            80,049 
      Administrative expenses 
       under share option scheme                                -               -            72,987 
      Operating cash flow before 
       changes in working capital                       (384,823)       (481,446)       (1,087,121) 
                                                -----------------  --------------  ---------------- 
      Decrease/(increase) in receivables                 (49,129)         374,047           325,420 
      Increase/(decrease) in payables                     207,737       (197,947)         (164,720) 
 Cash outflow from operations                           (226,215)       (305,347)         (926,421) 
                                                -----------------  --------------  ---------------- 
 
 Cash flows from investing 
  activities 
 (Increase)/Decrease in Assets                          (503,376)       (233,142)         (217,125) 
 
 Net cash flow from investing 
  activities                                            (503,376)       (233,142)         (217,125) 
                                                -----------------  --------------  ---------------- 
 
 Cash flows from financing 
  activities 
 Issue of shares for cash                                       -       2,556,885         2,556,885 
 Net cash flow from financing 
  activities                                                    -       2,556,885         2,556,885 
                                                -----------------  --------------  ---------------- 
 
 Effects of exchange rates 
  on cash and cash equivalents                            102,066        (10,938)          (12,891) 
 
 Net increase/(decrease) 
  in cash                                               (627,525)       2,007,458         1,400,448 
 Cash at bank at 1 Jan                                  3,002,547       1,602,099         1,602,099 
 Cash at bank at period end                             2,375,022       3,609,557         3,002,547 
                                                -----------------  --------------  ---------------- 
 
 

Note: The full year figures for the year ended 31 December 2021 are derived from the Company's statutory accounts for that period on which the auditors provided an unqualified report.

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September 28, 2022 02:02 ET (06:02 GMT)

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