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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