RNS Number : 2836G
Wishbone Gold PLC
30 September 2024
 

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

 

 

30th September 2024

 

Wishbone Gold Plc

("Wishbone" or the "Company")

Index: AIM: WSBN / Sector: Natural Resources / AQSE: WSBN

 

Unaudited Interim Results for the period ending 30th June 2024

Chairman's statement

 

Wishbone announces its interim results for the six-month period ended 30th June 2024. Shareholders are reminded that these results are unaudited and based on the Company's management accounts.

 

During the first half of 2024, global economic trends caused continuing concerns, with high inflation and further interest rate increases possible. We believe there remain many uncertainties for renewed economic growth. In addition, there is the growing threat of further conflict particularly in the Middle-East.

 

Despite the rise in the gold price in recent months this has been a difficult period for small-cap exploration with funding continuing to stay away from the sector. We remain convinced that gold is a critical feature of the world economy and that it will become more so in the future.

 

In local news, in the Pilbara region of Western Australia, we congratulate Greatland Gold on the announcement of the acquisition of Newcrest's Telfer operations and the re-purchase of Newcrest's stake in Havieron to make this once again wholly owned. This is hugely important for the region as it provides continuation of the infrastructure and processing plant at Telfer.

 

Interim Operating Highlights

 

In March 2024, the Company announced that initial results from the diamond drill program at the Cottesloe Project confirmed an overall exploration model for a major sediment hosted metals system focused on base metals and silver. This program was partly funded by a grant of A$176,000 under the Exploration Incentive Scheme ("EIS") run by the Western Australian Government.

 

On 26th September 2024, Wishbone announced that it had received a further grant under the scheme for the Mosquito Creek Project. This is a competitive process driven by the quality of the submissions and by past exploration performance.

 

On 28th August 2024, the Company held its Annual General Meeting. Jonathan Harrison and David Hutchins were re-elected to serve a further term as Directors of the Company, and AMS Limited was re-appointed as auditor to the Company for a further year and the Directors were authorised to fix their remuneration.

 

On 6th September 2024, Wishbone appointed Tavira Financial Limited as the Company's broker with immediate effect. SP Angel will work out its notice period to the end of November 2024.

 

Interim Financial Highlights

 

At the end of the period under review, the accounts show that Wishbone held cash balances totalling £13,886 (December 2023: £18,226). Administrative costs, excluding interest during the period, were £883,157 (June 2023: £666,656).

 

In February 2024, the Company raised £300,000 gross from one corporate investor at a price of 1.2 pence per share which provided additional working capital for the Company but importantly it was used to initiate exploration operations at the Mosquito Creek property in the Pilbara.

 

In May 2024, the Company received notice to exercise warrants over a total of 25,000,000 new ordinary shares of 0.1 pence each in the Company issued at 1.0 pence per share. The exercise consideration was £250,000.

 

The placing announced on 20th September 2024 which raised £360,000 will significantly improve the company's cash position providing funding for exploration and operations. This financing was led by Tavira Financial Limited.

 

Conclusion

 

The saddest part of the year was in April 2024 when Alan Gravett passed away after a brief illness.  Alan was a non-executive director of the Company and had been with Wishbone since it started in 2012 and he will be missed by all of us here.

 

The Company continues its strategy of exploration on its properties in Australia. We look forward to bringing more good news to all of you in the second half of 2024, creating more value for our shareholders.

 

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

 

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

www.wishbonegold.com.

END

 

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



Tavira Financial Limited


(Broker)


Chris Kipling

Tel: +44 20 3833 3742



SP Angel Corporate Finance LLP


(Broker)


Ewan Leggat

Tel: +44 20 3470 0470



Soho Communications Ltd


(Financial PR)


George Hudson

Tel: +44 78 0360 3130

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.



 

Wishbone Gold PLC

 




 






 

Consolidated Income Statement

for the period 1 January 2024 to 30 June 2024



Unaudited Six Months Ended 30 June 2024

Unaudited Six Months Ended 30 June 2023

Audited Year Ended 31 December 2023

 

 


£

£

£

 

Sales


                          -  

                          -  

                     -  

 

Cost of sales


                          -  

                          -  

                     -  

 

Gross profit

 

                          -  

                          -  

                     -  

 

Interest Income


                          -  

                          -  

            

 

Administration expenses


                          -  

                          -  

                     -  

 






 

Income/(Loss) from discontinued operations

 

                          -  

                          -  

            

 

Continuing Operations

 




 






 

Other Income


               92,060

                          -  

                     -  

 

Interest Income


                          -  

                          -  

                     -  

 






 

Administration expenses


            (883,157)

        (666,656)

(1,270,896)

 






 

Operating loss

 

            (791,097)

        (666,656)

 (1,270,896)

 






 

Foreign exchange gains/(loss)


                    (528)

             (1,608)

934

 

Finance costs


                          -  

                          -  

                     -  

 






 

Loss from continuing operations - before taxation

              (790,569)

       (668,264)

 (1,269,962)

 






 

Tax on loss


                          -  

                          -  

           -  

 






 

Loss from continuing operations

 

(790,569)

(668,264)

(1,269,962)

 






 

Loss for the financial year

 

(790,569)

     (668,264)

 (1,269,962)

 



 

Wishbone Gold PLC 








Consolidated Statement of Financial Position

as at 30 June 2024



Unaudited Six Months Ended 30 June 2024

Unaudited Six Months Ended 30 June 2023

Audited Year Ended 31 December 2023

 


£

£

£

 





Current assets

 




Trade and other receivables


                   856,686  

                    46,083  

             837,175  

Cash and cash equivalents


                  13,886  

                428,352  

          18,226  








                  870,572  

                474,435  

          855,401  






Non-current assets

 




Other intangible assets


               6,326,554  

                5,139,440  

          6,299,150








               6,326,554  

                5,139,440  

          6,299,150  






Total assets

 

               7,197,126  

                5,613,875  

          7,154,551  






Current liabilities

 

                  1,250,839  

                  375,400  

             907,997  






Equity

 




Share capital


               3,145,161  

                3,016,333  

          3,095,161  

Share premium


             16,632,579  

              14,368,967  

        16,132,579  

Share payment reserve


                   72,987

                    72,987

              72,987

Translation Adjustment


                 (411,419)

                 (411,419)

            (411,419)

Foreign exchange reserve


                 (512,847)

 

                 (220,486)

            (453,149)

Accumulated losses


            (12,980,174)

             (11,587,907)

       (12,189,605)






Total equity and liabilities

 

               7,197,126  

                5,613,875  

          7,154,551  



 

Wishbone Gold PLC

 









Consolidated Statement of Cash Flows

for the period 1 January 2024 to 30 June 2024



Unaudited Six Months Ended 30 June 2024

Unaudited Six Months Ended 30 June 2023

Audited Year Ended 31 December 2023

 


£

£

£

Cash flows from operating activities

 




Loss before tax


                 (790,569)

                 (668,264)

         (1,269,962)

Reconciliation to cash generated from operations:





Foreign exchange (gain)/loss


          (528)

             1,608  

     (404,400)  

Operating cash flow before changes in working capital

 

                 (791,097)

                 (666,656)

         (1,674,362)

Decrease/(increase) in receivables


                  (19,511)  

                   154,375

            82,895

Increase/(decrease) in payables


                 342,842

                  (257,274)  

             (24,000)  

Cash outflow from operations

 

                 (467,766)

                 (769,555)

          (1,615,467)






Cash flows from investing activities

 




(Increase)/Decrease in Assets


                 (27,404)

                 (239,267)

         (1,644,710)






Net cash flow from investing activities

 

                 (27,404)

                 (239,267)

         (1,644,710)






Cash flows from financing activities

 




Issue of shares for cash


                   550,000

                          -  

          1,842,440

Net cash flow from financing activities

 

                        550,000 

                          -  

          1,842,440






Effects of exchange rates on cash and cash equivalents

 

                  (59,170)

                 (20,728)

             (21,939)






Net increase/(decrease) in cash

 

              (4,340)

           (1,029,550)

      (1,439,676)

Cash at bank at 1 Jan


               18,226  

                1,457,902  

          1,457,902  

Cash at bank at period end


                 13,886

                428,352  

          18,226

Note: The full year figures for the year ended 31 December 2023 are derived from the Company's statutory accounts for that period on which the auditors provided an unqualified report.

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