RNS Number : 8711N
Wishbone Gold PLC
27 September 2023
 

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

 

 

 27 September 2023

 

Wishbone Gold Plc

("Wishbone" or the "Company")

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

 

Unaudited Interim Results for the period ending 30 June 2023

Chairman's statement

 

Wishbone Gold is pleased to announce its interim results for the six month period ended 30 June 2023. Shareholders are reminded that these results are unaudited and based on the Company's management accounts.

 

Interim Operational Highlights

 

The first half of 2023 was an exciting period for Wishbone as it progressed a number of initiatives including:

 

·    In January, Wishbone completed the acquisition of tenement E45/6456 (Cottesloe East) covering 19 blocks (62km2) adjacent to its existing Cottesloe property in the Paterson Range, Western Australia. Combined these projects now form a total project area of 50 blocks covering 165km2.

 

·    In March, Southern Geoscience Consultants and Expert Geophysics identified two target areas following the completion of data analysis on the Red Setter Project.

 

·    In April, Expert Geophysics confirmed its interpretation that Red Setter is an analogue of the nearby Telfer gold mine on which it has also reported. In April, Wishbone also reported that new analysis showed major resource potential over the whole of the enlarged Cottesloe project.

 

·    In May, the Company released the results from enhanced processing of MobileMT across all Cottesloe properties. Also in May, Wishbone was granted a contribution of A$220,000 for diamond drilling on the Cottesloe projects through the Exploration Incentive Scheme (EIS) program of the Government of Western Australia. The drilling recently completed at Cottesloe has provided further basis and preliminary holes to be completed by the diamond drill program later this year.

  

In addition to this good news from Australia, on 23 May, the Company appointed SP Angel Corporate Finance LLP as the Company's broker.

 

Interim Financial Highlights

 

At the end of the period under review, the accounts show that Wishbone held cash balances totalling £428,352 (December 2022: £1,457,902). Administrative costs, excluding interest, during the period were £666,656 (June 2022: £384,823).

 

The £1.4 million financing in early August has significantly improved the company's cash position providing funding for exploration and operations.

 

The Company continues its strategy of exploration on its properties in Australia and expects to announce further positive results from its drill program in the second half of 2023, which should create more value for shareholders.

 

In conclusion, I would like to thank you all: staff, shareholders and advisers for your hard work and support.

 

 

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



SP Angel Corporate Finance LLP


(Broker)


Ewan Leggat / Kasia Brzozowska

Tel: +44 20 3470 0470



J&H Communications Ltd


(Financial PR)


George Hudson

Tel: +44 7803 603130

 

 

Wishbone Gold PLC

 









Consolidated Income Statement

for the period 1 January 2023 to 31 June 2023



Unaudited Six Months Ended 30 June 2023

Unaudited Six Months Ended 30 June 2022

Audited Year Ended 31 December 2022

 


£

£

£

 





Sales


                          -  

                          -  

                     -  

Cost of sales


                          -  

                          -  

                     -  






Gross profit

 

                          -  

                          -  

                     -  






Interest Income


                          -  

                          -  

             (37,512)

Administration expenses


                          -  

                          -  

                     -  






Income/(Loss) from discontinued operations

 

                          -  

                          -  

             (37,512)






Continuing Operations

 









Other Income


                          -  

                          -  

                     -  

Interest Income


                          -  

                          -  

                     -  






Administration expenses


                 (666,656)

                 (384,823)

         (1,079,435)






Operating loss

 

                 (666,656)

                 (384,823)

         (1,079,435)






Foreign exchange gains/(loss)


                    (1,608)

                     (1,065)

             (23,263)

Finance costs


                          -  

                          -  

                     -  






Loss from continuing operations - before taxation

                 (668,264)

                 (385,888)

         (1,102,698)






Tax on loss


                          -  

                          -  

                     -  






Loss from continuing operations

 

                 (668,264)

                 (385,888)

         (1,102,698)






Loss for the financial year

 

                 (668,264)

                 (385,888)

         (1,140,210)


 

Wishbone Gold PLC

 









Consolidated Statement of Financial Position

as at 30 June 2023



Unaudited Six Months Ended 30 June 2023

Unaudited Six Months Ended 30 June 2022

Audited Year Ended 31 December 2022

 


£

£

£

 





Current assets

 




Trade and other receivables


                   46,083

                    82,264

             200,458

Cash and cash equivalents


                  428,352

                2,375,022

          1,457,902








                  474,435

                2,457,286

          1,658,360






Non-current assets

 




Other intangible assets


               5,139,440

                1,963,431

          4,900,173








               5,139,440

                1,963,431

          4,900,173






Total assets

 

               5,613,875

                4,420,717

          6,558,533






Current liabilities

 

                  375,400

                  343,489

             632,674






Equity

 




Share capital


               3,016,333

                2,991,216

          3,016,333

Share premium


             14,368,967

              11,698,892

        14,368,967

Share payment reserve


                   72,987

                    72,987

              72,987

Translation Adjustment


                 (411,419)

                 (411,419)

            (411,419)

Foreign exchange reserve


                 (220,486)

                 (109,127)

            (201,366)

Accumulated losses


            (11,587,907)

             (10,165,321)

       (10,919,643)






Total equity and liabilities

 

               5,613,875

                4,420,717

          6,558,533


 

Wishbone Gold PLC

 









Consolidated Statement of Cash Flows

for the period 1 January 2023 to 31 June 2023



Unaudited Six Months Ended 30 June 2023

Unaudited Six Months Ended 30 June 2022

Audited Year Ended 31 December 2022

 


£

£

£

Cash flows from operating activities

 




Loss before tax


                 (668,264)

                 (385,888)

         (1,140,210)

Reconciliation to cash generated from operations:





Foreign exchange (gain)/loss


                     1,608

                      1,065

              23,263

Write-off of receivables




              34,505

Administrative expenses under share option scheme


                          -  


                     -  

Operating cash flow before changes in working capital

 

                 (666,656)

                 (384,823)

         (1,082,442)

Decrease/(increase) in receivables


                  154,375

                   (49,129)

            (201,828)

Increase/(decrease) in payables


                 (257,274)

                  207,737

             496,922

Cash outflow from operations

 

                 (769,555)

                 (226,215)

            (787,348)






Cash flows from investing activities

 




(Increase)/Decrease in Assets


                 (239,267)

                 (503,376)

         (3,119,926)






Net cash flow from investing activities

 

                 (239,267)

                 (503,376)

         (3,119,926)






Cash flows from financing activities

 




Issue of shares for cash


                          -  

                          -  

          2,375,000

Net cash flow from financing activities

 

                          -  

                          -  

          2,375,000






Effects of exchange rates on cash and cash equivalents

 

                  (20,728)

                  102,066

             (12,371)






Net increase/(decrease) in cash

 

              (1,029,550)

                 (627,525)

         (1,544,645)

Cash at bank at 1 Jan


               1,457,902

                3,002,547

          3,002,547

Cash at bank at period end


                  428,352

                2,375,022

          1,457,902

Note: The full year figures for the year ended 31 December 2022 are derived from the Company's statutory accounts for that period on which the auditors provided an unqualified report.

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