REG - Wishbone Gold PLC - Completion of Purchase of the Silver Lake Project

Wishbone GoldAnnouncement

26/05/2026 07:00

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RNS Number : 6816F  Wishbone Gold PLC  26 May 2026

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

 

 

26 May 2026

 

Wishbone Gold Plc

("Wishbone" or the "Company")

London AIM & Aquis: WSBN

 

Completion of Purchase of the High-Grade Silver Lake Project

Project Exploration Plans

 

Further to the announcement of 9 April 2026, Wishbone Gold Plc is exercising
its exclusive option to acquire the Silver Lake Project, the high-grade silver
project in the ideally located Carnarvon Basin of Western Australia.

 

As previously announced on the 9 April, historic rock chip sampling has
reported multiple very significant silver ("Ag") results across a number of
project areas, including 847g/t Ag at Tarrawarra 1; 410g/t Ag at Cardabia
Creek 7 to name a few.

 

The stratigraphic nature of mineralisation has significant scale potential,
with prospects identified up to 4.7 km from potential causative fault
structures. Current models suggest a 35 km long by 10 km wide basin.

 

Rationale for the acquisition:

 

-     Silver demand is projected to rise substantially driven by major
increases in usage for electric vehicles, AI/Data centres and solar panels.
These industries already account for around 50% of global consumption and are
projected to increase beyond this.

-     This is a significant tenement of 422 km(2) with extensive
surface-level silver mineralisation along a 35km structural corridor. In
addition, numerous bentonite occurrences alongside phosphate have been
recorded within the project.

-     This is a shallow target with excellent rock chip results and a
previous drill hole grading 2m @ 150 g/t Ag from 4m depth providing proof of
concept.

-     Silver Lake is an easily accessible location close to main roads and
sea-port. The tenement terrain is flat and with the subtropical climate lends
itself to near year-round drilling.

 

Silver Lake is located approximately 1,000km north of Perth, 135km south of
Exmouth and 200km southwest of Onslow, the main port for the region's iron and
LNG exports. The project site is accessed from either the Northwest coastal
highway or the Minilya to Exmouth Road and then on well-maintained unsealed
station roads.

 

Exploration Plans for Silver Lake

 

The below is an outline of initial activities which will enable Wishbone to
advance towards an exploration drill programme:

 

-     Appointment of Apex Geoscience for compilation and reinterpretation
of historical geological, geophysical and drilling results

-     Field crew expected to be on site in June to start active
exploration efforts which will focus on validation of previously identified
mineralised structures and targets

-     This will enable the finalisation of the drill programme with a
focus on testing priority targets with the expectation of an auger drill or
air-core equipment being on site in Q3 2026

Issue of Shares

 

To exercise the option, as previously announced, to acquire Silver Lake,
Wishbone will issue 3,571,777 new Ordinary Shares of 0.1 pence each (the
"Ordinary Shares") at a price of 29 pence per share which equates to
£1,035,815 (AUD2 million) to pay the vendors.

 

Application will be made for the new Ordinary Shares, which will rank pari
passu with the existing Ordinary Shares in issue, to be admitted to trading on
AIM and the AQSE Growth Market ("Admission"). Dealings are expected to
commence on or around 29 May 2026.

 

 

Richard Poulden, Wishbone Gold's Chairman, commented:

 

"As mentioned before, we believe Silver Lake has the potential to be a high
value opportunity which complements our exploration work at Red Setter and
gives us an exciting project that we can work all year round. Silver Lake
broadens the Company's commodity exposure in the precious metals and
strengthens its exploration pipeline. Historic drilling and chip sampling has
identified very promising shallow silver mineralisation along a 35km corridor.
The historical data highlights the multiple opportunities for follow-up
exploration, and this exciting project reinforces our commitment to the Tier-1
mining jurisdiction of Western Australia."

 

Total Voting Rights

 

The Company's total issued and voting share capital upon admission of the new
Ordinary Shares will consist of 37,972,215 Ordinary Shares. This figure may be
used by shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or a change
to their interest in, securities of the Company.

 

END

 

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

www.wishbonegold.com (http://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

 Cranborne Communications Ltd
 George Hudson                                             Tel: +44 (0)7803 603130

 

 

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.

 

Competent Persons Statement

The Information in this report that relates to exploration results, mineral
resources or ore reserves is based on information compiled by Mr Edward Mead,
who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr
Mead is a director of Wishbone Gold WA Pty Ltd and is a consultant to Wishbone
Gold Plc and employed by Doraleda Pty Ltd. Mr Mead has sufficient experience
which is relevant to the style of mineralisation and type of deposits under
consideration and to the activity that he is undertaking to qualify as a
Competent Person as defined in the 2012 edition of the `Australian Code for
Reporting Exploration Results, Mineral Resources and Ore Reserves' (the JORC
Code). Mr Mead consents to the inclusion of this information in the form and
context in which it appears in this report.

 

 

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