REG - Wishbone Gold PLC - Unaudited Interim Results
28/09/2022 07:00
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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 £2,375,022 (December 2021: £3,002,547).
Administrative costs, excluding interest during the period, were £384,823
(June 2021: £510,378).
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 (http://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
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 Six Months Ended 30 June 2022 Unaudited Six Months Ended 30 June 2021 Audited Year Ended 31 December 2021
£ £ £
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 Six Months Ended 30 June 2022 Unaudited Six Months Ended 30 June 2021 Audited Year Ended 31 December 2021
£ £ £
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 Six Months Ended 30 June 2022 Unaudited Six Months Ended 30 June 2021 Audited Year Ended 31 December 2021
£ £ £
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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