REG - Wishbone Gold PLC - Unaudited Interim Results
27/09/2023 13:00
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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 (62km(2)) 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 165km(2).
· 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 (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
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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