REG - Wishbone Gold PLC - Unaudited Interim Results
30/09/2024 13:45
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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
30(th) September 2024
Wishbone Gold Plc
("Wishbone" or the "Company")
Index: AIM: WSBN / Sector: Natural Resources / AQSE: WSBN
Unaudited Interim Results for the period ending 30(th) June 2024
Chairman's statement
Wishbone announces its interim results for the six-month period ended 30(th)
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 26(th) 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 28(th) 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 6(th) 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 20(th) 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 (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
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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