REG - Wishbone Gold PLC - Unaudited Interim Results
30/09/2025 09:30
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RNS Number : 4015B Wishbone Gold PLC 30 September 2025
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 2025
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 2025
Wishbone announces its interim results for the six-month period ended 30(th)
June 2025. Shareholders are reminded that these results are unaudited and
based on the Company's management accounts.
Interim Operating Highlights
On 23(rd) January 2025, the company announced that it had signed non-binding
Heads of Terms for the acquisition by Wishbone of Evrensel Global Natural
Resources Ltd ("EGNR"). If completed this would have constituted a reverse
merger transaction and accordingly the shares were suspended.
On 19(th) March 2025, EGNR and Wishbone agreed that it was not in the best
interests of both parties to proceed with the transaction and accordingly the
proposed merger did not proceed.
In addition, during March 2025, David Lenigas agreed to join Wishbone as a
consultant.
On 15(th) April 2025, the Company paid out all of its legal liabilities and
completed the reorganisation of its Western Australia subsidiary, Wishbone
Gold WA Pty Ltd. The Company management team was strengthened by the
appointment of Edward Mead as a director of Wishbone Gold WA Pty Ltd replacing
Barrett Kosh who remains a director of Wishbone Queensland.
On 25(th) April 2025, the company announced that it was preparing to drill
into the main undrilled gold target at its Red Setter Dome that was identified
by Expert Geophysics Limited in September 2024. Red Setter is located 13
kilometers to the south-west of the +15Moz Telfer Gold Mine, Western
Australia.
On 1(st) May 2025, the company appointed Apex Geoscience Consultants to manage
the day-to-day on the ground exploration and drilling program at Red Setter.
On 2(nd) June 2025, Apex Geoscience Consultants confirmed that the key drill
holes at Red Setter, which were to be deepened in order to test the main gold
target at depth, appeared to be in good order for the proposed drill program.
They found that the pads and collars of the key drill holes were in good
condition allowing low-cost re-entry. The shallow water table identified also
enabled cheaper pump utilisation and access tracks only needed minor work thus
saving costs and time, with no heritage surveys being required.
Recent RNS announcements have covered the extension of the Red Setter drill
program, associated fundraising and the extremely encouraging results seen so
far.
Interim Financial Highlights
At the end of the period under review, the accounts show that Wishbone held
cash balances totalling £825,981 (December 2024: £124,895). Administrative
costs, excluding interest during the period, were £757,319 (June 2024:
£883,157).
In March 2025, the Company raised £700,000 at a price of 0.1 pence per share
and issued a total of 700,000,000 new Ordinary Shares of 0.1 pence each.
In June 2025, the Company raised gross proceeds of £1,750,000 at a placing
price of 0.13 pence per share through the issue of 1,346,153,846 new Ordinary
Shares of 0.1 pence each.
Conclusion
The Company continues its strategy of exploration focused on its properties in
Western Australia and in particular at the Red Setter Gold Dome which
neighbours the Telfer Gold Mine. We look forward to bringing more good news to
all of you in the coming months, 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 over what has been a key period for Wishbone.
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
Nominated Adviser Statement
Beaumont Cornish Limited ("Beaumont Cornish"), which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority, is acting
as nominated adviser to the Company in connection with this announcement and
will not regard any other person as its client and will not be responsible to
anyone else for providing the protections afforded to the clients of Beaumont
Cornish or for providing advice in relation to such proposals. Beaumont
Cornish has not authorised the contents of, or any part of, this document and
no liability whatsoever is accepted by Beaumont Cornish for the accuracy of
any information, or opinions contained in this document or for the omission of
any information. Beaumont Cornish as nominated adviser to the Company owes
certain responsibilities to the London Stock Exchange which are not owed to
the Company, the Directors, Shareholders, or any other person.
Wishbone Gold PLC
Consolidated Income Statement
for the period 1 January 2025 to 30 June 2025
Unaudited Six Months Ended 30 June 2025 Unaudited Six Months Ended 30 June 2024 Audited Year Ended 31 December 2024
£ £ £
Sales - - -
Cost of sales - - -
Gross profit - - -
Interest Income - - -
Administration expenses - - -
Income/(Loss) from discontinued operations - - -
Continuing Operations
Other Income 496,551 92,060 116,510
Interest Income - - -
Administration expenses (757,319) (883,157) (1,575,715)
Operating loss (260,768) (791,097) (1,459,205)
Foreign exchange gains/(loss) 841 528 (2,964)
Finance costs - - -
Loss from continuing operations - before taxation (259,927) (790,569) (1,462,169)
Tax on loss - - -
Loss from continuing operations (259,927) (790,569) (1,462,169)
Loss for the financial year (259,927) (790,569) (1,462,169)
Wishbone Gold PLC
Consolidated Statement of Financial Position
as at 30 June 2025
Unaudited Six Months Ended 30 June 2025 Unaudited Six Months Ended 30 June 2024 Audited Year Ended 31 December 2024
£ £ £
Current assets
Trade and other receivables 678,288 856,686 59,129
Cash and cash equivalents 825,981 13,886 124,895
1,504,269 870,572 184,024
Non-current assets
Other intangible assets 5,877,914 6,326,554 5,957,693
5,877,914 6,326,554 5,957,693
Total assets 7,382,183 7,197,126 6,141,717
Current liabilities 155,250 1,250,839 626,083
Equity
Share capital 5,181,545 3,145,161 3,366,161
Share premium 17,356,195 16,632,579 17,021,579
Share payment reserve 72,987 72,987 72,987
Translation Adjustment (411,419) (411,419) (411,419)
Foreign exchange reserve (1,060,674) (512,847) (881,900)
Accumulated losses (13,911,701) (12,980,174) (13,651,774)
Total equity and liabilities 7,382,183 7,197,126 6,141,717
Wishbone Gold PLC
Consolidated Statement of Cash Flows
for the period 1 January 2025 to 30 June 2025
Unaudited Six Months Ended 30 June 2025 Unaudited Six Months Ended 30 June 2024 Audited Year Ended 31 December 2024
£ £ £
Cash flows from operating activities
Loss before tax (259,927) (790,569) (1,462,169)
Reconciliation to cash generated from operations:
Foreign exchange (gain)/loss (841) (528) (528,901)
Operating cash flow before changes in working capital (260,768) (791,097) (1,991,070)
Decrease/(increase) in receivables (619,159) (19,511) 778,047
Increase/(decrease) in payables (470,833) 342,842 (281,916)
Cash outflow from operations (1,350,760) (467,766) (1,494,939)
Cash flows from investing activities
(Increase)/Decrease in Assets 79,779 (27,404) (121,301)
Net cash flow from investing activities 79,779 (27,404) (121,301)
Cash flows from financing activities
Issue of shares for cash 2,150,000 550,000 1,160,000
Net cash flow from financing activities 2,150,000 550,000 1,160,000
Effects of exchange rates on cash and cash equivalents (177,933) (59,170) 562,909
Net increase/(decrease) in cash 701,086 (4,340) 106,669
Cash at bank at 1 Jan 124,895 18,226 18,226
Cash at bank at period end 825,981 13,886 124,895
Note: The full year figures for the year ended 31 December 2024 are derived
from the Company's statutory accounts for that period on which the auditors
provided an unqualified report.
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