TIDMWSBN
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 GBP428,352 (December 2022:
GBP1,457,902). Administrative costs, excluding interest, during the
period were GBP666,656 (June 2022: GBP384,823).
The GBP1.4 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 .
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 Unaudited Six Months Ended Audited Year Ended 31
30 June 2023 30 June 2022 December 2022
GBP GBP GBP
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 Unaudited Six Months Ended Audited Year Ended 31
30 June 2023 30 June 2022 December 2022
GBP GBP GBP
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 Unaudited Six Months Ended Audited Year Ended 31
30 June 2023 30 June 2022 December 2022
GBP GBP GBP
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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IR NKOBQDBKDCCB
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