Unaudited Interim Results

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 .

END

For further information, please contact:

Wishbone Gold PLC
Richard Poulden, Chairman	Tel: [phone]
Beaumont Cornish Limited
(Nominated Adviser and AQUIS Exchange Corporate Adviser)
Roland Cornish/Rosalind Hill Abrahams	Tel: [phone]
Peterhouse Capital Limited
(Broker)
Lucy Williams and Duncan Vasey	Tel: [phone]

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.

 

END

 

 

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