Wishbone Gold PLC - 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: +971 4 584 6284



Beaumont Cornish Limited


(Nominated Adviser and AQUIS Exchange Corporate Adviser)


Roland Cornish/Rosalind Hill Abrahams

Tel: +44 20 7628 3396





Peterhouse Capital Limited


(Broker)


Lucy Williams and Duncan Vasey

Tel: +44 20 7469 0930



 

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.

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