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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September 27, 2023 07:52 ET (11:52 GMT)

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