Unaudited Interim Results
Interim results show operating loss of £260,768, cash position improved to £825,981 after two fundraisings totalling £2.45m.
- Cash and cash equivalents £825,981 (prior £124,895)
- Administration expenses £757,319 (prior £883,157)
- Operating loss £(260,768) (prior £(791,097))
- Proceeds raised in March 2025 £700,000
- Proceeds raised in June 2025 £1,750,000
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Wishbone announces its interim results for the six-month period ended 30th June 2025. Shareholders are reminded that these results are unaudited and based on the Company's management accounts.
Interim Operating Highlights
On 23rd 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 19th 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 15th 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 25th 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 1st 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 2nd 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.
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.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.