TIDMWSBN
RNS Number : 5803N
Wishbone Gold PLC
30 September 2021
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
30 September 2021
Wishbone Gold Plc
("Wishbone" or the "Company")
Wishbone Gold Plc / Index: AIM: WSBN / Sector: Natural Resources
/ AQSE: WSBN
Interim Results
Chairman's statement
Wishbone Gold has pleasure in announcing its interim results for
the period ended 30 June 2021. Shareholders are reminded that these
results are unaudited and based on the Company's management
accounts.
Throughout the period the Company continued its expansion in
exploration, predominantly in Patersons Range area of Western
Australia. We consolidated the Red Setter acquisition together with
the two smaller properties, Golden Retriever and Short Haired
Pointer and announced the optioning of the Cottesloe Project in
March. All of the options have been exercised covering all of these
acquisitions and by the year end all of the properties will have
been transferred into our Western Australia subsidiary.
Looking back, we can now say that we have acquired a massive
acreage in one of the hottest exploration areas in Australia.
Hardly a day passes without further news of drilling and expansion
from major players in the area and I am pleased to say that your
company is right in the middle of all this activity.
Although exploration has not proceeded as fast as we would have
liked due to COVID and standard Western Australian Government
permitting delays, we will have the results of the previously
announced Geochem survey on Red Setter shortly. This will then be
used to refine the drilling program.
In Queensland we had further excellent results from the Wishbone
II property and in August announced a southern extension to the
property which expands the total acreage to 174 km(2) .
In January we announced the raising of a further GBP1,034,663
from the exercise of warrants and in May the raising of
GBP1,400,000 with a further share placing. This brought our cash
and equivalents at the end of the period to just over US$5m. This
leaves us in a very strong cash position to execute the exploration
programs we have planned.
In February, David Hutchins joined the board as a non-executive
director, and we welcome his industry knowledge and experience.
We continue our exploration programs in Western Australia and
Queensland as rapidly as regulation and permissions allow. We will
make further announcements on results as soon as we are able to do
so.
I am grateful to our loyal shareholders for their patience and
support.
For further information, please contact:
Wishbone Gold PLC
Richard Poulden, Chairman Tel: +971 45 846
284
Beaumont Cornish Limited
(Nominated Adviser and AQUIS Exchange
Corporate Adviser)
Roland Cornish/Rosalind Hill Abrahams Tel: +44 20 7628
3396
Peterhouse Capital Limited
(Broker)
Lucy Williams and Duncan Vasey Tel: +44 20 7469
0930
Wishbone Gold PLC
Consolidated Income Statement
for the period 1 January 2021 to
30 June 2021
Unaudited Unaudited Audited Year Ended 31 December
Six Months Six Months Ended 30 June 2020 - 2020
Ended 30 restated
June 2021
US$ US$ US$
Sales - 1,400,729 1,400,729
Cost of sales - (1,390,322) (1,390,322)
Gross profit - 10,407 10,407
Administration expenses - - (29,792)
Write off Bad Debts - - (48,804)
------------ -------------------------------- --------------------------------
Loss from Discontinued operations - 10,407 (68,189)
Continuing Operations
Other Income 40,043 - 64,000
Administration Expenses (706,389) (355,264) (1,015,683)
------------ -------------------------------- --------------------------------
Operating loss (666,346) (355,264) (951,683)
Gain on Settlement of Liabilities - - 198,772
Impairment of goodwill - - (187,154)
Foreign exchange gains/(loss) 7,947 14,305 127,013
Finance costs - (9,177) (9,177)
Loss on ordinary activities
before taxation (658,399) (350,136) (822,229)
Tax on loss - - -
Loss for the financial year (658,399) (339,729) (890,418)
------------ -------------------------------- --------------------------------
Wishbone Gold PLC
Consolidated Statement of
Financial Position
as at 30 June 2021
Unaudited Unaudited Six Months Ended Audited Year Ended 31
Six Months Ended 30 30 June 2020 December 2020
June 2021
US$ US$ US$
Current assets
Trade and other receivables 49,885 127,014 569,102
Cash and cash equivalents 4,995,808 162,539 2,188,311
5,045,639 289,553 2,757,413
--------------------- ----------------------------- -----------------------------
Non-current assets
Property, plant and equipment - 23,125 -
- net
Goodwill - 187,154 -
Other intangible assets 1,718,540 388,893 1,394,914
1,718,540 599,172 1,394,914
--------------------- ----------------------------- -----------------------------
Total assets 6,764,233 888,725 4,152,327
===================== ============================= =============================
Current liabilities 105,651 103,390 380,423
Equity
Share capital 3,960,791 3,855,274 3,933,921
Share premium 15,268,939 8,285,046 11,763,959
Accumulated losses (12,355,078) (11,145,991) (11,696,679)
Foreign exchange reserve (216,070) (208,994) (229,297)
Total equity and liabilities 6,764,233 888,725 4,152,327
===================== ============================= =============================
Wishbone Gold PLC
Consolidated Statement of
Cash Flows
for the period from 1 January
2021 to 30 June 2021
Unaudited Unaudited Six Months Ended Audited Year Ended 31
Six Months Ended 30 30 June 2020 December 2020
June 2021
US$ US$ US$
Cash flows from operating
activities
Loss before tax (658,399) (339,730) (890,418)
Reconciliation to cash
generated from operations:
Foreign exchange
(gain)/loss (7,947) (14,305) (127,013)
Interest expense - 9,177 9,177
Impairment of goodwill - - 187,154
Write-off of bad debts - - 48,804
Write-off of receivables - - 14,031
Loan converted into - 215,295 -
ordinary shares
Depreciation - 1,875 25,000
Administrative expenses
converted into ordinary
shares - 479,181 160,484
Gain on settlement of
liabilities - - (198,772)
Operating cash flow
before changes in
working capital (666,346) 351,493 (771,553)
--------------------- ----------------------------- -----------------------------
Decrease/(increase) in
receivables 519,217 (9,183) 111,614
Increase/(decrease) in
payables (274,772) (566,200) 251,370
Cash outflow from operations (421,901) (223,890) (408,569)
--------------------- ----------------------------- -----------------------------
Cash flows from investing
activities
(Increase)/Decrease in Assets (323,626) (724) (520,434)
Net cash flow from investing
activities (323,626) (724) (520,434)
--------------------- ----------------------------- -----------------------------
Cash flows from financing
activities
(Decrease)/Increase in loans - 9,177 -
payable
Issue of shares for cash 3,531,850 362,383 3,113,710
Net cash flow from financing
activities 3,531,850 371,560 3,113,710
--------------------- ----------------------------- -----------------------------
Effects of exchange rates on
cash and cash equivalents 21,174 (1,586) (13,575)
Net increase/(decrease) in
cash 2,807,497 145,360 2,171,132
Cash at bank at 1 Jan 2,188,311 17,179 17,179
Cash at bank at period end 4,995,808 162,539 2,188,311
--------------------- ----------------------------- -----------------------------
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September 30, 2021 07:36 ET (11:36 GMT)
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