Wishbone Gold (WSBN) H1 2024 earnings summary

Executive summary

• Interim results for the six months ended 30 June 2024 are unaudited and reflect ongoing management accounts.

• The period was marked by global economic uncertainty, high inflation, and funding challenges for small-cap exploration.

• Exploration activities advanced at Cottesloe and Mosquito Creek, supported by government grants.

• Leadership changes included the passing of a long-serving non-executive director and the appointment of a new broker.

Financial highlights

• Cash balance at 30 June 2024 was £13,886, down from £18,226 at December 2023 and £428,352 at June 2023.

• Administrative costs (excluding interest) rose to £883,157 from £666,656 year-over-year.

• Operating loss for the period was £791,097, compared to £666,656 for the same period last year.

• Loss from continuing operations was £790,569, up from £668,264 year-over-year.

• Financing activities included a £300,000 share placement in February and £250,000 from warrant exercises in May.

• A further £360,000 was raised in September 2024 to support exploration and operations.

Outlook and guidance

• Continued focus on exploration in Australia, with expectations of further positive developments in the second half of 2024.

• Management remains cautious due to macroeconomic uncertainties and sector-specific funding constraints.