Wishbone Gold (WSBN) H2 2023 earnings summary

Executive summary

• Expanded exploration portfolio in Western Australia, acquiring Cottesloe East and securing an option for Crescent East Lithium and Gold Project.

• Significant progress in exploration at Red Setter and Cottesloe, with new targets and confirmed gold systems.

• Raised £1.842m in 2023 to fund exploration activities.

• Leadership changes due to health and personal events, including the passing of a director and a sabbatical.

Financial highlights

• Operating loss increased to £1.27m in 2023 from £1.08m in 2022.

• Total comprehensive loss for the year was £1.52m, up from £1.13m in 2022.

• Cash and cash equivalents at year-end were £18,226, down from £1.46m in 2022.

• Intangible assets (exploration & evaluation) rose to £6.3m from £4.9m.

• Share capital increased to £3.1m and share premium to £16.1m after new share issues.

Outlook and guidance

• Sufficient cash to sustain operations for at least the next twelve months without additional funding.

• Board confident in ability to raise further capital if required to accelerate exploration.

• Ongoing and planned drilling programs expected to further advance project value.