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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Wishbone Gold Plc | LSE:WSBN | London | Ordinary Share | GI000A2PX455 | ORD 0.1P (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.25 | 1.20 | 1.30 | 1.25 | 1.25 | 1.25 | 50,000 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Nonmtl Minrls, Ex Fuels | 0 | -1.14M | -0.0044 | -2.84 | 3.22M |
From May 2019 to May 2024
TIDMWSBN
RNS Number : 6925Q
Wishbone Gold PLC
14 September 2017
14 September 2017
Wishbone Gold Plc
Wishbone Gold Plc / Index: AIM / Epic: WSBN / Sector: Natural Resources
Wishbone Gold PLC ("Wishbone Gold" or the "Company")
Interim Results
Wishbone Gold Plc has pleasure in announcing the interim results for the group for the six months ended 30 June 2017. We remind shareholders that these are unaudited results and extracted from the Company's management accounts. The highlights are set out below. These results include the results from Precious Metals International Ltd, Black Sand FZE, Wishbone Gold Honduras Ltd and Wishbone Gold Pty Ltd.
Highlights
o A successful first half of the year which saw the trading figures for the half year fall just short of last year's full year total
o Turnover of GBP3.98 million (2016: GBP0.00 million); gross profit of GBP0.02 million (2016: GBP0.00 million; and net loss before taxation of GBP0.33 million (2016: GBP0.19 million loss)
o Results impacted by funds being diverted to finance our investment in Honduras.
o The Honduras roll out is the maiden project in the Company's strategy to fund, from the ground up, artisanal miners making them more efficient and productive by providing equipment and expertise. The mines thus funded are then locked into supply agreements, for the life of the mine, with Black Sand FZE.
o Discussions are underway in two African countries for similar structures to the Honduras investment.
Cash Position
Wishbone Gold saw a better net cash position than the same time last year, $2.6million compared to $1.4million in 2016, and had an operating loss of $258k for the period. Black Sand FZE's separate trading results will be disclosed at end of the year.
Honduras Operations
The focus for the Company in recent months has been to bring the inaugural Honduran mining operation on stream. Delays with permits required to install the equipment saw the project get off to a slow start but all equipment is now installed. Images and videos of the installation and tuning of the equipment are on our website here.
Unfortunately, the weather has hampered the final commissioning of the plant due to the delays caused from the worst hurricane season on record. This has also lead to the washing out and flooding of roads in the region meaning that all mines are currently closed. The project will be operational once weather conditions improve but this will probably result in a three-month delay in going into production.
Richard Poulden, CEO of Wishbone Gold said:
"It's a promising start for the roll out of Wishbone Gold's strategy and we are looking forward to having the Honduras model operational. This model will enable smaller miners to provide a long term, stable and profitable source of gold that can be replicated easily both within Honduras and globally. The supply agreements produce much higher margins than general trading which will provide higher average margins overall. Hurricanes are a fact of life in that region and we are extremely thankful that our engineers and partners have suffered no injuries as a result of the extreme conditions.
I am pleased to announce that discussions are currently underway with two African nations to set up similar programs within their respective countries."
SFor further information, please contact:
Wishbone Gold Plc
Richard Poulden, Chairman and CEO Tel: +44 207 812 0645
Allenby Capital
Nick Naylor / Nick Harriss / James Thomas Tel: +44 20 3328 5656
Damson Communications
Hot Features
Premium
Abigail Stuart-Menteth / Amelia Hubert Tel: +44 207 812 0645
Wishbone Gold PLC
Consolidated Income
Statement
for the period from 1 January
2017 to 30 June 2017
Unaudited Unaudited
Six Months Six Months Audited
Ended Ended Year Ended
30 June 30 June 31 December
2017 2016 2016
$ $ $
Sales 3,977,139 - 4,261,446
Cost of sales (3,955,630) - (4,241,020)
Gross Profit 21,509 - 20,426
Abortive acquisition
costs - - -
Administration expenses (352,544) (167,762) (944,865)
------------- ------------ -------------
Operating loss (331,034) (167,762) (924,439)
Impairment of investments - (29,046) (370)
Foreign exchange gains - 31,429 -
Finance Costs - (19,868) (33,311)
Loss on ordinary activities
before taxation (331,034) (185,247) (958,120)
Tax on loss on ordinary
activities - - -
Loss for the financial
year (331,034) (185,247) (958,120)
------------- ------------ -------------
Wishbone Gold PLC
Consolidated Statement
of Financial Position
as at 30 June 2017
Unaudited Unaudited
Six Months Six Months Audited
Ended Ended Year Ended
30 June 30 June 31 December
2017 2016 2016
$ $ $
Fixed assets
Equipment 249,987 - -
Depreciation - - -
249,987 - -
------------- ------------- -------------
Current assets
Trade and other receivables 26,111 218,376 4,339,341
Cash and cash equivalents 447,925 417,874 1,065,161
Inventory 27,391 - 2,662
501,427 636,250 5,407,164
------------- ------------- -------------
Non-current assets
Intangible assets 1,369,540 421,994 1,088,958
Loans 504,600 - 99,281
Investments - 82,381 1,108
1,874,140 504,375 1,189,347
------------- ------------- -------------
Total assets 2,625,554 1,140,625 6,596,511
============= ============= =============
Current liabilities 305,769 375,896 4,251,663
Non-current liabilites 632,227 400,000 607,792
Capital and reserves
Share capital 1,691,824 1,128,351 1,448,632
Share premium 5,912,988 4,569,658 5,611,582
Share based payment
reserve 61,898 70,165 58,743
Accumulated losses (6,600,591) (5,496,684) (6,269,557)
Foreign exchange reserve 621,439 93,239 887,656
Total equity and liabilities 2,625,554 1,140,625 6,596,511
============= ============= =============
Wishbone Gold PLC
Consolidated Statement
of Cash Flows
for the period from
1 January 2017 to 30
June 2017
Unaudited Unaudited
Six Months Six Months Audited
Ended Ended Year Ended
30 June 30 June 31 December
2017 2016 2016
$ $ $
Cash flows from operating
activities
Loss before tax (331,034) (185,247) (958,120)
Reconciliation to cash
generated from operations:
Foreign exchange (gain)/loss (9,146) (31,429) 64,313
Interest expense 6,055 29,046 33,310
Impairment losses - - 370
Administrative expenses
converted into ordinary
shares - - 257,432
Operating cash flow
before changes in working
capital (334,126) (187,630) (602,695)
------------- ------------ -------------
Increase in inventory 24,729 - (2,662)
Decrease/(increase)
in receivables 4,313,230 (201,699) (4,322,664)
Increase/(decrease)
in payables (3,945,894) 175,235 4,051,002
Increase/(decrease)
in fixed assets 249,987 - -
Cash outflow from operations 307,926 (214,094) (877,019)
------------- ------------ -------------
Cash flows from investing
activities
Decrease in Investments 1,108 8,771 90,044
(Increase)/Decrease
in Intangible Assets (280,582) (17,815) (748,617)
(Increase)/Decrease
in Loans (405,319) - (99,281)
Net cash flow from investing
activities (684,793) (9,044) (757,854)
------------- ------------ -------------
Cash flows from financing
activities
(Decrease)/Increase
in loans from Sanderson
Capital Partners Limited 24,435 400,000 607,792
Interest paid 1,414 - -
Issue of shares for
cash - - 1,059,196
Net cash flow from financing
activities 25,849 400,000 1,666,988
------------- ------------ -------------
Effects of exchange
rates on cash and cash
equivalents (266,217) (22,729) 769,305
------------- ------------ -------------
Net increase/(decrease)
in cash (617,236) 154,133 801,420
Cash at bank at 1 January 1,065,161 263,741 263,741
Cash at bank at period
end 447,925 417,874 1,065,161
------------- ------------ -------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR OKNDQOBKDNCD
(END) Dow Jones Newswires
September 14, 2017 02:00 ET (06:00 GMT)
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