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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.025 | 2.00% | 1.275 | 1.25 | 1.30 | 1.275 | 1.25 | 1.25 | 1,375,500 | 14:29:49 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Nonmtl Minrls, Ex Fuels | 0 | -1.14M | -0.0044 | -2.89 | 3.28M |
From May 2019 to May 2024
TIDMWSBN
RNS Number : 2371C
Wishbone Gold PLC
28 September 2018
28(th) September 2018
Wishbone Gold Plc ("Wishbone Gold" or the "Company")
Wishbone Gold Plc / Index: AIM / Epic: WSBN / Sector: Natural Resources
Interim results
Chairman's statement
Wishbone Gold has pleasure in announcing its interim results for the period ended 30th June 2018. Shareholders are reminded that these results are unaudited and based on the Company's management accounts.
The six months ended saw total sales of $3.908m, showing a small decline over the same period last year (2017: $3.977m). Volumes processed by the Company during this period were mainly from Thailand and supplemented from further African trading. The Company's volumes were constrained by a shortage of trading capital and the board are in the process of resolving this challenge. Gross margins remained thin at 0.91%, an improvement on the same period last year (0.54%), but a slight decline from the last full year (1.02%). The Board believes that its strategy of working with artisanal/small-scale miners will improve these margins.
As previously announced Wishbone Gold suffered delays in its Honduras operation coming online due to the failure of our partners to obtain the correct licenses. We moved to remedy this failure earlier in the year and expect the operation to be on stream by the end of the calendar year. Once the Honduras operation is on stream the Board anticipates that its output will significantly boost the Company's profitability. While waiting for the permits to be granted additional equipment is being installed on the site to boost production and improve the percentage of recovered gold to make up for lost time. Once the permits are in place local miners will be able to process more ore, no longer require the use of mercury, and be able to recover more gold.
Videos are available on the Wishbone website showing the progress on the Honduras site.
The rise in administration expenses is due to the expansion of Wishbone's presence in Africa. Discussions to implement artisanal/small scale mining strategies are continuing and will be reported on in due course.
In addition, expenditure has been incurred on Wishbone's new online gold trading initiative which will be announced shortly.
During the period cash reduced by $0.2m (period ended 30 June 2017: reduction of $0.617m) and at 30 June 2018 the Company had net cash of $0.054m (30 June 2017: $0.448m). Net assets at 30 June 2018 were $2.88m (30 June 2017 ($2.63m).
The major changes in the last few months are moving Honduras to final completion and continued expansion in Africa. The move to a stable government in Zimbabwe is particularly significant as we have been in discussions there since before the elections. We will make announcements shortly.
Many thanks to all our shareholders for their continuing support.
SFor further information, please contact:
Wishbone Gold Plc
Richard Poulden, Chairman and CEO Tel: +44 207 812 0645
Allenby Capital Limited (Nominated adviser and broker)
Nick Naylor / Nick Harriss Tel: +44 20 3328 5656
Damson Communications
Hot Features
Premium
Abigail Stuart-Menteth / Amelia Hubert Tel: +44 207 812 0645
Wishbone Gold PLC
Consolidated Income Statement
for the period 1 January
2018 to 30 June 2018
Unaudited Unaudited Audited
Six Months Six Months Year Ended
Ended 30 Ended 30 31 December
June 2018 June 2017 2017
US$ US$ US$
Sales 3,908,979 3,977,139 8,240,821
Cost of sales (3,873,223) (3,955,630) (8,156,937)
Gross profit 35,755 21,509 83,884
Administration expenses (497,834) (352,544) (884,602)
------------- ------------- -------------
Operating loss (462,079) (331,035) (800,718)
Impairment of investments - - (1,568)
Foreign exchange gains (6,746) - (31,730)
Finance costs (58,603) - (79,001)
Loss on ordinary activities
before taxation (527,428) (331,035) (913,017)
Tax on loss on ordinary activities - -
Loss for the financial year (527,428) (331,035) (913,017)
------------- ------------- -------------
Wishbone Gold PLC
Consolidated Statement of
Financial Position
as at 30 June 2018
Unaudited Unaudited Audited
Six Months Six Months Year Ended
Ended 30 Ended 30 31 December
June 2018 June 2017 2017
US$ US$ US$
Current assets
Trade and other receivables 545,843 26,111 568,396
Cash and cash equivalents 54,102 447,925 256,857
Inventory 27,751 27,391 27,755
Loans 306,183 308,656 308,656
933,879 810,083 1,161,664
------------- ------------- -------------
Non-current assets
Property, plant and equipment 250,024 249,987 250,058
Goodwill 748,625 748,617 748,617
Intangible assets 377,672 312,267 387,162
Loans 572,278 504,600 680,476
1,948,599 1,815,471 2,066,313
------------- ------------- -------------
Total assets 2,882,478 2,625,554 3,227,977
============= ============= =============
Current liabilities 1,397,345 937,996 1,198,188
Non-current liabilities - - -
Equity
Share capital 1,730,590 1,691,824 1,770,406
Share premium 7,115,052 5,912,988 7,278,748
Share based payment reserve 62,908 61,898 64,355
Accumulated losses (7,710,000) (6,600,591) (7,182,574)
Foreign exchange reserve 286,583 621,439 98,854
Total equity and liabilities 2,882,478 2,625,554 3,227,977
============= ============= =============
Wishbone Gold PLC
Consolidated Statement of
Cash Flows
for the period from 1 January
2018 to 30 June 2018
Unaudited Unaudited Audited
Six Months Six Months Year Ended
Ended Ended 30 31 December
30 June June 2017 2017
2018
US$ US$ US$
Cash flows from operating
activities
Loss before tax (527,428) (331,035) (913,017)
Reconciliation to cash generated
from operations:
Foreign exchange (gain)/loss 6,745 (9,146) 31,730
Interest expense 58,603 6,055 79,001
Impairment losses - 1,108
Administrative expenses converted
into ordinary shares - - 204,399
Operating cash flow before
changes in working capital (462,080) (334,126) (596,779)
------------ ------------- -------------
Increase in inventory 4 24,729 (25,093)
Decrease/(increase) in receivables 22,553 4,313,230 3,571,645
Increase/(decrease) in payables 178,036 (3,945,894) (3,853,477)
Cash outflow from operations (261,487) 57,939 (903,704)
------------ ------------- -------------
Cash flows from investing
activities
Increase/(decrease) in fixed
assets 34 249,987 (250,058)
Net movement in investments - 1,108 -
(Increase)/Decrease in Intangible
Assets 9,490 (280,582) (46,821)
(Increase)/Decrease in Loans 27 (405,319) (9,375)
Other investing activities 108,198 - (680,476)
Net cash flow from investing
activities 117,749 (434,806) (986,730)
------------ ------------- -------------
Cash flows from financing
activities
(Decrease)/Increase in loans
payable (389,276) 24,435 (192,210)
Issue of shares for cash - - 1,080,824
Interest Paid - 1,413 -
Net cash flow from financing
activities (389,276) 25,848 888,614
------------ ------------- -------------
Effects of exchange rates
on cash and cash equivalents 330,260 (266,217) 193,516
Net increase/(decrease) in
cash (202,755) (617,236) (808,304)
Cash at bank at 1 January 256,857 1,065,161 1,065,161
Cash at bank at period end 54,102 447,925 256,857
------------ ------------- -------------
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR FKODDABKDQCB
(END) Dow Jones Newswires
September 28, 2018 02:00 ET (06:00 GMT)
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