Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Wishbone Gold buoyed by increased gold price

The group announced the paper acquisition of Precious Metals International (PMI) In February
A pile of gold bars
The group moved into gold trading in February

An increase in gold prices has buoyed Wishbone Gold PLC (LON:WSBN), which has moved into precious metal trading, since the end of 2015, it told investors.

The group announced the paper acquisition of Precious Metals International (PMI), which has a precious metal and gem trading licence to operate in the UAE, in February and its wholly owned subsidiary is Black Sand FZE, which has a gold, precious metals and gem trading licence.

Gold prices gained more than 16% in the first four months of 2016 and tested the US$1,300 per ounce in May 2016, the firm noted.

"Though they have fallen back a little, the upward trend remains as China, India and Russia continue to shore up reserves.

"Margins in the trading business are essentially fixed so a rise in the gold price leads to a corresponding increase in profitability for the trading.

"This offers Wishbone Gold plc an increasingly optimistic outlook, as the dual approach of exploration and trading in precious metals offers additional options in terms of achieving profitability and cash flow," it said.

In addition, this month it struck a two year US$3mln loan deal with Sanderson Capital to support the gold trading business.

The loss before tax for the year was US$1.12mln compared to a loss of US$2.5mln in 2014.

Chairman Richard Poulden added that Wishbone had continued its exploration in Australia during the year and in particular benefited on its main properties of White Mountains and Wishbone II from the Industry Priorities Initiative of the Future Resources Program - a Queensland government funded piece of work with a brief of correcting existing geological mapping and comparing like systems.

View full WSBN profile View Profile

Wishbone Gold PLC Timeline

Newswire
February 12 2018
RNS
January 15 2018
RNS
December 07 2017
RNS
October 25 2017
RNS
October 05 2017
RNS
October 03 2017

Related Articles

Intermin Resources: Access latest PPT from Proactive's CEO Sessions
April 13 2017
Jon Price talked funding drilling program in world-class region with investors.
Mawson Resources poised for more drilling after bonanza gold grades at Rompas East
October 18 2017
The group's key assets is the Rompas/Rajapalot project in Fiinish Lapland
Marble lobby
January 03 2018
Has Fox Marble finally turned the corner? Recent news flow has been positive and Mother Nature seems to have taken the company off her hit list

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use