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Wishbone Gold PLC RNS Release

Interim Results


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

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

Turnover of £3.98 million (2016: £0.00 million); gross profit of £0.02 million (2016: £0.00 million; and net loss before taxation of £0.33 million (2016: £0.19 million loss)

Results impacted by funds being diverted to finance our investment in Honduras.

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."

ENDS

For 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
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 Six Months Ended 30 June 2017

Unaudited Six Months Ended 30 June 2016

Audited Year Ended 31 December 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 Six Months Ended 30 June 2017

Unaudited Six Months Ended 30 June 2016

Audited Year Ended 31 December 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 Six Months Ended 30 June 2017

Unaudited Six Months Ended 30 June 2016

Audited Year Ended 31 December 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
 
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