Proactiveinvestors United Kingdom Wishbone Gold PLC Proactiveinvestors United Kingdom Wishbone Gold PLC RSS feed en Mon, 17 Dec 2018 19:31:08 +0000 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[RNS press release - Notice of Annual General Meeting of Shareholders ]]> Tue, 04 Dec 2018 07:00:20 +0000 <![CDATA[RNS press release - Total Voting Rights ]]> Fri, 30 Nov 2018 07:00:02 +0000 <![CDATA[RNS press release - Align Research Note ]]> Mon, 19 Nov 2018 07:00:13 +0000 <![CDATA[RNS press release - Issue of New Ordinary Shares & Total Voting Rights ]]> Wed, 31 Oct 2018 13:38:56 +0000 <![CDATA[RNS press release - Second Price Monitoring Extn ]]> Mon, 22 Oct 2018 14:05:45 +0100 <![CDATA[RNS press release - Price Monitoring Extension ]]> Mon, 22 Oct 2018 14:00:18 +0100 <![CDATA[RNS press release - PDMR Disclosure ]]> Mon, 22 Oct 2018 11:27:26 +0100 <![CDATA[RNS press release - Renewed Appointment of Align Research ]]> Fri, 19 Oct 2018 14:48:08 +0100 <![CDATA[News - Wishbone Gold raises £567,000 to end stand-by facility ]]> Wishbone Gold PLC (LON:WSBN) has raised £567,000 through a placing to pay off its equity stand-by facility with financier D-Beta.

The agreement was set up in August 2017 and ending the arrangement will see Wishbone pay about £120,000 owed and a final settlement payment of £274,000.

READ: Wishbone Gold hampered by Honduras permit delays, eyes expansion into Zimbabwe

Shares were placed at 0.1p to raise the cash, with subscribers also receiving a warrant exercisable at the issue price.

In addition, directors have agreed to receive shares in lieu of £233,000 fees and expenses owed up until September 2018 at a price of 0.11p per share.

Chairman Richard Poulden’s stake is now 28.1% with other directors owning 5.1% between them.

Wishbone trades gold and supplies equipment and know-how to artisanal miners in Thailand.

Thu, 18 Oct 2018 08:03:00 +0100
<![CDATA[RNS press release - Capitalisation of amounts owing to Directors & TVR ]]> Thu, 18 Oct 2018 07:00:08 +0100 <![CDATA[RNS press release - Update proposed fundraising and share sale - Amend ]]> Wed, 17 Oct 2018 18:02:08 +0100 <![CDATA[RNS press release - Update on proposed fundraising and share sale ]]> Wed, 17 Oct 2018 16:17:57 +0100 <![CDATA[RNS press release - Proposed termination of equity sharing facility ]]> Wed, 17 Oct 2018 16:04:20 +0100 <![CDATA[RNS press release - Price Monitoring Extension ]]> Fri, 12 Oct 2018 14:00:32 +0100 <![CDATA[News - Wishbone Gold hampered by Honduras permit delays, eyes expansion into Zimbabwe ]]> Delays in getting permits for its Honduras operations held back interim revenues at Wishbone Gold PLC (LON:WSBN).

Wishbone trades gold and also supplies equipment and know-how to artisanal miners in Thailand and potentially Honduras.

READ: Wishbone Gold’s sales continue to rise as business model rolls out

Total sales in the half year to June were US$3.91mln (US$3.977m), with gold processed originating from Thailand and supplemented by African trading.

Volumes were constrained by a shortage of trading capital, Wishbone added, something that is being tackled.

“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%).“

Working with artisanal/small-scale miners will improve margins, said the company, while Honduras coming on stream will stream 'significantly boost the company's profitability'.

Cash holdings reduced due to the efforts in Africa and also Wishbone's new online gold trading initiative that will be unveiled shortly.

Wishbone says it continues to look at how to expand in Africa and in particular, has been holding discussions in Zimbabwe since the change of government.

Fri, 28 Sep 2018 10:01:00 +0100
<![CDATA[RNS press release - Interim Results ]]> Fri, 28 Sep 2018 07:00:03 +0100 <![CDATA[RNS press release - Wishbone to present at Shares Investor Evening ]]> Fri, 06 Jul 2018 07:00:04 +0100 <![CDATA[Media files - Wishbone Gold Plc looking to expand operations further across Africa ]]> Thu, 21 Jun 2018 07:50:00 +0100 <![CDATA[News - Wishbone Gold’s sales almost double in the full year to December 2017 ]]> Sales in the year to December 2017 rose to US$8.2mln for Wishbone Gold PLC (LON:WSBN), up from US$4.2mln in the previous year.  

Administrative costs, excluding interest, were reduced to US$801,691 from US$937,070 in the previous year, despite higher levels of activity.

READ: Wishbone’s artisan trading business rolls out in Thailand

Wishbone Gold held cash of US$256,857 at the period end.

"2017 has been a year of continued growth for the Wishbone Group,” said chief executive Richard Poulden.

“The growth is primarily attributable to the continuing expansion of our operations in Africa. With various initiatives rolling out, and inroads being made in other African nations, I am optimistic about the suitability of our artisanal mining model in the continent. As we look ahead, we see opportunities for 2018 in all our areas of operation, namely Central America, Africa and Asia. With this spread of sources of gold over multiple continents we have a solid trading base for the future."



Mon, 18 Jun 2018 07:51:00 +0100
<![CDATA[RNS press release - Final Results ]]> Mon, 18 Jun 2018 07:00:04 +0100 <![CDATA[News - Wishbone Gold says full production at Honduras plant awaiting receipt of appropriate government permits ]]> Wishbone Gold PLC (LON:WSBN) has said full production at its Honduras processing plant, anticipated to have commenced in May, has been delayed pending receipt of the appropriate permits for processing larger amounts of gold ore.

The AIM-listed firm announced on 20 April that the Honduras plant was fully operational and undertaking batch processing under a small-scale licence.

READ: Wishbone Gold says Honduras plant is now operational

The company said today it is in discussions with its joint venture partners on full production and is pursuing the relevant permits directly with the Honduran government.

It added that further announcements will be made in due course.

Wishbone Gold said it anticipates announcing its final results for the year ended 31 December 2018 in the next couple of weeks.

In early afternoon trading, Wishbone Gold shares were 3.6% higher at 0.29p.

Tue, 05 Jun 2018 12:57:00 +0100
<![CDATA[RNS press release - Update on Honduras production ]]> Tue, 05 Jun 2018 12:42:17 +0100 <![CDATA[News - Wishbone Gold says Honduras plant is now operational ]]> Wishbone Gold PLC (LON:WSBN) has told investors that the processing plant in Honduras is now operational.

Following several visits by the team to ensure the project remained on track, the plant is now fully operational under a small-scale licence.

READ: Wishbone’s artisan trading business rolls out in Thailand

It is running batch processing and producing gold, while testing various ore samples.

More licences have been applied for and are under review. The company expects final permitting for large amounts of gold ore in May, and thereafter it will significantly boost production.

“As previously reported the Honduras operations were delayed by the severe weather conditions last year but during the first quarter we have moved to expand our sources of ore supply as previously stated in our plans for our Honduran operations,” the company said in a statement.

Fri, 20 Apr 2018 12:07:00 +0100
<![CDATA[RNS press release - Honduras Update ]]> Fri, 20 Apr 2018 11:15:45 +0100 <![CDATA[RNS press release - Wishbone Gold Presenting at UK Investors Show ]]> Wed, 11 Apr 2018 09:55:27 +0100 <![CDATA[News - Wishbone Gold’s sales continue to rise as business model rolls out ]]> It’s still early days, but Wishbone Gold PLC’s (LON:WSBN) reverse integration strategy being rolled out globally is showing great promise. From Central America and Africa through to Asia, work has already started.

In the year to June 2018 Wishbone's sales almost doubled, to US$8.2mln, driven in particular by growth in the African portion of the. Wishbone's roots are as a gold trader, but there's now much more to the company than that. 

“Trading comes first,” says Richard Poulden, chief executive and major shareholder in Wishbone Gold.

“But in every country, we move into we’ll follow that with our reverse integration strategy. The model is to supply expertise and equipment to artisanal miners in return for long-term supply contracts.”

The model is now all set for replication elsewhere even though the hoped-for early success in Honduras suffered setbacks following the destruction wrought during the hurricane season.

Now in its newest territory, Thailand, Wishbone is seeing fast results.

In Thailand, a new entity, Asian Commerce and Commodities Trading (ACCT), has been set up as a joint venture between Wishbone and a local Thai partner with connections to the royal family. This puts the trading element in the country firmly in place. 

READ: Wishbone Gold confirms Thai gold progress

Meanwhile, operations in Honduras are getting back on track too, and are now only awaiting the requisite permits. Overall, costs are coming down, and margins are set to rise as the reverse integration strategy begins to bear fruit.

Poulden is mindful that dealing with artisans might have its challenges, but with long experience in the resources sector, Poulden brings sector expertise and vision.

His lengthy tenure as chairman and chief executive of the UK mainland’s largest miner, Sirius Minerals (LON:SXX) only adds to his appeal for long-term loyal shareholders and new ones alike. He knows the ins-and-outs of the global mining scene, and what’s likely to work for everyone.

“All the mines that we deal with are licensed,” he says. “But they don’t have to start out that way. We’re perfectly happy to take illegal miners and bring them into the fold. This helps them, us, and the local authorities.”

The benefits of this approach are several. First, there’s revenue for Wishbone. But more importantly, for the company’s long-term prospects of on-ground trading and supply contracts, the respective local governments are always happy if existing supply is brought into the proper legal and fiscal framework. Governments can then collect taxes on mines that were previously operating under the radar, and, as Poulden points out, they can also aggregate that output into GDP numbers.

In a sense, Wishbone could be seen as a public service.

But the commercial element is the real driver. By providing equipment and know-how to artisans, Poulden hypothesises that a standard artisanal mining operation could go from producing half a kilo of gold a week to perhaps five kilos. That’s a significant increase and the benefits accrue to Wishbone as well as to the artisan.

So, in what regions of the world is this likely really to take off?

In a sense, Thailand was a bit of an outlier, a major gold trading centre, but not a region that Wishbone had in the centre of its sights. The company’s already in Mali, and Uganda, and has just announced the appointment of renowned journalist and regional fixer Oliver Poole as a consultant, following a meeting between him, Poulden, and members of the Ugandan cabinet, including President Museveni.

Then there’s Honduras, and in due course potentially Saudi Arabia and Nigeria.

With the gold price steady at around US$1,200 per ounce, the fundamental outlook remains favourable.

This year, investors should look out for a streamlining of debt, firm cash flow, and improving sentiment.

This is likely to be the start of great things for Wishbone.


Wed, 28 Mar 2018 14:19:00 +0100
<![CDATA[RNS press release - Appointment of Broker ]]> Tue, 27 Mar 2018 13:57:19 +0100 <![CDATA[RNS press release - Change of Company Secretary Name ]]> Mon, 19 Mar 2018 07:00:06 +0000 <![CDATA[RNS press release - Change of Registered Office ]]> Thu, 08 Mar 2018 10:59:35 +0000 <![CDATA[RNS press release - Admission to the NEX Exchange Growth Market ]]> Mon, 05 Mar 2018 14:08:45 +0000 <![CDATA[News - FCA shuts down troubled brokerage Beaufort Securities ]]> A raft of AIM-listed firms were scrabbling for a new broker after Beaufort Securities was shut down today by the UK financial regulator.

As many as fifteen firms used Beaufort Securities as their sole broker and now have to find a replacement or face de-listing from the junior market.

Kibo Mining PLC (LON:KIBO) was also in the unenviable position of being in the middle of a £750,000 fund raise being carried out through Beaufort.

The power station developer in Tanzania said it not received any of the expected proceeds.

Strangely, this is the second time a broker working with Kibo has gone bust in the middle of a fund raise.

In 2015, Hume Capital went into administration when it was sitting out £526,000 of placing proceed that were earmarked for the company.

Kibo eventually got all of its money after a ten month delay.

Early on Friday, The FCA placed both Beaufort Securities and Beaufort Asset Clearing Services into insolvency after an assessment of their financial situation.

The move was “to protect assets from dissipation and protect the customers of both firms," the regulator said in a statement.


Beaufort Securities Limited and Beaufort Asset Clearing Services Limited have entered insolvency and have ceased trading. The firms are currently unable to execute any new business or act on any instructions from clients. Further information will be shared as soon as available.

— Beaufort Securities (@BeaufortSec) March 2, 2018


Beaufort’s businesses have been ordered to cease all regulatory activity and not to dispose of any firm or client assets without the consent from the FCA.

Affected customers will be notified by administrator PWC in due course, said the regulator.

Beaufort Securities was already banned from holding or receiving client monies after a string of complaints to the Financial Ombudsman Service over the past two years.

PCG Entertainment (LON:PGE) and Wishbone Gold PLC (LON:WSBN), two of Beaufort’s AIM-listed clients, both said they had already started to look for a new broker. Other firms included Tiger Resources, Xtract Resources Galileo, ValirX and MySquar.

-- adds detail --

Fri, 02 Mar 2018 10:39:00 +0000
<![CDATA[RNS press release - Statement re Broker ]]> Fri, 02 Mar 2018 09:51:08 +0000 <![CDATA[RNS press release - Admission to the NEX Exchange Growth Market ]]> Mon, 26 Feb 2018 16:30:01 +0000 <![CDATA[RNS press release - Update on the Equity Sharing Agreement ]]> Wed, 14 Feb 2018 16:32:12 +0000 <![CDATA[News - Wishbone Gold confirms Thai gold progress ]]> Wishbone Gold PLC (LON:WSBN) has confirmed that a new Thai entity has now been set up, and highlighted that the first successful delivery of gold has now taken place.

It currently owns 49% of the newly created Asian Commerce and Commodities Trading Co (ACCT), though arrangements are in place that could see Wishbone increase its stake up to 95%.

READ: Wishbone Gold shares positive news from Honduras

The gold was shipped from Thailand to Dubai, where it arrived last week.

Wishbone expects gold shipments to increase in volume over the coming months, anticipating multiple deliveries each week.

"We are pleased that the first shipment of gold arrived without a problem and look forward to increasing the volumes,” said Richard Poulden, Wishbone chief executive in a statement on Monday.

“The possibility of working with the Thai authorities to improve the working conditions of ASM [artisanal/ small scale mines] miners is exciting and will give Wishbone Gold a good foothold in another gold producing country."

READ: Wishbone Gold modifies equity sharing agreement with D-Beta One

Wishbone highlighted that the Thai venture opens opportunities for the group’s “reverse integration” strategy - with the country hosting a network of licensed ASM gold mines that meet the group’s criteria.

The company expects to engage further in its artisanal model, once the gold trading model is running smoothly.

Mon, 12 Feb 2018 12:12:00 +0000
<![CDATA[RNS press release - First shipment gold Thailand new trading structure ]]> Mon, 12 Feb 2018 11:39:29 +0000 <![CDATA[RNS press release - Appointment of Consultant ]]> Mon, 15 Jan 2018 07:00:05 +0000 <![CDATA[News - Wishbone Gold shares positive news from Honduras ]]> Wishbone Gold PLC (LON:WSBN) said its operations in Honduras are getting back in the swing of things now the wet season is over.

The company’s business model entails providing equipment and expertise to existing small mines in Honduras to enable them to increase production, and prior to the wet season, most of the equipment was installed but commissioning activities were suspended as new buildings could not be completed prior to the hurricanes.

READ: Wishbone Gold modifies equity sharing agreement with D-Beta One

The weather has now improved and the buildings are expected to be completed in the next couple of weeks, Wishbone said.

The country is still beset by a dispute over the result of the recent election with the opposition calling for a recount.

Wishbone’s local partners have reported that the demonstrations and protests have been largely limited to the capital, Tegucigalpa, but the position is unlikely to be stable for a few more weeks.

Wishbone believes its business model will still work, whichever party wins out, because unemployment, illegal mining and collection of taxation are priorities for both political parties. 

READ: Wishbone Gold says its Mali subsidiary is now receiving full volume shipments from its new supplier

"Wishbone Gold's strategy of reverse integration into the small mining sector remains our priority and we hope to announce further plans in this area shortly. We will provide a full trading update early in the New Year but wanted to share the positive news from Honduras as soon as possible," said Richard Poulden, the chairman and chief executive of Wishbone Gold.

Shares in Wishbone were up 23% in early deals.

Thu, 07 Dec 2017 08:26:00 +0000
<![CDATA[RNS press release - Honduras Project Update ]]> Thu, 07 Dec 2017 07:00:02 +0000 <![CDATA[News - Wishbone Gold modifies equity sharing agreement with D-Beta One ]]> Wishbone Gold PLC (LON:WSBN) and D-Beta One have modified the equity sharing agreement announced on 18 August 2017.

D-Beta One is leading a syndicate that had pledged to subscribe for 114.3mln Wishbone shares at 0.7p a throw; it has agreed with Wishbone to double the number of remaining monthly payments from 10 to 20, which will have the effect of reducing the volume of shares that D-Beta One will trade in any given period.

READ: Wishbone Gold agrees new institutional funding deals

The proceeds of each monthly payment will be dividing equally between Wishbone and paying off the balance of Wishbone’s investment agreement with YA II PN.

Shares in Wishbone rose 8.2% to 0.595p in the first hour of trading.

Mon, 20 Nov 2017 09:03:00 +0000
<![CDATA[RNS press release - Update on the Equity Sharing Agreement ]]> Mon, 20 Nov 2017 07:00:05 +0000 <![CDATA[News - Wishbone Gold says its Mali subsidiary is now receiving full volume shipments from its new supplier ]]> Black Sand FZE, a subsidiary of Wishbone Gold PLC (LON:WSBN), is now receiving full volume shipments from its new supplier in Mali.

Trials started a few months ago, prior to the wet season, and will continue through next year. Roughly US$700,000 worth of gold was received last week with volumes expected to increase over the coming months, Wishbone said.

Gold is expected to be shipped roughly every ten days. This will be shipped as doré and thus will have varying ranges of purity.

Meanwhile, in Honduras, the company's operations have been affected by continuing poor weather conditions, not least by the worst Caribbean hurricane season on record, which has had a knock-on effect across Central America.

The net effect of the situation in Mali and Honduras is that revenue will be below current market expectations, but the board said the impact on the bottom line will be neutral.

"We are pleased that Black Sand's new contract in Mali is moving along as planned and we look forward to increasing the volumes in the future. Mali produces 50mt [millions of tonnes] of gold each year, which is mostly from artisanal miners, meaning the opportunities remain significant," said Richard Poulden, chief executive officer and chairman of Wishbone Gold.

“In Honduras, the extreme weather conditions faced by the region have set back our timing on site but we still hope to be in production there early next year," he added.

Wed, 25 Oct 2017 15:48:00 +0100
<![CDATA[RNS press release - Trading Update ]]> Wed, 25 Oct 2017 13:47:07 +0100 <![CDATA[RNS press release - Update on Equity Sharing Agreement ]]> Wed, 18 Oct 2017 10:01:10 +0100 <![CDATA[RNS press release - Issue of Equity ]]> Thu, 05 Oct 2017 15:31:24 +0100 <![CDATA[RNS press release - Update on Equity Sharing Agreement ]]> Wed, 04 Oct 2017 07:00:04 +0100 <![CDATA[RNS press release - Results of AGM ]]> Tue, 03 Oct 2017 17:04:25 +0100 <![CDATA[RNS press release - Align Research initiation of coverage ]]> Tue, 26 Sep 2017 07:15:01 +0100 <![CDATA[News - Wishbone Gold ready to roll in Honduras as soon as weather improves ]]> Wishbone Gold PLC (LON:WSBN) has told investors its joint venture in Honduras is ready to be brought on stream as soon as the weather in the Central American country picks up.

Earlier this year, Wishbone inked a 30-year deal with SION Honduras, which has an agreement with the Honduran government to expand the mining industry there.

The venture will provide equipment and expertise to small mines in Honduras to enable them to increase production. In return, the mines will supply Wishbone's trading subsidiary Black Sand FZE with all the output at preferential prices.

However, “the worst hurricane season on record” has forced gold mines in the region to shut down their operations and delayed the final commissioning of the plant.

Wishbone said today that the project will be operational as soon as weather conditions improve but added that this will probably result in a three-month delay in going into production.

WATCH: Honduras expansion plans on track for Wishbone Gold following new funding deal Honduran JV to provide higher margins

"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,” said chief executive Richard Poulden.

“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.”

Poulden also revealed that Wishbone is in discussions set up similar programs with two African nations.

READ: Wishbone Gold ready to reverse gently into gold supply Interim results

For the six months ended 30 June, Wishbone turned over £3.98mln (H1 2016: £0) and generated a gross profit of £0.02mln (H1 2016: £0).

The net loss widened slightly to £0.33mln (H1 2016: £0.19mln) with funds being diverted to help finance its venture in Honduras.

Wishbone ended the half with a net cash position of US$2.6mln compared to US$1.4mln a year earlier.

Shares were down 0.08p or 10.7% to 0.62p.

--Updates for share price--

Thu, 14 Sep 2017 08:21:00 +0100
<![CDATA[RNS press release - Interim Results ]]> Thu, 14 Sep 2017 07:00:04 +0100