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LONDON - Wishbone Gold PLC (AIM:WSBN) reported Tuesday that it is advancing its drilling program at the Red Setter gold project in Western Australia, located 13 kilometers southwest of the +15Moz Telfer Gold Mine.
According to the company’s unaudited interim results for the six-month period ended June 30, 2025, Wishbone has strengthened its financial position with cash balances of £825,981, up from £124,895 in December 2024.
The company completed two fundraising rounds during the period, raising £700,000 in March at 0.1 pence per share and an additional £1,750,000 in June at 0.13 pence per share through the issuance of new ordinary shares.
In April 2025, Wishbone announced preparations to drill into the main undrilled gold target at its Red Setter Dome, which was identified by Expert Geophysics Limited in September 2024. The company subsequently appointed Apex Geoscience Consultants in May to manage exploration and drilling operations.
Apex confirmed in June that key drill holes at Red Setter were in good condition for re-entry, allowing for cost savings as the existing pads and collars could be utilized with only minor work needed on access tracks.
Administrative costs for the period decreased to £757,319 compared to £883,157 in the first half of 2024.
The company also underwent organizational changes, with Edward Mead appointed as a director of Wishbone Gold WA Pty Ltd, the company’s Western Australian subsidiary, and David Lenigas joining as a consultant in March.
A previously announced potential reverse merger with Evrensel Global Natural Resources Ltd was terminated in March 2025 after both parties determined it was not in their best interests to proceed.
Chairman Richard Poulden stated that the company continues its exploration strategy focused on its Western Australian properties, particularly the Red Setter Gold Dome. This information is based on the company’s press release statement.
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