Wishbone Gold Plc (LSE:WSBN) has completed a £1.1 million institutional placing, facilitated by Marex Financial, issuing 4,174,573 new shares at 26.35 pence each. The fundraising also includes warrants exercisable at 40 pence over a two-and-a-half-year period. Following admission to trading on AIM and AQSE, the company’s total voting share capital will increase to 34,400,438 shares. Proceeds will be directed toward an expanded drilling campaign at the Red Setter project and early-stage development work at the Silver Lake prospect.
Chairman Richard Poulden noted that investor interest reflects the strategic positioning of Red Setter, located around 20km from Greatland Resources’ Telfer gold mine, as well as the potential upside from the Silver Lake option. The new funding is expected to accelerate exploration activity across Wishbone’s Western Australian portfolio, strengthening its pipeline and increasing exposure to future drilling outcomes in a highly active gold region.
The company’s outlook remains constrained by its early-stage financial profile, with no revenue generation, ongoing losses, and negative free cash flow, although there have been some signs of improvement. Market technicals appear mixed, with no clear directional trend, while valuation is limited by negative earnings and the absence of dividend metrics.
More about Wishbone Gold
Wishbone Gold Plc is a precious metals exploration company listed on the AIM and Aquis exchanges, focused on gold opportunities in Western Australia. Its key assets include the Red Setter project near the Telfer gold mine and an option over the Silver Lake project, both of which are being advanced through ongoing exploration and development efforts.
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