Wishbone Gold Plc (LSE:WSBN) has completed the acquisition of the high-grade Silver Lake silver project in Western Australia after exercising its exclusive option over the asset.
The transaction was completed through the issue of 3,571,777 new shares, valuing the acquisition at approximately £1.04 million. The Silver Lake project covers around 422 square kilometres within the Carnarvon Basin and contains extensive shallow silver mineralisation spread across a 35-kilometre corridor.
Management highlighted historical high-grade rock chip sampling and drilling results as encouraging indicators of the project’s exploration potential, while also noting the asset benefits from year-round accessibility and proximity to major transport infrastructure.
Exploration activities set to begin in 2026
Wishbone Gold has outlined an initial work programme for the newly acquired project, beginning with the appointment of Apex Geoscience to reinterpret historical geological and exploration data.
Field crews are expected to mobilise in June, with the company targeting a drilling campaign during the third quarter of 2026 using auger or air-core drilling rigs.
The acquisition expands Wishbone’s exposure within the precious metals sector and strengthens its pipeline of exploration assets in Western Australia, a globally recognised mining jurisdiction. Following the share issuance, the company’s total voting share capital has increased to 37,972,215 shares, resulting in modest dilution for existing shareholders.
Financial weaknesses continue to weigh on outlook
Wishbone Gold’s outlook remains constrained by weak financial fundamentals, including its pre-revenue status, ongoing losses and continued negative free cash flow, although management noted some operational improvement.
Technical indicators remain mixed, with momentum readings broadly neutral and no clearly established market trend. Valuation support is also limited due to negative earnings and the absence of dividend yield data.
More about Wishbone Gold
Wishbone Gold Plc is a precious metals exploration company listed on both London’s AIM market and the Aquis Exchange. The business focuses on gold and silver exploration projects in Western Australia and is building a broader portfolio of assets, including the Red Setter project, to benefit from rising demand for metals linked to technology development and the global energy transition.
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