Wishbone Gold PLC on Thursday said 2022 was ‘a year of progress’ with ‘positive developments’ at multiple assets, and celebrated a narrowed loss as it anticipates further explorations this year and beyond.

The Gibraltar-based, Australia-focused mining company said its pretax loss for 2022 was £1.1 million, compared with £1.2 million the previous year. It reported a loss per share of 0.63p, narrowed from 0.75p.

Wishbone’s stock was down 2.2% at 1.71 pence in London on Tuesday.

Wishbone said administration expenses from continuing operations were down 8.8% to £1.1 million from £1.2 million. Its foreign exchange loss narrowed to £23,263 from £80,049.

The company reported ‘positive developments at our assets in Western Australia and Queensland’. In April it was able to refine drilling areas for its flagship Red Setter project after a drill programme ‘produced exciting results with every hole drilled returning grades of copper or gold with significant intercepts’.

Furthermore, the nearby Cottesloe project, which Wishbone grew to 165 kilometres squared upon acquisition of Cottesloe East, has silver and lead deposits visible at surface. In May, Wishbone announced that it had obtained an A$220,000 grant from the Western Australian government for a co-funded drilling programme there.

‘We saw some very promising results from our extensive drill programmes and continue to believe that we hold land that has significant potential which underpins the inherent value in the group,’ commented Chair Richard Poulden. ‘Our confidence was highlighted by the acquisition of acreage at Cottesloe East at the start of this year which also has good prospectivity and is strategically located.’

Wishbone said it hopes to explore Queensland further in the future, but that Western Australia remains its highest priority as shareholder interest is primarily focused there. It expects to start the drilling programme on Cottesloe in the third quarter.

Copyright 2023 Alliance News Ltd. All Rights Reserved.