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Wishbone Gold ( (GB:WSBN) ) has provided an update.
Wishbone Gold Plc has raised £1.1 million through an institutional placing arranged by Marex Financial, issuing 4,174,573 new shares at 26.35 pence each alongside warrants exercisable at 40 pence within two and a half years. The funds will support an expanded drilling programme at the Red Setter project and initial development work at the promising Silver Lake prospect, while increasing the company’s total voting share capital to 34,400,438 shares upon admission to trading on AIM and AQSE.
Chairman Richard Poulden said institutional interest has been driven by the strategic location of Red Setter, just 20km from Greatland Resources’ Telfer gold mine, and by the potential of the Silver Lake acquisition option. The capital raise underpins Wishbone’s ability to advance its Western Australia assets, potentially strengthening its exploration pipeline and positioning in a highly active gold district, with implications for shareholder exposure to forthcoming drilling results.
Spark’s Take on WSBN Stock
According to Spark, TipRanks’ AI Analyst, WSBN is a Neutral.
Overall score is held back primarily by weak financial performance (pre-revenue, ongoing losses, and negative free cash flow despite some improvement). Technicals are mixed with a neutral momentum profile and no clear trend, while valuation is limited by a negative P/E and lack of dividend yield data.
To see Spark’s full report on WSBN stock, click here.
More about Wishbone Gold
Wishbone Gold Plc is a precious metals exploration company listed on London’s AIM and Aquis exchanges, with a focus on gold projects in Western Australia. Its portfolio includes the Red Setter project near Greatland Resources’ Telfer gold mine and an option over the Silver Lake project, where it is targeting further exploration and development activity.
Average Trading Volume: 755,197
Technical Sentiment Signal: Sell
Current Market Cap: £9.67M
Learn more about WSBN stock on TipRanks’ Stock Analysis page.