Wishbone Gold (WSBN) AI Stock Analysis

• Market Cap: £23.73M
• Dividend Yield: N/A
• Average Volume (3M): 64.96M
• Price to Earnings (P/E): ―
• Beta (1Y): 3.67
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): N/A
• Shares Outstanding: 30,225,864
• 10 Day Avg. Volume: 49,862,573
• 30 Day Avg. Volume: 64,963,528
• PEG Ratio: 1.92
• Price to Book (P/B): 22.89
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -78.12
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: 74.00p ▼(-24.49% Downside)

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.

Positive Factors

Low leverage / no debt

A near-zero debt profile materially reduces solvency and interest-rate risk for an exploration company. This conservatism preserves optionality to fund programs via equity or partners and lowers near-term default risk while management pursues value-accretive exploration.

Exploration-focused business model

A clear, discipline-aligned exploration model creates structural value drivers: discovery, resource delineation, permitting, then monetization via JV/sale. For investors this provides binary upside tied to geology and program execution rather than short-term market cycles.

Improving cash flow trend

Year-over-year reduction in negative free cash flow signals improving capital efficiency and potentially lower near-term financing needs if trend continues. For an exploration-stage firm, slower burn improves runway and raises chances of reaching value inflection with existing resources.

Negative Factors

Pre-revenue profile with persistent losses

Absent operating revenue and with recurring operating losses, the company must continually access external capital to fund exploration. This structural funding dependence increases dilution risk and can constrain the pace and scale of resource-advancing programs over the medium term.

Equity erosion and negative ROE

Declining book equity and strongly negative ROE indicate value dilution from losses. Over time this reduces the balance-sheet cushion for exploration setbacks, increases reliance on dilutive capital raises, and undermines shareholder value unless operational progress reverses the trend.

No revenue history

A multi-year absence of revenue means the business lacks internal cash generation and commercial validation. Long-term success depends on exploration outcomes or transactions; failure to convert prospects into saleable resources raises structural execution and financing risk.

Wishbone Gold Business Overview & Revenue Model

Company Description

Wishbone Gold Plc engages in the gold production and trading activities in Australia. It explores for gold, silver, copper, lead, and other metals. The company's projects include the Red Setter and Cottesloe projects located in the Patersons Range region of Western Australia; and the White Mountain project located in Queensland. It also holds interests in the Wishbone II, IV, and VI projects located in Queensland. The company was incorporated in 2009 and is based in Gibraltar.

How the Company Makes Money

Wishbone Gold Financial Statement Overview

Summary

Financials reflect an early-stage, pre-revenue profile (revenue is 0 from 2021–2024) with persistent and widening net losses (~-1.27m in 2023 to ~-1.46m in 2024) and negative operating/free cash flow (FCF ~-1.62m in 2024). The key offset is low solvency risk due to effectively no debt, but equity has declined (~6.25m to ~5.52m) and returns remain meaningfully negative.

Income Statement

The income statement shows a pre-revenue profile in recent years (revenue is 0 from 2021–2024), with persistent operating losses. Net loss widened from about -1.27m (2023) to about -1.46m (2024), indicating a higher cash burn/run-rate. A positive point is the absence of revenue volatility recently (because revenue is effectively absent), but overall profitability and operating leverage are weak and the path to self-funding is not yet evident from the data.

Balance Sheet

The balance sheet is conservatively levered with effectively no debt (0 total debt in 2021–2024; de minimis in 2020), which reduces solvency risk. However, ongoing losses are diluting book value over time (equity down from ~6.25m in 2023 to ~5.52m in 2024) and returns on equity are consistently negative (about -26.5% in 2024), reflecting value erosion until revenues or profitable operations emerge.

Cash Flow

Cash generation remains negative, with operating cash flow at about -1.49m (2024) and free cash flow at about -1.62m (2024). Free cash flow improved versus 2023 (less negative than -3.26m), but the overall trend still implies continued funding needs. Cash burn broadly tracks net losses (free cash flow is ~1.08x net loss in 2024), suggesting limited non-cash offsets and continued reliance on external capital if the current run-rate persists.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	1.40M
Gross Profit	0.00	0.00	0.00	0.00	0.00	10.41K
EBITDA	-671.60K	-1.46M	-1.27M	-1.10M	-907.33K	-477.04K
Net Income	-1.03M	-1.46M	-1.27M	-1.16M	-1.32M	-514.24K
Balance Sheet
Total Assets	7.38M	6.14M	7.15M	6.56M	4.50M	3.05M
Cash, Cash Equivalents and Short-Term Investments	825.98K	124.89K	18.23K	1.46M	3.00M	1.61M
Total Debt	0.00	0.00	0.00	0.00	0.00	15.82K
Total Liabilities	155.25K	626.08K	908.00K	632.67K	135.75K	279.14K
Stockholders Equity	7.23M	5.52M	6.25M	5.93M	4.36M	2.77M
Cash Flow
Free Cash Flow	-680.70K	-1.62M	-3.26M	-3.91M	-1.14M	-681.67K
Operating Cash Flow	-1.91M	-1.49M	-1.62M	-787.35K	-926.42K	-299.80K
Investing Cash Flow	13.29K	-121.30K	-1.64M	-3.12M	-217.13K	-381.88K
Financing Cash Flow	2.21M	1.16M	1.84M	2.38M	2.56M	2.28M

Wishbone Gold Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
CGNR	51 Neutral	£11.93M	-15.50	-2.46%	―	―	―
WSBN	48 Neutral	£23.73M	-5.90	-14.14%	―	―	―
HAMA	46 Neutral	£5.20M	-1.07	-86.67%	―	―	―
LEX	44 Neutral	£18.24M	-32.08	-4.26%	―	―	―

Wishbone Gold Corporate Events

Wishbone Gold Plc Discusses Red Setter Project Developments

Wishbone Gold Plc announced an investor interview featuring its Chairman and CEO, Richard Poulden, along with Director Edward Mead, discussing the Red Setter Gold Dome Project. The interview covers recent developments, drilling timelines, and potential impacts from nearby operations, providing insights into the company’s future plans and expected news flow over the next year.

Wishbone Gold Enhances Exploration Efficiency with New Access Road

Wishbone Gold Plc announced a significant update on its Red Setter Gold Dome Project, highlighting the application for a new 30km access road to improve logistical efficiency and reduce costs. The road will facilitate better access to resources and infrastructure at the Nifty Copper Mine, enhancing the company’s exploration capabilities. The 2025 drilling campaign included seven Reverse Circulation holes and six Diamond Drill holes, with assay results pending. The company anticipates that the new road will streamline operations and support a more extensive drilling program in 2026, with assay results expected to drive future exploration plans.

Wishbone Gold Announces Successful AGM and Share Capital Reorganisation

Wishbone Gold Plc announced that all resolutions were passed at its AGM and EGM, paving the way for a capital reorganisation. This reorganisation involves consolidating the company’s existing shares and issuing new ordinary shares, which will be admitted to trading on AIM. This move is expected to streamline the company’s share structure and potentially enhance its market positioning.

Wishbone Gold PLC Announces Share Consolidation and Capital Reorganization

Wishbone Gold PLC announced a capital reorganization involving a share consolidation and subdivision to reduce the number of issued ordinary shares and increase the share price. This restructuring is expected to result in 30,225,865 new ordinary shares and deferred B shares, with trading of the new shares commencing on December 1, 2025. The move is intended to streamline the company’s share structure, potentially improving its market positioning and attractiveness to investors.

Wishbone Gold Unveils Promising Mineralisation at Red Setter Project

Wishbone Gold Plc has announced significant progress at its Red Setter Gold Project, with the discovery of a mineralised strike over 3km. The ongoing drilling program has revealed promising gold and copper mineralisation, suggesting potential for a large-scale gold project. The company plans to continue its exploration efforts with further diamond drilling next year, aiming to expand its understanding of the geological structures and mineralisation patterns.

Wishbone Gold Schedules AGM and EGM for November 2025

Wishbone Gold Plc, a company listed on AIM and AQSE, has announced the scheduling of its annual general meeting (AGM) and an extraordinary general meeting (EGM) for November 28, 2025, in Gibraltar. The meetings will take place at Hassans International Law Firm, and letters to shareholders regarding these meetings have been dispatched. The announcement is part of the company’s compliance with regulatory obligations, and further details can be accessed on their website.