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Wishbone Gold
(LSE:WSBN)
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Rating:42Neutral
Price Target:
22.50 p
▼(-2.17% Downside)
Action:Reiterated
Date:07/04/26
The score is driven primarily by weak financial performance (no revenue, persistent losses, and increasing cash burn), which elevates ongoing funding risk despite low leverage. Technicals add further pressure with a clear downtrend and bearish momentum signals. Valuation is constrained by negative earnings (negative P/E) and no dividend yield data, offering limited support.
Positive Factors
Low financial leverage
Wishbone Gold's near-zero debt position is a durable strength for an explorer: it lowers solvency risk, reduces fixed financing costs, and preserves flexibility to pursue drilling or JV deals without immediate debt servicing pressure. This structural balance sheet health helps absorb exploration volatility and extends optionality for strategic financing over the next several months.
Negative Factors
No revenue; recurring losses
Wishbone is a pre‑revenue explorer with persistent operating losses and negative EBITDA, a structural weakness: absent a discovery or sale, there is no near‑term path to operating profitability. Continued losses mechanically consume equity and require external funding, constraining the company's ability to self‑fund sustained exploration programs without dilution.
Read all positive and negative factors
Positive Factors
Negative Factors
Low financial leverage
Wishbone Gold's near-zero debt position is a durable strength for an explorer: it lowers solvency risk, reduces fixed financing costs, and preserves flexibility to pursue drilling or JV deals without immediate debt servicing pressure. This structural balance sheet health helps absorb exploration volatility and extends optionality for strategic financing over the next several months.
Read all positive factors
Wishbone Gold (WSBN) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£8.35M
Dividend YieldN/A
Average Volume (3M)283.86K
Price to Earnings (P/E)―
Beta (1Y)3.63
Revenue GrowthN/A
EPS Growth86.31%
CountryUK
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.03
Shares Outstanding37,972,214
10 Day Avg. Volume276,511
30 Day Avg. Volume283,855
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)2.47
Price to Sales (P/S)0.00
P/FCF Ratio-11.58
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Wishbone Gold Business Overview & Revenue Model
Company Description
Wishbone Gold Plc primarily focuses on gold extraction and commercialization operations within Australia. The company actively explores for a variety of precious and base metals, including gold, silver, copper, and lead. Its portfolio of assets fe...
How the Company Makes Money
Wishbone Gold does not typically generate recurring revenue from selling products or providing services; as an early-stage exploration company, it is primarily funded through capital raises (e.g., issuing equity). Its potential monetisation pathwa...
Wishbone Gold Financial Statement Overview
Summary
Income Statement
14
Very Negative
Balance Sheet
66
Positive
Cash Flow
24
Negative
| Breakdown | Dec 2025 | Jun 2025 | Dec 2023 | Dec 2022 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 116.56K | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | 116.56K | 0.00 | 0.00 | 0.00 |
| EBITDA | -1.71M | -1.17M | -1.00M | -898.91K | -861.01K |
| Net Income | -1.21M | -1.17M | -1.00M | -948.46K | -1.24M |
Balance Sheet | |||||
| Total Assets | 12.60M | 6.14M | 7.15M | 6.56M | 4.50M |
| Cash, Cash Equivalents and Short-Term Investments | 3.40M | 124.89K | 18.23K | 1.46M | 3.00M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 302.02K | 626.08K | 908.00K | 632.67K | 135.75K |
| Stockholders Equity | 12.30M | 5.52M | 6.25M | 5.93M | 4.36M |
Cash Flow | |||||
| Free Cash Flow | -2.62M | -1.62M | -3.26M | -3.91M | -1.14M |
| Operating Cash Flow | -2.62M | -1.49M | -1.62M | -787.35K | -926.42K |
| Investing Cash Flow | -2.05M | -121.30K | -1.64M | -3.12M | -217.13K |
| Financing Cash Flow | 7.95M | 1.16M | 1.84M | 2.38M | 2.56M |
Wishbone Gold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
44 Neutral | £7.47M | -37.27 | -0.55% | ― | ― | 77.01% | |
43 Neutral | £6.78M | -4.25 | -23.57% | ― | ― | ― | |
42 Neutral | £8.35M | -6.84 | -12.39% | ― | ― | 86.31% | |
42 Neutral | £12.79M | -28.13 | -3.69% | ― | ― | 18.18% | |
40 Underperform | £3.19M | -0.73 | -116.27% | ― | ― | 46.23% |
* Basic Materials Sector Average
GB:WSBN
Wishbone Gold
21.75
-108.25
-83.27%
GB:ECR
ECR Minerals
0.17
-0.13
-43.33%
GB:CGNR
Conroy Gold and Natural Resources
8.00
-3.75
-31.91%
GB:LEX
Lexington Gold
2.70
-1.35
-33.33%
GB:HAMA
Hamak Gold Limited
0.63
-3.53
-84.94%
Wishbone Gold Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingStock Split
Wishbone Gold Tightens Capital, Advances WA Exploration After Restructuring
Positive
Jun 30, 2026
Wishbone Gold reported a restructuring-driven 2025 that left the group better capitalised and refocused on exploration in Western Australia, despite posting a £1.21 million annual loss from continuing operations. The company raised £7.95...
Business Operations and Strategy
Wishbone Gold hails shallow Red Setter discovery as drilling programme expands
Positive
Jun 22, 2026
Wishbone Gold has reported highly positive initial gold assays from shallow reverse circulation drilling at its Red Setter gold-copper project in Western Australia, including its shallowest mineralisation to date starting at 45 metres and an 11-me...
Business Operations and Strategy
Wishbone Gold Advances 9,000m Drilling Campaign at Red Setter
Positive
Jun 11, 2026
Wishbone Gold has commenced the first phase of its 2026 drilling campaign at the Red Setter gold-copper project in Western Australia, with 14 reverse circulation holes totalling 2,182 metres and two diamond drill holes totalling 687 metres complet...
Business Operations and StrategyM&A Transactions
Wishbone Gold Secures High-Grade Silver Lake Project and Sets 2026 Drill Plan
Positive
May 26, 2026
Wishbone Gold has completed the acquisition of the high-grade Silver Lake silver project in Western Australia by exercising an exclusive option and issuing 3,571,777 new shares, valuing the deal at about £1.04 million. The 422 km² projec...
Business Operations and StrategyPrivate Placements and Financing
Wishbone Gold Raises £1.1m to Advance Western Australia Projects
Positive
Apr 22, 2026
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 su...
Business Operations and Strategy
Wishbone Gold Mobilises Drill Rig for 9,000m Red Setter Campaign in WA
Positive
Apr 20, 2026
Wishbone Gold has begun mobilising a reverse circulation drill rig from Perth to its Red Setter project in Western Australia, marking the start of a 2026 drilling campaign near the Telfer gold and Nifty copper mines. The first phase will comprise ...
Business Operations and StrategyM&A Transactions
Wishbone Gold Moves to Secure High-Grade Silver Lake Project in Western Australia
Positive
Apr 9, 2026
Wishbone Gold has signed an option agreement, for a £100,000 cash payment, to acquire the Silver Lake Project, a 422 sq km silver prospect in Western Australia’s Carnarvon Basin featuring extensive surface mineralisation along a 35 km s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.