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Wishbone Gold PLC on Wednesday said it has raised a total of £1.5 million in proceeds through a placing to fund the expansion of its Red Setter Gold Dome drilling programme. The miner with projects in Western Australia issued 120 million new shares at 1.25 pence each. The Red Setter mine is its flagship prospect. Shares in Wishbone Gold were up 13% at 1.60 pence in London on Wednesday afternoon. The stock has nearly tripled from 0.55p over the past year. ‘The proceeds of this fundraise will provide a significant boost to the company’s cash reserves and provide additional working capital to significantly expand the company’s drilling efforts at its key 100% owned Red Setter Gold Dome target near the Telfer Gold Mine,’ said Chair Richard Poulden. ‘The strength of the British pound versus the Australian dollar (1.0 GBP gives 2.07 Australian dollars) means that this fundraise equates to nearly A$3.1 million which pays for a lot of additional drilling and expands our exploration activities well into next year.’ CMC Markets UK PLC acted as Wishbone’s sole placing agent during the fundraise. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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