Status update

Dec 16, 2025

Press Release

As we approach the end of 2025, Wishbone Gold has provided an update about activities at its Red Setter Gold Dome project, which is located 20 km from Greatland Gold's Telfer gold mine and 50 km from the Nifty Copper Mine. That's important. We are delighted to be joined by Chief Executive and Chairman, Richard Poulden, and Chief Geologist, Ed Mead, who is the director of the company's Western Australia subsidiary. Richard, now last time we spoke, a second drilling had been added at the project. Lots of excitement. Why don't you release the results as you go? Maintain that momentum of excitement. The issue with that, Sarah, is that essentially we're trying to do an analysis over a huge area to work out exactly what we have at Red Setter. If you look back at the history of finding Havieron, finding Telfer, Havieron had several hundred holes drilled in it and was then abandoned by Newcrest, then Greatland takes it over. They drill some more holes and they find what they're looking for. The analysis of a few holes tells you're on the right track. We've announced that. We are on the right track, but it doesn't really help. What helps us is to work out exactly what sort of formation we have here and how we're going to approach it going forward. To do that, you need to take all of the data. You need to take the drill data, you need to analyze the cores, you need to take the work done by Expert Geophysics, who has, as we've announced, done some additional work for us this year, and then start to build up the image of what we're going to drill next year, and hopefully inch closer and closer to the target that we are absolutely convinced is there. Okay. Let me bring Ed in because give us the details of the holes drilled and tell us a little bit more about what the data harvested is revealing at this stage. Yeah, look, we've really focused on, as Richard highlighted, data acquisition, and particularly since we've started drilling up to the Christmas period where we shut down for the wet season. The heavy focus has been on getting the holes drilled, getting the holes logged, getting the structural data, and getting enough information that we can then come up with a good geological model. The second step of that has been that we've been sending core down to Perth, to ALS to get cut, and then we currently have four holes that have been processed with assays pending. We've also done some RC drilling, which we have about 1,500 RC samples in the lab at the moment, and we estimate about, we will have about 2,200 diamond samples. We've got a lot of work to do in the next period of time before we start drilling again in the new year. In my introduction, I really emphasized where you were located. Just 20 km from Greatland Gold's Telfer gold mine. In terms of Greatland Gold's recent release, what was that telling everybody in a nutshell, and how does that impact Wishbone Gold? Well, straight out it says that Telfer is bigger than they thought. That's the summary for those that don't actually want to read the release. It's worth reading actually, by the way. Another aspect of that that's important is of course, did they announce the little bits of extra work they'd done along the way? No. They announced the new picture that they've created of exactly what Telfer now looks like from their point of view. That's exactly what we're trying to do with Red Setter. For those investors who haven't yet read the latest RNS from Wishbone Gold, Ed, talk us through the Nifty road element of the latest release because it does sound like a huge amount of money. Yeah, look, our current access has come down from Telfer from the north down to Red Setter, which is about 20 km. We've looked at the access, which is at times difficult and challenging with sand dunes. I asked a question of Ngarluma, the native title group there, and we looked at potential for putting a new access road between San Joes for a distance of about 30 km. That really got a good tick of approval. What it does is it means that we have a flat, easy way to get in and to bring drill rigs in more easily rather than having to come down from Telfer, which is a little bit more challenging. The other thing it does, it also links us to the Nifty Copper Mine, which has accommodation, flights, diesel, which are somewhat more easier to access than at the Telfer Gold Mine. Ed, talk to me about the weather, because you mentioned about the wet season then and some sort of closure, but at the moment it's red hot in Australia. Talk to me about the weather and how weather elements impact your operational activities. Yes. Certainly. One of the things that happens, in winter, the sand remains reasonably dense and it's far easier to traverse. As the temperatures start to head up towards 50 degrees, the sand becomes incredibly difficult to navigate with heavy machinery and a lot more challenging. At this period of the year when we're getting high 40-degree heat, and we also get the build-up to the wet season, which is essentially cyclone season across the top of Western Australia. That season lasts from somewhere in December through to potentially April, which is a time that we've essentially designed to be the period that we want to consolidate all the geological information we've gathered this year. Before I bring Richard back in, Ed, when will operations start again, and what shape will they take? Operations are likely to start around about April. We expect to have all the assays in by February and the consolidation of all the structural data and everything else that we've gleaned from the diamond core this year. Pending cyclone season and rain events, we could be on the ground earlier than April, but that's yet to be seen. Okay. Richard, I'm going to pinch one of Ed's words there. He talked about consolidation. In terms of Wishbone Gold as a whole, why did you do a share consolidation? We did that because, if we hadn't done the consolidation, we'd have had to go through the same sort of special resolution simply to increase the number of shares in issue. Now, I've done the consolidations before, and there's nobody who doesn't have a strong view one way or the other about them. Personally, I think they're good. They're a simple way to go forward, and this leaves us with headroom for a range of activities from future fundraising to acquisitions. Here we are. Very straightforward. Very straightforward. We like that. Is the news flow that's going to be emerging from Wishbone Gold? Will that be straightforward, or are you hoping for some surprises? Well, it's Christmas, so I think we're all hoping for surprises, Sarah. We just want them to be on the good side of the surprise rather than the bad side of the surprise. Given the analysis that we've done already, given the Expert Geophysics analysis. Don't forget, they have come out and said that Red Setter is Telfer, but it took years to work out exactly what Telfer was. Of course, it was Newcrest, thank you very much, that introduced Expert Geophysics to us in the first place. They're a really good firm, and we will rely on further analysis from them that we will then take with the core analysis, with the maps that we now have of what we believe to be underground, and that's the analysis that we will announce. Which is all good news, I think. Very good. All good news. Richard Poulden and Ed Mead of Wishbone Gold PLC, thank you very much indeed, and have a very merry Christmas. Sarah, thank you. Have a good Christmas, everybody. Thanks a lot.