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Cloudbreak (CDL) rallied “in sympathy” with Wishbone (WSBN) yesterday.

1. Geological & regional read-across

WSBN’s drilling news at Red Setter (Paterson Province, WA) confirms strong alteration/breccia zones in a Tier-1 area.

CDL also holds ground in Western Australia — both at Darlot West and a large Au/Cu Paterson project (888 km²) option deal.

Traders often assume: if one junior hits something exciting in a geological belt, nearby or peer explorers might too.

So CDL gets a “sympathy bid” as investors position early in case results spill over.

2. Lenigas connection (perception rather than fact)

David Lenigas is officially a consultant at WSBN.

He’s not formally at CDL, but there’s been chatter on bulletin boards and X (Twitter) that he “knows the Cloudbreak team” and may be indirectly linked.

That association alone is enough to drag in retail punters looking for his next “play.”

3. Sector momentum trading

On AIM, when one microcap resource stock moves 30–50% on news, money quickly rotates into “related tickers.”

It’s not about fundamentals — traders just scan for “near-ology” and “same sector” opportunities, hoping lightning strikes twice.

CDL fits the bill perfectly: cheap, WA projects, assays pending, not yet run hard.

4. Pending CDL news

CDL has assays at Intertek Perth due in the next 3–6 weeks.

With WSBN proving mineralisation in the same broad region, some traders may be front-running CDL’s results.

Even without news, expectation + sector excitement = upward pressure.

5. Liquidity / herd effect

WSBN is already £50m+ mcap, so traders looking for “the next WSBN” buy CDL (currently much smaller).

CDL’s low float makes it easier to move on small volume, exaggerating the sympathy rise.

Based on recent announcements and activity, here’s my estimate (and rationale) for how soon we can expect news of drilling or assay results from CDL (Cloudbreak Discovery):

⸻

📄 What the company has said

• In their “Exploration Update” (30 July 2025), CDL announced that they had submitted 40 rock chip samples to Intertek in Perth and stated:

“Results of the sampling program will be announced as soon as they are received in coming weeks.” 

• More recently, when exercising the option to acquire Phase 1 of Darlot West, they disclosed that 653 soil and rock chip samples had been submitted to Intertek, with an expected turnaround time of approx. one month. 

• Also, they have formally commenced expanded exploration (rock chipping, mapping, soil sampling) over the extended Darlot West area. 

• They have acquired the option on a large Au/Cu project in the Paterson region (888 km²) and indicated they plan to deploy geophysics (e.g. Mobile MT, magnetics) as a precursor to drill targeting. 

⸻

⏳ Estimate for when news might hit

Given that:

• Samples have already been submitted to the lab,

• They expect a ~1 month turnaround on assay work (as per their own statements) ,

• They have commenced field work to refine drill targets,

I would expect assay results to begin arriving in the next 3-6 weeks (i.e. late October to early November 2025).

As for drilling updates:

• Before drilling, they’ll need to complete target definition (geophysics, mapping), secure permits, logistics, etc.

• So announcements of planned drilling (e.g. drill permit approval, rig mobilization) could come in a similar 4-8 week window.

• Actual drill hole results (after the drill is done) would likely lag further — maybe 2-3 months or more after drilling starts, depending on depth and complexity.

⸻

WSBN has got me researching the region. Interesting to see the option to acquire 888sq-km in Patterson.

Looking at yesterday’s news in context, I think the market is underestimating the speculative value here. When Greatland Gold (GGP) was at a comparable stage in their discovery, the market cap traded in the £40–50m range. The crucial difference is that back then, the Paterson region was still unproven. Fast forward to today and the area is now a well-established gold discovery hotspot, de-risked by multiple majors stepping in.

That matters, because WSBN isn’t operating in isolation. They are drilling into ground already recognised as highly prospective, and early signs strongly suggest the potential scale of a GGP-type system. Yesterday’s results provide confirmation that mineralisation is not just a possibility but is actually present.

Speculative exploration stocks are always valued ahead of hard numbers, but the fair way to look at WSBN is to ask: what’s the appropriate premium for sitting on ground in a proven, discovery-rich region with results pointing towards a major mineralised system? On that basis, £100m mcap is not an over-reach. It’s simply aligning WSBN with where GGP traded relative to its own discovery curve, adjusted for the fact that the region is now proven.

This isn’t about hype — it’s about recognising that speculative value in mining equities is driven by geology plus location. WSBN now ticks both boxes, and the market should start pricing it accordingly.

Bold move that paid off

Some are asking why Hole 2 ended up 200m SW of Hole 1 when earlier talk was about 50–70m step-outs. A few points worth noting:

Bigger test of scale: Hole 1 already ended in breccia at 777m, so they know they were “in it.” A 200m step-out is a bolder test — proving the system continues at distance rather than just 50m along strike.

Geophysics guided the choice: Red Setter is defined by strong magnetic and gravity anomalies. It looks like the team targeted a different, stronger part of the anomaly with Hole 2.

Practicality: Drill pads, terrain and rig positioning sometimes make small step-outs tricky. Moving 200m can be easier than shifting a rig 50m in certain ground.

Market logic: With limited cash, one wide step-out can be more powerful than a series of close holes. By hitting alteration and sulphides 200m away, they’ve shown the system has potential scale.

So while it looks odd at first glance, Hole 2 being 200m out and still hitting breccia/sulphides actually strengthens the case that Red Setter is more than a small, isolated zone.

Hole 2 intersected brecciation and sulphides earlier than expected and 200m away from Hole 1.

Hole 1 ended in mineralisation at 777m; Hole 2 is open and planned to 1,000m.

That means we now have evidence of a large mineralising system with continuity.

Proximity to infrastructure is a huge de-risking factor

Red Setter is ~13–20 km from Telfer.

Greatland’s entire valuation surge was partly because Havieron could be tied into Telfer infrastructure, lowering capex and timelines.

Wishbone has the same optionality — making any discovery worth more per ounce in the ground.

Comparative precedent – GGP’s early rerate

GGP moved from ~£30–40m mcap to £200m+ very quickly once assays confirmed mineralisation.

Wishbone is sitting at £50m before assays. If grades are decent, ~£200m is not ambitious — it would actually mirror GGP’s trajectory.

Exploration land package is materially larger

Wishbone controls a bigger ground position than GGP’s original Havieron licence.

More ground = more discovery potential, which deserves a premium over the current £50m.

Upcoming catalysts

Hole 1 assays are already at ALS Perth. Results are due in the next few weeks.

Each RNS now has potential to deliver grade and extend mineralisation. The market often prices in this “option value” ahead of assays.

Https://x.com/casper7861/status/1971177302517276885?t=uYLaePHgAAeVW--F7jG_aQ&s=19

This image is a 3D geophysical model that Wishbone has released for Red Setter.

What it shows

The gold/yellow 3D shapes represent the interpreted magnetic/gravity anomaly bodies underground.

The coloured background (red/blue heat map) is a plan-view map of intensity — red usually means stronger magnetic or gravity response, blue weaker.

The “Red Setter” dog graphic is their branding (tying in with the project name).

Interpretation

Large, coherent anomaly

The model shows a big, continuous feature — not just a small isolated blob. That’s what got people comparing it to Havieron (which was also a magnetic/gravity dome target).

Complex geometry

The shape looks like a dome with extensions — those could be faulted blocks, feeder zones, or intrusive sills. The fact it isn’t uniform is actually encouraging — complexity often means fluid movement, and that’s what you need for mineralisation.

Drilling context

Holes 1 and 2 are testing into this anomaly. The fact they’ve hit breccia, alteration and sulphides suggests the geophysical model is mapping a real mineral system.

Scale

Visually, it looks big — hundreds of metres in each direction. That scale is why bulls say this could be “bigger than Havieron.”

My thoughts

It’s visually compelling marketing — geophysics makes the system look tangible and “ore-shaped,” which excites investors.

But geophysics is not proof of grade. Plenty of anomalies end up being barren.

The positive here is that what they’re drilling matches the anomaly (breccia/sulphides where the model predicted). That raises confidence the model is mapping something real.

If assays confirm gold/copper grades, this image suddenly becomes “the orebody picture.” If not, it remains just a pretty model.

👉 In short: this image is meant to signal scale + similarity to Havieron. It’s persuasive to the eye and aligns with the drilling news, but the real story will only be written when assays are out

Pre-AGM (today, 25 Sep 2025): The July fundraise issued ~£3.45m at 0.325p, with c. 1.23bn new shares from the placing/subscription plus broker option. That took the register to ~2,001,714,797 shares outstanding. Those issuances were made under the July GM authorities specifically tied to that raise, which leaves minimal spare capacity for another non-pre-emptive placing without a new shareholder authority.

What’s coming (AGM on 14 Oct 2025): The AGM Notice asks shareholders to renew authority to allot up to a nominal £2,001,715 (≈100% of current issued share capital) and to disapply pre-emption rights up to the same nominal amount—again ≈100%.

If passed, that’s headroom for further equity issuance without another vote until 31 Dec 2026 (or the next AGM).

Before the 14 Oct AGM: assume little/no spare headroom for another placing without calling a meeting.

If the AGM resolutions pass: the board would have fresh authority up to ~100% of current ISC, giving ample capacity to place further shares (subject to disclosure/prospectus rules as applicable).

Unlikely any forward selling at the moment. Too soon and BoD will have issued further announcements before 14th Oct lifting shareprice further so not to dilute existing significant shareholders like themselves and non-exec directors when they do eventually raise funds, which they have openly said, will not take place until 2026

Thanks Casper

https://x.com/casper7861/status/1971177302517276885?t=uYLaePHgAAeVW--F7jG_aQ&s=19

This image is a 3D geophysical model that Wishbone has released for Red Setter.

What it shows

The gold/yellow 3D shapes represent the interpreted magnetic/gravity anomaly bodies underground.

The coloured background (red/blue heat map) is a plan-view map of intensity — red usually means stronger magnetic or gravity response, blue weaker.

The “Red Setter” dog graphic is their branding (tying in with the project name).

Interpretation

Large, coherent anomaly

The model shows a big, continuous feature — not just a small isolated blob. That’s what got people comparing it to Havieron (which was also a magnetic/gravity dome target).

Complex geometry

The shape looks like a dome with extensions — those could be faulted blocks, feeder zones, or intrusive sills. The fact it isn’t uniform is actually encouraging — complexity often means fluid movement, and that’s what you need for mineralisation.

Drilling context

Holes 1 and 2 are testing into this anomaly. The fact they’ve hit breccia, alteration and sulphides suggests the geophysical model is mapping a real mineral system.

Scale

Visually, it looks big — hundreds of metres in each direction. That scale is why bulls say this could be “bigger than Havieron.”

My thoughts

It’s visually compelling marketing — geophysics makes the system look tangible and “ore-shaped,” which excites investors.

But geophysics is not proof of grade. Plenty of anomalies end up being barren.

The positive here is that what they’re drilling matches the anomaly (breccia/sulphides where the model predicted). That raises confidence the model is mapping something real.

If assays confirm gold/copper grades, this image suddenly becomes “the orebody picture.” If not, it remains just a pretty model.

👉 In short: this image is meant to signal scale + similarity to Havieron. It’s persuasive to the eye and aligns with the drilling news, but the real story will only be written when assays are out.

The UT details (14:10:44)

Price: 1.86p

Volume: 3,038,990 shares

Value: ~£56.5k

Type: UT (Uncrossing Trade)

What this tells us

Auction did work, just delayed

Even though at 14:00 you didn’t see an uncross, the system completed the auction and printed the UT ~10 minutes later (14:10:44).

This sometimes happens if the auction end is extended by imbalance checks or if reporting is delayed.

Significant liquidity matched

Over 3 million shares changed hands in one print. For a microcap like Wishbone, that’s big volume for a single auction trade.

It means there was strong two-way interest around the 1.86p level.

Price discovery

The UT sets the auction clearing price. Both buyers and sellers were happy to transact size there.

It also becomes a reference point for where “real demand” sits in the order book.

Auction strength

Because the UT was large and priced mid-range of the visible bids/asks (between 1.85–2.00 at the time), it shows the auction successfully pulled in liquidity from both sides.

This is usually seen as a healthy sign of demand absorption rather than weakness.

Bottom line

The UT at 1.86p for 3m shares shows:

Buyers were willing to absorb size.

Sellers found liquidity to offload blocks.

The stock has real demand at these levels, not just thin retail trades.

👉 That’s why traders watch UTs closely: a big one like this, above the morning lows, suggests underlying buy support.

Shenanigans on ask.

All bodes well for an afternoon of further blue.

During auction with bidders raising their bids throughout.

Good sign when the main players are having to tick up during auction.

Massive orders showing up late on bid too.

Should be a good afternoon.

Some are asking why Hole 2 ended up 200m SW of Hole 1 when earlier talk was about 50–70m step-outs. A few points worth noting:

Bigger test of scale: Hole 1 already ended in breccia at 777m, so they know they were “in it.” A 200m step-out is a bolder test — proving the system continues at distance rather than just 50m along strike.

Geophysics guided the choice: Red Setter is defined by strong magnetic and gravity anomalies. It looks like the team targeted a different, stronger part of the anomaly with Hole 2.

Practicality: Drill pads, terrain and rig positioning sometimes make small step-outs tricky. Moving 200m can be easier than shifting a rig 50m in certain ground.

Market logic: With limited cash, one wide step-out can be more powerful than a series of close holes. By hitting alteration and sulphides 200m away, they’ve shown the system has potential scale.

So while it looks odd at first glance, Hole 2 being 200m out and still hitting breccia/sulphides actually strengthens the case that Red Setter is more than a small, isolated zone.

Hole 2 intersected brecciation and sulphides earlier than expected and 200m away from Hole 1.

Hole 1 ended in mineralisation at 777m; Hole 2 is open and planned to 1,000m.

That means we now have evidence of a large mineralising system with continuity.

Proximity to infrastructure is a huge de-risking factor

Red Setter is ~13–20 km from Telfer.

Greatland’s entire valuation surge was partly because Havieron could be tied into Telfer infrastructure, lowering capex and timelines.

Wishbone has the same optionality — making any discovery worth more per ounce in the ground.

Comparative precedent – GGP’s early rerate

GGP moved from ~£30–40m mcap to £200m+ very quickly once assays confirmed mineralisation.

Wishbone is sitting at £50m before assays. If grades are decent, ~£200m is not ambitious — it would actually mirror GGP’s trajectory.

Exploration land package is materially larger

Wishbone controls a bigger ground position than GGP’s original Havieron licence.

More ground = more discovery potential, which deserves a premium over the current £50m.

Upcoming catalysts

Hole 1 assays are already at ALS Perth. Results are due in the next few weeks.

Each RNS now has potential to deliver grade and extend mineralisation. The market often prices in this “option value” ahead of assays.

A few things to add that haven’t had much airtime yet:

Depth & scale: Hole 1 ran to 777m and was still in breccia when it stopped. Hole 2 is planned to 1,000m if needed. That suggests a system of significant vertical extent, not just a thin vein.

Continuity: The second hole hit brecciation and sulphides earlier than expected (520m vs ~550m), and 200m away from hole 1. That’s encouraging for scale and consistency.

Assays imminent: Hole 1 core is already at ALS Perth with results due in weeks. These will be the first hard numbers, and the market is usually very sensitive to assay releases in this postcode.

Strategic location: Being within trucking distance of Telfer means any discovery can be monetised faster and at lower capex than a stand-alone greenfield project. This is exactly why Havieron worked.

Unexpected geology: Management said they expected to hit mineralisation much deeper in Hole 2. Instead, they’re already seeing breccia, alteration and sulphides from ~520m — shallower than forecast. That implies the system could be larger or more intense than first modelled.

Heat & alteration intensity: The second hole shows “significantly more heat alteration (metamorphism)” than the first. That level of alteration is often associated with bigger hydrothermal systems.

Visuals match theory: Figures in the RNS (pyrite-filled fractures, chalcopyrite traces, carbonate veining) are textbook signs of hydrothermal mineralising events. It shows the geology matches what the geophysics suggested.

Drill capacity on site: They’ve got enough rods to push Hole 2 down to ~1,000m. That means they’re equipped to test the system properly without waiting for new kit.

Momentum building: Hole 1 ended in brecciation at 777m and Hole 2 is still in mineralised zones. That means both holes are still “open at depth” — exactly what you want in early drilling.

System could be bigger than originally thought.

Signs of heat & alteration intensity are increasing.

They’re well-prepared to keep drilling deeper.

Today’s RNS puts Wishbone squarely on the same trajectory Greatland Gold took when Havieron was first revealed:

Right address: Red Setter sits ~13–20km from Telfer and ~60km from Havieron, in the Paterson Province – one of the hottest gold-copper belts in the world. This is the exact postcode where GGP created enormous value.

Geological signatures: Both of Wishbone’s first two holes show brecciation, alteration and sulphides. These are the same markers that flagged Havieron as a major system in its early days. The fact the second hole hit 200m away confirms continuity, not a one-off feature.

Proven model: GGP leveraged Telfer infrastructure to make Havieron viable. Red Setter is just as close to Telfer, meaning Wishbone could follow the same hub-and-spoke development model. Infrastructure risk is dramatically lower than most greenfield explorers.

Scale potential: GGP’s original landholding at Havieron was tiny compared to Wishbone’s ground position. WSBN controls a much larger package around Red Setter, giving far greater running room for multiple discoveries.

Timing: Havieron’s early assays lit the spark that took GGP from a £20m junior to a £1bn company. Wishbone is at that same pre-assay stage today, with results due in weeks.

At ~£50m market cap, Wishbone is valued today where GGP was before its discovery hole. If assays confirm economic grades, the rerate potential is enormous. Even a fraction of Havieron’s success would mean many multiples higher than today’s valuation.

Where the parallels are realistic

Geological setting: Both Red Setter (Wishbone) and Havieron (Greatland) sit in the Paterson Province, under cover rocks, with magnetic anomalies pointing to domal/brecciated structures. Those are the same kind of signatures GGP chased when they hit Havieron.

Alteration & sulphides: Wishbone is reporting brecciation, pyrite, trace chalcopyrite — the same kinds of hydrothermal features that first flagged Havieron as significant.

Proximity to Telfer: Just like GGP leveraged Telfer’s plant to make Havieron viable, Wishbone’s Red Setter is close enough (13–20km) that — in theory — it could benefit from the same hub-and-spoke model.

Exploration strategy: Both are chasing large mineral systems where even a modest orebody can be huge if tied into Telfer infrastructure.

Without going NT at .1966

Plenty of demand

How people could say “5x GGP”

Exploration licence area:

Wishbone’s Red Setter + surrounding tenements cover ~57 blocks (~94 km²) and with the additional Cottesloe & other WA licences, WSBN’s total ground in the Paterson runs well over 300 km².

Greatland’s original Havieron licence is only ~12 km². Even adding nearby licences, GGP’s footprint in the early days was much smaller.

So by surface area, WSBN controls a land package that is multiple times the footprint GGP started with — hence the “5x” claim.

Proximity spin:

Both sit in the same Paterson corridor, so bulls draw parallels: “GGP made a huge discovery on a small patch, WSBN has a much larger patch, therefore potential is bigger.”