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Morrow's site will be snapped up and there'll be a new MoU and in due course Offtake agreeemnts between Greenroc and the new owner. As far as Greenroc's concerned, it's business as usual.

And that's the cash in the bank figure!. So the rest of ALBA's portfolio is worthless. I think not! Soon the market will wake up.

The next news will be from the embargoed DD assay reuslts for holes 1,2 at the main dome and the northern magnetic anomaly. We haven't had those yet.

Cyprium Metals raised an objection on the new road application and the preliminary hearing is on 9th March 2026 at the Perth Warden Court to progress matters. That explains why there's been no more news about it yet.

That's a great post Archangeleyes. And that's why it was very sensible for Wishbone to raise the £4m when they did (and at a much higher share price) as it means they are well funded to bridge the gap until they decide to announce the results / next stage in Red Setter development. As well as the consolidation which provides Wishbone with plenty of optionality as well as a cleaner share register. They have put the company in a very robust position during this critical development stage.

As it applied to Havieron ....

"Imagine the cost to build a road in the middle of the Australia desert. Tabled by a company with no revenue generating assets. So more funding raises will be needed over and over again. On top of money to drill dozens of holes. Plus pay for the executive salaries and other admin costs, plus the annual fees for all of the tenements. Tens of millions ££ needed. Dilution to the moon."

But then it worked out well enough for Greatland Gold.

And imagine if they do all of that and at the end of it they have a tier 1 or 2 x tier 1 assets worth billions of pounds. That would be money well spent - yes.

Could the 30% Vat withholding have anything to do with the Petrochina landscape? An attempt to apply a bit of financial pressure/muscle to see how Petro Matad could weather the situation?

Apologies, agree Archangeleyes. That reply was for the naysayers and merchants of doom! Yes Havieron was developed to mine-ready status on an inferred mre.

I'm not suggesting Havieron full-scale development though. This would be small-scale development permitted by a mining license to scale up over-time. That's a totally different situation. If you're an Aussie and you're sitting on gold & copper in the ground, you find a way to get it out and processed - especially if it's a shallow depths. There's no shortage of situations where this has been done in the past.

Under section 74 (as amended) of the Mining Act, a Mineralisation Report to accompany a Mining Lease Application must:

1. Describe the type of minerals located “in, on or under” the land.

2. Provide the location, depth and extent of those minerals, and explain how the extent has been determined (e.g. via drilling, sampling, mapping etc.).

3. Include the analytical results from sampling (i.e. assay data or other analytical test results) for the minerals.

4. The report must be prepared by a “qualified person” — defined under the Mining Regulations 1981 as a member of either the Australasian Institute of Mining and Metallurgy (AusIMM) or the Australian Institute of Geoscientists (AIG).

5. The Mineralisation Report must be submitted together with a separate Supporting Statement (i.e. both documents are mandatory for this application route).

Legally, these are the minimum statutory contents required for the Mineralisation Report route for a mining lease application.

A Mineralisation Report does not need to be a full resource estimate (i.e. a JORC-compliant “Resource Report”). The Mineralisation Report route exists precisely for cases where a full “Resource Report” is not (yet) provided — but you still must demonstrate sufficient exploration results/mineralisation.

Cont ....

Interesting article in The Australian regarding Star Minerals and the partnering up with MEGA/Bain. The relevant piece is how Star Minerals are fast-tracking their gold production in Q1 2026 through a funding structure that doesn't dilute shareholders.

Is Ed planning grade-control drilling next year as part of ore extraction from the shallows?

https://www.theaustralian.com.au/business/stockhead/content/star-minerals-gets-the-green-light-to-dig-for-gold-at-tumblegum-south/news-story/0efa126fac40e57ff85755aac4d57d2e

What if Wishbone Gold have been working on a potential accelerated pathway to ore processing via tolling at Nifty and Telfer - perhaps starting as a pilot - if assays support that pathway.

As bizarre as that could sound given we haven't had assay results announced yet - belief in Red Setter is pulsing. This could make sense based on some existing clues and facts on the ground with regards to Nifty re-start and hub-spoke commentary by Greatland Resources and Ed generally pulling everything together. It's a theory worth exploring.

There are some clues to provide some support to this possibility. In the recent video, when asked about commerciality of Red Setter, Ed was very quick to rattle off some numbers on what it would cost to process ore and thinking back, maybe these numbers were around 'tolling fees', and at the end of the video Richard said 2026 was "going to be even more exciting than 2025 - don't you think/hope etc", in the context of a question about announcing a possible tier 1 discovery.

And then the RNS this week talks about the new road access being needed and including the words for 'heavy trucks' . Surely you don't go to the bother of engaging M&M Walter Consulting for a simple road application? But you do if you want them to deal with a mine lease application - which they do also!

So what if we're just really behind on what's actually being planned - but heavily predicted on assays/commerciality determination etc at the shallows?

In order to get Red Setter ore into rapid production, you would need existing infrastructure capable of dealing with the type of ore - so Nifty and Telfer are already in place and open to tolling arrangements? ✅, So in that situation, the only constraints would be 1. Assay results from more holes at the diorite / consistent grade at the volume/continuity needed to support start of life developmemt. 2. Mine planning & approvals (1st stage shallows so mine 'lite'), 3. Access roads (application filed) ✅, 4. Suitable accommodation for work force & "worker roster changes" (Nifty?) ✅, 5. Resource drilling, 6. Contracts & haulage. Normally it would take years & years to take a deposit into production when a new mill needs to be built & all the environmental applications/approvals etc, but what if Wishbone Gold are looking at going down a path which involves small-scale production from the grades at the c200m shallows to generate cashflow to fund further expansion, development, resource definition and end state mine design. That ticks Richard's box of keeping 100% ownership of Red Setter with minimal shareholder dilution. You could see how timescales could be accelerated to maybe 12/18 months.

That really would "shock the market" if Wishbone can start to extract value from what's in the ground to fund the infancy stage of Red Setter and potentially with minimul shareholder dilution.

Maybe I'm missing something, but 350 b/per day, x £40 recoverable x 365 = £5.1m per year, which is £98k per week.

What's the expectation of a rerate for this? Like the production levels and the revenue generation, but what's the potential upside looking like with the XX block farmout or sale and renewables projects?

Directors purchased shares as per the RNS on 3rd July 2025 - https://www.lse.co.uk/rns/WSBN/issue-of-equity-tvr-and-pdmr-etanc3iiqo6414y.html

Wishbone did a share consolidation 5 years ago. On 21 Jan 2020, Wishbone consolidated 2,845,878,980 shares on a 100:1 basis, which resulted in new/post consolidation shares of 28,458,790. Within 12 months, the share price went up 8x. Wishbone Gold are now 5 years more advanced on Red Setter since then and have retained 100% ownership and could be on the cusp of announcing a major tier 1 deposit.

Good post. Things are going well for Greatland Resources - maybe too well. Their success will not be going unnoticed by the majors. Some say, Greatland Resources hold the cards with regards to infrastructure. They are well positioned indeed - but they can't become complacent. The thing about Greatland, is that the deposit (Havieron) which will extend mine life at Telfer is 50km away. Yes, they can keep the mill going with 5m oz per year of ore projected when Havieron ramps up, and yes, existing resources, stockpiles and new deposits at Telfer (eg West Dome Underground), will help to bridge the gap before Havieron comes online and generally help towards extending mine life further, but what Greatland Resources will not want is someone else moving in on their patch. In the event Red Setter is sitting on a Tier 1 deposit, potentially who knows maybe overtime a resource as large as Telfer, it won't look great if another producer comes in and takes what would be an incredibly valuable prospect to secure minelife at Telfer for a further 40-50 years. So Greatland Resoources need to tread carefully in this regard. They'll need to be in a position to secure Red Setter before anyone else does, and that may just take a few more holes and assay results to do it considering the size of the main dome being targetted by Wishbone Gold. Of course, the other dimension to this, is that Greatland Resources could find themsevles a sitting duck waiting to be squeezed. If Red Setter is looking like it could be a tier 1 deposit, another producer securing that asset could put Greatland Resources in a very difficult position and make it vulnerable to being taken over. So while Greatland Resources may look as if they hold all the cards - they might have a couple of good cards, but they don't yet have the royal flush. But that could change soon if Wishbone deliver with great assay results in the main dome.

Here’s an investor-friendly summary of the key updates & differences between the 2019 and 2025 Wishbone Gold Plc Extraordinary General Meeting circulars setting out the 100:1 share consolidations undertaken at these times:

🟡 Overview

Wishbone Gold Plc is again proposing a Capital Reorganisation to simplify its share structure and lift the market price per share.

The 2025 circular repeats the 2019 consolidation process but adds new governance-related resolutions to modernise company authorities and extend management flexibility.

🔑 What’s Changing in 2025

Share Consolidation (same approach as 2019)

Every 100 existing shares become 1 new share, keeping overall shareholder proportions the same.

Fractional holdings under 100 shares will be aggregated and sold or passed to charity.

Existing share certificates will be replaced.

Creation of Deferred B Shares

Follows the 2019 “Deferred A Shares” model, carrying no dividend, voting, or listing rights.

Technical mechanism only—no impact on shareholder value.

Extension of Director Authorities

The Board’s authority to issue and allot new shares is extended for five more years (to 2030).

Pre-emption rights (the rule requiring new shares to be offered to existing shareholders first) will be disapplied for shares issued under this authority, giving the company greater flexibility to raise capital quickly when needed.

Regulatory & Exchange Updates

Shares will now trade on AIM and AQSE (formerly NEX).

Updated references to current FCA Prospectus Regulation Rules.

Corporate Details Updated

Registered office: now at Unit 1-3, Irish Place, Irish Town, Gibraltar.

Meeting venue: Hassans International Law Firm, Gibraltar.

New directors added: David “Sam” Hutchins and Kaiyi “Jack” Sun (Finance Director).

📊 Key Numbers

Item 2019 2025

Existing shares 2.85 billion 3.02 billion

New ordinary shares after reorg 28.46 million 30.23 million

Deferred shares created A shares B shares

Admission date for new shares 13 Jan 2020 1 Dec 2025

What This Means for Shareholders

No dilution from the reorganisation itself—your proportionate ownership remains the same.

The move aims to reduce volatility, improve perception, and position Wishbone Gold for future fundraising.

The added resolutions give management more flexibility to act efficiently on growth and financing opportunities.

In short:

The 2025 circular is an updated version of the 2019 capital reorganisation, adding extended share-issuance powers and regulatory modernisation, while maintaining the same 100-to-1 share consolidation structure.

And then you remember the Investor Chronicle article and then the Institutional Investment jigsaw pieces make sense and start to fit toghether.