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As we say in Edinburgh, their defense is as strong as the old castle rock. I agree with you, Wishbone are shoring up their defense and strengthening any potential area of attack; either by ensuring they have enough capital, have authority to raise new capital, have a share price that doesn't run the risk of getting delisted. There will be many dirty tricks tried if Wishbone has a tier 1 discovery - Wishbone's job is to ensure they stay one step ahead of the chasing wolf pack and retain 100% ownership for as long as possible so that they achieve either the best JV terms available, or the best sale price for Red Setter.

Wishbone Gold did the same thing 5 years ago in Jan 2020 and the share price went up 8x over the next 12 months. That was as the beginning of the Red Setter journey and the consolidation terms at that time gave Wishbone authority to alot shares up to a similar nominal amount. 5 years later, Wishbone may be on the brink of announcing a major deposit.

Higher Share Price: A reverse split boosts the share price, pushing it out of the "penny stock" category. These low-priced stocks are common targets for "pump and dump" schemes because it takes less capital to artificially move their price. A higher price point attracts a different class of investor, including larger institutional players who often have stricter investment mandates and avoid low-priced shares.

Increased Market Credibility: Raising the share price can be a prerequisite for maintaining a listing on a major stock exchange, which often has minimum price requirements. Maintaining a stable listing and a more "serious" share price improves the company's credibility with the market and potential partners.

Reduced Liquidity (in some cases): While higher liquidity generally prevents manipulation, the high price point and the reduction in the number of shares can decrease the day-to-day liquidity for smaller, less committed traders. This makes it harder for market makers to use rapid, low-cost trades to trigger large, artificial price swings.

Wider Bid-Ask Spreads: For very low-priced shares, manipulators can exploit narrow bid-ask spreads. After a consolidation, the higher price can lead to wider spreads, reducing the market makers' ability to profit from tiny, frequent fluctuations.

Psychological Shift: A higher nominal share price can change the psychological perception of a stock. It appears more stable and less speculative, which can help attract long-term investors and deter day traders looking to exploit short-term volatility.

In summary, a 100:1 share consolidation is an aggressive measure taken to clean up a company's capital structure and escape the low-price trading environment that makes it vulnerable to manipulation.

i believe aside from red setter progress, wishbone gold have been focussing on three corporate objectives and they're all intrinsinctly linked. 1. to clean-up the re-organisation of wishbone gold wa pty ltd ("wsbn wa") to take back full ownership and operational control of red setter (completed), 2. to raise the necessary funds in order to both ensure wishbone gold can continue to 'list' on aim and fund the red setter drilling campaign. this has been achieved through capital raises this year - the result of which has caused wishbone gold's issued share capital to exceed levels comfortable for the longer term. wishbone gold however have now demonstrated that they have the funds available, and have been able to raise £4m funding, to advance the red setter drilling campaign (completed). 3. wishbone gold is now in a position where they can undertake a share consolidation which addresses what has been an immediate, existential threat (delisting). with the share consolidation, wishbone gold ensures it can remain a publicly traded entity on a somewhat reputable exchange before it can effectively leverage its public market status for growth. it also provides wishbone gold the ability to potentially list on the asx going forward which addresses some of the rampant market maker stock price manipulation wishbone gold have been the subject of over recent years. it's further worthy to note, that a potential jv partner for red setter may be hesitant to partner with wishbone gold who has only recently been on the brink of being delisted. maintaining a stable listing status is a prerequisite for serious business discussions. what wishbone gold are doing is not only getting their house in order; it's cleaning up its balance sheet and corporate structure - potentially in preparation for the new capital or investments that a jv might bring. friday is a good day to announce this to the market - who cares if the share price takes a hit from market makers preying on the week. monday is a new day - when drill hole 1 assay results come along. and when the results start to hit, maybe more investors will start to realise that richard poulden isn't a daft lad after all, more a shrewd and strategic operator. richard has a substantial share-holding in wishbone gold - i doubt he's doing what he's doing for ****s and giggles.

Wishbone Gold have already announced "Confirmation of Hydrothermal Gold & Copper System" on 13th December 2022 - https://www.lse.co.uk/rns/WSBN/confirmation-of-hydrothermal-gold-copper-system-tvttilberg6aedn.html. They are now further exploring and proving up the extent of the system.

My take on this is if Wishbone Gold are sitting potentially on a massive discovery - potentially Tier 1 or bettter, that's the hope anyway for LTHs, why on earth would you let the whole world see your cards before they're ready to show the whole world what cards they hold, or divert time and resource from what will be an agile exploration & drilling campaign, to put a bloody Powerpoint together. There's enough signals that Wishbone are making good positive progress for shareholders if you know where to look. Just be patient.

It is possible. A company on the AIM market can request a temporary suspension, but it is not an automatic right. The London Stock Exchange (LSE) has the final discretion to approve or deny the request. A company typically makes such a request through its nominated adviser ("Nomad") when there are material developments that require time to properly disclose to the market. This is most often needed in situations where information is considered "inside information" under the Market Abuse Regulation (MAR). Common reasons for requesting a temporary suspension ...

- Awaiting an important announcement: The company may need to make a complex or price-sensitive announcement, such as a major acquisition, a significant change in its financial condition, or a strategic review. A temporary suspension ensures that all investors receive the information at the same time and prevents trading on an uninformed basis.

- Delay in publishing financial reports: If a company will not be able to publish its annual or interim accounts by the deadline set in the AIM Rules, it can request a suspension. In recent years, companies have received temporary extensions for this reason.

- Compliance with AIM Rule 15: When a company becomes a "cash shell" by disposing of its main business, it has six months to make a reverse takeover. It may request a suspension if it is preparing for this transaction, which can be lifted once the deal is complete.

- Protection of investors: In situations where there is significant uncertainty about the company, a temporary suspension may be requested to protect investors from potentially misleading information or an disorderly market.

In this context, worth looking at the read-across to Greatland Gold. On 4/1/21 Greatland had 3.88b shares in issue, and at the time had a 30% share of Havieron. Despite this, Greatland Gold's share price still reached 36.4 pence, equating to a market cap at the time of £1.4 billion. Havieron can fit within Red Setter dome, and current gold prices are 2.25x what they were in Jan 2021. Not disputing Greatland Resources current market cap of £2.51bn post retaking of 100% Havieron ownership and now Telfer, but just goes to highlight what can happen in a market frenzy.

Https://marketsgonewild.com/stock-news/2025/10/17/wishbone-gold-plcs-red-setter-project-update-drilling-progress-employment-opportunities-and-global-gold-impact/

So just some thoughts on a Sunday morning. In respect of hole 2 (25RSDD002), Wishbone releases photos (25/09) of cores downhole to 580m, then (17/10) photos of cores from 750m. But no photos for the 270m section in between. Interesting 🧐 I interpret this as a positive indicator of what the cores visually look like, and Wishbone are managing the release of photographic material very carefully so as to not cause a frenzy like in 2022 when they released a photo of a core [you remember - the nice shiny black core with lots of goldish colour]. Releasing the photo caused a bit of a 'stramash' at the time as some folks interpreted this as visible gold, but Wishbone had their hands tied on what they could/could'nt clarify at the time until assay results came back. I believe Wishbone are wanting to avoid a repeat of that sort of situation again, to avoid getting into trouble with AIM regs police etc until assay results are known & published. In WRSDD008 (the hole that's currently being expanded with 25RSDD003), that "nice shiny black core with lots of goldish colour" was later assayed and contained 1.37g/t Au and 0.72% Cu. Other cores at the same depth in this hole contained 6.44g/t Au and 0.70% Cu. Wishbone pretty much reached maximum depth of what the RC rig could handle - how frustrating! And that hole is now (at least since Friday) being extended (down to 500m - possibly further) with the diamond drill rig. So by the time market opens tomorrow, a further 100m might be drilled down that hole. It's going to be an interesting week i think.

Or the 'super-giant' coming along to take the Captain's seat.

Appreciate this FillToSpill. A nice easy to read format based on the significant updates received in recent weeks. The only suggestion i have would be to incorporate the mineralisation Wishboold have already proven from 107m downhole in WRSDD0008. The key intercepts were from 273m downhole, but the minerlisation is proven earlier, i.e 14m from 266 as an example; 1.08 Au g/ton, 0.22 % Cu.

From today's RNS "Hole 3 (25RSDD003) is following up on previously drilled WRSDD0008 that intercepted 7m @ 2g/t gold and 0.38 copper from 273m".

Per the RNS of 13/12/22 announcing the assay results of the maiden drilling campaign,

WRSDD0008 also intercepted grades of 1m at 6.4g/t Au and 0.38% Cu from 273m-274m and 1m at 5.01 g/t Au and 0.74% Cu from 279m-280m. There's also the 1.37g/t Au and 0.72% Cu at 276.25m.

These are higher grade zones and the DD rig is now re-entering this hole with 25RSDD003. With 24hr drilling, this could be very interesting to keep an eye on over the next few days.

Excellent summary Casper. I would only add that Wishbone also have 100% of the prospect. If Wishbone concentrate the next drills around holes 1 & 2, and do the required steppouts and RC drilling of the shallows to prove the 'open pit' potential, along with the 'deeps', then it wouldn't take too many holes to start proving up an indicative resource size potentially leading up to initial JORC, by concentrating on the target area and then expanding out. That would help to put Wishbone in the strongest position for a JV / bidding war.

I also think that's why Wishbone did what we all felt at the time was a bit of an unexpected raise of £4m (30/09), so shortly after the £1.5m raise (27/08) - Richard's comments at the time of the initial £1.5m raise "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." So clearly something changed to the upside warranting more funds at Wishbone's disposal.

Wishbone did well to capitalise on the strong momentum and volume of trading at the time of the £4m raise. But interesting also to remind ourselves of what was happening during this crucial 4/5 week period. I think history will show this was an incredibly shrewd move by Richard to raise the funds needs to (as 99Treble says) "make moon cheese of Red Setter", but what might be the most important aspect to the current developments on the ground, is that Richard may well have avoided that situation where Wishbone needed to let go of a significant % of Red Setter on the cheap (like Greatland Gold did) at the time of their JV.

Wishbone has all the cards now to continue to prove up the Red Setter resource, starting out with say £200/£250k step out holes up to 1,000 depth per time, made cheaper by the RC rig and more expedited with the overnight drilling.

The next few months could when we see Wishbone really multi-bag up to the £300/£400m market cap level for starters. If Red Setter is developing into a monster (elephant maybe) of a discovery, then every successful drill hole into the heart of the dome and extending out from there, by 100-200m, should have a significant impact on the value of Wishbone Gold. The size of the main Red Setter dome looks enormous.

Just as well Wishbone Gold have already proven a mineralised system with Au & Cu grades is in place through 2022 & 23 drill results. And now (hopefully) drilling right into the centre of one of the motherloads. We have a few magnetic dome targets afterall. Ohh, and then there's the historic fact of a proven 20 million + ounce gold & copper deposit at Telfer only 12km away. Now, mother nature could have been really cruel and bypassed the Red Setter breccia pipe system with all that lovely mineralisation that she deposited at Telfer, but on the balance of probability, hopefully that's a case of it not being that likely. But you never know I suppose, mother nature does work in mysterious ways. Not long until we find out I suppose.

If Red Setter became a 10m+ ounce discovery, you could see a situation where Wishbone becomes the catalyst for a major piece of regional consolidation ultimately leading to Greatland Gold being aquired, by say a Rio. Wishbone being the catalyst could become a key linchpin given the ore replacement needed for the hungry Telfer mine.

Casper will have enough shareholder votes to head up their 'elephant' size PR & social media department.

It would be more impactful if Wishbone declares hole 1 currently unfinished and re-enters it with the Diamoond after hole 2 is completed (they've already alluded to this as much). Get the cores from hole 2 and additional cores from 777m onwards from hole 1 over to the assay company, and release a more complete and potentially impactful set of results from both holes. Then move onto holes 3,4 & 5.

As a LTH, I would be very supportive of the Board raising £4-5m capital when the share price is strong. That would fund 16-20 drill holes allowing Wishbone to further advance proving up this elephant discovery themselves without giving c70% of the asset away. Why do folks always cry about fund raises - they can and often are a very good thing - if handled responsibly and managed prudently while balancing the interests of all stakeholders and being cognisant of what is sometimes 'necessary' diluton. It strengthens the companies position in any negotiations - so i'm not worried about it.