Wishbone Gold shares (LON: WSBN) fell 5% on Friday after the miner posted a first-half loss.
Pre-tax losses for the six months to June totaled $0.34m and revenue plunged 45% to $3.6m.
Wishbone Gold said in a statement: “Given the situation in the trading markets and the uncertainty of the outcome of the COVID-19 crisis the Company reviewed its strategy during the first half of 2020.
“We concluded that Wishbone should refocus on our exploration properties as our primary activity. This decision was based in part on their location in Australia as against our primary trading markets of Africa. We see Australia as more secure source of physical gold in the future with the uncertainty of COVID 19 continuing to have an influence in the coming years.”
In October, the mining group announced the acquisition of an option on three properties in Western Australia.
The company said: “This is a very exciting region for exploration at the moment. The Haveiron discovery led to a re-rating of the area and a realisation that there may well be large undiscovered resources remaining. All the initial indications from our due diligence so far are extremely good.”