Half-year Report

Chesterfield Resources

05/09/2025 07:00

RNS Number : 0939Y

Chesterfield Resources PLC

05 September 2025

 

Chesterfield Resources PLC / EPIC: CHF / Market: LSE / Sector: Mining

 

5 September 2025

CHESTERFIELD RESOURCES PLC

("Chesterfield" or the "Company")

Interim Results

 

Chesterfield Resources PLC, the LSE listed mineral exploration company is pleased to announce its interim results for the six months ended 30 June 2025.

 

Chairman's review of year to date

The first half of the year has been one of measured progress, with the Board maintaining a clear focus on financial discipline and strategic positioning. Costs have been kept to a minimum, and the majority of Board salaries have once again been deferred, reflecting our commitment to preserving cash resources and aligning the interests of management with those of shareholders.

During the period, we also completed a successful equity raise, further strengthening our balance sheet and ensuring that the Company is well placed to move quickly when the right opportunity presents itself. We are grateful to our shareholders for their continued support and confidence, particularly in a challenging market environment.

We also completed a partial disposal of our holding in Sterling Metals, realising value while retaining a significant interest. We are excited to follow the outcome of the drilling programme that Sterling is currently undertaking, which we believe has the potential to further enhance the value of our investment.

The combination of tight cost control, a reinforced financial position, and a growing pipeline of potential opportunities gives us confidence that the Company is well positioned to deliver meaningful progress in the period ahead.

Financials

As is to be expected with an exploration company, for the six-month period ended 30 June 2025 the Group is reporting a pre-tax loss of £74,712 (six months ended 30 June 2024: loss of £187,138). The Group's net cash balance as at 30 June 2025 was £49,055 (30 June 2024: £47,074).

Responsibility Statement

We confirm that to the best of our knowledge: 

 

·       the interim financial statements have been prepared in accordance with International Accounting Standards 34, Interim Financial Reporting, as adopted by the UK;

·       give a true and fair view of the assets, liabilities, financial position and loss of the Company;

·       the Interim report includes a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the set of interim financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

·       the Interim report includes a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules, being the information required on related party transactions.

 

The interim report was approved by the Board of Directors and the above responsibility statement was signed on its behalf by:

 

Kashif Afzal

Executive Chairman

5 September 2025  

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 For further information please visit www.chesterfieldplc.com or contact:

Chesterfield Resources plc
Kashif Afzal, Executive Chairman
Email: kashif@chesterfieldplc.com
Peterhouse Capital Limited (Broker)
Charles Goodfellow
Tel: +44 (0)207 469 0930

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

Notes
6 months to 30 June 2025
12 months to 31 December 2024
6 months to 30 June 2024
Unaudited
Audited
Unaudited
£
£
£
Continuing operations
Revenue
-
-
-
Administration expenses
(195,040)
(561,562)
(261,419)
Other gains
2,526
-
9,661
Operating Loss
(192,514)
(561,562)
(251,758)
Impairment
-
(7,704)
-
(Loss)/Gain on asset held for sale
6
-
(103,985)
40,123
Other gains/(losses)
103,911
(124,996)
(14,930)
Unrealised fair value gain/(loss) on available for sale investments
6
13,891
(38,589)
39,427
Loss before taxation
(74,712)
(836,836)
(187,138)
Deferred tax credit
-
-
-
Loss for the period
(74,712)
(836,836)
(187,138)
Other comprehensive income
Items that may be reclassified to profit or loss
Currency translation differences
(5,099)
8,659
9,900
Total other comprehensive income for the period
(79,811)
(828,177)
(177,238)
Total comprehensive income for the period attributable to equity holders
(79,811)
(828,177)
(177,238)
Earnings per share from continuing operations attributable to the equity owners of the parent
Basic and diluted
5
(0.057)p
(0.642)p
(0.140)p

 

 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

                                                                                                                                                                    

Notes
As at 30 June 2025
As at 31 December 2024
As at 30 June 2024
Unaudited
Audited
Unaudited
£
£
£
Non-Current Assets
Available for Sale Investment
6
225,256
211,365
145,432
225,256
211,365
145,432
Current Assets
Trade and other receivables
110,560
16,363
148,945
Cash and cash equivalents
49,055
68,361
47,074
159,615
84,724
196,019
Asset held for sale
-
-
410,530
Total Assets
384,871
296,089
751,981
Current Liabilities
Trade and other payables
225,545
181,252
27,096
Total Liabilities
225,545
181,252
27,096
Net Assets
159,326
114,837
724,885
Capital and Reserves Attributable to
Equity Holders of the Company
Share capital
254,328
228,328
228,328
Share premium
9,017,954
8,919,654
8,919,654
Other reserves
226,679
240,870
203,635
Retained losses
(9,339,635)
(9,274,015)
(8,626,732)
Total Equity
159,326
114,837
724,885

 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

 

Attributable to owners of the Parent
Share capital
£
Share premium
£
Other reserves
£
Retained losses
£
Total equity
£
Balance as at 1 January 2024
228,328
8,919,654
100,915
(8,439,594)
809,303
Loss for the period
-
-
-
(187,138)
(187,138)
Other comprehensive income for the year
Items that may be subsequently reclassified to profit or loss
Currency translation differences
-
-
9,900
-
9,900
Total comprehensive income for the year
-
-
9,900
(187,138)
(177,238)
Options granted during the year
-
-
92,820
-
92,820
Total transactions with owners, recognised in equity
-
-
92,820
-
92,820
Balance as at 30 June 2024
228,328
8,919,654
203,635
(8,626,732)
724,885
Balance as at 1 January 2025
228,328
8,919,654
240,870
(9,274,015)
114,837
Loss for the period
-
-
-
(74,712)
(74,712)
Other comprehensive income for the year
Items that may be subsequently reclassified to profit or loss
Currency translation differences
-
-
(5,099)
-
(5,099)
Total comprehensive income for the year
-
-
(5,099)
(74,712)
(79,811)
Issue of share capital
26,000
104,000
-
-
130,000
Cost of Capital
-
(5,700)
-
-
(5,700)
Options expired during the period
-
-
(9,092)
9,092
-
Total transactions with owners, recognised in equity
26,000
98,300
(9,092)
9,092
124,300
Balance as at 30 June 2025
254,328
9,017,954
226,679
(9,339,635)
159,326


 

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

 

 

Notes
6 months to 30 June 2025
6 months to 30 June 2024
Unaudited
Unaudited
£
£
Cash flows from operating activities
Loss before taxation
(74,712)
(187,138)
Adjustments for:
Gain on asset held for sale
-
(40,123)
Unrealised fair value gain on available for sale investments
6
(13,891)
(39,427)
Realised fair value (gain)/loss on available for sale investments
6
(103,911)
14,930
Share options expense
-
92,820
Increase/(decrease) in trade and other receivables
(2,100)
(3,451)
Increase/(decrease) in trade and other payables
38,428
(79,112)
Foreign exchange
(9,224)
9,900
Net cash used in operations
(165,410)
(231,601)
Cash flows from investing activities
Procceds from sale of shares
21,804
-
Net cash used in investing activities
21,804
-
Cash flows from financing activities
Net proceeds for share issue
130,000
-
Cost of capital
(5,700)
-
Net cash generated from financing activities
124,300
-
Net decrease in cash and cash equivalents
(19,306)
(231,601)
Cash and cash equivalents at beginning of period
68,361
278,675
Cash and cash equivalents at end of period
49,055
47,074

 

 

 

 

NOTES TO THE INTERIM FINANCIAL STATEMENTS

 

1. General Information

 

The principal activity of Chesterfield Resources plc (the 'Company') and its subsidiaries (together the 'Group') is the exploration and development of precious and base metals. The Company is a public limited Company whose shares were admitted to the Standard listing segment of the Main market of the London Stock Exchange on 29 August 2017. The Company is incorporated and domiciled in England.

 

The address of its registered office is 6 Heddon Street, London, W1B 4BT.

 

2. Basis of Preparation

 

These condensed interim financial statements are for the six months ended 30 June 2025 and have been prepared in accordance with the accounting policies adopted in the Group's most recent annual financial statements for the year ended 31 December 2024.

 

The Group have chosen to adopt IAS 34 "Interim Financial Reporting" in preparing this interim financial information as adopted by the United Kingdom and the Disclosure and Transparency Rules of the UK Financial Conduct Authority.  They do not include all the information required in annual financial statements, and  they should be read in conjunction with the consolidated financial statements for the year ended 31 December 2024 and any public announcements made by Chesterfield Resources Plc during the interim reporting period.

 

The interim financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the United Kingdom.

 

Statutory financial statements for the period ended 31 December 2024 were approved by the Board of Directors on 30 April 2025 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified. The condensed interim financial statements are unaudited and have not been reviewed by the Company's auditor. 

 

Going concern

 

The Directors, having made appropriate enquiries, consider that adequate resources exist for the Company to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the condensed interim financial statements for the period ended 30 June 2025.

 

Risks and uncertainties

 

The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Company's medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company's 2024 Annual Report and Financial Statements, a copy of which is available on the Company's website: www.chesterfieldplc.com. The key financial risks are liquidity risk, credit risk, interest rate risk and fair value estimation.

 

Critical accounting estimates

 

The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in Note 2 of the Company's 2024 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period.

 

3.   Accounting Policies

 

The same accounting policies, presentation and methods of computation are followed in the interim consolidated financial information as were applied in the Group's latest annual audited financial statements except for those that relate to new standards and interpretations effective for the first time for periods beginning on (or after) 1 January 2025, and will be adopted in the 2025 annual financial statements. 

 

A number of new standards, amendments and became effective on 1 January 2025 and have been adopted by the Group. None of these standards have materially affected the Group.

 

4.   Dividends

 

No dividend has been declared or paid by the Company during the six months ended 30 June 2025 (six months ended 30 June 2024: £nil).

 

5.   Loss per Share

The calculation of loss per share is based on a retained loss of £74,712 for the six months ended 30 June 2025 (six months ended 30 June 2024: £187,138) and the weighted average number of shares in issue in the period ended 30 June 2025 of 135,930,521 (six months ended 30 June 2024: 130,328,311).

 

No diluted earnings per share is presented for the six months ended 30 June 2025 or six months ended 30 June 2024 as the effect on the exercise of share options would be to decrease the loss per share.

 

6. Available for sale investment

The movement in available for sale investments during the period was as follows:

 

Avaliable for sale investments
6 months ending 30 June 2025
£
6 months ending 30 June 2024
£
Balance as at 1 January
211,365
133,425
Disposal of Sterling Metals Corp. shares
(103,911)
(12,490)
Realised loss on available for sale investment
103,911
(14,930)
Unrealised gain on available for sale investment
13,891
39,427
As at 30 June
225,256
145,432

 

 

7. Events after the balance sheet date

There were no material events that occurred after the reporting date.

 

8. Approval of interim financial statements

The Condensed interim financial statements were approved by the Board of Directors on 5 September 2025.

 

**ENDS**

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