REG - Chesterfield Res PLC - Half-year Report
05/09/2025 07:02
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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
(http://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
(http://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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