REG - Chesterfield Res Plc - Strategy Update and Board Changes

Chesterfield ResourcesAnnouncement

04/08/2022 16:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220804:nRSD9956Ua&default-theme=true

RNS Number : 9956U  Chesterfield Resources PLC  04 August 2022

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

 

4 August 2022

Strategy Update and Board Changes

Chesterfield Resources announces that Executive Chairman Martin French has
resigned with immediate effect to pursue other interests. The Board thanks
Martin for his contribution and wishes him well.

As part of implementing the Company's strategic plans going forward, Paul
Ensor is appointed as Executive Chairman with immediate effect.

Mr Ensor has acted in senior executive, non-executive, and advisory roles to a
number of junior companies in the natural resources sector. Paul joined
Chesterfield Resources as a non-executive Director in February 2021 and is
ideally suited to taking the Company through the next stages of growth.
Previous to his corporate experience, Paul also worked in the financial
markets in institutional equity research and sales with Baring Securities,
CLSA, and UBS.

Strategy Update

The Company's main focus is to unlock value for shareholders focussing on the
following areas:

Canada:

In July 2021, the Company acquired 100% of the Adeline project from Altius
Minerals Corp (TSX: ALS). The Company conducted a field programme in the
Autumn of 2021 and has since received interest from third parties. The Board
recognizes a project of Adeline's scale, size and potential value will require
the introduction of external support both for capital and to enhance the
Company's and Altius' technical expertise. The Board will be commencing
discussions with third parties and will update the market with developments.

Cyprus:

The Company maintains one of the largest exploration packages in Cyprus.
Exciting well-defined prospects notably the Westline Trend and Orchard,
amongst others, will be of increased focus and priority to create potential
value for shareholders. A field work programme has been underway during 2022
albeit at a more modest pace than previously anticipated given market
conditions. The Company continues to retain an active presence in the country.

Corporate:

The Company has been pursuing secondary listings on the Toronto Stock Exchange
Venture, Frankfurt, and the OTC markets. In anticipation of its strategy
towards its Canadian assets, the Board has determined that the time and
resources required for a secondary listing are currently not prudent.

The Company is also implementing further efficiencies to minimise the need for
dilutive capital raisings.

Paul Ensor, Executive Chairman said "The Board would like to thank Martin for
his contribution to the Company since 2018. He has been instrumental in
getting the Company to where we are today with two excellent assets and two
major partners as shareholders. We are very excited to now take the Company in
a fresh strategic direction with a focus on unlocking the potential of its
assets in Canada and Cyprus to create significant shareholder value that
resides within the Company. In addition, the Board aims to enhance its
communication with regular updates to shareholders on its progress and
developments."

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information. Upon the publication of this announcement via a
Regulatory Information Service, this inside information is now considered to
be in the public domain.

 

**ENDS**

 

 

For further information, please visit www.chesterfieldresourcesplc.com
(http://www.chesterfieldresourcesplc.com/) or contact:

 Chesterfield Resources plc:                   Tel: +44 (0)7595 219 011

 Paul Ensor, Executive Chairman

 First Equity Limited (Joint Broker):          Tel: +44 (0)207 330 1183

 Jason Robertson

 Panmure Gordon (UK) Limited (Joint Broker):   Tel: +44 (0)207 886 2500

 John Prior and Hugh Rich

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOASSSFILEESELA