TIDMCHF
RNS Number : 6560X
Chesterfield Resources PLC
31 August 2022
Chesterfield Resources PLC / EPIC: CHF / Market: LSE / Sector:
Mining
31 August 2022
CHESTERFIELD RESOURCES PLC
("Chesterfield" or the "Company")
Interim Results
Chesterfield Resources PLC, the LSE listed mineral exploration
company with projects in Cyprus and Canada, is pleased to announce
its interim results for the six months ended 30 June 2022.
Chairman's review of year to date
During the first half of 2022 we made steady progress increasing
the shareholder value of both our Cyprus and Canadian assets.
In Cyprus we followed up on the strong results from the Westline
target area announced in December with a further set of positive
assay results released in announced in February; assay results
which confirmed a 12km polymetallic gold-rich geological trend
("The Westline Trend") that links target areas Orchard, Evlim and
Evlim South and Westline. This area has been the focus of our work
during 2022. Work during 2022 has consisted of further field work
and targeting for future drilling in the area. Chesterfield
maintains a strong physical presence in Cyprus with two geologists
in place on the island for most of the year.
In Canada, we started the year with positive results from our
first field study at Adeline, which included some high-grade copper
rock chip samples collected, a comprehensive desktop review of the
Adeline historical data set to be used in the identification of
future drill targets. In March we published a NI-43-101 report on
the Adeline project, which will be essential in any future effort
to attract interest for the project in Canada. Efforts to raise
funds for Adeline through a Canadian listing and share issue there
were abandoned due to poor market conditions in August in favour of
an alternative strategy of seeking project level funding instead.
Management intend to complete a process that would introduce third
party financial and technical support during 2022.
We have focussed heavily upon funding the business during 2022,
commencing with a GBP700,000 equity raise in February. The Board
and Management are comfortable with our immediate cash position but
mindful of the difficult capital market conditions and have thus
successfully instituted a programme to cut ongoing running and
Board costs by approximately 50%. In light of the difficult market
conditions, Management and Board are mindful to avoid any
unnecessarily dilutive financing in the near future.
Financials
As is to be expected with an exploration company, for the
six-month period ended 30 June 2022 the Group is reporting a
pre-tax loss of GBP491,607 (six months ended 30 June 2021: loss of
GBP433,538). The Group's net cash balance as at 30 June 2022 was
GBP663,226 (30 June 2021: GBP1,504,973).
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 EU;
-- 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:
Paul Ensor
Executive Chairman
31 August 2022
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.chesterfieldresourcesplc.com or contact:
Chesterfield Resources Paul Ensor, Executive Tel: +44 (0) 7595
plc Chairman 219 011
First Equity Limited Jason Robertson Tel: +44 20 7330
1883
---------------------- ------------------
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months 6 months
to 30 June to 30 June
2022 Unaudited 2021 Unaudited
Notes GBP GBP
----------------------------------------------- ------ ---------------- ----------------
Continuing operations
Revenue 45,132 -
Administration expenses (536,739) (433,538)
Operating loss (491,607) (433,538)
----------------------------------------------- ------ ---------------- ----------------
Income tax - -
----------------------------------------------- ------ ---------------- ----------------
Loss for the period (491,607) (433,538)
----------------------------------------------- ------ ---------------- ----------------
Other comprehensive income
Items that may be reclassified to profit
or loss
Currency translation differences 137,934 (75,349)
Total comprehensive income for the period (353,673) (508,887)
----------------------------------------------- ------ ---------------- ----------------
Total comprehensive income for the period
attributable to equity holders (353,673) (508,887)
Earnings per share from continuing operations
attributable to the equity owners of the
parent
----------------------------------------------- ------ ---------------- ----------------
Basic and diluted 5 (0.384)p (0.425)p
----------------------------------------------- ------ ---------------- ----------------
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at As at As at
30 June 31 December 30 June
2022 Unaudited 2021 Audited 2021 Unaudited
Notes GBP GBP GBP
----------------------------------- -------- ---------------- -------------- ----------------
Non-Current Assets
Property, plant and equipment 25,244 23,208 29,160
Intangible assets 6 5,395,923 5,008,562 2,847,310
----------------------------------- -------- ---------------- -------------- ----------------
5,421,167 5,031,770 2,876,470
----------------------------------- -------- ---------------- -------------- ----------------
Current Assets
Trade and other receivables 375,008 322,003 154,325
Cash and cash equivalents 663,226 762,971 1,504,973
----------------------------------- -------- ---------------- -------------- ----------------
1,038,234 1,084,974 1,659,298
----------------------------------- -------- ---------------- -------------- ----------------
Total Assets 6,459,401 6,116,744 4,535,768
----------------------------------- -------- ---------------- -------------- ----------------
Non-Current Liabilities
Deferred tax liabilities (380,283) (380,283) (127,451)
----------------------------------- -------- ---------------- -------------- ----------------
Current Liabilities
Trade and other payables (174,693) (154,383) (162,912)
Total Liabilities (554,976) (534,666) (290,363)
----------------------------------- -------- ---------------- -------------- ----------------
Net Assets 5,904,425 5,582,078 4,245,405
----------------------------------- -------- ---------------- -------------- ----------------
Capital and Reserves Attributable
to
Equity Holders of the Company
Share capital 228,328 218,328 199,911
Share premium 8,919,654 8,253,634 6,492,731
Other reserves 298,732 160,798 184,851
Retained losses (3,542,289) (3,050,682) (2,632,088)
----------------------------------- -------- ---------------- -------------- ----------------
Total Equity 5,904,425 5,582,078 4,245,405
----------------------------------- -------- ---------------- -------------- ----------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
Attributable to owners
of the Parent
------ --------- ----------------------------------------------
Share Share Other Retained Total
capital premium reserves losses equity
Note GBP GBP GBP GBP GBP
--------- ------------
Balance as at 1 January
2021 199,711 6,482,931 201,776 (2,198,550) 4,685,868
------------------------------------------ --------- ---------- ---------- ------------ ------------
Loss for the period - - - (433,538) (433,538)
------------------------------------------ --------- ---------- ---------- ------------ ------------
Other comprehensive income
for the year
Items that may be subsequently
reclassified to profit or
loss
---------------------------------- ------ --------- ---------- ---------- ------------ ------------
Currency translation differences - - (75,349) - (75,349)
------------------------------------------ --------- ---------- ---------- ------------ ------------
Total comprehensive income
for the year - - (75,349) (433,538) (508,887)
------------------------------------------ --------- ---------- ---------- ------------ ------------
Grant of options - - 58,424 - 58,424
Option exercise 200 9,800 - - 10,000
------------------------------------------ --------- ---------- ---------- ------------ ------------
Total transactions with
owners, recognised in equity 200 9,800 58,424 - 68,424
------------------------------------------ --------- ---------- ---------- ------------ ------------
Balance as at 30 June 2021 199,911 6,492,731 184,851 (2,632,088) 4,245,405
------------------------------------------ --------- ---------- ---------- ------------ ------------
Balance as at 1 January
2022 218,328 8,253,634 160,798 (3,050,682) 5,582,078
------------------------------------------ --------- ---------- ---------- ------------ ------------
Loss for the period - - - (491,607) (491,607)
------------------------------------------ --------- ---------- ---------- ------------ ------------
Other comprehensive income
for the year
Items that may be subsequently
reclassified to profit or
loss
---------------------------------- ------ --------- ---------- ---------- ------------ ------------
Currency translation differences - - 137,934 - 137,934
------------------------------------------ --------- ---------- ---------- ------------ ------------
Total comprehensive income
for the year - - 137,934 (491,607) (353,673)
------------------------------------------ --------- ---------- ---------- ------------ ------------
Share issue 10,000 666,020 - - 676,020
------------------------------------------ --------- ---------- ---------- ------------ ------------
Total transactions with
owners, recognised in equity 10,000 666,020 - - 676,020
------------------------------------------ --------- ---------- ---------- ------------ ------------
Balance as at 30 June 2022 228,328 8,919,654 298,732 (3,542,289) 5,904,425
------------------------------------------ --------- ---------- ---------- ------------ ------------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
6 months 6 months
to 30 June to 30 June
2022 2021 Unaudited
Notes Unaudited GBP
GBP
------------------------------------------- -------- ------------ ----------------
Cash flows from operating activities
Loss before taxation (490,069) (433,538)
Adjustments for:
Share based payments 1,980 58,424
Depreciation - 1,147
Increase/(decrease) in trade and other
receivables (53,269) 10,473
Increase/(decrease) in trade and other
payables 18,810 (74,008)
Foreign exchange (127,658) 5,973
Net cash used in operations (650,206) (431,529)
-------------------------------------------- -------- ------------ ----------------
Cash flows from investing activities
Purchase of property, plant & equipment (1,461) (18,115)
Exploration and evaluation activities 6 (275,821) (494,239)
Interest Received (48,224) -
Loans granted to subsidiary undertakings 199,947 -
------------------------------------------- -------- ------------ ----------------
Net cash used in investing activities (125,559) (512,354)
-------------------------------------------- -------- ------------ ----------------
Cash flows from financing activities
Option exercise - 10,000
Cost of share issue (23,980) -
Share issue 700,000 -
------------------------------------------- -------- ------------ ----------------
Net cash generated from financing
activities 676,020 10,000
-------------------------------------------- -------- ------------ ----------------
Net decrease in cash and cash equivalents (99,745) (933,883)
Cash and cash equivalents at beginning
of period 762,971 2,438,856
Cash and cash equivalents at end
of period 663,226 1,504,973
-------------------------------------------- -------- ------------ ----------------
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General Information
Chesterfield Resources plc is a minerals company exploring
primarily for copper and gold in Canada and Cyprus and listed on
the Standard segment of the Main Market of the London Stock
Exchange.
The Company is domiciled in the United Kingdom and incorporated
and registered in England and Wales, with registration number
10545738. The Company's registered office is Suite 1, 15 Ingestre
Place, London, W1F 0DU.
2. Basis of Preparation
The condensed interim financial statements have been prepared in
accordance with IAS 34 "Interim Financial Statements" as adopted by
the United Kingdom and the Disclosure and Transparency Rules of the
UK Financial Conduct Authority. The condensed interim financial
statements should be read in conjunction with the annual financial
statements for the period ended 31 December 2021, which have been
prepared in accordance with International Financial Reporting
Standards (IFRS) in conformity with the requirements of the
Companies Act 2006.
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
2021 were approved by the Board of Directors on 27 April 2022 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
2022.
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 2021
Annual Report and Financial Statements, a copy of which is
available on the Company's website:
www.chesterfieldresourcesplc.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 2021 Annual Report and Financial
Statements. The nature and amounts of such estimates have not
changed significantly during the interim period.
3. Accounting Policies
Except as described below, the same accounting policies,
presentation and methods of computation have been followed in these
condensed interim financial statements as were applied in the
preparation of the Company's annual financial statements for the
period ended 31 December 2021.
3.1 Changes in accounting policy and disclosures
(a) New and amended standards mandatory for the first time for
the financial year beginning 1 January 2021
The International Accounting Standards Board (IASB) issued
various amendments and revisions to International Financial
Reporting Standards and IFRIC interpretations. The amendments and
revisions were applicable for the period ended 30 June 2021 but did
not result in any material changes to the financial statements of
the Group.
(b) New standards, amendments and Interpretations in issue but
not yet effective or not yet endorsed and not early adopted
The standards and interpretations that are issued, but not yet
effective, up to the date of issuance of the condensed interim
financial statements are listed below. The Company intends to adopt
these standards, if applicable when they become effective.
Standard Impact on initial application Effective date
-------------------- ---------------------------------- ---------------
IFRS 3 (amendments) Reference to Conceptual Framework 1 January 2022
---------------------------------- ---------------
IAS 37 (amendments) Onerous contracts 1 January 2022
---------------------------------- ---------------
IAS 16 (amendments) Proceeds before intended use 1 January 2022
---------------------------------- ---------------
Annual improvements 2018-2020 Cycle 1 January 2022
---------------------------------- ---------------
IAS 8 (amendments) Accounting estimates 1 January 2023
---------------------------------- ---------------
IAS 1 (amendments) Classification of Liabilities 1 January 2023
as Current or Non-Current.
---------------------------------- ---------------
*Not yet endorsed by the UK.
The Company is evaluating the impact of the new and amended
standards above. The Directors believe that these new and amended
standards are not expected to have a material impact on the
Company's results or shareholders' funds.
4. Dividends
No dividend has been declared or paid by the Company during the
six months ended 30 June 2022 (six months ended 30 June 2021:
GBPnil).
5. Loss per Share
The calculation of loss per share is based on a retained loss of
GBP491,607 for the six months ended 30 June 2022 ( six months ended
30 June 2021: GBP433,538 ) and the weighted average number of
shares in issue in the period ended 30 June 2022 of 128,173,615 (
six months ended 30 June 2021: 102,095,642 ).
No diluted earnings per share is presented for the six months
ended 30 June 2022 or six months ended 30 June 2021 as the effect
on the exercise of share options would be to decrease the loss per
share.
6. Intangible fixed assets
The movement in capitalised exploration and evaluation costs
during the period was as follows:
Exploration & Evaluation at Cost and Net Book Value GBP
----------------------------------------------------- ----------
Balance as at 1 January 2022 5,008,562
Additions 273,959
Foreign exchange 113,402
As at 30 June 2022 5,395,923
----------------------------------------------------- ----------
7. Events after the balance sheet date
The Directors believe there to be no significant events after
the reporting date.
8. Approval of interim financial statements
The Condensed interim financial statements were approved by the
Board of Directors on 31 August 2022.
**ENDS**
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