Chesterfield Resources Share Discussion Threads

[excellance] 02/12/2022 19:21

Ensor hasn't many cards to play to be fair.

Our geologists let us down in Cyprus, failed to find the hay in the haystack, then despite having no cash or capacity car crash signed us up for Adeline, a massive isolated 20 year project.

Paul Ensor has been left to clear up the mess by farming out or selling off our "assets" just to keep us in the game.

[ruthfuller665] 02/12/2022 16:58

Chesterfield had the ability to drill Adeline. They ran a sucessful operation in Cyprus and were planning to send the same team to Canada

[pranchalee] 02/12/2022 13:11

Absolutely shocking

[kiplig] 01/12/2022 21:31

Pacton have management of the most, err, colourful variety. And they're associated with Peter Damounni. Surprise surprise, PD resigns from CHF and in the blink of an eye a grubby deal is done with one of his associates. This stinks. And they know it.

[excellance] 23/11/2022 08:10

Let's not forget that the share price tanked while car crash was CEO, and like a super tanker it takes time to turn it around.

Adeline was a disaster for us, we never had enough financial backing, human capital, or operational capacity to ever drill it. We did manage a camping trip, but that's about the extent of our in house capability.

Pacton will drill, they have the capacity, and they will pay for it. When the assays come in our share price will respond accordingly, and then we can raise cash for Westline if we haven't flogged it off by then.

[janicesolihul] 23/11/2022 07:41

Pacton shares have started trading again after a period in suspension. Yet Pacton's shares have hardly traded up after the annoucement of the deal to take the Adeline project off Chesterfield.

The deal terms and choice of partner do not look good for Chesterfield shareholders. Chesterfield's valuation of Pacton should come under scrutiny too, especially since the deal was not at arm's length

Chesterfield is now trading at 2.3p, a quarter of where is was a year ago. Chesterfield's management have not properly explained why new strategy is good for its shareholders, espcially in terms of shareh valuation and the the dilution of bringing any new growth business into the company

[excellance] 21/11/2022 16:29

What does he know?
F all.

[glavey] 18/11/2022 13:43

One and the same?

[pranchalee] 18/11/2022 13:29

Doc Holliday

[excellance] 18/11/2022 10:26

Venus fly trap?

[excellance] 18/11/2022 10:26

Where is this new buying coming from, and why now?

[pranchalee] 18/11/2022 08:53

Got to agree with post 5718

[ruthfuller665] 18/11/2022 04:11

Chesterfield’s deal with Pacton looks really poor for Chesterield. Instead of owning 100% of the project, it now owns just 20% of equity in a small Canadian company. Pacton has failed on several exploration projects, has seemingly poor govererence, not enough money and run by someone who has been accused of stripping cash out of his companies.

There was no need to sell Adeline. Chesterfield could simply have sat it out, waited for the market rebound (which may already have started) promoted the stock, raised £1m and got drilling. With a 100% owned project and some decent drill results, it could then have found an large cashed-up reputable earn-in partner and retained, around 70% of the project, a far far stronger position for Chesterfield. The stock could have been worth a good 15p

The deal with Pacton looks really poor. It just happened to be owned by the partner of a former Chesterfield director who been apponted as “Advisor to the Board”. This was not an arms length deal and sold on seemingly sweetheart terms.

The market, not surprisingly, hates it.

[pensionplanner] 17/11/2022 17:07

Personally think they should have offloaded Cyprus and kept Adeline.

A potentially gigantic copper resource where Gold may be the asset of emergency, but copper is the metal that will be in ever increasing demand.

Notice how Picton went up 76% today.

[pensionplanner] 17/11/2022 17:06

Personally think they should have offloaded Cyprus and kept Adeline.

Notice how Picton went up 76% today.

[ruthfuller665] 15/11/2022 15:52

It is the company’s job to raise cash to develop projects, that is what listed exploration companies do. But these managers don’t seem capable of it. All they have done is sell our assets for a relatively small amount of cash.

[excellance] 15/11/2022 14:55

But that isn't true is it.

Adeline needed cash we don't have, the deal solves that problem.

Our Cyprus licenses were far too extensive, there's no way we could ever explore them all. We've made a discovery so now we focus all our capital developing the best assets.

[ruthfuller665] 15/11/2022 13:20

This is really poor. They have sold their main copper asset to the business partner of a former CHF director. Latest announcement was quite shocking, shrinking the Cypus business to almost nothing. The incoming managers are not focused on building a business, rather they are just selling existing assets so they have enough cash to chug along.

[excellance] 08/11/2022 16:26

Ok Martin, calm down sweety.

[kiplig] 08/11/2022 08:36

This is what happens when management with no money invested in the company and therefore are not aligned with shareholders push out previous management who have invested money and are aligned......We've now vended off 100% of our prizes Canadian assets for 20% of an overpriced shell run by what appears to be promoters, and now 85% of our Cypriot assets.Share price has halved since old CEO was pushed, and will only go lower. At which pint I'll be my house that we see director incentive warrants being priced and issued.What an absolute disgrace.

[excellance] 08/11/2022 07:31

Strangely, once they've made a discovery they tend to focus on it and not waste resources elsewhere.

So we let the dross go, arguably including Adeline, which so far isn't a discovery.

[shortarm] 08/11/2022 07:17

Given away 23 licenses? Aren't exploration companies supposed to ... well, explore?