Chesterfield Resources Share Discussion Threads

[excellance] 04/7/2023 10:35

Caerus have no assets in Cyprus, why would they contact CHF?

Venus are doing nothing at all until they get funding and even their 58% majority holder don't want to put another penny in, so Venus are in no position to offer CHF anything.

There are new players in Cyprus these days, haven't you heard?

[excellance] 03/7/2023 13:31

You mean Caerus who are suspended and Venus who have been shelved?

[janicesolihul] 30/6/2023 21:32

Ensor/Excellence continues to spew all this stuff all this stuff about negotiations in Cyprus, yet it has been a year now and nothing has happened

[excellance] 30/6/2023 18:46

Caerus have had a terrible time, paid £500k exclusivity for a project that they later ditched, and sold ALL of its Cyprus licenses for £100k with potentially another £432k later if targets are hit, and that covers that loss. What a mess. Who would touch them now, not that they were popular before.

However, they found a buyer for their wares in Cyprus and who knows maybe they'll approach us for Westline and will bring synergies?

[excellance] 30/6/2023 18:41

The Company is pleased to announce that the report and accounts are in the process of finalisation and subject to a final review from the auditors is expected to be published shortly. This is anticipated to be before 14 July 2023.

Re-admission of Shares to Trading

The Company expects to request a restoration of its listing once the Company's report and accounts has been published. The FCA's re-admission process is then required before the listing is restored.

[excellance] 30/6/2023 18:37

Meanwhile over at still suspended Caerus...

Caerus Mineral Resources plc (LON: CMRS) is pleased to announce it has signed the share purchase agreement (the "SPA") with PM Ploutonic Metals Ltd ("Ploutonic") and Indo-European Mining PR Ltd ("Indo") for the sale of the Company's Cyprus subsidiaries. Caerus is now wholly focused on the acquisition of larger upstream development opportunities in the battery metals sector, aligned to its strategic partnership with EV Metals Group (EVM).

Terms of the SPA

In line with the Heads of Agreement announced on 7 December 2022, Ploutonic and Indo (the "Purchasers") will pay the Company US$528,001 in cash, in staged payments. Closing will occur once Caerus has received the First Purchase Payment of US$100,000, anticipated to be on 30 January 2023. Completion will occur on 31 June 2023 ("Final Completion Date").

Troulli Resource Expansion Payment

As explained in the 7 December 2022 announcement, in the event that the Purchasers produce a new JORC or NI 43-101 compliant mineral resources estimate at the Troulli Project, demonstrating 7.75 million tonnes or more at a 0.5% copper equivalent (CuEq*) cut-off grade or higher, the Purchasers will pay Caerus an additional US$432,000 in cash.

[excellance] 30/6/2023 18:21

There are of course several ways of funding projects. One is dilutive share issues, the other is diluting assets by farming out. Both of those assume that someone wants to invest in something that we own.

We found a way of funding Adeline at no risk to us, and Paul has stated that we are in preliminary talks with third parties about a partnership arrangement for Westline. We are limited to what we can offer a Cyprus partnership other than the licenses and a part time geologist who I suppose may fly in to oversea exploration, but they may have their own team.

Then there's the curve ball of a totally new entity coming forward with a new project, and then we flog off our modest Cyprus plots and transform our company completely, with the share capital multiplied by 8 or 10.

[pranchalee] 30/6/2023 18:11

Pie in the sky company

[excellance] 30/6/2023 18:03

£8k worth of shares sold and the share price drops 15%, current mkt cap just over £1m.

We have maybe £300k in cash. 8% of a company that will need more cash, and 3 Cyprus licenses that will need funding.

The funding question is the single biggest challenge facing us. If we raise £1m with a prospectus what will our share price be?

Sterling are drilling at Sail Pond, but we won't see results for another 3 to 4 months, and they may be duds, then drilling at Adeline, so patience required.

No activity in Cyprus until we get funding, and funding is likely to be direct investment into Westline.

Our biggest asset is probably our London listing, and with our clean balance sheet and a few million quid of losses booked a transformational opportunity presents itself for another party to easily reverse in to us to get access to market funding.

Obviously the Cyprus junior explorers have all struggled badly lately, with the Venus IPO shelved indefinitely, and the CHF share price dropping over 90%, and what happened to the other one? Market sentiment has been brutal for any company needing cash, but as interest rates peak later this year we should see an easing of the credit freeze.

Patience is definitely required here, and nerves of steel...

[excellance] 30/6/2023 12:54

Obviously if we want to raise capital BEFORE any good news from SAG it will be at a discount, hence the very low share price currently, and of course the general market conditions are dire too, plus our Russia links...

Waiting and watching for a good opportunity to load up, and I think that time could be very soon.

[excellance] 30/6/2023 12:50

We have now removed the burdon of Adeline and car crash, yet we retain exposure to any positive drilling news over there.

We can now focus our very limited resources on Westline.

[excellance] 30/6/2023 12:48

That transformation happened when we signed for Adeline with inadequate funding, resources and human capital to drive the project on. A fund raising became nailed on and Cyprus results became irrelevant.

[janicesolihul] 30/6/2023 12:01

All Paul Ensor has done is transform this company into a basket case

[excellance] 29/6/2023 17:27

No it's not.

Having a Chairman with Executive powers is unusual but is allowed until a new CEO is recruited.

I think you'll find that we'll see transformational changes to the board when the transformational investment is made.

[ruthfuller665] 29/6/2023 16:21

This is what happens when someone totally inapproriate manages to take control of a public company which has no Nomad and an impotent board.

[excellance] 29/6/2023 12:47

Why did Venus pull their IPO?

Why is AAU down the toilet?

Why why why?

[excellance] 29/6/2023 12:45

Then why are you here spewing negativity?

No-one is fooled...?

[ruthfuller665] 29/6/2023 10:14

This is just nonsense

[excellance] 28/6/2023 20:49

As for CHF shareholders losing 90%, are there any left?

Frenchy hoped to dual list but discovered that funding and IPOs were being pulled, and he failed and "left".

The new board hoped to salvage a JV deal but only managed to offload our financial burdon for a cash payment plus 8% of Sterling that has two massive projects.

And that leaves Cyprus, where all licenses bar Westline have been given up, and now we are looking to JV that, and at the same time leverage our company resources to
what it aims to be a transformational investment into a new area of activity, whatever that means.

I think CHF has been asset stripped following excellent results at Westline, because the steering committee of major shareholders didn't want Adeline in the new deal, so they "sold" it to Sterling where they could plough their money in.

SAG looks like a very good value punt at the current SP, but so does CHF.

[excellance] 28/6/2023 10:17

Maybe they have a plan?

[ruthfuller665] 28/6/2023 07:44

Polymetal and Atlius are both down 90% on their investment, I can’t image they are very happy with the chaos at Chesterfield.

Kiplig, I don’t know what to say about these guys. They stabbed Martin in the back completely out of the blue to take control of the company in a kind of coup, quickly closed down or sold off what was a promising businesses. They will now look for ways to strip out the cash.

They can get away with it because CHF is a Standard List company and there is no Nomad. They haven’t invested any money in the company, have zero interest in the shareholders or regulations. They just want the cash. They dont even bother with a semblence a strategy or even maintaining the website.

[excellance] 27/6/2023 22:29

Polymetal and Altius don't agree with you.

[janicesolihul] 27/6/2023 21:33

This whole thing has been terrible

[excellance] 26/6/2023 22:52

My understanding is that the tight credit environment in the resource markets is about to thaw in Q3 as interest rate hikes finally begin to squeeze the economy. The labour market appears to be struggling taking pressure off wage rise demands.
Still a recession to navigate but Rome wasn't built in a day.

[excellance] 26/6/2023 09:21

It tells us to watch for good news from Canada drilling, at no financial cost to us.

It tells us we ARE IN preliminary talks about a JV in Cyprus,

And it tells us that we may be subject to corporate action, RTO or issue of shares related to an acquisition into another project.