Chesterfield Resources Share Discussion Threads

[excellance] 23/7/2023 14:12

Chesterfield raised £1.5m to acquire Adeline, undertake a field trip, and fund it's ridiculous secondary listing.

Our Canadian puppet masters insisted on employing the tax avoidance scheme known as "flow thru" and with the failure of the TSX IPO folly, our Canadian masters demanded that Adeline be transferred to a Canadian listed entity where they could participate in direct investment and flow thru.

Pacton backed out because they wanted nothing to do with it, saw the risks, and chose a safer path for them.

I am absolutely delighted that we divested that high risk long term cash draining black hole, yet we keep a risk free 8% of the larger company. Excellent deal.

[ruthfuller665] 23/7/2023 07:23

The company is using this bulletin board to pump out a smokesccreen of mis-infirmation on almost a daily basis to try and justify actions which were, in fact, against the interests of shareholders. In this instance:

A fund raise for explorarion would have diluted company by atound just 20%, the acceptable amount under Standard List rules

Geologists were full time and had been with the company for several years

Chesterfield had more than twice as much money in the bank a year ago than it does now

If a corporate action is “planned”; yet “unspecified”. It means it doesn’t exist. In which case you can’t claim that it will be worth “near £10m market cap”. And if it were, it would dilute shareholders by 90%.

[excellance] 21/7/2023 09:33

Car crash wanted to raise millions via ANOTHER IPO meaning massive dilution and substantial extra cost, for a company with, at the time, two unproven assets, no tangible assets, no staff except a couple of part time geologists and a couple of temporary contract students in a rented shed in Cyprus, and don't forget the £4.28 in the bank.

With the ludicrous IPO behind us, the Adeline folly funded by others, and very promising results from Westline, we can now focus on actual tangible business development.

Let's see what Adeline brings, entertain offers for Westline, then raise capital from a position of greater strength in 3 or 4 months from now.

After the planned unspecified corporate action I expect our mkt cap to be near £10m

This is now a VERY appealing opportunity for those who like a bit of risk and can wait half a year.

[excellance] 19/7/2023 08:18

Except the new strategy hasn't failed, unlike the previous one driven by car crash.

[ruthfuller665] 19/7/2023 06:52

A year ago the company had around £600,000 in the bank, and £300,000 was paid to the company recently by Sterling Metals. If the company only has £250,000 left now, that means that £650,000 has “disappeared” during a year when the company was completely non-operational, not running any IR or fund-raising. So where has £650,000 mysteriously gone?

By Excellence’s own admission above, his management of the company over the last year has been a disaster for shareholders, with the company shrunk to almost nothing, no operations, no vision, no future, just a big sucking noise at the company bank account

[excellance] 18/7/2023 10:36

We know that raising cash in the current inflationary environment is expensive, and our share price is silly low, so we baton down the hatches, cut costs to the bone, wait to see how SAG do and if they are successful, talk with potential partners, and stay solvent until the time is right.

[excellance] 18/7/2023 10:12

The last rns, apart from repeating what we already knew in a single cohesive update, stated that talks have started and are ongoing re a transformational deal with a partner that is a good fit "for our resources".

We don't have much, so what can they mean by "our resources"?

We have a top geologist, a wealth of geological data on our three Cyprus licenses, a London listing, maybe quarter of a million quid in the bank, and 8% of SAG.

[excellance] 18/7/2023 09:48

It isn't shut down, it is merely dormant.

CHF holds rights to the project so long as they keep the licenses live by paying for them. You may recall that recently they allowed all other licenses to go back to the authorities. This is because we now have our discovery and must now focus our capital on where it is likely to succeed. Another reason why Adeline had to go.

With the Westline discovery in the bag but requiring more funding and then development, we need a partner who can deliver both.

[ruthfuller665] 18/7/2023 09:37

If the priority is to “focus on Cyprus”, how come the project has been shut down for a year?

[excellance] 14/7/2023 12:26

That's exploration for you.

Cyprus still unproven, just anomalous gold found, tho the last drill report from one hole looked great. We need to drill a whole lot more to prove continuity and a deposit.

At Adeline, we haven't even drilled yet, and even if a modest discovery was found it is miles from a road, miles from power, miles from labour, and a decade from production.

The Cyprus asset offers way less risk. We need to focus on that.

[concentrate] 14/7/2023 11:11

Only skim read the usual bickering.

Not convinced at all by Cyprus. If they get something out of it then fine.

Right now, I'd have preferred that they just merged us into sterling as a dual listing, and let CHF shareholders have their share of Sterling.

My original investment was tiny, my current investment is less than 0.1% of my portfolio lol.

[peter437] 14/7/2023 11:05

This is ridiculous. Why didn't the new managment team just raise a bit of money rather than selling all the assets off for a few £100k and shrinking the company down to nothing?

[excellance] 14/7/2023 10:46

No. Frenchy destroyed the business wasting a million pounds trying to IPO in Canada.

[ruthfuller665] 14/7/2023 07:56

The company is now in a terrible position. If they did an RTO it would dilute shareholders by around 80%, leaving their exposure to Adeline at 2% (from 100% a year ago) and exposure to Cyprus via a JV at 25% (from 100% a year ago). Yet despit all these disposals and dilution, somehow the company only has half as much cash than it did a year ago.

You are right kiplig, these guys are laughing all the way to (the company’s) bank. They have destroyed the business, and are now working on the next stage to strip the remaining cash out of the company.

[kiplig] 13/7/2023 18:10

Ruthfeller. I'm sure they're giggling to themselves every night. They've invested almost nothing into the company while taking very generous fees every month And outsourcing any work to service providers.

[excellance] 12/7/2023 17:04

An RTO is the VERY obvious way out. Issue 300m shares to an interested party for them to bring their team, assets and cash, and they get a London listing.

Not sure there's much demand for iPos at the moment but things will improve in the next six months once interest rates have peaked.

[ruthfuller665] 12/7/2023 14:27

The size of Chesterfield’s assets and the size of the company is too small to justify merger fees by a factor of about 20. This is something that any junior mining executive with any experience at all would know.

And why would a junior explorer need a JV partner to work a small target such as Westline? The answer is that the Executive Chairman and CEO combined have zero experience of exploration or, in fact, managing any operations at all. Nor do they have experience operating a public company, as a series of recent debacles have shown.

This all begs the question as by what process did such two such inppropriate people come to run a main board listed company?

[excellance] 12/7/2023 12:32

No it isn't.

If Adeline yields nothing, and nobody wants anything to do with Westline, we are then left with a small pot of cash and our London listing, and some accrued losses.

We could be taken over just for our listing alone if it comes to it.

I think it is more likely that somebody wants Westline, the only questions being how much will they offer, and, will they entertain a JV or do they want it/us for themselves?

Westline drilling did give some hope, but one hole a mine does not make, and isn't there a wild bird sanctuary very close, tho Frenchy told me that this wasn't material.

Currently the appetite for risk is off, but the tide will turn.

[ruthfuller665] 12/7/2023 11:32

Which, of course, is impossible

[excellance] 12/7/2023 10:16

Which is why we'll merge with another entity.

[ruthfuller665] 12/7/2023 08:53

Yes, look at the share price, it has complely collapsed. Unsurprisingly, investors don’t want to have anything to do with this company.

[excellance] 11/7/2023 20:20

Look at the recent update, strip out the known knowns and what do we see?

Look at the share price, corporate structure, and board compensation since the restructure.

What have they done, what have they not done, what does all of this point to?

It is absolutely clear to see...

Not long to wait, exciting times ahead!

[excellance] 11/7/2023 20:14

"Our focus now is primarily on finding opportunities that will be the right fit with our resources and capital structure that will generate shareholder value once agreed and transacted."