Chesterfield Resources Share Discussion Threads

[excellance] 16/8/2023 09:00

Mkt cap just £1m

Very low cash burn currently

Maybe £250k in the bank

8% interest in Sterling who are drilling two potentially global scale copper/silver prospects.

Discovery at Westline, 12km trend, gold rich, three best licenses retained, partnership talks ongoing...

£1m mkt cap?

But we will need finance in the next six months to fund our share of Westline.

[excellance] 16/8/2023 08:48

"resources"
Links to Polymetal and Altius?

"Capital structure"
Low mkt cap and major holders are Altius and Pokymetal?

Chesterfield, the new "Ivanhoe"...?

Exciting times ahead...

[excellance] 16/8/2023 08:43

"transformational investment into a new area of activity"

Executive Chairman Paul Ensor said.. "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."

[excellance] 16/8/2023 07:44

TRADING
ECONOMICS
Copper
Copper futures sank to the $3.7 per pound level in August, the lowest in over one month, as new data magnified concerns over China’s economic recovery and further pared the outlook for base metal demand in the world’s top consumer. New yuan loans rose by CNY 346 billion in July, less than half of market expectations to point to the lowest demand for credit since 2009, magnifying worries after the sharp decline in trade turnover and another round of contractionary manufacturing PMI in the period. Despite the series of concerning data, markets continued to be skeptical about economic support from Beijing as public bodies refrained from signaling that significant stimulus could be passed. Still, the decline was limited by evidence of lower supply, risking wide shortages as economies transition to copper-intensive green technologies. Codelco’s output sank by 14% in the first half of the year. Additionally, the latest data showed that global inventories are 26% down year-to-date.

[excellance] 07/8/2023 17:13

Yeah, owning 8% of Sterling at this stage looks like a terrible deal, as their mkt cap is so low, but they raised the capital and have the capability to explore two major copper plays.

We just need one to hit, but chances are that both will.

[excellance] 07/8/2023 16:51

"forcibly delisted, or otherwise planning for it to be de-constructed"

Lol 😂

[ruthfuller665] 07/8/2023 16:41

This is all just another smokescreen

The Westline trend alone is not enough to justify an exploration project in Cyprus

There are also no longer enough funds. Chesterfield’s shares in Sterling Metals have halved in value since that deal closed three months ago, and are now only worth about £200,000

Chesterfield has shut down all operations in Cyprus for over a year now. In fact, most normal functions at the company seem to have ceased.

The executives have shown scant regard for the rules and norms of operating a public company.

It likely the management is now either hoping to get the company forcibly delisted, or otherwise planning for it to be de-constructed in such a way that they can retain the remaining cash and shares for themselves

It is difficult to know what the company is doing as there is no communication with shareholders, apart from these bizarre rants on ADVFN

[excellance] 06/8/2023 23:19

So the company gave up all of the licenses to focus on the three they kept, with the intention of not doing anything?

...so, what are the preliminary discussions about exactly?

This period is about reorganising the company and assets, to leverage the progress made already on the back of progress that will be made in Canada.

First a fly by survey over Adeline, then drilling, and we'll be sorting out the finances in preparation for a potential deal to package the 12 mile Westline licenses into a manageable and serious exploration program, because so far we've just done random RC drilling with a handful of confirmation diamond drill holes. The next step is the big one and we have to get it right.

Say hi to Martin for me when he wakes up.

[ruthfuller665] 06/8/2023 07:32

The rights to Westline are worth very little, it hasn’t been drilled enough. Westline is certainly not big enough to support a genuine JV or disposal deal

If the company had wanted to re-commence its operations in Cyprus this year, a simple sampling and measuring programe would only have cost around £50,000. It would have been easy to organise.

Given Excellence/EnsorR17;s comments, and the fact that we are already well over half way through the exploration season, it is clear that a decision has been taken by the company not to re-commence its operations.

This action is very clearly against the interest of shareholders.

[excellance] 04/8/2023 17:37

"Extensive work is underway to consider a number of possible options on offer. The most important criterion behind this work will be to generate significant shareholder value in the near term"

[excellance] 04/8/2023 16:12

Chesterfield have done enough re Westline, others can do some onsite checks this year as they wish, but a deal will be done in due course. DD takes time.

Martin still has his shares and will do nicely, but his wages during this period of waiting were just too much...

Adeline had to go as a consequence.

I wonder how much rights to Westline are worth compared to our current mkt cap?

[ruthfuller665] 04/8/2023 14:22

Surely even some minor sampling, measuring and targetting work in Cyprus would be appropriate for an established exploration company funding a suite of licences there? Chesterfield has all necessary equipment on the ground, and also raised money from investors for that exploration. So why aren’t you doing anything?

[concentrate] 04/8/2023 12:52

Keep it civil guys.

[excellance] 04/8/2023 12:24

Frenchy spent all the cash in NY on shoes n handbags for his bints.

[ruthfuller665] 04/8/2023 11:13

Can you explain why you haven’t done any exploration work in Cyprus this year, or any work anywhere? Chesterfield is, after all, an exploration company.

[excellance] 03/8/2023 12:28

The current directors hold very few shares, certainly compared to car crash and dim money.

Altius and Poly hold major interests, and along with the consortium of Canadian HNW investors hold the power to hire and fire.

Clearly they all approve of the new team and their approach or else they would have voted against them.

You really do like to stir that cauldron of bile that you're cooking don't you...

[ruthfuller665] 03/8/2023 08:38

Polymetal’s role on the board certainly needs close examination and questioning. Its nominated director has a responsibility for all shareholders, not just Polymetal. How diligent has Polymetal been in ensuring the company has been in compliance with regulations over the last year? Polymetal is a major company with large institutional investors and a compliance department.

Is Polymetal exercising proper oversight of the executives and questioning their duty of care to shareholders? Will iit ensure that the interests of all shareholders will be of primary concern in driving all future decisions? Is Polymetal aware that the company’s Executive Chairman has apparently embarked on a lengthy campaign of false and misleading information in a public forum (ie under an alias here on ADVFN), including falsely representing Polymetal’s own role and intentions?

[excellance] 02/8/2023 14:34

Poly are still supportive, advising, keeping quiet.

I had wondered if they would change tack in view of their wider problems and reorganisation of their assets outside of Russia.

I expect they'll support us for the next round of drilling at Westline then make a longer term decision then. Meanwhile, we have to secure a way of funding our way, as pointed out in our recent update.

[concentrate] 02/8/2023 13:42

Actually, the tailings dam was probably too small for them, but I always understood that there was some (albeit quite tiny) value there.

[concentrate] 02/8/2023 13:40

Where are Poly in all of this, excel?

I always assumed that they wanted to process that tailings dam in Cyprus?

I guess the Russia connection screwed everything there.

[excellance] 02/8/2023 10:09

Chf simply haven't got the resources to manage Adeline AND the new gold discovery at Westline.

The market didn't back Martin's plan

That left the new boys few options.

Again, Nav changed his mind for personal reasons, opted to sell the company and take a back seat, hence he couldn't take on the risk of Adeline.

Sterling have the appetite for risk, so took it, and good luck to them, and thank you to them too.

Meanwhile, a Cyprus deal is being worked. If is correct to say that "we" are doing nothing in Cyprus this year, but "others" are very busy...

[ruthfuller665] 01/8/2023 12:52

This latest news about Pacton says it all. If Chesterfield’s deal to sell its Adeline asset to Pacton had gone ahead, we now know that the plan was for it to have been subsumded into another of Dhawali’s companies, further diluting the interest of Chesterfield’s shareholders in Adeline. Everyone knows Dhawali is a corporate operator.

At the time of the deal there were red flags all over Pacton Gold and its owner, which were ignored by management. When the deal was announced a lot of people were warning Chesterfield should not be anywhere near Pacton. It was very obvious that the deal was far from arm’s length. It was clearly was not in the interest of Chesterfield shareholders.

Nor could anyone pretend the deal was to “save” the company. Chesterfield was in sound financial and operationsl shape. It had no expenditure obligations on Adeline for the next 18 months, and the company had enough cash to see it through for two years if necessary. There was no compelling reason to Adeline. The Chesterfield management were determined to push the deal through, for reasons unknown.

Investors have subsequently fled the stock. More than £600,000 in cash has disappeared over the last year, and the company has been put in the position of distress.

[excellance] 01/8/2023 10:30

SAG picking up now...

[excellance] 01/8/2023 09:15

Nav Dhaliwal and Pacton’s former executive chairman and director Dale Ginn have joined the Trillium board.

Navs business didn't "fail", it got sold for equity in the new company and a seat on the bod. He changed tack for personal reasons, and I totally understand.

[ruthfuller665] 01/8/2023 07:49

Presumably those tents in Canada are being built by Nav Dhalwali, now that his company Pacton Gold no longer exists.