Chesterfield Resources plc losses widened as the company continued field activities at its copper-gold portfolio in Cyprus and Canada.
FINANCES
The company’s interim results for the first half of 2022 showed pre-tax losses of £491,607 (H1 2021: £433,538).
The group’s net cash balance as at 30 June 2022 was £663,226 (H1 2021: £1,504,973).
Administration costs rose to £536,739 (H1 2021: £433,538).
Chesterfield recorded revenue of £45,132 for the first six months of 2022 (H1 2021: £nil).
In February, the company raised £700,000 and has since started to cut running and board costs by some 50%.
Chesterfield also abandoned plans for a Canadian listing in favour of seeking project-level funding with third-party financial and technical support during 2022.
OPERATIONS
Chesterfield continued with further field work and targeting for future drilling in the Westline area in Cyprus.
The company said it maintained a strong physical presence in Cyprus with two geologists in place on the island for most of the year.
In Canada, Chesterfield started 2022 with positive results from the company’s first field study at Adeline, followed by publication of an NI-43-101 report.