Half-year Financial Report

Chesterfield Resources PLC

28 September 2026

 

Chesterfield Resources PLC / EPIC: CHF / Market: LSE / Sector: Mining

28 September 2026

CHESTERFIELD RESOURCES PLC

("Chesterfield" or the "Company")

Interim Results

Chesterfield Resources PLC, the LSE listed mineral exploration company is pleased to announce its interim results for the six months ended 30 June 2026.

Chairman's review of year to date

The first half of 2026 has been a period of continued discipline and active deal evaluation, as the Board works to identify and progress the right opportunity for the Company's future growth. Cost control has remained a priority throughout the period.

Financial Review

As previously reported, the Company divested its entire remaining holding in Sterling Metals Corporation during 2025 and retains no further exposure to that investment or to any Canadian asset. This allowed the Company to dissolve its Canadian subsidiary. The Group's Cyprus subsidiary, CRC Chesterfield Resources (Cyprus) Limited, has also been dissolved, post the half year period.

The resulting corporate structure, with only the PLC remaining, is leaner and more cost efficient, and will also make a future transaction significantly easier to execute.

Board salaries have again been accrued since July 2026 rather than paid, reflecting the Board's continued focus on preserving cash.

Pipeline and Outlook

The Board continues to evaluate a number of potential transactions. Consistent with our previously stated approach, the Board remains selective and disciplined, and will not commit the Company to a transaction where all abort costs would fall on Chesterfield alone. Any transaction must also be realistic and deliverable in full; a number of opportunities reviewed to date have not met this bar and have accordingly not been progressed.

We look forward to updating shareholders further as matters progress.

I would like to thank shareholders for their continued support.

Financials

As is to be expected with an exploration company, for the six-month period ended 30 June 2026 the Group is reporting a pre-tax loss of £152,891 (six months ended 30 June 2025: loss of £74,712). The Group's net cash balance as at 30 June 2026 was £882,497 (30 June 2025: £49,055).

Responsibility Statement

We confirm that to the best of our knowledge: 

·      the interim financial statements have been prepared in accordance with International Accounting Standards 34, Interim Financial Reporting, as adopted by the UK;

·      give a true and fair view of the assets, liabilities, financial position and loss of the Company;

·      the Interim report includes a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the set of interim financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

·      the Interim report includes a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules, being the information required on related party transactions.

The interim report was approved by the Board of Directors, and the above responsibility statement was signed on its behalf by:

Kashif Afzal

Executive Chairman

28 September 2026

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 For further information please visit www.chesterfieldplc.com or contact:

Chesterfield Resources plc	Kashif Afzal, Executive Chairman	Email: [e-mail]
AlbR Capital Ltd.	Charles Goodfellow	Tel: [phone]

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Notes	6 months to 30 June 2026	12 months to 31 December 2025	6 months to 30 June 2025
		Unaudited	Audited	Unaudited 1
		£	£	£
Continuing operations
Revenue		-	-	-
Administration expenses		(162,519)	(434,152)	(173,768)
Operating Loss		(162,519)	(434,152)	(173,768)
Finance Income		6,258	2,383	-
Net gain on disposal of quoted investments		-	858,608	117,802
Profit/(Loss) before taxation from continued operations		(156,261)	426,839	(55,966)
Discontinued Operations
Profit/(Loss) for the year from discontinued operations (attributable to equity holders of the Parent)		3,370	(7,468)	(18,746)
Profit/(Loss) for the period		(152,891)	419,371	(74,712)
Other comprehensive income
Items that may be reclassified to profit or loss
Currency translation differences		53	(1,636)	(5,099)
Total other comprehensive income for the period		(152,838)	417,735	(79,811)
Total comprehensive income for the period attributable to equity holders		(152,838)	417,735	(79,811)
Basic Earnings/(Loss) per share from continuing operations attributable to the equity owners of the parent
Continuing Operations	6	(0.083)	0.278	(0.041)
Discontinuing Operations	6	0.002	(0.005)	(0.014)
Diluted Earnings/(Loss) Per Share attributable to owners of the parent
Continuing Operations	6	(0.083)	0.122	(0.041)
Discontinuing Operations	6	0.002	(0.002)	(0.014)

¹ Refer to Note 4 - Discontinued Operations

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	Notes	As at 30 June 2026	As at 31 December 2025	As at 30 June 2025
		Unaudited	Audited	Unaudited
		£	£	£
Non-Current Assets
Available for Sale Investment		-	-	225,256
		-	-	225,256
Current Assets
Trade and other receivables		27,409	22,482	110,560
Cash and cash equivalents		882,497	1,156,429	49,055
Asset relating to discontinued operations		-	139	-
		909,906	1,179,050	159,615
Total Assets		909,906	1,179,050	384,871
Current Liabilities
Trade and other payables		(27,608)	(136,498)	(225,545)
Liabilities relating to discontinued operations		(3,072)	(10,488)	-
Total Liabilities		(30,680)	(146,986)	(225,545)
Net Assets		879,226	1,032,064	159,326
Capital and Reserves Attributable to Equity Holders of the Company
Share capital		285,594	285,594	254,328
Share premium		9,361,880	9,361,880	9,017,954
Other reserves		145,111	189,094	226,679
Retained losses		(8,913,359)	(8,804,504)	(9,339,635)
Total Equity		879,226	1,032,064	159,326

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

		Attributable to owners of the Parent
		Share capital £	Share premium £	Other reserves £	Retained losses £	Total equity £
Balance as at 1 January 2025		228,328	8,919,654	240,870	(9,274,015)	114,837
Loss for the period		-	-	-	(74,712)	(74,712)
Other comprehensive income for the period
Items that may be subsequently reclassified to profit or loss
Currency translation differences		-	-	(5,099)	-	(5,099)
Total comprehensive income for the period		-	-	(5,099)	(74,712)	(79,811)
Issue of share capital		26,000	104,000	-	-	130,000
Cost of Capital		-	(5,700)	-	-	(5,700)
Options expired during the period		-	-	(9,092)	9,092	-
Total transactions with owners, recognised in equity		26,000	98,300	(9,092)	9,092	124,300
Balance as at 30 June 2025		254,328	9,017,954	226,679	(9,339,635)	159,326
Balance as at 1 January 2026		285,594	9,361,880	189,094	(8,804,504)	1,032,064
Loss for the period		-	-	-	(152,891)	(152,891)
Other comprehensive income for the period
Items that may be subsequently reclassified to profit or loss
Currency translation differences		-	-	53	-	53
Total comprehensive income for the period		-	-	53	(152,891)	(152,838)
Options expired during the period		-	-	(44,036)	44,036	-
Total transactions with owners, recognised in equity		-	-	(44,036)	44,036	-
Balance as at 30 June 2026		285,594	9,361,880	145,111	(8,913,359)	879,226

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

		Notes	6 months to 30 June 2026	6 months to 30 June 2025
			Unaudited	Unaudited
			£	£
Cash flows from operating activities
Loss before taxation			(152,891)	(74,712)
Adjustments for:
Net gain on disposal of quoted investments			-	(117,802)
Increase in trade and other receivables			(4,927)	(2,100)
(Decrease)/Increase in trade and other payables			(116,306)	38,428
Foreign exchange			192	(9,224)
Net cash used in operations			(273,932)	(165,410)
Cash flows from investing activities
Proceeds from sale of shares			-	21,804
Net cash used in investing activities			-	21,804
Cash flows from financing activities
Net proceeds for share issue			-	130,000
Cost of capital			-	(5,700)
Net cash generated from financing activities			-	124,300
Net decrease in cash and cash equivalents			(273,932)	(19,306)
Cash and cash equivalents at beginning of period			1,156,429	68,361
Cash and cash equivalents at end of period			882,497	49,055

NOTES TO THE INTERIM FINANCIAL STATEMENTS

1. General Information

The principal activity of Chesterfield Resources plc (the 'Company') is the exploration and development of precious and base metals. Though it should be noted that the Canadian and Cypriot subsidiaries have been discontinued and additional opportunities are being considered. The Company is a public limited Company whose shares were admitted to the Standard listing segment of the Main market of the London Stock Exchange on 29 August 2017. The Company is incorporated and domiciled in England.

The address of its registered office is 6 Heddon Street, London, W1B 4BT.

2. Basis of Preparation

These condensed interim financial statements are for the six months ended 30 June 2026 and have been prepared in accordance with the accounting policies adopted in the Group's most recent annual financial statements for the year ended 31 December 2025.

The Group have chosen to adopt IAS 34 "Interim Financial Reporting" in preparing this interim financial information as adopted by the United Kingdom and the Disclosure and Transparency Rules of the UK Financial Conduct Authority.  They do not include all the information required in annual financial statements, and they should be read in conjunction with the consolidated financial statements for the year ended 31 December 2025 and any public announcements made by Chesterfield Resources Plc during the interim reporting period.

The interim financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the United Kingdom.

Statutory financial statements for the period ended 31 December 2025 were approved by the Board of Directors on 30 April 2026 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified. The condensed interim financial statements are unaudited and have not been reviewed by the Company's auditor. 

Going concern

The Directors, having made appropriate enquiries, consider that adequate resources exist for the Company to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the condensed interim financial statements for the period ended 30 June 2026.

Risks and uncertainties

The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Company's medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company's 2025 Annual Report and Financial Statements, a copy of which is available on the Company's website: www.chesterfieldplc.com. The key financial risks are liquidity risk, credit risk, interest rate risk and fair value estimation.

Critical accounting estimates

The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in Note 2 of the Company's 2025 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period.

3.    Accounting Policies

The same accounting policies, presentation and methods of computation are followed in the interim consolidated financial information as were applied in the Group's latest annual audited financial statements except for those that relate to new standards and interpretations effective for the first time for periods beginning on (or after) 1 January 2026, and will be adopted in the 2026 annual financial statements. 

A number of new standards, amendments and became effective on 1 January 2026 and have been adopted by the Group. None of these standards have materially affected the Group.

4. Discontinued Operations

Following the dissolution of Chesterfield (Canada) Inc during the period and CRC Chesterfield Resources (Cyprus) Limited post-period, the comparative information has been updated to reflect the classification of these operations as discontinued operations. There are no other changes to the comparative information.

5.    Dividends

No dividend has been declared or paid by the Company during the six months ended 30 June 2026 (six months ended 30 June 2025: £nil).

6.    Earnings/Loss per Share

Continued Operations

The calculation of the total basic loss per share of 0.083 pence (30 June 2025: 0.041 pence) is based on the loss from continued operations attributable to equity holders of the Company of £156,261 (30 June 2025: £55,966) and on the weighted average number of ordinary shares of 187,594,311 (30 June 2025: 135,930,521) in issue during the period.

Discontinued Operations

The calculation of the total basic earnings per share of 0.002 pence (30 June 2025: loss 0.014) is based on the profit from discontinued operations attributable to equity holders of the Company of £3,370 (30 June 2025: loss £18,746) and on the weighted average number of ordinary shares of 187,594,311 (30 June 2025: 135,930,521) in issue during the period.

No diluted earnings per share is presented for the six months ended 30 June 2026 or six months ended 30 June 2025 as the effect on the exercise of share options would be to decrease the loss per share.

7. Events after the balance sheet date

The Group's Cypriot subsidiary, CRC Chesterfield Resources (Cyprus) Limited, was dissolved, effective 28 August 2026.

There were no other material events that occurred after the reporting date.

8. Approval of interim financial statements

The Condensed interim financial statements were approved by the Board of Directors on 28 September 2026.

**ENDS**

 

END