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

27 January 2023

CHESTERFIELD RESOURCES PLC

("Chesterfield" or the "Company")

Update on the sale of the Adeline Project

Pacton Gold Inc. ("PAC.V") ("Pacton") has advised Chesterfield Resources PLC that it has determined not to proceed with the purchase of the Adeline project on the terms announced on 19 October 2022. This is in spite of the fact that investor interest in the Adeline project, as solicited by Pacton, has been robust. Further, Pacton's technical team determined high prospectivity at Adeline and had a thorough plan to explore in 2023 and beyond. 

Chesterfield will continue the process started last year to solicit interest in Adeline and remain hopeful that an alternative buyer will emerge from that process, which may be assisted by the results of the extensive technical work undertaken by Pacton on the property and improved commodity and precious metal prices since October 2022.

The Company will update the market with any further material developments but cannot at this time guide as to the likely timing of a transaction.

Chesterfield Executive Chairman Paul Ensor said, "Pacton's bid for Adeline was accepted following a thorough process which drew interest and indicative offers from a variety of operators who met our criteria, including the ability to efficiently fund and execute a thorough exploration programme at Adeline. We are hopeful that this process and the discussions that we had in September last year can be quickly revived to achieve our goals for Adeline."

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.

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**ENDS**