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

4 August 2022

Strategy Update and Board Changes

Chesterfield Resources announces that Executive Chairman Martin French has resigned with immediate effect to pursue other interests. The Board thanks Martin for his contribution and wishes him well.

As part of implementing the Company's strategic plans going forward, Paul Ensor is appointed as Executive Chairman with immediate effect.

Mr Ensor has acted in senior executive, non-executive, and advisory roles to a number of junior companies in the natural resources sector. Paul joined Chesterfield Resources as a non-executive Director in February 2021 and is ideally suited to taking the Company through the next stages of growth. Previous to his corporate experience, Paul also worked in the financial markets in institutional equity research and sales with Baring Securities, CLSA, and UBS.

Strategy Update

The Company's main focus is to unlock value for shareholders focussing on the following areas:

Canada:

In July 2021, the Company acquired 100% of the Adeline project from Altius Minerals Corp (TSX: ALS). The Company conducted a field programme in the Autumn of 2021 and has since received interest from third parties. The Board recognizes a project of Adeline's scale, size and potential value will require the introduction of external support both for capital and to enhance the Company's and Altius' technical expertise. The Board will be commencing discussions with third parties and will update the market with developments.

Cyprus:

The Company maintains one of the largest exploration packages in Cyprus. Exciting well-defined prospects notably the Westline Trend and Orchard, amongst others, will be of increased focus and priority to create potential value for shareholders. A field work programme has been underway during 2022 albeit at a more modest pace than previously anticipated given market conditions. The Company continues to retain an active presence in the country.

Corporate:

The Company has been pursuing secondary listings on the Toronto Stock Exchange Venture, Frankfurt, and the OTC markets. In anticipation of its strategy towards its Canadian assets, the Board has determined that the time and resources required for a secondary listing are currently not prudent.

The Company is also implementing further efficiencies to minimise the need for dilutive capital raisings.

Paul Ensor, Executive Chairman said "The Board would like to thank Martin for his contribution to the Company since 2018. He has been instrumental in getting the Company to where we are today with two excellent assets and two major partners as shareholders. We are very excited to now take the Company in a fresh strategic direction with a focus on unlocking the potential of its assets in Canada and Cyprus to create significant shareholder value that resides within the Company. In addition, the Board aims to enhance its communication with regular updates to shareholders on its progress and developments."

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

**ENDS**

For further information, please visit www.chesterfieldresourcesplc.com or contact: