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Chesterfield Resources PLC on Friday morning saw its shares climb as its focus on cost management supported an improvement in its interim bottom line. The copper and gold explorer in Cyprus and Labrador, Canada reported a loss before tax of £74,712 in the six months that ended June 30, narrowing from £187,138 a year earlier. Driving the improved bottom line was a combination of lower expenses and a swing to other gains from losses the year prior. Administrative expenses fell 25% to £195,040 from £261,419, and Chesterfield reported other gains of £103,911, swinging from losses of £14,930. Shares in Chesterfield Resources shot up 10% to 0.80 pence on Friday morning in London. Executive Chair Kashif Afzal hailed the trading period as one of ‘meaningful progress’, as the board maintained ‘a clear focus on financial discipline and strategic positioning.’ Afzal stated that ‘costs have been kept to a minimum, and the majority of board salaries have once again been deferred, reflecting our commitment to preserving cash resources.’ Cash and cash equivalents at June 30 stood at £49,055, up slightly from £47,074 a year earlier. Looking ahead, Afzal said: ‘The combination of tight cost control, a reinforced financial position, and a growing pipeline of potential opportunities gives us confidence that the company is well positioned to deliver meaningful progress in the period ahead.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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