Chesterfield Resources PLC on Friday said its interim loss narrowed as costs fell significantly, but did not record revenue.

The copper and gold explorer in Cyprus and Labrador, Canada said its pretax loss in the first six months of 2023 narrowed to £110,963 from £491,607 a year prior, as administrative expenses dropped by 72% to £148.4 million.

Chesterfield did not post a revenue figure for the half-year, after reporting revenue of £45,132 a year ago.

The firm commented: ‘During the first half of 2023, the board has continued to carry out extensive work to examine a number of possible options for the company to make an investment into new opportunities. The goal is to find a new area of business activity that will generate significant shareholder value in the near term and to announce a new direction in Chesterfield’s development by the end of 2023.’

Shares in Chestefield were down 0.5% at 0.75 pence each in London on Friday morning.

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