Directorate Change

Chesterfield Resources plc is pleased to announce the following changes to its management and Board.

Kashif Afzal has become Executive Chairman with immediate effect, replacing Paul Ensor in this role who will become non-executive Director. Ajay Kejriwal will also cease to hold an executive position, but will remain on the Board as non-executive Director and will continue as a non-executive CFO. David Cliff has resigned from his position as non-executive Director with immediate effect.

The changes are to prepare the Company to be best placed to exploit its existing assets as well as review additional opportunities as they arise.

Mr Afzal, is a British businessman based in the UAE, and a graduate of Oxford University and the professional programme at the Camborne School of Mines. In addition to Juniper International FZ LLC, Mr Afzal is an advisor to a number of institutional and family office investors and a Director of Blockbase Asia and Bosonic Energy. It is anticipated that his experience and network in the UAE will assist in the identification and financing of additional opportunities for the company.

Additionally, the Board has agreed to issue certain directors with options over a total of 4,000,000 Ordinary Shares of 0.1p each in the capital of the Company. On the recommendation of the Remuneration Committee, and partly in recognition of foregone salary for more than one year, these options will vest immediately and will expire five years from the date of issue with an exercise price of 2p, a multiple of the recent share price.

The options to be granted to directors are set out below:

Chesterfield Executive Chairman Kashif Afzal said, "We would like to thank David Cliff for the invaluable support that he has given to the Company during his tenure on the Board and wish him well for the future. The Board changes announced today are to enhance the strategic decision making at the Company and continue in our efforts to conserve assets and avoid unnecessary dilution."

• Name: C hesterfield Resources Plc
• LEI: 213800EF8I2TT767IU35
• Description of the financial instrument, type of instrument: Identification code: Ordinary shares of 0.1 pence GB00BF2F1X78
• Nature of the transaction: Grant of options over ordinary shares
• Price(s) and volume(s): Price(s) Volume(s) 2 pence 2,000,000
• Aggregated information: Aggregated volume: Price: Single transaction as in 4 c) above Price(s) Volume(s) 2 pence 2,000,000
• Date of the transaction: 2024-03-20
• Place of the transaction: Off-market
• Details of the person discharging managerial responsibilities/person closely associated
• Name: Paul Ensor
• Reason for the notification
• Position/status: Non-Executive Dir ector
• Initial notification/Amendment: Initial notification
• Name: C hesterfield Resources Plc
• LEI: 213800EF8I2TT767IU35
• Description of the financial instrument, type of instrument: Identification code: Ordinary shares of 0.1 pence GB00BF2F1X78
• Nature of the transaction: Grant of options over ordinary shares
• Price(s) and volume(s): Price(s) Volume(s) 2 pence 2,000,000
• Aggregated information: Aggregated volume: Price: Single transaction as in 4 c) above Price(s) Volume(s) 2 pence 2,000,000
• Date of the transaction: 2024-03-20
• Place of the transaction: Off-market