Chesterfield Resources PLC (LSE:CHF), an AIM-listed mineral exploration company, saw its shares drop 18% to 1.3p after failing to dispose of its Adeline project.
Pacton Gold was interested in the copper project in Labrador, Canada, but has decided not to go ahead with the purchase on the terms announced on 19 October 2022.
As a result, Chesterfield will again begin the process started last year, soliciting interest in the hope a buyer will emerge.
Under the previous terms with Pacton, Chesterfield would have sold a 100% interest in its project for a combination of cash and shares in Pacton, which would have meant it becoming a significant shareholder.