Danderyd November 21, 2019
Copperstone Resources AB (“Copperstone” or “the Company”) is pleased to announce a Business Review (Q3 2019) for the Company.
Group Highlights Q3 2019 period (Q3-2018):
- The capitalized investments in exploration assets increased 431% to 295,451 (56,483) KSEK
- Shareholders’ equity increased 251% to 241,778 (68,960) KSEK
- Total assets at the end of the period increased by 315% to 321,133 (77,387) KSEK
- The cash at hand at the end of the period was 15,864 (2,337) KSEK
- Result of the period amounted to -4,282 (-969) KSEK, including non-recurring costs of 1,762 KSEK, primarily related to the Viscaria acquisition
- Result of the period per share was -0.01 (0.00) SEK
- The cash flow during the period was 9,379 (-5,428) KSEK
Significant events during the Q319 period:
- Copperstone’s rights issue fully subscribed; improves financial position by 24 MSEK
- Directed placement and debt to equity conversion of 13.6 MSEK
- Core drillings at Viscaria commences
- Positive resolution regarding Sandberget 500
Significant events after the Q319 period:
- Norrlandsfonden invests in Copperstone
- Amortization of the remaining debt regarding Viscaria
- First tranche with Yorkville fully settled
- Viscaria A-zone drillings – VDD0201 returns 15m @ 0.73% Cu and 6m @ 1.45% Cu outside the Mineral Resource Boundary. VDD0203 returns 20m @1.27% Cu, including 5m @2.99% Cu. VDD0204 returns 18m @1.18% Cu, including 3m @3.28% Cu. Significant potential for gold and cobalt
- Copperstone recruits Ian Holman as the responsible Study Manager to Viscaria
- Copperstone strengthens its financial position by an additional 2.74 MSEK by a directed placement
·The Supreme Administrative Court rules in favour of Copperstone and Sandberget 500. VDD0206 extended with a good 100 metres thanks to visual chalcopyrite / chalcopyrite veins in ironstone at, what appears to be, two longer intersections
“Copperstone is actively executing on its plan to transfer from exploration to mining. The third quarter was no exception. In addition, our financial position improved by some 50 MSEK.”, comments CEO Michael Mattsson.
The complete Q3 19 business review is attached. For further information, please contact Michael Mattsson (CEO) at +46(0)580-88890, or firstname.lastname@example.org or refer to Copperstone webpage: www.copperstone.se.
This press release contains insider information which Copperstone Resources AB (publ) is obliged to publish according to the EU market abuse regulation (MAR). The information was delivered by the above-mentioned contact for publishing November 21, 2019 at 08:10 CET.
Qualified Person The technical information herein has been reviewed by the Qualified Person of the Company (QP) Thomas Lindholm M. Sc., GeoVista AB, Luleå.