Published 17 May 2018
Copperstone Resources AB (“Copperstone” or “the Company”) is pleased to announce the Interim Quarterly Report (Q118) for the Company. A brief summary of the report follows:
Financial results of the Group for the Q118 period:
- Net revenue for the period was 0 (11) KSEK and loss before taxes amounted to -1 058 (-2 887) KSEK.
- Earnings after tax per share were -0.004 (-0.01) SEK.
- The cash flow during the period was -12 460 (10 828) KSEK.
- Total assets at the end of the period was 70 494 (52 171) KSEK and a bank balance of 15 826 (13 557) KSEK.
- The closing balance of cumulative capitalised expenditure for exploration amounted to 43 068 (28 523) KSEK.
Copperstone is exploring according to both plan and budget. The cash balance as per 31st March 2018 of 15.8 MSEK in all material aspects corresponds to the internally budgeted cash balance of 24.7 MSEK, by the fact that a) the bridge facility of +5.2 MSEK has already been amortized; b) +2.6 MSEK from Stiftelsen Norrlandsfonden is expected to be received in Q218 as opposed to budget (Q118), and c) +1 MSEK bridge financing of NIO, (not included in the budget), is expected to be repaid to Copperstone in connection with the rights issue and market listing.
Significant events during the Q118 period:
- Start of up to 8,000m deep core drilling campaign in January 2018, targeting potential porphyry copper system and related mineralisation in the Granliden Hill area (Target A).
- Publication of new website.
- Technical update of first two drill holes at Target A in the Granliden Hill area.
Significant events after the Q118 period:
- Proposed distribution of NIO shares in relation to market listing.
The complete Q118 report is attached.
For further information, please contact Chris McKnight (CEO) at +46(0)580-88890, or email@example.com or refer to Copperstone webpage: www.copperstone.se. The information was delivered by the above mentioned contact for publishing 17th May 2018 at 0800 CET.
Copperstone Resources AB is a public company trading as COPP B on NASDAQ First North (Stockholm). The Certified Adviser is Augment Partners AB. The Company is focused on base and precious metal exploration in the vicinity of the internationally-recognized mining region of the Skellefte-field in northern Sweden. The Copperstone project is situated on four contiguous exploration permits in Norrbotten County (Sandberget 100 (8074ha), Sandberget 200 (19ha), Sandberget 300 (19ha) and Svartliden 1001 (444ha). In addition the Company owns one exploitation concession within the same area, namely Svartliden K no. 1 (36ha) and an approved application for Eva k no. 1 (34ha) subject to an objection. The Company also owns the Tvistbogruvan K no. 1 (11ha) exploitation concession and the Såggården no. 1 (199ha) exploration permit in the Bergslagen mining region of central Sweden. Quoted surface areas are approximate to the nearest hectare. All exploration permits and exploitation concessions are 100% owned, either directly or through a subsidiary.
All information in this press release has been reviewed and approved for publication by the appointed independent Qualified Person Mr Thomas Lindholm (M.Sc. Mining Engineering) of Geovista AB. Mr Lindholm is a registered Member of the Fennoscandian Review Board and has in excess of 35 years' experience in mineral exploration in Sweden and abroad and is a Qualified Person under the Nasdaq First North Stockholm rules. Mr Lindholm consents to the inclusion of the information in the form and context in which it appears.
News releases, presentations and public commentary made by the Company, and its Officers, may contain certain statements and expressions of belief, expectation or opinion which are forward-looking statements, and which relate, inter alia, to interpretations of exploration results to date and the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's Directors. Such forward-looking and interpretative statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such interpretations and forward-looking statements. Accordingly, the reader should not rely on any interpretations or forward-looking statements; and save as required by the exchange rules of NASDAQ First North (Stockholm) for listed companies or by applicable laws, the Company does not accept any obligation to disseminate any updates or revisions to such interpretations or forward-looking statements. The Company may re-interpret results to date as the status of its assets and projects changes with time expenditure, metals prices and other affecting circumstances.