Kiruna August 20, 2020
Copperstone Resources AB (“Copperstone” or “the Company”) is pleased to announce the Financial results for the Group for April 1 to June 30 2020:
- Result of the period amounted to -391 (-4,722) KSEK. The quarter has been characterized by significant in-the-ground investments at Viscaria Copper Project, and has furthermore been positively affected by the mark-to-market of the potential future payment to Sunstone (long-term liability decreased by 7.73 MSEK) and adversely affected by the NIO convertible being converted to shares (-5.95 MSEK)
- Earnings after tax per share were 0.00 (-0.01) SEK
- The cash flow during the period was 8,566 (-429) KSEK
- The assets of capitalized expenditure for exploration amounted to 316,500 (289,670) KSEK
- The liquidity at the end of the period was 19,283 (6,485) KSEK
Financial results for the Group for Year to date as of June 30 2020:
- Result of the period amounted to -2,065 (-6,675) KSEK
- Result of the period per share was 0.00 (-0.02) SEK
- Total assets at the end of the period was 340,308 (306,053) KSEK
- The cash flow during the period was 185 (5,100) KSEK
Significant events during the period:
- New Board of Directors; Jörgen Olsson appointed new Chairman.
- Record high copper grades during exploration at the Viscaria D-zone; VDD0213 intersected 4.6m at 5.3% copper incl. 0.6m at 20.1% copper.
- Copperstone recruited the well-acclaimed Anders Lundkvist as Head of Environment and Sustainability.
- Directed share issue of 24 MSEK in cash successfully completed in an accelerated book-building.
- Norrlandsfonden invests another 2 MSEK in Copperstone.
Significant events after the period:
- Copperstone contracted Kati Oy and Arctic Drilling Company to diamond drill at Viscaria, Kiruna, both contractors of which have commenced the shallow infill drillings at the A and B zones.
- Copperstone recruited merited Anna Tyni as Site Manager for Viscaria.
“Copperstone’s already large consolidated mineral resources base is now also most effectively, with a growing team of specialists, put in motion towards our vision of sustainable and responsible green mining. Not only do we feel the momentum in Kiruna, yet also the Arvidsjaur project constitutes very significant value creation potential, thanks to awarded exploitation concessions, a tremendous gold price development since the Eva deposit was discovered in the early 2000’s, as well as favourable infrastructure.”, comments CEO Michael Mattsson.
The complete Q2 20 report is attached. For further information, please contact Michael Mattsson (CEO) at +46(0)705-739777, or michael.mattsson@copperstone.se or refer to Copperstone webpage: www.copperstone.se
The information was delivered by the above-mentioned contact for publishing August 20, 2020 at 08:15 CET.
About Copperstone – Copperstone is a public company trading as COPP B on NASDAQ First North (Stockholm). The Certified Adviser is Augment Partners AB, info@augment.se, +46 8 505 65 172. The Company is focused on base and precious metal exploration in the vicinity of the internationally recognized mining districts of Kiruna and the Skellefte-field in northern Sweden. In addition, the Company also owns an exploitation concession in the Bergslagen mining region, in central Sweden.
Qualified Person – The technical information herein has been reviewed by the Qualified Person of the Company (QP) Thomas Lindholm M. Sc., GeoVista AB, Luleå.