Published 23 August 2018
Copperstone Resources AB (“Copperstone” or “the Company”) is pleased to announce the Interim Quarterly Report (Q218) for the Company. A brief summary of the report follows:
Financial results of the Group for the Q218 period:
- Net sales was 0 (0) KSEK; profit before taxes amounted to 6 616 (-2 178) KSEK.
- Earnings after tax per share were 0.03 (-0.01) SEK.
- The profit for 2018 is due to the netting of receivable in NIO towards shares and a convertible. The receivable was acquired by Copperstone at a discount to nominal value in 2016, generating a profit of 8,2 MSEK at its finalization before IPO of NIO.
- The closing balance of cumulative capitalised expenditure for exploration amounted to 49 117 (33 271) KSEK.
- Total assets at the end of the period was 77 323 (48 291)
- The cash flow during the period was -8 061 (-9 573) KSEK.
- The liquidity at the end of the period was 7 765 (3 984) KSEK.
Based on the current liquidity and expected cash injection from the planned divestment of NIO-shares, and the tradeable convertible bond in NIO, the Board estimates that the working capital is sufficient for the coming 12 months. Regarding Viscaria, Copperstone intends to finance the initial purchase price and the project development of both projects with existing funds as well as a planned rights issue and/or a directed issue to institutional and qualified investors.
Significant events during the Q218 period:
- Distribution of shares of Nordic Iron Ore AB
- Copperstone Technical Report – Update on 2018 Drilling Campaign
- Copperstone Annual General Meeting
Significant events after the Q218 period:
- Letter of Intent signed for the acquisition of the Viscaria copper project; Sunstone Metals Ltd new main owner
- The Company announced Drilling Campaign Accomplished and Causative Porphyry Stock Located Central to Widespread Copper Mineralisation
The complete Q218 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 23rd August 2018 at 15.45 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.
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.