JANUARY – MARCH 2021
- Result of the period amounted to -5,102 (-1,674) KSEK.
- Earnings per share was -0.01 (-0.00) SEK.
- Capitalized exploration assets at the end of the period amounted to 358,013 (311,040) KSEK.
- Shareholders’ equity at the end of the period increased by 72% to 455,539 (265,193) KSEK.
- Total assets at the end of the period were 478,616 (333,101) KSEK.
- The cash flow during the period was 114,909 (-8,381) KSEK.
- The liquidity at the end of the period was 115,861 (10,717) KSEK. In April 2021, a further 96 MSEK was raised in a directed issue.
SIGNIFICANT EVENTS DURING THE PERIOD
- Copperstone completed an oversubscribed rights issue of 170 MSEK including over-allotment.
- The Swedish Parliament decided to automatically extend certain permits by one year due to Covid 19.
- Malcolm Norris, representing Copperstone’s main owner Sunstone Metals Ltd, resigned from the Board.
SIGNIFICANT EVENTS AFTER THE PERIOD
- Copperstone completes a directed issue of shares and received proceeds of 96 MSEK.
- Copperstone appoints Marcello Imaña as Chief Geologist.
- Copperstone Resources open invitation to consultation meetings on the reopening of the Viscaria mine.
- Copperstone appoints Anna Tyni as new CEO.
CEO COMMENTS
With only a few weeks on the job as new CEO of Copperstone, I feel very inspired and excited about the prospects for the Group. As I have been responsible for establishing the operations in Kiruna since October last year, I know the organisation well and we now have a well-functioning and experienced team in place. Our mission is very clear: to reopen the Viscaria mine. This is a unique opportunity in many ways. Viscaria is a brown-field mine with a great location and extensive mineral reserves. The supply and demand situation for copper also looks favorable for the years to come. Moreover, as the use of new technology in this industry has progressed significantly the past few years, we have a chance to reopen Viscaria in a modern and sustainable way. We aim to become an important player and a project of reference in the transition to an electrified and more sustainable society.
For Copperstone, the year 2021 has started with a lot of internal energy. We have continued to add experts to our team in Kiruna and most recently we announced the recruitment of Marcello Imaña as new Chief Geologist and member of the management team. We have also strengthened our financial capabilities with approximately 260 MSEK through share issues, which enables us to continue to work with full speed in our preparation work and project planning for Viscaria. Right now, and throughout 2021, our key focus is the application work for an environmental permit that we intend to file at the end of the year. In late April, we announced a very important step in that process when we invited the public to consultation meetings, as part of the environmental permit process. We want to create an open and good dialogue with all parties and gather valuable knowledge and views – from Sami communities, as well as other organizations, the public and the authorities. Viscaria has the potential to create around 250 jobs and our goal is of course to coexist with the interests that are already present in the area. This is of great importance to us and a key success factor. The public dialogue will continue with several activities in the coming months.
Besides the application work, we will further update our mineral resources – a result of continued data analysis of previously completed drilling of the Viscaria A and B zones. During 2021, we will also continue our core drilling activities in Viscaria to gather further information for optimal set-up for the reopening of the mine from an economical and environmental perspective. We also plan to start drilling in the Arvidsjaur project to secure our assets in the area and further explore future potential. I look forward to developing Copperstone into a new kind of mining company, based in Kiruna, and to continue to recruit experts and talents to our team.
Anna Tyni, CEO Copperstone Resources
ABOUT COPPERSTONE RESOURCES
Copperstone Resources AB was founded in 2006. In 2019, the Viscaria deposit in Kiruna, Sweden, was acquired and thus the company's strategy was revised. The goal is to become a modern and responsibly producing mining company through the reopening of the Viscaria mine. The deposit's high copper grade and geographical location give good conditions to become a key supplier of quality and responsibly produced copper to customers who drive the increasing electrification of society globally. In addition to the Viscaria mine, Copperstone holds a number of other exploitation concessions and exploration permits in Arvidsjaur (Eva, Svartliden, Granliden) and Smedjebacken (Tvistbogruvan), all in Sweden. The company's shares are traded on the Nasdaq First North Growth Market (ticker COPP B). Augment Partners is the company's Certified Adviser, info@augment.se, +46 8 604 22 55.