Published 22nd November 2018
Copperstone Resources AB (“Copperstone” or “the Company”) is pleased to announce the Interim Quarterly Report (Q318) for the Company. A brief summary of the report follows:
Financial results for the Group for July 1st to September 30th 2018:
- Result before taxes amounted to -955 (-962) KSEK.
- Earnings after tax per share were 0.0 (-0.0) SEK.
- The cash flow during the period was -5,428 (351) KSEK.
Financial results for the Group for Year to date as of September 30th 2018:
- Result before taxes amounted to 4,589 (-6,026) KSEK.
- Earnings after tax per share were 0.02 (-0.03) SEK.
- The profit for 2018 is due to the netting of receivable in NIO for 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 the listing of NIO at Nasdaq First North.
- The closing balance of cumulative capitalized expenditure for exploration amounted to 56,483 (35,694) KSEK.
- Total assets at the end of the period was 77,387 (50,760) KSEK.
- The cash flow during the period was -25,949 (1,606) KSEK.
- The liquidity at the end of the period was 2,337 (4,335) KSEK.
Significant events during the 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.
- Drillhole COS18364 returns 103m with 0.42% copper mineralization east of Granliden Hill.
- Large scale mineral resource potential at Granliden/Svartliden.
Significant events after the period:
- Award of EVA K NO. 1 Exploitation Concession confirmed by the Swedish government.
- Viscaria copper project: Share sale and purchase agreement signed.
- Notice of extra general meeting sent out for 27th of November.
- Norrlandsfonden to convert 1.5 MSEK into Copperstone shares.
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.
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 22nd November 2018 at 08:55 CET.
Copperstone 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. Copperstone owns three exploitation concessions, namely Svartliden K no. 1 (36ha), Eva k no. 1 (34ha) and Tvistbogruvan K no. 1 (11ha), and a portfolio of exploration permits in the Copperstone area and in the Bergslagen mining region of central Sweden. Quoted surface areas are approximate to the nearest hectare.
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. Note that any calculations and estimations by Copperstone above are NOT code compliant at this stage and are subject to approval by the QP. The final results will be made available in the Competent Person’s Report. These figures cannot be used under any circumstances for any form of economic assessment of the project.