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  • Interim Quarterly Report (Q418) October 1st 2018 To December 31st 2018

Financial results for the Group for October 1 st to December 31st 2018:

● Result of the period amounted to -5,048 (-1,958) KSEK.

● Earnings after tax per share were -0.02 (-0.01) SEK.

● The cash flow during the period was -952 (23,951) KSEK.

● The shares in NIO have been revalued at market price resulting in a write-off of 3.9 MSEK

Financial results for the Group for Year to date as of December 31 st 2018:

● Result of the period amounted to -459 (-7,984) KSEK.

● Result of the period per share was 0.00 (-0.04) SEK.

● The difference 2018 to 2017 is mainly due to the netting of a 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 shares in NIO have been revalued at market price resulting in a write-off of 3.9 MSEK

● The closing balance of cumulative capitalized expenditure for exploration amounted to 59,212 (39,151) KSEK.

● Total assets at the end of the period was 74,681 (78,642) KSEK.

● The cash flow during the period was -26,901 (25,557) KSEK.

● The liquidity at the end of the period was 1,385 (28,286) KSEK.

Significant events during the period:

● Award of EVA K NO. 1 Exploitation Concession confirmed by the Swedish Government.

● Viscaria copper project: Share sale and purchase agreement signed.

● Norrlandsfonden to convert 1.5 MSEK into Copperstone shares.

● Sunstone shareholders voted 99.95% in favour of the Viscaria transaction.

● Copperstone shareholders voted 99.99% in favour of the Viscaria transaction.

● Copperstone confirms large scale exploration target potential of 150-210 million tonnes at 0.25-0.45% copper at Granliden and provides an updated mineral resource inventory for the property.

● Change of Management; Michael Mattsson new CEO.

Significant events after the period:

● Viscaria update regarding financing and expected closing.

● Strengthening of the permission portfolio.

For further information, please contact Michael Mattsson (CEO) at +46(0)580-88890, +46(0)705 739 777, info@copperstone.se or refer to Copperstone webpage: www.copperstone.se.

 

Dear reader,

2018 was one of the most active and successful years in Copperstone´s history. The Company has, thanks to profound geological expertise and drilling success, increased its codecompliant inferred resource base of copper (Granliden Svartliden) by five times, in this year alone. From the Mining Inspectorate (through the Government) we have received an exploitation concession for the southern (Eva) area with predecessor estimates of approx. 140 employment opportunities (and more than 200 during ramp-up) including multiplying effect, an annual production of 750,000t and a life of mine of 7 years with the existing resource base of 120,000t zinc with gold, silver and copper as contribution. Still, we explore for more in order to optimize the usage of the mineral resources and minimize the side effects. We already know the scale of the Copperstone project is becoming larger as we drill deeper and more. Only the years to come can tell us the true scale, potential and if/where economical and sustainable mining will occur, and whether this will be by Copperstone alone or co-funded by a partner. With Sunstone as the soon-to-be main shareholder we incorporate also track record of billion tonnes porphyry copper discoveries for our future success. Very recently, the Mining Inspector awarded new exploration permits and we now have the complete permission portfolio to execute all our plans for the vast Copperstone area.

I foresee increasing activity in Arvidsjaur and Kiruna the years to come. Arvidsjaur has recently been the host of the largest electrical car fleet in the world, and since 2016 actively supporting growth within the base metals industry. We are in the right place at the right time. EU needs base metals, Sweden and Norrbotten can facilitate that and a lot of employment opportunities arise.

We are working hard on our relations locally. The starting point is always to share information, listen and communicate. Compromises and understanding for local interests are keys to long-term coexistence and we value the productive, open and solid relations we have built up around the Copperstone project with stakeholders, land owners and others.

Regarding the Copperstone project, the company stands firm on the technical team’s detection and vision and in the years to come we will know whether we succeeded in unlocking the true blue sky potential inside and outside the geological model. Further exploration is certainly required to define the property as porphyry copper and increase resources into reserves as well, yet the widespread (2x4 km) mineralization as well as hydrothermal alterations, bornite, phyllic alteration and the close proximity to a billion-ton deposit (Laver), certainly point in that direction.

The ongoing work does not stop here, quite the opposite. We have identified a significant number of new targets, thanks to a NSAMT program 2017-2018. A periphery hole (and a conductive corridor 750 meters north of ”64” - which resulted in a mind-blowing intersection of 11m @ +2.6% Cu) show 1.7% Cu with length. I like to find out if/how these connect. East of Eva´s 50+ historical shallow resource holes, a deep conductive anomaly has just recently been detected. To mention a few.

The Viscaria acquisition is moving towards Closing. Subsequent to network relation building, land and stakeholder’s acceptance, and an environmental permit, Viscaria has the potential to becoming Kiruna’s second largest private employer by the year 2022, it is hard to find a better place globally to develop this copper mine. There is gold produced at the historical mine site, cobalt and magnetite in the system as well. We are in a position with a highly valuable portfolio of exploitation concessions and exploration permits, and striving to unlock the true values, so that this first-class exploration company can be developed to unprecedented height according to best practice.

Michael Mattsson, Chief Executive Officer

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