COPPERSTONE RESOURCES AB: INTERIM QUARTERLY REPORT (Q218) 1 JAN 2018 TO 30 JUNE 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 firstname.lastname@example.org or refer to Copperstone webpage: www.copperstone.se. The information was delivered by the above mentioned contact for publishing 23rd August 2018 at 15.00 CET.