Copperstone Resources AB: Year-end Report 2020

March 29, 2021 7:50 AM EDT

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Kiruna, March 29, 2021

JANUARY – DECEMBER 2020

  • Net profit for the period amounted to 6,909 (-14,552) KSEK, primarily based on a 20 MSEK capital gain deriving from a settlement of a future financial obligation to Sunstone Metals Ltd
  • Earnings per share was 0.01 (-0.03) SEK
  • Capitalized exploration assets at the end of the period amounted to 344,655 (303,438) KSEK, primarily based on significant core drillings and project development in Viscaria Copper Project
  • Shareholders’ equity at the end of the period amounted to 296,802 (264,317) KSEK
  • Total assets at the end of the period were 347,823 (333,291) KSEK
  • The cash flow during the period was -18,146 (17,713) KSEK

OCTOBER – DECEMBER 2020

  • Net profit for the period amounted to 16,213 (-3,595) KSEK
  • Earnings per share was 0.03 (-0.01) SEK
  • The cash flow during the period was -11,713 (3,234) KSEK

SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR 2020

  • Jörgen Olsson elected New Chairman. Jane Lundgren Eriksson and Lars Seiz elected Directors.
  • Directed placement of 24 MSEK. Norrlandsfonden invested in Copperstone convertibles.
  • Copperstone made key recruitments such as Site Manager Viscaria, Head of Environment and Sustainability and Mining Manager.
  • Viscaria Drillings phase I and phase II in excess of 17,000 meters completed with Kati Oy and ADC.
  • Significant D-zone mineral resource expansion and also magnetite introduced as a PERC-2017 compliant resource.
  • Copperstone has agreed with Sunstone to pre-pay and in full write-down the additional purchase price at Environmental Permit at Viscaria, resulting in a capital gain of 20 MSEK.

SIGNIFICANT EVENTS AFTER THE FINANCIAL YEAR 2020

  • 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

”In Q4, Copperstone continued to perform strongly in an increasing copper price environment. We completed our 17,000 metres diamond drill campaign at Viscaria and increased our mineral resource base significantly. With our successful rights issue, our growing team of specialists is now putting the emphasis on the environmental work streams, mine design and 2021 drill campaigns in both Kiruna and Arvidsjaur.”, comments CEO Michael Mattsson.

The complete year-end report 2020 is attached.

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 March 29, 2021 at 13:50 CET.


ABOUT COPPERSTONE RESOURCES

Copperstone Resources AB is an exploration company that 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 8 505 65 172.

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