Business Review - January to March 2020
Danderyd May 20, 2020
Copperstone Resources AB (“Copperstone” or “the Company”) is pleased to announce a Business Review (Q1 2020) for the Company.
Group Highlights Q1/20 period (Q1/19):
- The capitalized investments in exploration assets increased to 311,040 (289,029) KSEK.
- Shareholders’ equity increased by 30.3% to 265,193 (203,493) KSEK.
- Result of the period amounted to -1,674 (-1,953) KSEK.
- Total assets at the end of the period was 333,101 (312,421) KSEK.
- The cash flow during the period was -8,381 (5,529) KSEK.
- The liquidity at the end of the period was 10,717 (6,914) KSEK.
Significant events during the Q1/20 period:
- In February, 2020, Copperstone updated the market on its Viscaria Mine drilling activities. A significant mineralisation extension discovered at B-zone deep. Additional D-zone mineralisation found along strike at South (300m below existing resource boundary) and North (250m below existing resource boundary), providing excellent potential for future resource extension.
- In March, 2020, Copperstone updated the market on its continuing exploration at the Viscaria D-zone, and on encouraging high copper grades returned from Viscaria. Very long intersections (VDD0210) 88m @ 1.1% Cu, including 16.5m @ 2.3% Cu and (VDD0211) 4.9m @ 1.3% Cu, both outside the mineral resource boundary.
- In March, 2020, a directed placement of 2.4 MSEK in cash was concluded.
Significant events after the Q1/20 period:
- In April, 2020, Copperstone announced that the first phase of 8,000m core drilling campaign at Viscaria is completed within short, and a temporary drill pause will take place.
- In May, 2020, a directed placement of 24 MSEK in cash was concluded.
“I am very impressed by the progress I feel on a countless number of active work streams currently at Copperstone. Ultimately, as we continue to prove the great foundation in terms of our great assets, permit portfolio, land access matters, relations as well as funding capabilities, I am convinced that our company will receive all the attention deserved”, comments CEO Michael Mattsson.
The complete Q1/20 business review is attached. For further information, please contact Michael Mattsson (CEO) at +46(0)705 739 777, or or refer to Copperstone webpage: . 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 May 20, 2020 at 14:20 CET.
About Copperstone
Copperstone is a public company trading as COPP B on Nasdaq First North Growth Market in Stockholm, Sweden. The Certified Adviser is Augment Partners AB, , 2. The Company is focused on base and precious metal exploration in the vicinity of the internationally recognized mining districts of Kiruna and the Skellefte-field in northern Sweden. In addition, the Company also owns an exploitation concession in the Bergslagen mining region, in central Sweden.
Qualified Person
The technical information herein has been reviewed by the Qualified Person of the Company (QP) Thomas Lindholm M. Sc., GeoVista AB, Luleå.
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