Company announcement - Updated information on Mineral Resources

Further to the MAR Release March 8, 2019, Copperstone together with its QP are pleased to publish a detailed update and clarification regarding the New Copperstone Mineral Resources.


EYES ON KIRUNA - VISCARIA SCOPING STUDY PUBLISHED

COPPERSTONE RESOURCES AB: EYES ON KIRUNA - VISCARIA SCOPING STUDY PUBLISHED

Following the closing of the Viscaria acquisition, Copperstone has initiated the networking with the local community, land and stake holders. The Board has established an indicative plan for near-term and mid-term development, to be addressed with local interests prior to and during work permit applications. On a corporate level, designed core drillings program for Viscaria and the Copperstone project are currently being developed. Scoping Study 2016 is attached.


ACQUISITION OF VISCARIA COMPLETED - SUNSTONE METALS LARGEST OWNER

Copperstone Resources AB's ("Copperstone") acquisition of Avalon Minerals Viscaria AB ("Viscaria") was completed today. Viscaria is from now on a wholly-owned subsidiary of Copperstone. Copperstone's copper mineral resources increases by 480%. Copperstone plans to apply for work permits at the County Administration Board, recruit a technical team and plan core drillings at the Viscaria site outside Kiruna alongside with increased environmental base line studies.


CLOSING OF VISCARIA EXPECTED TO TAKE PLACE MARCH 8, 2019

Copperstone Resources AB ("Copperstone") is pleased to announce that the Closing of the Viscaria acquisition is likely to occur late afternoon March 8, 2019.


UPDATE ON PERMITS

Copperstone has been informed that an appeal against Sandberget 500 exploration permit has been filed at the Mining Inspectorate on March 1, 2019. If the appeal is considered legitimate, the case will be handed over to the Administrative Court (Sw: Förvaltningsdomstolen) which will decide on the appeal. All permits regarding the Copperstone project are valid up and until 2022.


VISCARIA ACQUISITION WILL CLOSE AS FINANCING CONCLUDED

Copperstone has signed an agreement with Yorkville Advisors Global, LP ("Yorkville") for financing of up to 100 MSEK through a convertible debt facility. The Viscaria transaction will be closed with the first tranche of the convertible debt facility of 22.5 MSEK after an amendment to the Share Sale and Purchase Agreement (the "SPA") with Sunstone Metals. The transaction will result in a five-fold increase in copper resources and will make Sunstone the largest shareholder of New Copperstone.


INTERIM QUARTERLY REPORT (Q418) OCTOBER 1st 2018 TO DECEMBER 31st 2018

INTERIM QUARTERLY REPORT (Q418) OCTOBER 1st 2018 TO DECEMBER 31st 2018

Financial results for the Group for October 1st 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 31st 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.

STRENGTHENING OF THE PERMISSION PORTFOLIO

Copperstone today was awarded additional exploration permits from the Mining Inspector, regarding more than 8,000 ha in Arvidsjaur municipality.


VISCARIA UPDATE REGARDING FINANCING AND EXPECTED CLOSING

Copperstone Resources AB ("Copperstone" or "the Company") is pleased to announce that the Company has signed a 5-year 25 MSEK credit facility. In addition a non-binding term sheet regarding a convertible debt facility of 100 MSEK has been signed with a US-based fund. Upon the convertible debt facility becoming binding and the first tranche of 22.5 MSEK has been paid out, closing of the Viscaria acquisition is anticipated to occur shortly thereafter. In total, up to 125 MSEK will thereby be secured to finance the further development of New Copperstone including Viscaria.


CHANGE OF MANAGEMENT

The Board of Copperstone ("Copperstone" or "the Company") announces that Michael Mattsson takes over as CEO of Copperstone, as Chris McKnight steps down. As the company is growing, Copperstone will separate the roles of CEO and Exploration Manager. Ann Zetterberg Littorin will take over as Chairman of the Board, effective immediately.


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