INTERIM REPORT JANUARY-MARCH 2024
JANUARY - MARCH 2024
- Net sales amounted to SEK 0 million (0).
- Profit after tax for the period was SEK -11.5 (-7.4) million. Earnings per share before and after dilution amounted to SEK -0.13 (-0.09).
- Capitalized expenses related to exploration and appraisal assets amounted to SEK 57.5 million (50.9).
- The Group's cash flow for the period was SEK -70.1 million (80.4).
- Cash and cash equivalents amounted to SEK 196 million on March 31, 2024 (SEK 266 million on December 31, 2023).
- Equity decreased by 0.9% percent and amounted to SEK 1,216 million on 31 March 2024 (1,228 on 31 December 2023).
SIGNIFICANT EVENTS DURING THE PERIOD JANUARY-MARCH
- Copperstone initiated a feasibility study to ensure a complete basis for future financing and project planning.
- The main hearing in the Land and Environment Court at Umeå District Court was held 30 January-21 February to consider Copperstone's application for a permit under the Environmental Code.
- Upgrading of the Mineral Resources in Arvidsjaur.
SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD
- On May 6, the Land and Environment Court announced that Copperstone had been granted a permit under the Environmental Code for mining and water operations at the Viscaria mine in Kiruna. The court also has ordered that the permit may be used in certain parts even if the judgement is appealed.
- Copperstone's Annual General Meeting 2024, which will be held at 4 p.m. today, May 7, is expected to adopt the Board of Directors' proposal that Copperstone Resources' name shall be changed to Gruvaktiebolaget Viscaria. The name change is expected to take place on May 21, 2024.
Comments from CEO Jörgen Olsson:
"The fact that we have now been granted our environmental permit is a great success and means that the risks associated with the Viscaria project have been significantly reduced. Although the permit will probably be appealed, and it will take some time before the judgment gains legal force, our starting point for the continued process has been strengthened. The plan remains that by the end of 2024, after we have received the necessary permits, we will be able to begin the major investments in concentrators and other infrastructure. This is well in line with our timetable for a restart of the mine in 2026. I look forward to continuing to update you on our progress."
PRESENTATION
A live presentation will be held today, Tuesday 7 May, at 09.30 CEST. The report will be presented by CEO Jörgen Olsson and CFO Frida Keskitalo. The presentation will be held in Swedish and will also include a Q&A session. The live presentation can be accessed via the link: https://www.youtube.com/watch?v=RYsnbm-9X7k
The first quarter report, the presentation and a recorded version of the presentation will also be available on the company's website: https://copperstone.se/en/for-investors/reports/
For further information, please contact:
Jörgen Olsson, CEO
Mobile: +46 (0) 703 - 420 570
Email: jorgen.olsson@copperstone.se
Frida Keskitalo, CFO
Mobile: +46 (0) 703 - 401 053
E-mail: frida.keskitalo@copperstone.se
Karin Svensson, Head of Communications
Mobile: +46 (0) 761 - 169 190
Email: karin.svensson@copperstone.se
info@copperstone.se or www.copperstone.se
About Us
Copperstone Resources AB is a company that is scaling up to become a modern and responsible producing mining company through the reopening of the Viscaria mine in Kiruna. The deposit's high copper grade, assessed mineral resources, geographical location and growing team of experienced employees provide good conditions for Copperstone to become an important supplier of high-quality and responsibly produced copper - a metal that has a central role in Sweden's and Europe's climate transition. In addition to the Viscaria mine, Copperstone holds a number of processing concessions and exploration permits in Arvidsjaur (Eva, Svartliden, Granliden) and Smedjebacken (Tvistbogruvan) - all in Sweden. The Parent Company's shares are listed on Nasdaq Stockholm Main Market (ticker COPP).
