Copperstone Resources : Aktiespararna - Stora Aktiedagen den 1 december 2020 Corporate Presentation Nov 2020

The investment proposition in short

• • ATTRACTIVE PERMIT PORTFOLIO - Six exploitation concessions* in a strong mining jurisdiction

• • TARGETING TO REOPEN VISCARIA, one of the largest copper mines in Northern Europe

• • TARGET INITIAL PRODUCTION from Viscaria of up to 25,000 tonnes of copper per annum

• • AMBITION to convert and increase the current resources into reserves and consequently increase the mine life from today's 9 to up to 25 years

• • RIGHTS ISSUE (subject to EGM) to existing owners SEK 160m

• • PROCEEDS TO FINANCE exploration and infill drillings at Viscaria, the environmental permit process, Arvidsjaur exploration, ramp up of the organisation

• • CAPEX REQUIRED to reopen Viscaria currently estimated to SEK 1,500m, of which Copperstone targets up to 60-70% leverage. Current work with Pre Feasibility Study to verify.

* Six exploitation concessions awarded by the Mining Inspector, one of which has been appealed to the Swedish Government. Pls seewww.copperstone.se for more information.

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The investment proposition in short

• • DEMAND / SUPPLY GAP IN EUROPE

• • STRONG MACROECONOMIC OUTLOOK and increase in copper consumption expected by 2040

• • PROOF-OF-CONCEPT - Viscaria has had a long period of high-grade mining operations - 12.5 mton mined at 2.3% Copper grade

• • FAVOURABLE LOCATION - Railroad, E10 highway, access to low cost hydro-power grid

• • SIGNIFICANT MINERALISATION and significant potential to increase life-of-mine

• • NEW CHAIRMAN AND BOARD RECRUITED

• • EXECUTION TEAM RECRUITMENTS ONGOING -

  Anna Tyni (Site Manager), Glenn Nilsson (Mining Manager), Anders Lundkvist (Head of Environment and Sustainability) and Jari Juurela (Exploration Manager)

What's next?

Strategy and priorities

FOCUS ON SHAREHOLDER VALUE IN AN ENVIRONMENTALLY FRIENDLY MANNER

Focus on shareholder value creation in a sustainable and environmentally friendly manner in co-existence with all stakeholders including the local community.

Geographical footprint - Logistically well positioned

REOPENING OF THE VISCARIA MINE

To develop the Viscaria Copper Project into a "green"

copper mine producing up to 25k tonnes of copper per annum. Attractive concentrate to regional smelters.

VALUE-ADDING ACTIVITIES RELATED TO THE ARVIDSJAUR PROJECT

Copperstone owns assets in Arvidsjaur including inferred resources according to PERC 2017 at Granliden/Svartliden** of 114k tons Copper, 2,000 kg gold, 155,000 kg silver and 32k tons zinc. The area has been explored during the last 50 years by Lundin Mining, Boliden and Copperstone with some 273 drill holes.

Source: The Company

** Pls seehttps://www.copperstone.se/mineral-resources atwww.copperstone.se for more code-compliant resource information.

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Market overview: Global outlook

Approx. 2/3 of the global copper resources are found in the Americas. In a global context, Western Europe, only accounts for 4%, while demanding approx. 14%; consequently there is a substantial gap between "domestically mined ore" and the European demand

Identified global copper resources

• ▪ Western Europe only account for 4% of global copper reserves

• ▪ China accounts for half of the demand for copper. Europe accounts for approx. 14% of global demand

Strong demand outlook - Supply side disruption

• ▪ Copper price is trading around 6-8 years highs 7,500 USD/ton

• ▪ Wood MacKenzie predicts a 40% increase in global copper demand between 2019-2040.

Source: The World Copper Fact Book, 2019

Source: Wood MacKenzie Sep 2020.

The Viscaria Project 2.0: Overview

JORC 2012: 52 Mton copper-bearing rock with an average copper grade of 1.2%** corresponding to 2x world average and more than 4x the copper grade of Aitik (Europe's largest copper mine); near surface in a premier jurisdiction

Key points

• ▪ Significant copper project

  • ▪ Infrastructure / jurisdiction / permits

  • ▪ Good grades for open pit and underground development

  • ▪ Near surface

• ▪ In excess of 200 employment opportunities; up to 25k tonnes copper in concentrate

• ▪ Open pit / underground for best economic recovery or ore

** Pls seehttps://www.copperstone.se/the-viscaria-copper-project andwww.copperstone.se for more code-compliant resource information.

*** Please note that drill intercepts are quoted as drilled and are not corrected for true thickness as the shape of the orebodies are not yet known. Pls refer towww.copperstone.sefor more information.

First class base metals opportunity: D zone new discovery

Viscaria Copper Project

VDD 213: 0.6m @ 20.1% Cu***

Source: The Company

World class location / infrastructureVDD 193: 27m 2.6% Cu*** in magnetite

Viscaria Copper Project 2.0: Resource update expected

Production target 25k tonnes of copper in concentrate on an annual basis as from 2023/2024.

D zone upgrade is pending & A/B zone shallow mineral resource upgrade expected winter 2020/21

Viscaria Mineral Resources (JORC 2012 - kton by category)**

MeasuredIndicatedInferred

A zone

B zone

D zone

Total

** Pls seehttps://www.copperstone.se/the-viscaria-copper-project andhttps://www.copperstone.se/mineral-resources atwww.copperstone.se for more code-compliant resource information.

The Viscaria Project 2.0: Legal structure & Ownership

All assets included in Viscaria are controlled by Copperstone's wholly owned subsidiary Avalon Minerals Viscaria AB.

The Company has a rather diversified shareholder structure with Sunstone Minerals Ltd with 24% of outstanding shares, is the largest shareholder in the Company (~16% post the Rights issue)

Legal structure

Ownership

Key assets ****

Source: The Company

**** The permits, Eva, Svartliden, Granliden, are held by the parent company, Copperstone Resources AB. ***** SPV for administration of warrants in the Company.

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Tentative Time and Funding plan

• First Stage Financing (Q1 2021) include the Application process including exploration; pre-mine drillings and Feasibility study

• Second Stage Financing (H2 2022/Q1 2023) Project Financing Phase to fund the ore beneficiation plant

Comments to tentative time plan for re-opening of Viscaria

• ▪ First Stage (Application Phase): SEK 160m, equity funded; feasibility studies, significant core drillings prior to reopening of the mine); environmental studies; application process as well as organizational build-up

• ▪ Second Stage (Project Financing Phase): Construction finance of ore beneficiation plant. Up to 60/70% leverage assumed

• ▪ Company's ambition is First Copper by 2023/2024

Tentative time plan and equity requirement

FY 20

FY 22

FY 23

FY 24

First Copper

Application process (2020 - 2022)

Construction of processing plant & Ramp up (Q4 2022/2023)

Environment studies, Technical appendices & Feasibility study

(FY 20 - Q4 2021)

Disclaimer and additional information

FORWARD-LOOKING STATEMENTS: This presentation contains forward-looking statements, which relate to future events or future performance and reflect Copperstone's current expectations and assumptions. Such forward-looking statements are based on information previously made public by the company, other public sources, and the company's current assumptions and beliefs, which may be subject to change.

Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties, among others those described in Copperstone's annual report 2019, that may cause future results to differ materially from those expected.

These forward-looking statements are made as of the date hereof and, except if required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.

The numbers and financial figures in this presentation have not been reviewed nor audited by the Company's auditors.

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