Kiruna,
JULY – SEPTEMBER 2021
- Result of the period amounted to -3,069 (-7,239) KSEK.
- Earnings per share was 0.00
(-0.01) SEK . - Capitalized exploration assets at the end of the period amounted to 408,033 (325,712) KSEK which follows the communicated plan.
- The cash flow during the period was -15,490 (-6,618) KSEK.
- The liquidity at the end of the period was 169,894 (12,665) KSEK.
JANUARY – SEPTEMBER 2021
- Result of the period amounted to -11,774 (-9,304) KSEK.
- Earnings per share was -0.01
(-0.02) SEK . - Total assets at the end of the period were 585,371 (344,548) KSEK.
- The cash flow during the period was 168,942 (-6,433) KSEK.
- Shareholders’ equity at the end of the period increased by 95% to 546,187 (280,438) KSEK due to the new issues of shares that was carried out in the first and second quarter 2021.
SIGNIFICANT EVENTS DURING THE PERIOD
- Copperstone’s exploitation concession Viscaria k no. 7 confirmed by the Swedish Government.
Copperstone Resources scales up the Viscaria project and explores the possibility of an increased yearly milled run-rate production to 3 Mton and an increased future potential net profit to 850 MSEK after ramp-up.
SIGNIFICANT EVENTS AFTER THE PERIOD
- In October Copperstone Resources appoints Markus Petäjäniemi as Deputy Chairman of the Board of Directors.
CEO COMMENTS
The high pace in Copperstone’s journey to reopen the Viscaria mine, continued during the third quarter. We have gained several new colleagues to the head office in Kiruna, and we have had continuous dialogue and collaboration with various stakeholders in the local area which has been very inspiring. The overall positive attitude from stakeholders to the project gives us energy and we are now working hard and focused on our environmental permit, which we aim to submit to the Land and Environment Court in
At the end of September, we had many eminent investors on a site visit in Kiruna - a successful day where we delved into several of the factors that make the Viscaria mine completely unique, with exceptionally good conditions. On the same day, we also announced our plans to make the project significantly larger - with a potential increased yearly milled run-rate and an increased production capacity in our planned concentrator. This is based on positive indications from our core drilling and the general situation in the copper market.
Our plans have been scaled up
The latest drilling campaign in Viscaria has shown positive results from the southern deposit of the B-zone, where only limited mineral resources have previously been secured. We now anticiapte that the exploration target for Viscaria will reach 89-109 Mton copper-bearing rock in the medium term (3-5 years), which at a copper grade of 1.11-1.13% corresponds to 1-1.2 Mton copper (currently 727,000 tonnes). We are planning and now modeling for a yearly milled run-rate production of 3 Mton, with an opportunity to increase capacity further to 5 Mton. This can be compared with previous assumptions of 2 Mton. The estimated future potential annual net profit after the increase is thus estimated to rise from
It is very gratifying that we are gradually making progress in the reopening of the Viscaria mine and that the combined team efforts and the promising market conditions have enabled a better and more comprehensive project than we previously planned for.
Positive data on sustainable production
Our growing team of experts is constantly finding new solutions that provide a more optimized and more sustainable production. During the autumn, we have thus taken clear steps in our vision to provide sustainably produced copper to enable a zero-carbon future. To be able to do this in a systematic way, we have carried out a thorough mapping of greenhouse gas emissions in each component and each step of production. Based on this analysis, we are convinced that we can already from start of production be one of the best copper mines in the world when it comes to low CO2-emissions.
We have also begun work on identifying which additional areas of sustainability that are important to us to understand in future strategy work and goal formulations. The work will be presented in the coming annual report.
Copper has a central role in
Anna Tyni, CEO Copperstone Resources
ABOUT COPPERSTONE RESOURCES
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Attachment
- Q3 2021 Eng final
© OMX, source