OCTOBER –
• Result of the period amounted to -4,475 (16,213) KSEK.
• Earnings per share was -0.01
• The cash flow during the period was -45,603 (- 11,713) KSEK.
• The liquidity at the end of the period was 124,291 (952) KSEK.
JANUARY –
• Result of the period amounted to -16,249 (6,909) KSEK.
• Earnings per share was -0.01
• Total assets at the end of the period were 606,941 (347,823) KSEK.
• The cash flow during the period was 123,339 (-18,146) KSEK.
• Shareholders’ equity at the end of the period increased by 83% to 542,350 (296,802) KSEK.
• Capitalized exploration assets at the end of the period amounted to 454,363 (344,655) KSEK.
SIGNIFICANT EVENTS DURING THE PERIOD
• In November Copperstone Resources appoints Markus Petäjäniemi as Deputy Chairman of the Board of Directors.
SIGNIFICANT EVENTS AFTER THE PERIOD
• In February a directed share issue was completed through an accelerated book building procedure, raising proceeds of 147.9 MSEK before transaction costs.
CEO COMMENTS
The end of 2021 and the beginning of 2022 have remained intense for us at Copperstone. As been communicated previously, our goal is to reopen the Viscaria mine in Kiruna, and virtually the entire organization has focused on the work on the environmental permit application that is planned to be submitted to the Land and Environment Court later this month. There is extensive documentation that must be in place and completed. Our ambition for this documentation is very high, and I dare to say that we will submit an pedagogical and thorough application of the highest quality. What now remains is to collect and compile views from the parties, internally and externally, where different sections of the application have been shared for consultation.
Intensive application process
Overall, our investments have increased considerably during the quarter, partly as a result of the intensification of the process regarding the environmental permit application, and partly due to the continued high investment rate in core drilling and geophysical surveys at the Viscaria site. During the period, we have hired more consultants than before, which have been crucial in the work with technical documentation, investigations and reports that must be included. We have carried out in-depth studies on water purification technology to reach or even undercut required limit values, and which can also provide us with an opportunity to bring forward a timely pumping of mining water, constituting a possibility to save both time and investments subsequent to a rewarded environmental permit. We are increasingly convinced that we have a unique chance to open a modern mine with a financial and an ecological model beyond the ordinary. As reported in
Opportunities in existing tailing ponds
In February, we also applied for an exploitation concession for the tailing ponds in Viscaria, as there is a possibility of re-enriching the sand from the previous mining operations. This is fully in line with our ambitions for a sustainable business. We have carried out extensive studies of the tailings and ensured economic potential regarding the levels of copper, gold, zinc, cobalt and silver.
Financial reinforcement
We are also strong financially. At the beginning of February, we successfully completed a directed share issue that raised
Deepened sustainability work
We have also continued to work with our framework for the sustainability reporting that will be part of the annual report. It means that we are reviewing which areas Copperstone will have the largest impact and how we, with our business, can contribute to a sustainable future in the best way possible. We have thus continued to take clear steps in our vision to deliver sustainably produced copper to enable a carbon-neutral future. Based on our analyzes, we are convinced that right from the start of production, we will be one of the leading copper mines in the world when it comes to low CO2 emissions.
ABOUT
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Attachment
- Q4 2021 Eng FINAL
© OMX, source