Copperstone Resources AB Class B (VISC) AI Stock Analysis

• Market Cap: kr4.30B
• Dividend Yield: N/A
• Average Volume (3M): 260.40K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.05
• Revenue Growth: N/A
• EPS Growth: -91.81%
• Country: SE
• Employees: 35
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.32
• Shares Outstanding: 240,322,570
• 10 Day Avg. Volume: 356,344
• 30 Day Avg. Volume: 260,400
• PEG Ratio: -0.32
• Price to Book (P/B): 0.82
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -2.45
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -1.06
• Revenue Forecast (FY): kr15.00M

• Rating: 50 Neutral
• Price Target: kr19.50 ▲(7.62% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held back primarily by persistent operating losses and very large negative free cash flow (including -1.039B in 2025), indicating elevated execution and funding risk. This is partly cushioned by a very conservative balance sheet with low leverage and a large equity base. Technicals are moderately supportive with a broader uptrend, but valuation remains weak due to ongoing losses (negative P/E).

Positive Factors

Conservative balance sheet

Extremely low debt and a large, growing equity base provide a durable financial cushion against exploration losses and capital intensity. This structural strength reduces refinancing risk, supports continued project spending, and gives management time to advance assets without urgent leverage-driven constraints.

Improving operating cash flow

A return to positive operating cash flow in recent years indicates improving underlying cash generation from operations. Sustainably positive OCF reduces immediate reliance on external financing for near-term activities and, if maintained, can fund exploration and development milestones more reliably over the coming months.

Focused copper/base-metals business

A strategic focus on copper and base metals aligns the company with structurally supported demand drivers for industrial and electrification metals. Specialized exploration/development expertise concentrates resources on scalable projects, preserving managerial focus and potentially improving project delivery over time.

Negative Factors

Persistent operating losses

Consistent operating losses erode returns and mean the company is not yet converting assets into profitable operations. Over months this amplifies dependence on external capital, pressures management to deliver profitable projects, and raises the bar for achieving sustainable margins once production scales.

Very large negative free cash flow

Sustained, very large negative free cash flow signals heavy investment outlays or failed monetization, creating structural funding risk. Over a multi-month horizon this necessitates persistent external financing, dilutive equity raises, or asset sales, any of which can limit strategic optionality and slow project timelines.

Lack of reported revenue

Absent recurring revenue, it's difficult to assess core operational traction and scalability. This structural opacity increases execution risk for development-stage miners because progress and commercial viability depend on future resource conversion and external funding rather than demonstrated sales performance.

Copperstone Resources AB Class B Business Overview & Revenue Model

Company Description

Gruvaktiebolaget Viscaria operates as a mining company in Sweden. It primarily focuses on copper. The company holds interests in Viscaria copper mine in Kiruna. It also holds various processing concessions and exploration permits in Arvidsjaur and Smedjebacken. The company was formerly known as Copperstone Resources AB and changed its name to Gruvaktiebolaget Viscaria in May 2024. Gruvaktiebolaget Viscaria was incorporated in 2006 and is headquartered in Kiruna, Sweden.

How the Company Makes Money

Copperstone Resources AB generates revenue primarily through the exploration, development, and potential future production of mineral resources, particularly copper. The company invests in identifying and evaluating mineral deposits, which can later be developed into mining operations. Revenue streams are expected to come from the eventual sale of extracted minerals, either directly to market or through agreements with industrial partners. Additionally, Copperstone Resources may engage in joint ventures or partnerships with other mining companies to share the costs and profits associated with large-scale mining projects, thereby enhancing its revenue potential. Key factors contributing to the company's earnings include successful discovery and delineation of mineral resources, efficient extraction processes, and favorable market conditions for copper and other metals.

Copperstone Resources AB Class B Financial Statement Overview

Summary

Overall fundamentals are weak despite a strong balance sheet. Income statement shows persistent operating losses (EBIT/EBITDA negative from 2021–2025) and widening net loss to -109.1M in 2025, with no reported revenue limiting earnings-quality visibility. Cash flow is pressured by consistently negative free cash flow (notably -1.039B in 2025), implying ongoing funding needs, partially offset by very low leverage and a large equity base.

Income Statement

Profitability has deteriorated meaningfully since 2020. While gross profit is sizable in most years (notably 2021–2023 and 2025), operating results remain consistently negative with EBIT and EBITDA losses from 2021 through 2025, and net losses widening to -109.1M in 2025 (annual). The lack of reported revenue across periods also limits visibility into core operating momentum and makes margin interpretation unreliable, increasing uncertainty around earnings quality and sustainability.

Balance Sheet

The balance sheet is a key strength: leverage is very low, with total debt modest (20–38M historically; 23.5M in 2025) against a large and growing equity base (rising to ~3.09B in 2025) and total assets (~4.09B in 2025). Debt-to-equity is extremely conservative in the years provided (roughly 1%–6%), which helps cushion ongoing losses. The main weakness is negative returns on equity in most years (except 2020), indicating the capital base has not been generating profits.

Cash Flow

Cash generation is inconsistent and pressured by heavy investment. Operating cash flow improved to positive in 2024–2025 (6.0M and 7.5M), but was negative for several years prior (2021–2023), signaling uneven underlying cash earnings. Free cash flow is deeply negative every year, including a very large outflow in 2025 (-1.039B) and -452.1M in 2024, implying substantial ongoing funding needs despite low leverage. While free cash flow growth turns positive in 2025, the absolute burn rate remains the dominant concern.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	275.90M	-6.60M	256.70M	179.70M	106.39M
EBITDA	-59.20M	-39.30M	-25.00M	-14.40M	-11.60M
Net Income	-109.10M	-48.20M	-30.10M	-21.80M	-16.25M
Balance Sheet
Total Assets	4.09B	1.78B	1.29B	1.06B	606.94M
Cash, Cash Equivalents and Short-Term Investments	1.41B	231.80M	266.30M	329.20M	124.29M
Total Debt	23.50M	22.20M	20.00M	38.40M	34.51M
Total Liabilities	997.70M	178.60M	66.40M	77.20M	64.59M
Stockholders Equity	3.09B	1.60B	1.23B	986.50M	542.35M
Cash Flow
Free Cash Flow	-1.04B	-452.10M	-333.40M	-261.80M	-136.20M
Operating Cash Flow	7.50M	6.00M	-24.30M	-16.50M	-24.16M
Investing Cash Flow	-1.05B	-457.80M	-309.10M	-245.20M	-112.04M
Financing Cash Flow	2.22B	417.30M	270.50M	466.60M	259.54M

Copperstone Resources AB Class B Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 18.12
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:VISC, the sentiment is Neutral. The current price of 18.12 is below the 20-day moving average (MA) of 18.74, below the 50-day MA of 18.55, and above the 200-day MA of 15.26, indicating a neutral trend. The MACD of -0.27 indicates Positive momentum. The RSI at 44.73 is Neutral, neither overbought nor oversold. The STOCH value of 39.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:VISC.

Copperstone Resources AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BOTX	72 Outperform	kr503.94M	10.83	―	―	―	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
VISC	50 Neutral	kr4.30B	-23.26	-5.53%	―	―	-91.81%