AUGMENT MINING FORUM

October, 2019

COPPERSTONE – BUILDING A SIGNIFICANT EUROPEAN

BASE- AND PRECIOUS METALS COMPANY

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COPPERSTONE – GREEN MINING INVESTMENT

• Vision - the next significant copper company out of Scandinavia

• Sweden as an outstanding jurisdiction to operate a mine

• Strong portfolio of exploitation concessions and exploration permits

• Assets in different phases from near-mine to blue sky

• 724,000 tons of code compliant copper resources

• Strategic asset Viscaria copper mine (west Kiruna)

➢ Low pre production Cap Ex 130 MUSD; pay back potential 2-4 yrs;

➢ Life of mine 9yrs, from 18 out of 52mton resource base;

➢ Mine re-opening 2022 with annual 20,000-25,000t Cu in concentrate;

➢ Copper price (SEK) 2019 vs 1997 mine closure: 320%

• Copperstone project area first class multi commodity prospect

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COPPERSTONE – VISION STRATEGY AND DIRECTION

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• Copperstone is a mineral exploration company targeting

production of base- and precious metals within 3 to 5 years

• The largest part of the Company's mineral resources is

copper (724,000 ton according to the PERC/JORC-codes)

• Permits also include e g zinc, gold, silver and lead. In

addition, magnetite (Viscaria and ownership + convertible in

Nordic Iron Ore AB)

• Copperstone is focused on development of the Viscaria mine

into re-opening with an annual production of 20,000-25,000

tons of copper in concentrate.

• The company explores the Copperstone project in Arvidsjaur,

potentially a very significant tonnage of base- and precious

metals of hydrothermal origin

Vision and Strategy Milestones

• Financial position (theoretically) strengthened by 50 MSEK

• Core drillings at Viscaria A- and D-zones to increase resources

• Metallurgical testworks, copper and magnetite

• Recruitments of Study Manager Viscaria and Senior Geologist

• Swedish Government decision on concession #7 at Viscaria

• Advance the Copperstone project, increase the mineral

resources and the exploration target

• Environmental Permit (2 yrs)

• Decision to mine (construction 2-3.5 yrs)

• First Copper possible after three plus years

• Potential annual revenue stream of some USD 150m depending

on commodity prices, USD exchange rate, potential by-products

magnetite, gold and cobalt

• Ongoing work on mine construction financing

CORPORATE AND MARKET

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COPPERSTONE – FACTS AND FIGURES

• Capitalized mining and exploration assets 289 MSEK

• 6 exploitation concessions and 13 exploration permits (see www.copperstone.se)

• Viscaria: 609,000 tons of measured, indicated and inferred Copper resource. (JORC 2012)

• Copperstone project: Granliden/Svartliden inferred resources of 114,000 tons Copper, 2 tons gold, 155 tons silver, 32,000 tons zinc, with an additional 150-210 mton exploration target (at 0.25-0.45% Cu). Historical resources at Eva of approx. 5 tons gold and 120,000t zinc. (PERC 2017)

Capitalization Table (non-banks):

• Sunstone Metals Ltd 172,499,955 (32.8%)

• Michael Mattsson 17,000,917 (3.2%)

• Björn Israelsson 12,500,000 (2.4%)

• Per-Olov Bucht 10,000,000 (1.9%)

• Total number of shares in issue: 525,360,783

Current Market cap 215 MSEK (22 MUSD)6

Copperstone in brief

BOARD AND MANAGEMENT – TECHNICAL AND FINANCIAL

EXPERTISE WITH LOCAL HERITAGEAnn Zetterberg Littorin - Chairman

CFO at Brighter AB, 20 years experience as controller and CFO, as well as from the financial private equity industry. She also has experience from the mining sector after several years on the board of Endomines, also as chair of the Audit Committee. She has a degree in Accounting from Stockholm University.

Michael Mattsson – CEO and DirectorMSc from Stockholm School of Economics. Mattsson has substantial corporate finance and fund management experience from Enskilda Securities, Blackstone (New York) and Kaupthing. Other assignments include Endomines AB.

Sven-Erik Bucht - Director

Sven-Erik Bucht is presently an entrepreneur and served as the Minister of Rural Affairs in the Swedish Government between 2014-2019, served as a member of the Swedish Parliament between 2010-2019 and as the Mayor of Haparanda between 2003-2010. In addition, Mr Bucht has been the Chairman and CEO of several companies.

Malcolm Norris - Director Malcolm Norris is Geologist and presently the CEO of Sunstone. Track record of discovery and growth. Previously with WMC Resources. Led team that discovered Tujuh Bukit porphyry Cu-Au in Indonesia with Intrepid Mines. Former CEO of SolGold and Cascabel Cu-Au project in Ecuador.

MANAGEMENT:

Michael Mattsson CEO

Maurice Zongo (Geologist)

MSc - Geology.

~10 years experience in exploration and mining as wellas Micromine modeling

Karsten Drescher (GIS Geologist)

MSc – Geology, 25 years experience in the miningindustry. Expert GIS applications for engineering,exploration and environmental studies

Greg Hall - DirectorGreg Hall is CEO and Executive Director of Alligator Energy Ltd, an Australian mineral exploration company. He has over 30 years in mine management, global commodity marketing, and CEO and Board roles with resource companies such as WMC, Rio Tinto, Toro Energy and Hillgrove Resources. His experience includes three copper mines, and a period working with LKAB at Malmberget, Sweden. Greg has a BE in Mining Engineering from the University of South Australia.

Petter Tiger - DirectorM.Sc. from Stockholm School of Economics. CEO of Lantero AB,developing organizational cultures. Previously broad experiencewithin communications, including media relations, investorrelations and public affairs.

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STRONG MARKET OUTLOOKCopper the third most used metal in the world - Solid copper market outlook

Supply side may well continue to struggle:

• Surface copper resources becoming more scarce, grades from 0.74% to 0.59% between 2015-2017 according to Nordea.

• Codelco, Chile’s top copper producer (11% of world production), reinvesting almost USD 40bn over 10-years (aging mines) only to sustain its copper production.

Demand driven by Asian growth and Electrical Vehicles:

• Recent trade negotiations between the US and China encouraging news for global trade

• China, demands 50% of the world’s copper, shifts to clean energy out of environmental and health necessity.

• The rise of renewable energy and electric vehicles (generally in Europe and Viscaria's proximity) by International Copper Association (ICA) 9-fold increase to 1.7mton per year 2027.

• Home charging stations for electric vehicles are expected to drive significant copper demand from electric vehicle charging infrastructure by 2030, according to Bloomberg NEF data.

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Electric vehicles (EVs)contain approximately four times more copper than conventional cars. Itis used in batteries,

windings and copper rotors used in electricmotors, wiring, busbarsand charginginfrastructure.Source: ICA.

One scenario of global copper demand (Mtpa)

The dotted line for electricity generation visualizes the amount of copper demand in this subcategory of infrastructure. Source: Elsevier.

Copper Use in Electrical Vehicles

COPPERSTONE RESOURCE GROWTH

Code Compliant Copper Mineral Resources (kton)*

* PERC 2017/JORC 2012

0 49 49114

270

0

212

0

242

2015 2016 2017 2018 2019

Inferred Indicated Measured

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2015

• Viscaria 8,000 meters of core drillings D-zone discovery of e g 26.7m @2.6% Cu

• Successful first Copperstone drill campaign on Granliden (9 holes)

2016

• Copperstone drill campaign on Svartliden/Eva, identifying deep potential (4 holes)

2017

• Awarded exploitation concession Eva k nr 1 (5ton Au 120kt Zn “historical resources”*)

• First Copperstone deep drilling campaign (3 holes 2,611m)

• Viscaria D-zone drilling campaign

2018

• 7,600 meters Copperstone deep core drilling campaign (9 holes) on Granliden, increasing inferred resources from 5 to 27 mton copper bearing rock. Exploration target 150-210mton @0.35% Cu*

2019

• Copperstone acquired the Viscaria copper project in Kiruna, 609,000 tons of code compliant copper resource

• Core drillings on Viscaria A-zone and D-zone

FINANCIAL POSITION IMPROVED BY MORE THAN 50 MSEK*

Theoretical debt position June 2019 vs October 2019 (MSEK)

* Additional purchasing price payable in the event of a future environmental permit Viscaria (assumed 80% probability).10

0

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25

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35

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45

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Sunstone phase 1 Yorkville Bridge loan facilities etc Sunstone phase 2*Marked-to-market

Norrlandsfonden

June 2019 October 2019

• Debt decreased by approx. 46 MSEK* since the end of the second quarter

• Cash and value of NIO investment increased by 7 MSEK (to 16 MSEK) including ongoing operations

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VISCARIA COPPER PROJECT

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VISCARIA COPPER PROJECT - OVERVIEWTime to open Northern Europe’s previously largest underground copper mine

• High quality copper project; low CapEx, PFS stage copper development opportunity in a world class mining district

• Over 600,000 ton copper resource*, exceptional exploration upside

• Studies, Permitting and Development timetable aligned with analysts copper price increase expectations forbeyond 2022

• Copper as the green metal; aiding society away from fossil fuels

• Demand driven by Asian growth and electrical vehicles

• Supply side (e g Chile) may be struggling in the mid term; proximity to Europe and local smelters, short time lineto development Viscaria

PROJECT SITE

KIRUNA TOWN LOW COST HYDRO POWER

PUBLIC ACCESS ELECTRICAL RAIL 12

* JORC 2012

Crushing and storage MillingFlotation Roughers & Cleaners RegrindingConcentrate Thickening and Filtration TailingsReagents Access to water, drainageInstallation (plant) Air and HVACSite access road and bridge over railroad PortWater treatment Buildings (admin/plant)EPCM/Mine contractor Underground HVACOthers Initial underground infrastructureContingency

VISCARIA COPPER PROJECT – FIRST COPPER IN 3+ YEARSFunds needed, Development philosophy and Mine construction

• Environmental Permit up to 24 months 10 MUSD (12 km reserve drillings, 10km exploration drillings, environmental studies, court process)

• Overall philosophy of 75% open pit feed and 25%underground feed over life-of-mine to ensuresteady state production

• Value order of open pits are A Zone, D Zone, BZone – and will be mined to that order

• Rapid progression of underground production tomaximum depth due to higher economic valuethan open pits

Environmental Permit ~10 MUSDConstruction plant 2mton/year

max 550 days CapEx ~130 MUSD

Pls refer to www.copperstone.se for further information. 13

VISCARIA COPPER PROJECT – A ZONEInitial drill campaign – 4 holes completed

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• Clear potential for extension of the existing shallow orebody

• Drill testing the reliability of the historic drilling assay and geology

• Confirm the footwall lode mineralisation, that could potentially upgrade the A zone shallow resources

• Cores for metallurgical testworks and geotechnical studies, prior to further feasibility studies

• The strip ratio previously assumed could potentially come down; decreased cash costs

• Based on the speed and quality of the first three holes by Kati Oy on the A-zone, all designed at the geological handover session with Sunstone in May 2019, before moving to the D-zone, a decision to drill test a fourth hole in the A-zone was taken

• Awaiting assay results on VDD0201 and VDD0202 expected soon

A-B Zones Cross section 18700 mNPhase I A-zone campaign completed

5.1m @ 2.23% Cu

1.0m @ 1.5% Cu

5.3m @ 2.0% Cu26.7m @ 2.6% Cu

3.0m @ 2.3% Cu, and9.9m @ 2.2% Cu

VISCARIA COPPER PROJECT – D ZONEConsiderable upside potential laterally to the south and down plunge

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• First D-zone hole planned for 1,000m. Hole estimated to be completed by end of October

• Target deep potential mineralisation at north deep shoot, below VDD0193 VDD0195

• Targeting a significant increase in resources and unlocking some of the new orebody’s true potential

VISCARIA COPPER PROJECTRegional Smelter Statistics

Aurubis, Hamburg• Treats 2Mtpa of concentrate annually between Hamburg and Bulgaria• Concentrate sourced from South America, Canada, Europe

Boliden Rönnskär, Skellefteå• Capacity of about 1Mtpa which treats about 750ktpa of concentrate

annually and 250ktp of scrap• 40% of concentrate from Boliden mines (Aitik and Boliden Area)• 60% of concentrate open to others in similar percentages to Aurubis

• Metallurgical studies show that the D Zone ore delivers a very high quality concentrate that is desirable to smelters

• Multiple logistics options available including rail and road to Narvik and/or Luleå

• At a plant scale of 2Mtpa Viscaria will produce up to 100,000t of concentrate per year (~25% Cu)

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VISCARIA COPPER PROJECTNew project on an old mining site could improve environment

Base Line status water

• The surrounding water effluents are impacted from ongoing iron ore mining operations, the Kiruna town, and the old Viscaria mine

• Viscaria mine was rehabilitated by the former operator according to environmental legal standards in 1990’s

• 20 years after mine closure water quality seepage and mine discharge are according to predicted quality (high pH, high in Calcium and Sulphate and low in Copper and Zinc)

• According to the implementation EU water directive, the water quality has to (and can) be improved

• Copperstone Viscaria: Rautas river mixture zone contaminated water (high conductivity) from lake Luossajärvi and Viscaria mine water 17

VISCARIA COPPER PROJECT – IMPROVE WATER QUALITYGoal: Improve water quality and use old mine water in the extraction processes

Pls refer to www.copperstone.se for further information.

Environmental opportunities

• Affected water including mine water discharge and seepage water from waste rock dumps and tailings pond will be included in the circulation of the new process water system

• Clean access water will be diverted to natural streams

• Water will be treated before discharge

• Old polluted water channels will be used and this will improve conditions in natural streams to a pristine level

• Opportunity to use old mine water in the extraction process to decrease pressure on lakes

Mine discharge

Stream recipient

Lake recipient

Zinc concentration downstream mine discharge

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COPPERSTONE PROJECT

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COPPERSTONE PROJECT – WIDESPREAD MINERALISATION

• Copperstone is targeting a large scale Cu mineralisation at Arvidsjaur

• Active exploration, connecting dots from 46 km exploration drillings; 50 years explorationhistory at the property; Boliden (12km), Lundin Mining (22km) and Copperstone (12km) -273 drill holes

• The Copperstone property has also some Zinc, Gold and Silver

• Potential to deliver significant exploration upside based on the widespread area – earlierstage than Viscaria.

• Cu “porphyries” billion ton (Aitik Europe’s largest copper mine 0.25-0.30% Cu and 0.1-0.15g/t Au; Laver 0.21% Cu) in the region

• We are currently developing the near and mid-term strategy for the project

• Next drilling campaign has the potential to unlock Eva deep and Granliden extensions, inthe intention of increasing mineral resources as well as the blue sky exploration target

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PROOF OF CONCEPTConductivity as a target for minerals

• 2018 programme completed +7,6 km drilled and identified broad zones of Cu mineralisation in a conductive zone on Granliden

• The 2018 campaign was a success. Code compliant mineral resource of 26mton at 0.43% Cu with associated gold zinc silver. In addition, a code compliant exploration target of 150-210 mton at 0.25%-0.45% Cu; all found by correct interpretation of conductive zones and genetic geological model

• In the Company’s view, sulphide veins associated with hydrothermal alteration validate the theory that Cu mineralisation has resulted from a large scale system with potential to host a Cu resource with substantial tonnage

Example Drill targets• Similar geophysical conductive anomalies to the ones being explored at

Granliden have also now been detected at Eva east of the historical resource

• North of Granliden drill hole COS 18364 (103m with 0.42% Cu, 3.24 g/t Ag) an NSAMT conductive corridor has been identified for 900m to further intercepts COS07335 9.85m @ 1.63% Cu and COS07336 48m @ 0.45% Cu

GRANLIDEN and EVA

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Conductive zones on the Copperstone project area

FORWARD LOOKING STATEMENTS: This presentation may contain forward-looking statements, which relate to future events or future

performance and reflect Copperstone’s current expectations and assumptions. Such forward-looking statements reflect Copperstone’s current

beliefs and are based on assumptions made by and information currently available to the Company.

Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties

that may cause future results to differ materially from those expected.

These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company

does not assume any obligation to update or revise them to reflect new events or circumstances.

Please note drill intercepts are quoted as drilled and are not corrected for true thickness as the shape of the orebodies is not yet known.

Disclaimer

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