KOPY GOLDFIELDS AB (publ) Interim Report January - March 2021

January - March 2021 (January - March 2020)

  • Revenue TUSD 19,362 (23,125), -16%
  • EBITDA TUSD 7,181 (9,277), -23%
  • Profit before tax TUSD 10,014 (5,012), +100%
  • Profit for the period TUSD 7,870 (3,926), +100%
  • Earnings per share before dilution USD 0.01 (0.01)
  • Production affected by consequences of the outbreak of Covid-19 at the Yubileyniy mine in December 2020.
  • 2021 gold production guidance of 56-59 koz unchanged

Summary of financial information

Jan-Mar

Jan-Mar

Jan-Dec

2021

2020

%

2020

Gold production (gold equivalent, "GE"), koz

7.69

10.04

-23

53.1

Gold sales, koz

10.99

14.25

-23

55.4

Average realized gold price, USD/oz

1,754

1,611

+9

1 773

Revenue, TUSD

19,362

23,125

-16

98,841

Gross profit, TUSD

7,284

8,793

-17

40,973

Gross margin, %

38%

38%

41%

EBITDA, TUSD

7,181

9,277

-23

45,620

EBITDA margin, %

37%

40%

46%

Profit before tax, TUSD

10,014

5,012

+100

24,728

Profit for the period, TUSD

7,870

3,926

+100

19,153

Earnings per share before dilution, USD

0.01

0.01

0.02

Earnings per share after dilution, USD

0.01

0.01

0.02

Equity per share, USD

0.11

0.11

Cash & cash equivalents at the end of the period, TUSD

792

10,388

Net Debt, TUSD

50,890

41,938

Net debt/ LTM EBITDA, x

1.17

0.92

Solid financial results in Q1 despite operational challenges

This time last year, Kopy Goldfields had no revenue and operated at a significant loss. In the first quarter of 2021, revenues amounted to MUSD 19.4. Our first quarterly report fully consolidates the mining operations acquired last year and all comparisons have been adjusted accordingly. Revenues were lower than the reported comparable quarter, as we faced operational challenges due to Covid -19, but clearly illustrate that the company now operates at a significantly different level than a year ago. The Q1 profit before tax doubled to MUSD 10.0.

First quarter operations were influenced by the Covid-19 outbreak in Yubileyniy. It caused a slowdown in production and affected sales in early 2021. During the Covid-19 outbreak, our priority was the safety of our personnel and we have taken further measures to avoid and prevent similar situations. We have also taken measures to catch up with the gold production, including transfer to shift staffing, adding additional mining equipment and extra efforts in increased processing recovery. We could start to see the effects on those measures towards the end of the first quarter and remain confident to maintain our production guidance of 56-59 koz for the full year 2021 and our long-term organic growth target of 100 koz by 2025.

On a path to lower TCC per oz
The total cash costs per oz (TCC/oz) increased due to the decrease in production and sales volumes. We expect that the TCC/oz will decrease during the year as we are increasing the production rate. Given the forecasted production ramp up starting in 2022, we will have additional room for further optimization on TCC-levels given economies of scale.

Focus on organic expansion
Kopy's investment program is on track and during the quarter we focused on construction activities and permitting processes. Development operations started on Maluytka and we proceeded with constructions on the Yubileyniy mill targeting to commission the 250 ktpa capacity by fourth quarter 2021. During the winter months, we used the winter roads to supply our operational sites. With investments being made at several of our sites, we have taken advantage of those roads and moved the majority of the equipment planned for installation during 2021. Winter roads also give us the opportunity to transport flotation concentrate from Perevalnoe to Yubileyniy for final processing. We managed it well during this season and were able to take valuable advantage of the roads until the last ones were closed in late April. In March, we commenced preparations for placer operations for the 2021 season. We upgraded, repaired and procured the missing placer equipment and living camps, commenced mobilizing employees on sites, started snow cleaning and waste stripping. The preparations are proceeding full speed.

Clear ESG agenda and objective to upgrade listing
Our ESG-agenda is one of the key priorities on our development path. To further enhance our ESG-work we have initiated an external audit of our existing ESG-framework as well as an analysis on how to further improve. The work now being conducted aims at finding best industry practice and implementation. We remain committed to upgrading the listing of Kopy's shares to a regulated market with the objective to be approved for trading on Nasdaq Stockholm's main market. Currently we are performing a pre-listing review of the company by an external auditor to identify the gaps that should be filled in prior to the listing application.

Further opportunities lie ahead
With organic and corporate development plans on track and a healthy financial standing, Kopy is well positioned to explore further growth opportunities above and beyond the current plans. We are targeting to advance our flagship exploration project Krasny to the feasibility and production planning stage by the end of the year together with our partner GV Gold. We are also reviewing strategic options to expand through M&A activities and to attract a broader institutional shareholder base to support additional growth and flexibility.

Finally, I would like to thank all shareholders and employees. I feel confident that 2021 will be another exciting year for Kopy Goldfields.

Mikhail Damrin, CEO Kopy Goldfields

Presentation for investors, analysts, and the media
CEO Mikhail Damrin and CFO Tim Carlsson will present the report and answer questions via a webcast on 27 May 2021 at 10.00 a.m. CEST. The presentation will be in English and can be followed online or via telephone. Number for participation by telephone: Sweden: +46850558351 / United Kingdom: +443333009270 / Russian Federation: +88005009867 (PIN: 37688888#). Follow the presentation at https://tv.streamfabriken.com/kopy-goldfields-q1-2021.

For more information, please contact:
Mikhail Damrin, CEO, +7 916 808 12 17, [email protected]
Tim Carlsson, CFO, + 46 702 31 87 01, [email protected]

This information is information that Kopy Goldfields AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 8 am CEST on 27 May 2021.

About Kopy Goldfields
Kopy Goldfields is a leading Swedish gold exploration and production company operating in the most renowned gold mining regions of Russia. Kopy Goldfields' strategy is to combine Russian geologic knowledge and science with international management, best industry practices and modern, efficient technology to identify and develop mineral deposits in a cost-efficient, safe and transparent way. Kopy Goldfields' shares are traded on Nasdaq First North Growth Market in Stockholm under the symbol "KOPY". Nordic Certified Advisers is Certified Adviser (Tel +46 707 94 90 73, e-mail: [email protected]).


Inbjudan till presentation av Kopy Goldfields andra kvartal 2021

Kopy Goldfields AB (publ) publicerar kvartalsrapporten för andra kvartalet 2021 torsdagen den 26 augusti 2021 kl. 08:00. Kopy Goldfields inbjuder till en webbsänd telefonkonferens samma dag kl 10.00 där VD Mikhail Damrin och CFO Tim Carlsson presenterar och kommenterar rapporten.


KOPY GOLDFIELDS PUBLICERAR OPERATIONELL UPPDATERING FÖR ANDRA KVARTALET 2021

Kopy Goldfields AB (publ) ("Kopy Goldfields" eller "Bolaget") publicerar härmed en operationell uppdatering för andra kvartalet 2021. Produktionen av guldekvivalenter ("GE"*) ökade med 69% jämfört med första kvartalet 2021. Produktionsguidningen för 2021 är oförändrad. Covid-19 fortsatte att påverka guldproduktionen huvudsakligen till följd av brist på kvalificerad gruvpersonal.


Kommuniké från årsstämma i Kopy Goldfields

Årsstämman i Kopy Goldfields AB (publ), ("Kopy" eller "Bolaget") hölls idag den 27 maj 2021 varvid aktieägarna fattade följande beslut.


Announcement from Kopy Goldfields annual general meeting

The annual general meeting of Kopy Goldfields AB (publ), ("Kopy" or the "Company") was held today on 27 May 2021 and the following resolutions were passed by the meeting.


Kopy Goldfields AB (publ) Kvartalsrapport januari - mars 2021

Januari-mars 2021 (januari-mars 2020)

  • Intäkter 19 362 TUSD (23 125), -16 %
  • EBITDA 7 181 TUSD (9 277), -23 %
  • Resultat före skatt 10 014 TUSD (5 012), +100 %
  • Periodens resultat 7 870 TUSD (3 926), +100 %
  • Resultat per aktie före utspädning 0,01 USD (0,01)
  • Produktionen påverkades av konsekvenserna av covid-19-utbrottet vid Yubileyniy-gruvan i december 2020.
  • 2021 års estimat för guldproduktionen på 56-59 koz oförändrat

KOPY GOLDFIELDS AB (publ) Interim Report January - March 2021

January - March 2021 (January - March 2020)

  • Revenue TUSD 19,362 (23,125), -16%
  • EBITDA TUSD 7,181 (9,277), -23%
  • Profit before tax TUSD 10,014 (5,012), +100%
  • Profit for the period TUSD 7,870 (3,926), +100%
  • Earnings per share before dilution USD 0.01 (0.01)
  • Production affected by consequences of the outbreak of Covid-19 at the Yubileyniy mine in December 2020.
  • 2021 gold production guidance of 56-59 koz unchanged

Inbjudan till presentation av Kopy Goldfields första kvartal 2021

Kopy Goldfields AB (publ) publicerar kvartalsrapporten för första kvartalet 2021 torsdagen den 27 maj 2021 kl. 08:00. Kopy Goldfields inbjuder till en webbsänd telefonkonferens samma dag kl 10.00 där VD Mikhail Damrin och CFO Tim Carlsson presenterar och kommenterar rapporten.


Invitation to the presentation of Kopy Goldfields' first quarter 2021

Kopy Goldfields AB (publ) will publish the interim report for the first quarter 2021 on Thursday 27 May 2021 at 8:00 am (CEST). Kopy Goldfields has scheduled a webcasted conference call the same day at 10.00 CEST. CEO Mikhail Damrin and CFO Tim Carlsson will present and comment on the report.




Kallelse till årsstämma i Kopy Goldfields AB (publ)

Aktieägarna i Kopy Goldfields AB (publ), org.nr 556723-6335, ("Bolaget") kallas härmed till årsstämma torsdag den 27 maj 2021.


Notice of annual general meeting in Kopy Goldfields AB (publ)

The shareholders of Kopy Goldfields AB (publ), reg. no. 556723-6335, (the "Company") are hereby invited to the annual general meeting on Thursday 27 May 2021.


KOPY GOLDFIELDS PUBLICERAR OPERATIONELL UPPDATERING FÖR FÖRSTA KVARTALET 2021

Kopy Goldfields AB (publ) ("Kopy Goldfields" eller "Bolaget") publicerar härmed en operationell uppdatering för första kvartalet 2021. Covid-19-utbrottet i december 2020 påverkade guldproduktionen i början av 2021, vilket tidigare redovisats. Bolaget har emellertid tryggat säkerheten för sin personal mot pandemin och guldproduktionen har återhämtat sig under kvartalet. Produktionsestimatet för 2021 är oförändrat.


KOPY GOLDFIELDS PUBLISHES Q1 2021 OPERATIONAL UPDATE

Kopy Goldfields AB (publ) ("Kopy Goldfields" or "the Company") hereby announces an operational update for the first quarter 2021. As previously disclosed, the outbreak of COVID-19 in December 2020 affected the gold production in early 2021. However, the Company has secured the safety of its personnel against the pandemic and gold production has been recovering during the quarter. The 2021 production guidance is unchanged.


Kopy Goldfields AB (publ) Bokslutsrapport januari - december 2020

De konsoliderade finansiella räkenskaperna för Kopy Goldfields Koncernen ("Kopy Goldfields", "Bolaget"), för vilken Kopy Goldfields AB (publ) med organisationsnummer 556723-6335 är moderbolaget ("Moderbolaget"), redovisas här för det helår som avslutades den 31 december 2020. Efter transaktionen med Amur Zoloto har Kopy Goldfileds valt att byta rapporteringsvaluta från svenska kronor (SEK) till amerikanska dollar (USD). I enlighet med den svenska bokföringslagen redovisas moderbolagets finansiella information i SEK och inte koncernens rapporteringsvaluta som är USD.


KOPY GOLDFIELDS AB (publ) Year-end Report January - December 2020

The consolidated financial statements of the Kopy Goldfields Group ("Kopy Goldfields", "the Company"), of which Kopy Goldfields AB (publ) with corporate identity number 556723-6335 is the parent company ("the Parent Company"), are hereby presented for the full-year period ended on 31 December 2020. Following the transaction with Amur Zoloto, Kopy Goldfields has chosen to change the presentation currency from Swedish krona (SEK) to US dollars (USD). In accordance with the Swedish Accounting Act, the Parent Company's financial information is reported in SEK and not the Group's presentation currency of USD.


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