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.

July - December 2020 (H2 2019)

  • Revenue TUSD 54,606 (40,215), +36%
  • EBITDA TUSD 27,815 (15,392), +81%
  • Profit before tax TUSD 12,404 (5,928), +109%
  • Profit for the period TUSD 9,429 (4,662), +102%
  • Earnings per share before dilution USD 0.01 (0.01)
  • Announcement of long-term production target of >100 koz of gold and gold equivalent by 2025.
  • Construction and development activities started for the production growth projects Perevalnoe Heap Leach and Maluytka Heap Leach.
  • New estimation of Mineral Resources and Reserves announced. Total estimated M, I&I Mineral Resources amount to 2,756 koz of gold, including total new Probable Ore Reserves of 1,313 koz of gold.

January - December 2020 (2019)

  • Revenue TUSD 98,841 (70,114), +41%
  • EBITDA TUSD 45,620 (27,310), +67%
  • Profit before tax TUSD 24,728 (11,719), +111%
  • Profit for the period TUSD 19,153 (9,160), +109%
  • Earnings per share before dilution USD 0.02 (0.01)
  • Acquisition of Amur Zoloto announced in May and completed in September 2020.
  • The Board of Directors proposes that no dividend be paid.

Summary of financial information

Jul-Dec

Jul-Dec

Jan-Dec

Jan-Dec

2020

2019

%

2020

2019

%

Gold production (GE), koz

29.0

26.3

+10

53.1

52.3

+2

Gold sales, koz

28.9

26.1

+11

55.4

48.7

+14

Average realized gold price, USD/oz

1 878

1 495

+26

1 773

1 400

+27

Revenue, TUSD

54 606

40 215

+36

98 841

70 114

+41

Gross profit, TUSD

21 095

12 291

+72

40 973

23 298

+76

Gross margin, %

39%

31%

41%

33%

EBITDA, TUSD

27 815

15 392

+81

45 620

27 310

+67

EBITDA margin, %

51%

38%

46%

39%

Profit before tax, TUSD

12 404

5 928

+109

24 728

11 719

+111

Profit for the period, TUSD

9 429

4 662

+102

19 153

9 160

+109

Earnings per share before dilution, USD

0.01

0.01

0.02

0.01

Earnings per share after dilution, USD

0.01

0.01

0.02

0.01

Equity per share, USD

0.11

0.07

0.11

0.07

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

10 388

396

10 388

396

Net Debt, TUSD

41 938

43 619

41 938

43 619

Net debt/ EBITDA, x

0.92

1.60

0.92

1.60

Comments from the CEO
2020 was truly a "game changer" for Kopy Goldfields. Through the reverse takeover of Amur Zoloto, we created a leading Swedish gold producer operating in the most renown gold mining regions of Russia. Despite the challenges caused by the Covid-19 virus, the transaction went very smoothly, followed by the successful integration of the two companies. On the back of historically high gold prices and with strong production development plans, Kopy Goldfields enters 2021 with an exciting growth story.

With a clear focus on profitable growth, the significantly enlarged company has identified, explored, and developed high potential areas for gold mining for several decades, resulting in a solid track record of bringing profitable ounces online. Our strategy to combine local geological and mining knowledge and science with modern and efficient technology allows us to identify and develop mineral deposits in a cost-efficient, safe and transparent way. By combining Kopy Goldfields' strong exploration knowledge and asset portfolio with Amur Zoloto's well-established gold production assets and capabilities, we have created a leading gold company active in all aspects of gold mining from exploration to production and gold sales.

Strong financial results and gold production growth
During the second half of the year, the total gold equivalent production amounted to 29.0 koz (903 kg), which is a 10% increase compared to the H2 2019 production of 26.3 koz (818 kg), largely due to gold production growth at the Perevalnoe project. Total gold production for the full year 2020 amounted to 53.1 koz (1,652 kg). Revenues for the year increased by 41% and totaled TUSD 98,841 compared to TUSD 70,114 during 2019, following higher production levels and metal prices. EBITDA for 2020 amounted to TUSD 45,620, which is a 67% increase compared to last year's TUSD 27,310. Our strong cash flow from operations fuels our growth projects and allows us to maintain a healthy debt ratio. The solid balance sheet allows us to borrow over the long term on an unsecured basis from the leading Russian commercial banks. Going forward the company will maintain a prudent approach to financial leverage, focusing on keeping the right balance between an optimal capital structure, capex investments, leverage and dividends. It is satisfying to see that despite the negative impact Covid-19 has had, we have delivered a record year in terms of both gold production and profits.

Covid-19
Covid-19 has affected us all both personally and professionally. Kopy Goldfields is no exception and even though we managed to avoid major outbreaks within the company, a few cases were reported at the Yubileyniy site in December. In close coordination with the Russian authorities, all employees at the site were tested, and infected personnel were evacuated from the site. Testing and evacuating personnel slowed down the mineral processing and mining operations and thus affected the site's production levels during the interruption. Since January, all operations have been restored to the planned scale and no additional Covid-19 cases have been reported at Yubileyniy or elsewhere within the company's mining sites. We have also offered all our employees in Russia the opportunity to have a free vaccination. Travel restrictions due to Covid-19 also had a negative impact, particularly on our alluvial mining operations which underperformed during 2020.

Bright prospects ahead
Our long-term target is to double our current gold production to above 100 koz per year by 2025 from Perevalnoe, Yubileyniy, Maluytka and placer operations. On top of that we expect additional upside to come from Krasny and our other exploration projects that have not been included in the production modelling so far. We have already commenced all construction projects leading towards the long-term production target and we expect to make further important progress in the coming year. For 2021 we have budgeted more than USD 55 million for construction and exploration projects, which is almost half of our total long-term investment plan. The Krasny project will be our priority exploration target during 2021, and together with our partner GV Gold, we aim to advance Krasny into the feasibility stage and production planning by the end of the year. For 2021 we forecast gold production of between 56-59 koz, an increase of 5-11 percent compared to 2020, in line with our long-term goal and supportive of further financial growth.

Finally, I would like to thank all our shareholders and employees. 2020 was in many ways a challenging year, but by working together we have made more progress in the company development than ever before.

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 25 March 2021 at 10.00 a.m. CET. The presentation will be in English and can be followed online or via telephone. Number for participation by telephone: Sweden +46856642695 (no PIN) / UK +443333009271 (no PIN) / Russia +88005009867 (PIN: 74613423#). Follow the presentation at https://tv.streamfabriken.com/kopy-goldfields-q4-2020

Stockholm, March 25, 2021

For more information, please contact:
Mikhail Damrin, CEO, +7 916 808 12 17, mikhail.damrin@kopygoldfields.com
Tim Carlsson, CFO, + 46 702 31 87 01, tim.carlsson@kopygoldfields.com

This information is information that Kopy Goldfields AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 8 am CET on 25 March 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. The Company is listed on Nasdaq First North Growth Market in Stockholm.

Kopy Goldfields applies International Financial Reporting Standards (IFRS), as approved by the European Union. Nordic Certified Advisers acts as Certified Adviser, contact number: +46 707 94 90 73, e-mail: info@certifiedadviser.se.

The Share
Ticker: KOPY
http://www.nasdaqomxnordic.com/shares/microsite?Instrument=SSE77457
Outstanding shares: 889,064,175

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.


Inbjudan till presentation av Kopy Goldfields Bokslutskommuniké 2020 den 25 mars 2021

Kopy Goldfields AB (publ) kommer att publicera sin bokslutskommuniké för 2020 den 25 mars 2021 kl. 08:00 (CET). Bokslutskommunikén är den första konsoliderade finansiella rapporten sedan samgåendet av Kopy Goldfields och Amur Zoloto förra året. Investerare, kapitalförvaltare, aktieanalytiker, media och andra intresserade välkomnas att delta i konferensen där VD Mikhail Damrin och CFO Tim Carlsson presenterar och kommenterar på rapporten.


Invitation to the presentation of Kopy Goldfields' 2020 Year End Report, on 25 March 2021

On 25 March 2021 at 8:00 am (CET), Kopy Goldfields AB (publ) will publish the 2020 Year End Report. The report is the first consolidated financial report after the merger between Kopy Goldfields and Amur Zoloto conducted last year. Accordingly, investors, asset managers, financial analysts and the press are invited to a presentation where CEO Mikhail Damrin and CFO Tim Carlsson will present and comment on the report.


KOPY GOLDFIELDS GER RIKTLINJER FÖR 2021 ÅRS GULDPRODUKTION OCH CAPEX

INSIDERINFORMATION: Kopy Goldfields AB (publ) ("Kopy Goldfields" eller "Bolaget") har som mål att producera 56 koz till 59 koz guldekvivalenter (GE[1]) under 2021, en ökning med 5-11 % jämfört med 53,1 koz GE som producerades 2020. Bolaget planerar investeringar på cirka 56 miljoner USD under 2021 i projekt för produktionstillväxt och prospektering. Utgifterna kommer att finansieras genom befintliga lånefaciliteter och förväntat kassaflöde från produktionen.


KOPY GOLDFIELDS PROVIDES GUIDANCE FOR 2021 GOLD PRODUCTION AND CAPEX

INSIDE INFORMATION: Kopy Goldfields AB's (publ) ("Kopy Goldfields" or "the Company") target is to produce 56 koz to 59 koz of gold equivalent (GE[1]) in 2021, an increase of 5-11% compared to 53.1 koz of GE produced in 2020. The Company plans capital expenditures of around USD 56 million in 2021 on production growth and exploration projects. The expenditures will be funded through existing available debt facilities and expected cash flow from production.


KOPY GOLDFIELDS PUBLICERAR OPERATIONELL UPPDATERING FÖR FJÄRDE KVARTALET OCH HELÅRET 2020

Kopy Goldfields AB (publ) ("Kopy Goldfields" eller "Bolaget") publicerar härmed en operationell uppdatering för fjärde kvartalet och för helåret 2020. I enlighet med tidigare lämnat estimat har Bolaget ökat sin guldproduktion trots COVID-19-pandemin.


KOPY GOLDFIELDS PUBLISHES Q4 AND FULL YEAR 2020 OPERATIONAL UPDATE

Kopy Goldfields AB (publ) ("Kopy Goldfields" or "the Company") hereby announces an operational update for the fourth quarter and the full year 2020. In line with its guidance, the Company has increased its annual gold production despite the COVID-19 pandemic.


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