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.

Highlights:

  • The total gold equivalent (GE[1]) production in Q1 2021 from the Company's two bedrock mines in the Khabarovsk region of Russia totalled 7.69 koz (239.06 kg) which was 23 % lower compared to 10.04 koz (312.17 kg) in Q1 2020. Q1 2021 GE production includes 5.26 koz (163.75 kg) of silver which is an equivalent of 0.06 koz (1.84 kg) of gold.
  • Gold sales for Q1 2021 amounted to 10.99 koz (341.91 kg), compared to 14.25 koz (443.12 kg) in the corresponding period 2020.
  • The Company confirms 2021 gold production guidance of 56-59 koz (unchanged).
  • Gold production in Q1 2021 was affected by downscaled mineral processing and underground mining operations at the Yubileyniy mine following the outbreak of COVID-19 in December 2020. The operations at Yubileyniy were restored to initial capacity during the quarter. However, shortages of some key personnel at the mine sites affected quarterly operations.
  • To further increase capacity and stabilize processing and underground mining operations at the Yubileyniy project, the Company has taken actions by adding extra loaders and ore haulage trucks for underground mining, upgrading the crashing units of the processing plant to both increase capacity and reliability of the ore feed, revising the recruitment program and changing for shift-based employment system.
  • First quarter gold production was traditionally affected by seasonal variations since alluvial mining operations are restricted to the warm season. Transportation of concentrates from the Perevalnoe site to the Yubileyniy processing plant take place primarily during the winter season and extraordinary cold weather conditions create temporary reductions of operations on the open pits and crashing units of processing plants.
  • The alluvial mining is expected to commence in Q2 2021 when the snow and permafrost melts. In Q1 2021 waste stripping operations at two placer mines totalled 38.3 thsd m3 (compared to 50.2 thsd m3 in 2020) of overburden.
  • The Company continues with quarantine measures and other precautions to prevent COVID-19 incidents in the future.

"Q1 was challenging following the outbreak of COVID-19 in December. We put safety first and reduced underground mining and processing operations at Yubileyniy. However, we managed to quickly restore mining and processing activities, despite a shortage of personnel and we remain on track towards our 2021 production target.", said Mikhail Damrin, CEO of Kopy Goldfields.

Yubileyniy project

During Q1 2021, GE production totalled 2.34 koz (72.91 kg), a decrease of 33% compared to Q1 2020. The decrease in production was explained by lower gold grades (-5%) and a decrease in volume (-27%) of ore processed due to a reduction in operations in January because of COVID-19 and lack of personnel.

The gold grade of the ore mined increased by 9% during Q1 2021. This is in line with the recent CPR report, published in October 2020, which shows an increase of grade and thickness of ore bodies down dip. In 2021, the Company develops underground mining operations to the deeper horizons where ore gold grade is increasing. This underpins our plans to increase capacity of the Yubileyniy mine and mill to 250 ktpa by Q4 this year.

Heap leach (HL) operations at Yubileyniy will commence in Q2 2021 with first gold production in Q3 2021.

Yubileyniy project

1Q

Change

Year to date

Chane

2021

2020

2021

2020

CIP

Underground ore mined, 000'tons

25.97

48.87

-47 %

25.97

48.87

-47 %

Underground development, meters

530.20

576.50

-8 %

530.20

576.50

-8 %

Underground ore grade, g/t

4.03

3.71

9 %

4.03

3.71

9 %

Ore processed, 000'tons

22.47

30.62

-27 %

22.47

30.62

-27 %

Average grade, g/t

4.49

4.74

-5 %

4.49

4.74

-5 %

Gold produced CIP, kg

72.91

109.05

-33 %

72.91

109.05

-33 %

Gold produced CIP, koz

2.34

43.51

-33 %

2.34

3.51

-33 %

Heap Leach (HL)

Ore crashing, 000'tons

Ore stacking, 000'tons

Grade, g/t

Gold in ore stacked, kg

Gold produced HL, kg

Gold produced HL, koz

Gravity and flotation concentrates produced at the Perevalnoe plant are also leached to Dore bars at the Yubileyniy plant. During Q1 2021, a total of 88.26 tons of gravity concentrate and 1,625.46 tons of flotation concentrate from the Perevalnoe project were leached at the Yubileyniy plant, producing 5.28 koz (164.31 kg) of gold, which are reported under the Perevalnoe project further below.

Perevalnoe project

During Q1 2021, the Perevalnoe mill processed 41.44 kt of ore, an increase of 2% compared to Q1 2020. Gravity concentrate production totalled 88.26 t, a decrease of 11% and flotation concentrate 1,625.46 t, an increase of 15%. GE production from Perevalnoe concentrates at the Yubileyniy mill amounted to 5.28 koz, a decrease of 16%.

In Q1 2021 ore crashing for HL operations have been commenced totalling 5.8 kt of ore. The target is to prepare piles in Q3 to produce the first gold in 2022.

Perevalnoe project

Q1

Change

Year to date

Change

2021

2020

2021

2020

CIP

Waste stripping, 000'm3

421.76

533.58

-21 %

421.76

533.58

-21 %

Ore mined, 000'tons

71.82

48.27

49 %

71.82

48.27

49 %

Average ore grade, g/t

3.09

3.80

-19 %

3.09

3.80

-19 %

including

High grade ore, 000'tons

23.07

11.54

100 %

23.07

11.54

100 %

Average grade, g/t

6.23

8.67

-28 %

6.23

8.67

-28 %

Low grade ore, 000'tons

5.50

9.34

-41 %

5.50

9.34

-41 %

Average grade, g/t

3.42

3.82

-11 %

3.42

3.82

-11 %

Heap Leach ore, 000'tons

43.24

27.39

58 %

43.24

27.39

58 %

Average grade, g/t

1.38

1.73

-21 %

1.38

1.73

-21 %

Ore processed, 000'tons

41.44

40.83

2 %

41.44

40.83

2 %

Average grade, g/t

5.79

6.02

-4 %

5.79

6.02

-4 %

Gravity concentrate produced, tons

88.26

99.24

-11 %

88.26

99.24

-11 %

Average grade, g/t

915.67

729.01

26 %

915.67

729.01

26 %

Flotation concentrate produced, tons

1 625.46

1 419.05

15 %

1 625.46

1 419.05

15 %

Average grade, g/t

90.09

113.75

-21 %

90.09

113.75

-21 %

Gold produced (at the Yubileyniy plant from gravity and flotation concentrates of Perevalnoe project), kg

164.31

194.57

-16 %

164.31

194.57

-16 %

Gold produced (at the Yubileyniy plant from gravity and flotation concentrates of Perevalnoe project) [2], koz

5.28

6.26

-16 %

5.28

6.26

-16 %

Heap Leach (HL)

Ore crashing, 000'tons

5.80

-

-

5.80

-

-

Ore stacking, 000'tons

Grade, g/t

Gold in ore stacked, kg

Gold produced HL, kg

Gold produced HL, koz

Placer mining

In 2021 the Company will operate two placer mines - Byor and Khayarilakh. The alluvial gold production is expected to commence in Q2 when the snow and permafrost melts. In Q1 2021 waste stripping operations at the two placer mines were started and totalled 38.3 thsd m3 (compared to 50.2 thsd m3 in 2020) of overburden.

Placer mining

Q1

Change

Year to date

Change

2021

2020

2021

2020

Overburden, 000'm3

38.30

50.20

-24 %

38.30

50.20

-24 %

Capital mining, 000'm3

2.00

46.40

-96 %

2.00

46.40

-96 %

Placer gravel washed, 000'm3

Average grade, mg/m3

Gold produced, kg

Gold produced, koz

[1] Varies based on relation between actual gold and silver prices: for 3 months of 2021 the applied average conversion ratio for silver was 1:89 Ag/Au.

[2] Since transportation of gravity and flotation concentrates from the Perevalnoe mine site to the Yubileyniy processing plant depends on season and proceeds over time, there is a time lag between production of concentrate at the Perevalnoe plant and its further processing at the Yubileyniy plant. Hence, the reported gold production for Perevalnoe at the Yubileyniy plant does not necessarily involve processing concentrates from Perevalnoe produced in the same reporting period but rather earlier during this and the last year.

Competent person

Alexander Polonyankin, a competent person under JORC and member of Australasian Institute of Mining and Metallurgy, MAusIMM (CP), has reviewed and approved the technical information relating to operations covered in this press release.

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 8.30 am CEST on 22 April 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

Forward-looking statements

This press release contains forward-looking statements that reflect the Company's and the company group's intentions, beliefs, or current expectations about and targets for the Company's and the company group's future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company and the group operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "intend", "may", "plan", "estimate", "will", "should", "could", "aim" or "might", or, in each case, their negative, or similar expressions. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. The forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, (i) changes in the economic, regulatory and political environments in the countries where Kopy Goldfields operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) Kopy Goldfields' continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) exchange rates, particularly between the Russian rouble and the U.S. dollar. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements as a result of many factors, including but not limited to risks and uncertainties surrounding any gold production and exploration company at an early stage of its development. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this press release by such forward-looking statements. The Company does not guarantee that the assumptions underlying the forward-looking statements in this press release are free from errors and readers of this press release should not place undue reliance on the forward-looking statements in this press release. The information, opinions and forward-looking statements that are expressly or implicitly contained herein apply only as of its date and are subject to change without notice. Neither the Company nor anyone else undertake to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release, unless it is required by law or Nasdaq First North Growth Market rule book for issuers.

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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