London, UK, 6 April 2021

Kopy Goldfields (KOPY): Solid 2020 results with funding in place for growth

Kopy Goldfields has reported its first full year results as a Russian gold producer following the Amur Zoloto reverse acquisition (the comparative 2019 results are for Amur Zoloto only). The company saw revenue rise 41% to US$98.8m and EBITDA rise 67% to US$45.6m. Having secured a US$42.3m debt facility maturing in September 2023, Kopy is fully funded to support its growth profile and we expect the company to end 2021 with net debt of US$61.8m and US$13.7m in cash and undrawn debt facilities.

Our updated base case discounted free cash flow to equity (DCFE) valuation of Kopy is little changed at US$286m (previously US$295m) or SEK2.78/share (previously SEK2.76/share). This is based on our standard gold price deck (long-term real gold price of US$1,524/oz) and 10% discount rate. Running a sensitivity analysis at a flat real long-term gold price of US$1,700/oz (ie US$1,700/oz rising by inflation) the discounted dividend valuation of Kopy would be SEK3.00 per share. The planned Nasdaq Nordic main market listing could be a catalyst for increased investor interest in Kopy Goldfields.  

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