Kopy Goldfields Q3 21 - Lower-than-expected TCC translate into superior positive FCF
-Revenue in line with our estimates, while EBITDA visibly stands out on a TCC contraction qoq-Despite a higher-than-forecasted WC accumulation, the FCF surpassed our estimates by 74%
-At the same time, a much lower-than-expected capex is just a re-distribution of investments
Kopy Goldfield is a gold exploration company. Co. is an exploration company and has not yet started extraction of gold as the projects have not yet reached prodcution phase. Co. is the owner of fifteen licenses in and around the Lena Goldfield in the Bodaibo district in the Russian region of Irkutsk. Co. focuses on the Artemovsky district of Lena Goldfields, which is the target exploration area with 20 million ounces of historic alluvial gold production.
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