September 2, 2021 (Investorideas.com Newswire) Although to fulfill this steerage, Kopy Goldfields should obtain considerably greater manufacturing on this yr’s second half, “we consider H2/21 will present such progress,” an Edison Funding Analysis report famous.
In a Sept. 1 analysis notice, Edison Funding Analysis analyst Alison Turner reported that Kopy Goldfields AB (KOPY:ST) posted “a reliable set of H1/21 outcomes” regardless of a difficult begin to 2021, and progress stays on observe for full-year 2021 and long term. Kopy is a Sweden-based firm with hard-rock and placer mining operations in Russia.
Turner reviewed Kopy’s H1/21 outcomes. Manufacturing was down 14% within the yr’s first half as the corporate dealt in Q1/21 with a COVID-19 outbreak at Yubileyniy, one in all its producing mines. Whole H1/21 manufacturing from all of its operations was 20,700 ounces (20.7 Koz) of gold equal, down from 24.1 Koz in H1/20.
In Q2/21, Kopy additionally skilled some focus transportation delays because of inclement climate. Nonetheless, it managed to ramp manufacturing up 69% and produce a complete 13 Koz.
Regardless of these opposed occasions, Kopy’s H1/21 EBITDA was US$14 million (US$14M), decrease than its US$17.8M EBITDA a yr earlier, because of decreased gold gross sales. The corporate’s H1/21 EBITDA margin additionally fell quick at 38% versus 40% in H1/20. Turner famous that Kopy tamped down prices such that they had been decrease yr over yr, at US$859 per ounce in comparison with US$861.
On the finish of H1/21, Kopy had US$0.9M in money, US$13.9M in accessible undrawn services, and 5.25 Koz of sellable gold. Web debt was US$59.6M.
Turner famous that Kopy’s capital funding program “stays on observe and is absolutely funded by present debt services.” The three main initiatives underway are the addition of a second flotation line at Yubileyniy (commissioning slated for early This fall/21), a brand new heap leach at Perevalnoe (commissioning anticipated by year-end 2021), and a brand new mine at Malyutka (anticipated to come back on-line in 2023).
The analyst highlighted that Kopy maintained its full-year 2021 manufacturing steerage of 56 to 59 Koz and cited explanation why the corporate most certainly will obtain. They embrace the extra manufacturing anticipated this yr and Kopy’s built-up gold stock.
“We now forecast 2021 gold equal manufacturing of 56 Koz, on the decrease finish of the steerage vary (beforehand we forecast 59 Koz) and gold equal gross sales of 57 Koz (earlier forecast 61 Koz),” wrote Turner.
The outlook for Kopy’s manufacturing long term can be constructive, Turner famous. By 2025, the corporate goals to develop its yearly manufacturing to 100 Koz of gold. Additional, exploration is constant at Kopy’s three way partnership challenge, Krasny.
“With two of these three initiatives set to come back on-line earlier than the tip of this yr, the corporate ought to begin to see higher recognition of the energy of its progress profile throughout the subsequent yr as the numerous funding begins to movement by to manufacturing and money flows,” Turner wrote.
Kopy is presently buying and selling at about SEK1.88 per share.
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