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Kopy Goldfields (KOPY) investor relations material

Kopy Goldfields Q2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2024 earnings summary23 Aug, 2024

Executive summary

  • Revenue nearly doubled year-over-year in Q2 2024 to $31.5M, with EBITDA up 202% and net profit reaching $6.5M, reversing a loss in Q2 2023.

  • Gold production increased 56% to 14.14 koz, driven by the Yubileyniy plant upgrade and Malyutka project launch.

  • Sanctions and cross-border risks led to a voluntary redemption proposal for minority shareholders, approved and completed in Q3 2024.

Financial highlights

  • Q2 2024 revenue: $31.5M (up 97% YoY); H1 2024 revenue: $48.7M (up 16% YoY).

  • Q2 2024 EBITDA: $12.0M (up 202% YoY); EBITDA margin rose to 38% from 25%.

  • Net profit for Q2 2024: $6.5M (vs. $-0.9M in Q2 2023); EPS before dilution: $0.0072.

  • Net debt increased to $168.8M (up 35% YoY), mainly due to capital investments and higher interest rates.

  • Cash and cash equivalents at period end: $1.7M, up 49% YoY.

Outlook and guidance

  • Financial pressure in Russia expected to escalate due to higher interest rates and a corporate tax hike from 20% to 25% in 2025.

  • Uncertainty in gold pricing due to lack of transparency in Ruble exchange rates after Moscow Stock Exchange sanctions.

  • Intention to delist shares from Nasdaq First North Growth Market after redemption completion.

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Frequently asked questions

Kopy Goldfields AB operates as a gold exploration and production company in Russia. The company primarily focuses on developing the Krasnogorskoye gold deposit; and exploration of the Agnico Eagle Mines Limited and Kinross Gold Corporation. Kopy Goldfields AB (publ) was founded in 2000 and is headquartered in Stockholm, Sweden.

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