Auriant Mining is a Swedish junior gold mining company focused on Russia. It has two producing mines (Tardan and Solcocon), one advanced exploration property (Kara-Beldyr) and one early stage exploration property (Uzhunzhul).
More Auriant Mining content >Investment summary
Relative to its earlier heap leach operation, Auriant’s new Tardan CIL plant has increased metallurgical recoveries by c 40pp and reduced cash costs to c US$806/oz in FY21 to result in an approximate 3x increase in EBITDA and a c 2x increase in operational cash flows. It has now repaid all of its high cost debt and is in the process of completing a definitive feasibility study on Kara-Beldyr. Combined, the two mines are expected to achieve management’s goal of c 3t (96.5koz) of gold output per annum from FY26. Confirmatory drilling is also underway with a view to accelerating the development of Solcocon.
Y/E Dec |
Revenue (US$m) |
EBITDA (US$m) |
PBT (US$m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2020A | 53.4 | 31.2 | 16.6 | 13.7 | 1.0 | 0.5 |
| 2021A | 47.7 | 23.1 | 11.6 | 10.2 | 1.3 | 0.7 |
| 2022E | 55.6 | 35.2 | 23.8 | 11.4 | 1.2 | 0.6 |
| 2023E | 51.5 | 32.6 | 28.4 | 14.6 | 0.9 | 0.6 |
Industry outlook
Operating in the former Soviet Union, Auriant is not without risk. Aside from inflationary forces and a strong rouble, however, Q222 and H122 results suggest that operations to date have been largely unaffected by the international situation. Assuming that it raises US$20m in equity in the near future, in December 2021 we valued Auriant at a fully diluted US$1.45/share (SEK13.27/share).
Last updated on 03/10/2022Content on Auriant Mining
Sector |
|---|
|
Metals & mining
Access more Metals & mining content
|
Share price graph
Balance sheet |
|
|---|---|
| Forecast net debt (US$m) | 54.8 |
| Forecast gearing ratio (%) | 947 |
Price performance
% |
1m |
3m |
12m |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|||||||||||||||
| *% relative to local index | |||||||||||||||
Key management |
|
|---|---|
| Peter Daresbury | Chairman |
| Danilo Lange | CEO |
| Katerina Popova | Head of PR&IR |