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
As in previous quarters, Auriant’s new policy of selling gold on an ‘as needed’ (rather than maximised) basis has resulted in the full benefits of its new processing plant at Tardan being disguised. Allowing for a 7.5% under-sale of gold relative to production as well as a $2.2m waste rock disposal provision, actual Q321 results were within 5.2% (or $0.2m) of our prior expectations before tax (see Exhibit 2). Having produced 680kg gold so far in FY21 and with the mining of ore and waste at, or near, record levels in Q3, with a further quarter’s worth of ore in stockpile, barring the unexpected, we believe that Auriant will comfortably achieve its FY21 production guidance for Tardan of 860–910kg.
Y/E Dec |
Revenue (US$m) |
EBITDA (US$m) |
PBT (US$m) |
EPS (fd) (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2019A | 29.8 | 7.2 | (2.2) | (1.2) | N/A | 3.6 |
| 2020A | 53.4 | 31.2 | 16.6 | 13.7 | 2.5 | 1.3 |
| 2021E | 49.0 | 23.8 | 12.4 | 10.5 | 3.2 | 1.5 |
| 2022E | 55.6 | 35.2 | 23.8 | 11.4 | 3.0 | 1.6 |
Industry outlook
We estimate that pre-tax profits were 3% above our prior forecast in Q221 on an underlying basis and Q321 financial results are scheduled for 29 November. Auriant has now repaid all of its high cost debt and, assuming that it raises US$20m in equity at SEK3.84/share within the next year (NB Subject to the gold price, cash flows etc and could be less), we value the company at US$1.59/share (SEK13.61/share).
Last updated on 20/01/2022Content on Auriant Mining
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Metals & mining
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Share price graph
Balance sheet |
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| Forecast net debt (US$m) | 54.8 |
| Forecast gearing ratio (%) | 947 |
Price performance
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Key management |
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| Peter Daresbury | Chairman |
| Danilo Lange | CEO |
| Katerina Popova | Head of PR&IR |