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 by c 25% (to c US$700/oz) to result in a c 4x increase in EBITDA and a c 3x increase in operational cash flows in FY20 cf FY19. Currently, it is in the process of completing a definitive feasibility study on Kara-Beldyr and, combined, the two mines are expected to achieve management’s goal of 3t (96.5koz) of gold output pa in c FY25. Confirmatory drilling is also underway with a view to accelerating the development of Solcocon.
Y/E Dec |
Revenue (US$m) |
EBITDA (US$m) |
PBT (US$m) |
EPS (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2019A | 29.8 | 7.2 | (2.2) | (1.3) | N/A | 4.9 |
| 2020A | 53.4 | 31.2 | 16.6 | 13.7 | 3.3 | 1.7 |
| 2021E | 50.4 | 24.2 | 12.4 | 10.3 | 4.4 | 2.0 |
| 2022E | 55.6 | 34.9 | 22.5 | 11.7 | 3.9 | 2.0 |
Industry outlook
After adjusting for an under-sale of gold relative to production during the period, we estimate that underlying pre-tax profits were 3% above our prior forecast in Q221. Auriant has now repaid all of its high cost debt and, assuming that it raises US$20m in equity (NB Subject to the gold price, cash flows etc and could be less) at SEK3.84/share within the next year, we value the company at US$1.59/share (SEK13.61/share).
Last updated on 14/10/2021Content on Auriant Mining
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Metals & mining
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Share price graph
Balance sheet |
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| Forecast net debt (US$m) | 65.1 |
| Forecast gearing ratio (%) | 2068 |
Price performance
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Key management |
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| Peter Daresbury | Chairman |
| Danilo Lange | CEO |
| Katerina Popova | Head of PR&IR |