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 | 1.2 | 0.6 |
| 2021A | 47.7 | 23.1 | 11.6 | 10.2 | 1.6 | 0.8 |
| 2022E | 55.6 | 35.2 | 23.8 | 11.4 | 1.4 | 0.8 |
| 2023E | 51.5 | 32.6 | 28.4 | 14.6 | 1.1 | 0.8 |
Industry outlook
Operating in the former Soviet Union, clearly Auriant is not without risk. However, it reports that operations are largely unaffected by the international situation – a fact borne out by its Q122 operational results. Assuming that it raises US$20m in equity at SEK3.12/share within the next year however, in December we valued Auriant at a fully diluted US$1.45/share (SEK13.27/share).
Last updated on 01/07/2022Content on Auriant Mining
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Metals & mining
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Share price graph
Balance sheet |
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| Forecast net debt (US$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 |