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Auriant Mining (OMX: AUR)

Currency in SEK

Last close As at 25/01/2023

SEK1.35

▲ 0.02 (1.50%)

Market capitalisation

SEK128m

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).

Operating in the former Soviet Union, Auriant is not without risk. 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). Q322 results are scheduled for 30 November.

Latest Insights

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Metals & Mining

Auriant Mining — More than meets the eye

Metals & Mining

Auriant Mining — Sales policy disguises extent of improvements

Metals & Mining

Auriant Mining — Fifth successive quarter of success

Metals & Mining

Auriant Mining — Making a virtue of dependability
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Equity Analyst

Lord Ashbourne

Lord Ashbourne

Director, Energy & Resources

Key Management

  • Danilo Lange

    CEO

  • Katerina Popova

    Head of PR&IR

  • Peter Daresbury

    Chairman

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (0.4) (7.5) (56.0)
Relative (8.2) (20.4) (52.9)
52 week high/low SEK3.1/SEK1.3

Financials

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 0.9 0.5
2021A 47.7 23.1 11.6 10.2 1.2 0.6
2022E 55.6 35.2 23.8 11.4 1.1 0.6
2023E 51.5 32.6 28.4 14.6 0.9 0.6

Research

Metals & Mining

Auriant Mining — More than meets the eye

Metals & Mining

Auriant Mining — Sales policy disguises extent of improvements

Metals & Mining

Auriant Mining — Fifth successive quarter of success

Metals & Mining

Auriant Mining — Making a virtue of dependability

Metals & Mining

Auriant Mining — Turning into the home straight

Metals & Mining

Auriant Mining — Maintaining momentum

Metals & Mining

Auriant Mining — Emerging into broad sunlit uplands

Metals & Mining

Auriant Mining — Tardan CIL at capacity
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Thematics

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