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Currency in SEK
Last close As at 26/05/2023
SEK1.50
▲ 0.02 (1.35%)
Market capitalisation
SEK154m
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).
Production guidance for FY23 is in line with the Q422 performance (albeit lower than FY22) at 630–670kg. The company is also benefitting from a belated weakening of the rouble against the dollar. In our last formal valuation of the company in December 2021, we valued Auriant at US$1.45/share (SEK13.27/share).
Metals & Mining
Metals & Mining
Metals & Mining
Metals & Mining
Director, Energy & Resources
Danilo Lange
CEO
Katerina Popova
Head of PR&IR
Peter Daresbury
Chairman
Forecast net debt (US$m)
49.3
Forecast gearing ratio (%)
4448
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (19.2) | 17.7 | (4.9) |
| Relative | (17.5) | 19.3 | (8.0) |
| 52 week high/low | SEK2.1/SEK1.3 |
Auriant’s Tardan CIL plant increased metallurgical recoveries by c 40pp and reduced cash costs to c US$806/oz, which resulted in an approximate 3x increase in EBITDA and c 2x increase in operational cash flows in FY21, before being set back again in FY22 as a result of logistical disruptions after Russia’s invasion of Ukraine. Even so, Auriant has repaid all of its high cost debt and is in the process of completing a definitive feasibility study on Kara-Beldyr. Combined, the two mines have the capacity to achieve management’s goal of c 3t (96.5koz) of gold output per annum from FY26. Drilling is also underway to investigate a hard rock mining plan at Solcocon/Staroverinskaya.
| Y/E Dec | Revenue (US$m) | EBITDA (US$m) | PBT (US$m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2021A | 47.7 | 23.1 | 11.6 | 10.2 | 1.5 | 0.8 |
| 2022A | 51.1 | 16.3 | 7.7 | 7.7 | 2.0 | 0.9 |
| 2023E | 39.1 | 9.4 | (3.0) | (2.6) | N/A | 0.9 |
| 2024E | 41.8 | 24.8 | 12.0 | 3.1 | 4.9 | 1.7 |
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