Auriant Mining (OMX: AUR)

Currency in SEK

Last close As at 26/05/2023


0.02 (1.35%)

Market capitalisation


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).

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Equity Analyst

Lord Ashbourne

Lord Ashbourne

Director, Energy & Resources

Key Management

  • Danilo Lange


  • Katerina Popova

    Head of PR&IR

  • Peter Daresbury


Balance Sheet

Forecast net debt (US$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 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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