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.
Metals & Mining
Metals & Mining
Metals & Mining
Metals & Mining
Danilo Lange
CEO
Katerina Popova
Head of PR&IR
Peter Daresbury
Chairman
% | 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 |
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 |
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