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Currency in SEK
Last close As at 30/03/2023
SEK1.84
▲ −0.06 (−3.16%)
Market capitalisation
SEK167m
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, FY23 production guidance is in line with Q422 performance (albeit lower than FY22) at 630–670kg and the company will be receiving some benefit from a belated weakening of the rouble versus the dollar. In our last formal valuation update on the company in December 2021, we valued Auriant at US$1.45/share (SEK13.27/share). FY22 results are expected on 28 February.
Metals & Mining
Metals & Mining
Metals & Mining
Metals & Mining
Director, Energy & Resources
Danilo Lange
CEO
Katerina Popova
Head of PR&IR
Peter Daresbury
Chairman
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | 33.9 | 41.7 | (7.3) |
| Relative | 40.5 | 38.5 | 2.9 |
| 52 week high/low | SEK2.1/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$806/oz in FY21 to result in an approximate 3x increase in EBITDA and a c 2x increase in operational cash flows. The company has repaid all of its high cost debt and is in the process of completing a definitive feasibility study on Kara-Beldyr. Combined, the two mines have the capacity to achieve management’s goal of c 3t (96.5koz) of gold output per annum from FY26. Drilling is also underway at Solcocon.
| Y/E Dec | Revenue (US$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 | 1.3 | 0.6 |
| 2021A | 47.7 | 23.1 | 11.6 | 10.2 | 1.7 | 0.9 |
| 2022E | 55.6 | 35.2 | 23.8 | 11.4 | 1.5 | 0.8 |
| 2023E | 51.5 | 32.6 | 28.4 | 14.6 | 1.2 | 0.8 |
