Auriant Mining

Auriant Mining (OMX: AUR)

Currency in SEK

Last close As at 22/09/2023

SEK0.96

▲ −0.18 (−15.79%)

Market capitalisation

SEK94m

Overview
Price performance
Financials
Research
Thematics

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).

Tardan’s operational performance in Q223 demonstrated a marked improvement over Q1 (especially in terms of grades mined and processed) and put Auriant on track to meet guidance of 630–670kg gold in FY23 at the same time that the rouble is devaluing. In our last formal valuation of Auriant in December 2021, we valued the company at US$1.45/share (SEK13.27/share).

Latest Insights

Metals & Mining |
Update

16.12.21

Auriant Mining — More than meets the eye

Metals & Mining |
Update

14.09.21

Auriant Mining — Sales policy disguises extent of improvements

Metals & Mining |
Update

11.06.21

Auriant Mining — Fifth successive quarter of success

Metals & Mining |
Update

17.03.21

Auriant Mining — Making a virtue of dependability

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Sector

Metals & Mining

Equity Analyst

Lord Ashbourne

Director, Energy & Resources

Key Management

Danilo Lange

CEO
Katerina Popova

Head of PR&IR
Peter Daresbury

Chairman

Balance Sheet

Forecast net debt (US$m)

49.3

Forecast gearing ratio (%)

4448

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(16.9)	(30.9)	(34.9)
Relative	(18.3)	(28.7)	(41.4)
52 week high/low	SEK2.1/SEK1.0

Financials

Auriant’s Tardan CIL has plant increased metallurgical recoveries by c 40pp and reduced cash costs to c US$800/oz to result in an approximate 3x increase in EBITDA and c 2x increase in operational cash flows in FY21 before 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.