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Auriant Mining (AUR)

Business description

Auriant is a Swedish junior gold mining company, focused on gold exploration and production in Russia. The company has two producing mines (Tardan in Tyva and Solcocon in Zabaikalsky), one advanced exploration property (Kara-Beldyr in Tyva) and one early stage exploration property (Uzhunzhul in Khakassia).

Stock data

Market cap.SEK229.9m
Last closeSEK2.33
High / Low (52 weeks)SEK3.6 / SEK1.9
Stock market listingOMX
Forecast net debt (US$m)58.5
Forecast gearing ratio (%)596
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual2.222.0(32.1)
Relative *2.019.9(31.1)

* % Relative to local index

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Investment summary

After five years of gold production via both gravitational and heap leach recovery methods, Auriant’s Tardan plant is now being remodelled to a single carbon-in-leach (CIL) process flow route, which is expected to improve metallurgical recoveries by c 31% and halve total cash costs to c US$523/oz. At the same time, Auriant is also completing a DFS on Kara-Beldyr. Combined, the two are expected to achieve management’s goal of 3t (or 96,453oz) of gold output per year from FY22 (vs 809.5kg, or 26,049oz, in FY17).

Last updated on 27/04/2018

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2016A 43.4 22.0 7.8 36.4 0.7 0.2
2017A 33.5 8.8 (3.1) (5.8) N/A 1.0
2018E 20.3 2.9 (7.3) (5.6) N/A 3.0
2019E 40.4 20.0 11.1 6.6 4.0 2.8

Last updated on 23/04/2018

Latest research

All aboard the Auriant Express

Initiation | Mining | 06/03/2018

Latest video

Bitesize briefing - Auriant Mining

Industry outlook

Auriant raised US$7.1m by the exercise of warrants in March. On the basis that management raises an additional US$10.1m in cash via equity between now and FY18/early FY19 at the current share price of SEK2.47, we estimate that Auriant is capable of generating average cash flows of US$38.6m pa, average earnings of US$31.5m and average EPS of 18.1 US cents in the period FY22-33. Discounted at 10% pa, we value the resulting stream of dividends at US$0.82/share.

Last updated on 27/04/2018

Key management

Peter Daresbury , Chairman
Sergey Ustimenko, CEO
Katerina Popova, Head of PR&IR

Company address

29 Vereyskaya str bld 154
Moscow
121357
Russian Federation
+7 495 660 22 20
View website