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Auriant Mining (AUR)

Business description

Auriant is a Swedish gold company, focusing on exploration and production in Russia. It 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.SEK266.4m
Last closeSEK2.70
High / Low (52 weeks)SEK3.0 / SEK1.9
Stock market listingOMX
Forecast net debt (US$m)71.8
Forecast gearing ratio (%)312
TeamResources - Mining

Price performance

Relative *(8.4)21.227.8

* % Relative to local index

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Investment summary

After five years of gold production via 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 anticipated to improve metallurgical recoveries by c 31% and halve total cash costs to c US$523/oz from July 2019. Simulataneously, 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 (cf 809.5kg in FY17 and 423.4kg in FY18).

Last updated on 01/02/2019

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 0.8 0.3
2017A 33.5 8.8 (3.1) (5.8) N/A 1.1
2018E 18.3 (2.6) (11.2) (11.1) N/A 14.0
2019E 45.1 19.7 9.7 7.6 4.0 2.2

Last updated on 29/01/2019

Latest research

Tardan CIL >60% complete

Update | Mining | 19/12/2018

All aboard the Auriant Express

Initiation | Mining | 06/03/2018

Latest video

Bitesize briefing - Auriant Mining

Industry outlook

Auriant raised US$7.1m via the exercise of warrants in March. On the basis that management raises an additional US$13.8m in cash via equity at a price of SEK2.14/share, we estimate that Auriant is capable of generating average cash flows of US$37.3m pa, average earnings of US$31.2m and average EPS of 20.0 cents in the period FY25-33. Discounted at 10% pa, we value the resulting stream of dividends to shareholders at US$0.82/sh. FY19 forecasts are under review.

Last updated on 01/02/2019

Key management

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

Company address

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