Auriant Mining - Fifth successive quarter of success
Auriant’s Q121 results were released within the context of known production and were very much in line with our prior expectations. They were also the fifth successive quarter in which the Tardan CIL plant has operated, to all intents and purposes, exactly to specification. Pre-tax profits for the quarter were within 3.5% of our prior expectation and, although the effective tax rate was higher (see Exhibit 2), the majority (76.7%) of this was in the form of non-cash, deferred taxes. In the wake of these results, we have increased our full-year earnings forecasts by 26.4% (largely reflecting a higher assumed gold price for the remainder of the year) and our EPS forecasts by 50.6% (on the basis that an assumed future equity raising occurs in early FY22 rather than mid-FY21 previously).Auriant Mining is a Swedish junior mining company, focused on gold exploration and production in Russia. Co. has two producing mines, Tardan in the Republic of Tyva, and Solcocon in the Zabaikalsky region. In addition, it has one early stage exploration property - Uzhunzhul in the Republic of Khakassia, and an advanced exploration property - Kara-Beldyr, in the Republic of Tyva.
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