Auriant Mining - Tardan CIL at capacity

In general, shortfalls in production and sales resulted in Auriant reporting a modest loss of $0.6m in Q419, relative to our prior expectation of a modest profit. Of much more importance however is the first meaningful production from the newly commissioned Tardan carbon-in-leach (CIL) plant, which produced 95kg of gold in December and 115kg in January, both of which (pro rata) exceed our expectations of 953kg of production for FY20. As a result, we have left our forecasts for the CIL plant in FY20 and beyond unchanged, while our valuation of Auriant has risen with the appreciation in its share price and depreciation of the rouble.

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