Auriant Mining (AUR) Q2 2024 earnings summary

Executive summary

• Revenue rose 7% year-over-year to $18.8 million, driven by higher gold prices despite lower sales volume.

• Net loss after tax narrowed to $1.4 million from $10.8 million in H1 2023, reflecting improved margins and lower financial expenses.

• EBITDA increased 73% to $3.1 million, with margin improving to 16% from 10% year-over-year.

• Gold production was 218.4 kg (7,022 oz), down 32% year-over-year, with hard rock output falling 39% and alluvial output rising 755%.

• Operating cash flow declined to $0.5 million from $2.5 million, mainly due to higher cash costs and lower production.

Financial highlights

• Gold sales totaled 270.1 kg (8,685 oz), down 4% year-over-year.

• Average realized gold price increased 11.5% to $2,161/oz.

• Cost of sales decreased 5% to $14.8 million, but cash operating expenses rose 17% to $14.6 million.

• Financial expenses dropped to $0.4 million from $2.7 million, mainly due to a bond interest grace period.

• Net debt stood at $51.7 million as of June 30, 2024, nearly flat from year-end.

Outlook and guidance

• Operating and financial targets for 2024 remain unchanged despite geopolitical and market challenges.

• Working capital loan of $1.9 million is expected to be fully repaid in H2 2024.