Auriant Mining (AUR) Q3 2024 earnings summary

Executive summary

• Gold production for 9m 2024 was 365.3 kg (11,746 oz), down 29% year-over-year, with hard rock output falling 35% and alluvial output rising 151%.

• Revenue increased 8% to US$29.1 mln, driven by higher gold prices despite lower sales volume.

• Net loss after tax narrowed to US$-0.7 mln from US$-10.2 mln in 9m 2023.

• EBITDA was US$3.7 mln (down from US$4.7 mln), with margin declining to 13% from 18%.

• The Board announced plans to delist from Nasdaq First North Premier Growth Market, with application expected in January 2025.

Financial highlights

• Gold sales totaled 400.8 kg (12,886 oz), down 9% year-over-year.

• Average realized gold price rose 18% to US$2,263/oz.

• Cost of sales increased 12% to US$24.4 mln; cash operating expenses up 19% to US$22.3 mln.

• Net cash flow from operating activities was US$3.0 mln, down 18% year-over-year.

• Consolidated cash balance at period end was US$0.317 mln.

Outlook and guidance

• Production in 9m 2024 was in line with the mine plan.

• The Board is monitoring the impact of sanctions and evaluating strategic options for sustainability.