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Central Asia Gold: Redeye - Weaker balance sheet but growth intact in Auriant Mining

Auriant reported a higher than expected revenue but with an increased
cost of sales which dampened the EBITDA for the period. The balance
sheet is weaker due to a write down of inventories with a very low
equity on a consolidated level.

The Ukrainian crisis has most likely increased the demanded risk
premium for companies operating in Russia thus reducing the stock
prices; Auriant will have some cushion if the gold price increases
and the ruble weakens. The underlying operational business should not
be affected much by the Ukrainian crisis and the company has
reiterated their growth targets.

If Auriant lives up to their growth targets and the gold prices stay
on a healthy level we see a great possibility of Auriant becoming a
profitable mining company. In our Base-case we see a motivated value
of 10.7 SEK per share.

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