Auriant Mining’s Q1’13 report was in line with expectations. Low production was anticipated due to seasonality but the next quarters should present a significant growth and positive EBITDA-result. From the end of Q2’13 a new heap leach pad has been commissioned at Tardan and renovations at Solcocon are near completion which strengthens the outlook for production growth ahead. Redeye is expecting an increase of 78 percent for 2013 and another 44 percent in 2014. Looking further ahead, Auriant is increasing its focus on reserve growth through exploration and in the longer term also through acquisitions. This could transform Auriant Mining from a small junior to a mid-tier junior in the coming years. With strong growth prospects and a fair value of SEK 25 per share we see a great potential in the Auriant share.