Auriant Mining reported lower than expected EBITDA at SEKm -30 vs our estimate of SEKm 1. However, production outlook for the full year is confirmed and despite a lower gold price we should see a positive EBITDA in the second half of 2013. The company’s most important production unit, Tardan, is ramping up as expected and we anticipate continued production growth and profitability going forward. Solcocon has been underperforming but renovations are now completed. Auriant Mining is expecting to mitigate the negative impact with stronger than expected alluvial production. We have only made minor changes to our production estimates (lowered production for Solcocon) and we look for 1 037 kg for the full year, in line with management guidance. All in all, we reiterate a positive outlook for the Auriant-share which has lagged peers in the recent gold-sector rally. Our fair value is SEK 22 per share.