Auriant Mining reported better than expected production and financial results in Q3’13. Total production was 594 kg vs estimated 429 kg. EBITDA came in at SEKm 41 vs expected SEKm 7. The strong production and financial results confirm that Auriant is becoming a profitable gold miner. We expect further improvements in 2014 and 2015 with production growth of 36 and 25 percent respectively. While we only have made minor changes to our production estimates, further weakness in the gold price has led to downward adjustments in our 2014 and 2015 estimates. Still, our fair value of SEK 18.4 per share indicates a healthy upside.