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.