ANXGF - Anaconda Mining: Digging Into The Q2 Results

• Anaconda Mining released its Q2 results last week, reporting quarterly gold production of ~3,200 ounces, with an average realized gold price for its sales of $1,789/oz.
• While production was down 12% year-over-year, we did see an improvement sequentially, and the company expects to see better H2 production and sales with improved access to higher-grade ore.
• At a current market cap of ~$115 million as a ~20,000-ounce producer, Anaconda may appear expensive, but the true value in the company lies in its development-stage Goldboro Project.
• I continue to see Anaconda as a solid buy-the-dip candidate despite the underwhelming Q2 results, with a fair value closer to US$1.00.

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