ARNGF - Argonaut Gold: Excessive Selling On Missed Guidance Now Offers A Very Attractive Valuation
Investment Thesis
Argonaut Gold (ARNGF) missed the initial production and cost guidance from Q4 2018 and most of the guidance which was revised a couple of times during the year as the below figures illustrates. The stock has consequently been punished, excessively in my view.
Management is rightly questioned when this happens, but the stock price has gone down to levels where I think the downside is very limited for the patient investor.
Figure 1 & 2 - Source: Q4 2018 Presentation & Q3 2019 Presentation
The company produced 186,615 gold equivalent ounces