ARNGF - Argonaut Gold: Valuation Improving After The Drop

• Argonaut Gold is one of the best-performing gold stocks this year, up 1% year-to-date vs. an 18% decline in the Gold Miners Index.
• This solid performance is likely driven by the company's continued exploration success and enviable organic growth profile, with Magino's first gold pour 18 months away.
• After a more than 25% decline in the share price recently, Argonaut now trades at ~0.65x P/NAV, a very reasonable valuation relative to fair value of ~0.80x P/NAV or higher.
• Given the company's improving operations and much stronger investment thesis with Magino in the wings, I would view any pullbacks to US$1.95 as low-risk buying opportunities.

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