AUMN - Golden Minerals: High Risk High Reward

• Golden Minerals is down 15% from its year-to-date highs and is getting set to produce its first gold from its Rodeo Project in FY2021.
• While the company is expected to be a very small-scale producer with just 14,000~ gold-equivalent ounces produced in FY2021, the valuation is quite reasonable below $0.50.
• This is because Golden Minerals is expected to generate over $20 million in revenue and is valued at less than $70 million after cash.
• While I believe there is much better value elsewhere in the sector among junior producers with better track records, the stock is a name worth keeping an eye on.

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