AUMN - Golden Minerals: Valuation Improving After The Drop

• Golden Minerals released its preliminary Q3 results this week, reporting quarterly production of ~4,900 gold-equivalent ounces, a 38% increase on a sequential basis.
• This has set the company up to potentially beat its guidance mid-point of ~13,400 GEOs in FY2021, as Golden currently tracks at ~10,100 GEOs.
• At a fully diluted market cap of ~$85 million Golden Minerals is very reasonably valued, trading at well below 1.0x P/NAV, with no value assigned for the SM/EQ projects.
• Having said that, with other producers in the smaller-cap space also offering growth, like Karora Resources, I have no plans to start a position here.

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