JAGGF - Jaguar Mining: A Much Better Quarter In Q3

• Jaguar Mining released its preliminary Q3 results this week, reporting quarterly gold production of ~22,600 ounces, a 6% decline from the year-ago period.
• However, results improved materially on a sequential basis, with output up 12% from Q2 2021 levels, helped by more manageable levels of absenteeism related to COVID-19.
• Importantly, while operations have been much weaker in FY2021, the company has had tremendous exploration success, with a high likelihood of reserve/resource growth next year.
• At a market cap of ~$275 million, Jaguar looks quite reasonably valued, and I would expect any dips below US$3.15 to present low-risk buying opportunities.

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