JAGGF - Jaguar Mining: A Tough Start To FY2022

• Jaguar Mining released its preliminary Q1 results last week, reporting quarterly production of ~16,600 ounces, its worst quarter for consolidation production in more than two years.
• The lower production was related to rising COVID-19 case counts and flooding which impacted production, and while it has reiterated guidance, it expects to come in at the low end.
• The miss on Q1 production isn't a huge issue, but at the same time as gold sales will lag estimates, it has a new minor headwind, a strengthening Brazil Real.
• At a market cap of ~$274 million, Jaguar is reasonably valued, but I continue to see more attractive ways to play the sector elsewhere.

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