JAGGF - Jaguar Mining: High-Risk High-Reward

• Jaguar Mining released its Q3 results last week and reported a solid quarter with gold production hitting a new 2-year high.
• The combination of higher gold sales and a weaker Brazilian Real relative to the US Dollar has had a significant effect on costs, with costs down more than 25% year-over-year.
• However, the one risk to the investment thesis is Pilar's mine life, and reserve expansion is imperative with barely 4 years of mine life left assuming no reserves are added.
• I see Jaguar Mining as high-risk, high-reward, but it's a name worth keeping an eye on for investors with a competitive yield, and improving margins.

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