JAGGF - Jaguar Mining: Patience Required

• Jaguar Mining released its Q4 and FY2021 results last week, reporting annual production of ~83,900 ounces at all-in sustaining costs of $1,215/oz.
• While the company did finish the year on a better note with higher production, production declined 8% year-over-year and costs soared 16% due to fewer ounces sold and inflationary pressures.
• Unfortunately, while production will increase in 2022, costs are expected to remain elevated, making Jaguar a relatively high-cost Tier-2 jurisdiction producer in 2022/2023.
• At a ~10% free cash flow yield following a massive correction in the stock, Jaguar is no longer expensive, but I still don't see enough margin of safety at US$3.50 per share.

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