JAGGF - Jaguar Mining: Valuation Becoming An Issue

• Jaguar Mining was one of the top-performing gold miners last year, up over 320% in 2020.
• The company has seen a significant improvement in operations over the past year, returning to positive free-cash-flow and enjoying significantly higher margins.
• However, while Jaguar's operations have improved considerably, a 550% rally off its March lows has now pushed the stock to a lofty valuation.
• While this valuation doesn't preclude further upside, I see much better opportunities elsewhere in the sector with Jaguar trading at a valuation typically reserved for million-ounce producers.

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