2023-04-09 04:44:56 ET
Summary
- Marathon Gold has been one of the worst-performing gold miners over the past 18 months, down nearly 75% from its highs and in negative territory year-to-date.
- I attribute the continued underperformance to persistent negative sentiment surrounding the stock following considerable share dilution, and worries about capex blowouts at greenfields projects.
- However, Marathon's 2022 TR captured much of the inflationary pressures since 2020, and while we can't rule out share dilution entirely, I expect it to be minimal going forward.
- So, with the stock massively underperforming its peer group and trading at its most attractive levels in years, I see the stock as a steal below US$0.64 per share.
For further details see:
Marathon Gold: Back On The Sale Rack, 2 Potential Catalysts (Rating Upgrade)