Timmins vs Argonaught It makes no sense for Argonaught to be valued at $1 Billion, and for Timmins to be valued at nearly 1/3rd!
I do not see how there can be so much difference in the two companies which receive the same coverage.
Timmins has been slated in the past for being low grade ... But wait ... AR's main asset is almost half the grade of San Francisco!
Timmins has been slated for not having enough resource .. AR has more (approximately double) ... However, half of AR's are locked up in development projects. The Gold aint coming out the ground any time soon at San Antonio. Everything we need is at San Francisco.
Production - Both still expanding, but give or take, probably similar production trajectory and costs moving forward. However, Timmins has lower execution risk (increased expansion due to increased tonnage through plant).
Conclusion - AR's resource is double that of TMM. This does not justify a 1/3rd valuation. If TMM were trading at $1 billion, it would look expensive at current metal prices, but nothing out of the ordinary.