Ann: Corporate Presentation - Strategy Update, page-5

When I bought into AGD August 2020 and was looking for a silver miner/producer on the ASX. I narrowed it down to AGD and KCN.

KCN - has mines in Thailand and Chile, had a higher market cap, neg EPS, and way more debt, and risk issues with Thai Government. So I went with AGD. My thinking at the time was (posted Aug 2020):

Pros
Silver is on a bull run
Gold is on a bull run
It is a smaller miner with a lowish PE (12.1) and market cap ($127m) so room to grow.
The Chairman has a huge stake in it.
Is a producer and makes a profit and paid a recent special dividend of 0.009c
SP chart shows a breakout.
Debt levels are low
Buyer to sellers is 4:1 on Commsec

Cons
Added risk with mines in South America - strikes, political stuff etc.
As a small cap it is illiquid, so a few extra buyers can push share price up and it maybe be hard to sell in a hurry.

11 months later KCN still has neg EPS, no dividend but the SP has moved from 0.61c to 0.87C (up 40%)

Meanwhile my initial purchase in AGD has dropped from 0.225c to 0.135c (down 0.40%), yet asset base has been significantly increased, management team strengthened, continues to make a profit, has low debt levels, and a further dividend of 0.008c paid.

AGD needs to get the message out into the market a lot better. Based on this analysis I have changed my sentiment to a buy.