EXK has performed quite poorly on a year-to-date basis displaying a decline of -38.7%. Valuation is higher at 32x forward price-to-earnings. Revenues have been displaying nice growth but margins have seen some significant declines since Q3. Balance sheet has a net cash position of $36.2M while also bringing in positive cash from operations in the last-twelve-months. EXK recently launched an at-the-market offering of up to US$60 million of common shares. Net proceeds will be used to fund current projects construction and development, assess and fund potential acquisitions, and continued exploration. Q4 and 2024 are expected to be stronger for EXK with alleviating cost pressures and improved production. If EXK can improve its operational efficiency, the stock could do well as it has a solid balance sheet. It is priced expensive right now so we would want to wait a bit to see is EXK can recognize cost and production improvements in future quarterly results.
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