Aya Gold & Silver: Solid Zgounder Execution, Boumadine Growth Pipeline, and U.S. Listing Support Buy Rating and Higher Target Price

In a report released yesterday, Kevin O’Halloran from BMO Capital maintained a Buy rating on Aya Gold & Silver, with a price target of C$33.00.

Kevin O’Halloran has given his Buy rating due to a combination of factors that highlight Aya Gold & Silver’s growing production profile and asset quality. He views the 2026 production outlook at Zgounder as solid and broadly in line with expectations, with planned silver output and unit costs closely matching his prior forecasts, while additional silver-equivalent ounces from Boumadine stockpile processing are set to lift total company volumes at attractive costs. He also notes that management is committed to optimizing Zgounder through meaningful sustaining capital, targeting higher and more consistent plant throughput, which should support operating efficiency and margins. Reflecting these operational drivers and a constructive silver price backdrop, he has increased his target price to $33, implying further upside from current levels.

Kevin O’Halloran also places considerable value on Aya’s growth pipeline, particularly the advancement of Boumadine. The company plans extensive drilling and feasibility-level work at Boumadine in 2026 to upgrade and expand resources, alongside a sizable exploration budget that covers both near-mine and regional targets at Zgounder and Boumadine. He expects a resource update for Boumadine in the second half of 2026, which could further underpin the company’s long-term growth and re-rating potential. In addition, the planned U.S. listing is seen as a strategic step to deepen the investor base and improve liquidity, providing another catalyst that supports his Buy recommendation.

In another report released on January 26, Scotiabank also maintained a Buy rating on the stock with a C$29.00 price target.

Based on the recent corporate insider activity of 38 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AYA in relation to earlier this year.