Analyst Kevin O’Halloran of BMO Capital maintained a Buy rating on Aya Gold & Silver, boosting the price target to C$22.00.
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Kevin O’Halloran has given his Buy rating due to a combination of factors including Aya Gold & Silver’s impressive operational performance at the Zgounder mine. The company reported record silver production in the third quarter, with output aligning closely with forecasts and an increase in mill throughput that surpassed expectations. This operational efficiency is further highlighted by the plant’s ability to operate significantly above its nameplate capacity, suggesting potential for continued strong performance.
Moreover, the record silver recovery rates achieved in the quarter and the improvements in underground mining operations contribute to a positive outlook. Despite some challenges with silver grade, the overall production levels are on track to meet the lower end of the annual guidance. The anticipated expansion of the Zgounder mine is expected to significantly boost silver production starting in 2025, reinforcing the Buy rating as the company continues to advance its resource growth and operational capabilities.
In another report released on October 10, CIBC also maintained a Buy rating on the stock with a C$25.00 price target.
Based on the recent corporate insider activity of 21 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of AYA in relation to earlier this year.