Morocco’s Zgounder silver mine delivered better-than-expected results in May, achieving an 88% metallurgical recovery rate while processing ore at above-projected volumes, operator Aya Gold & Silver reported on Wednesday.
The Canadian miner attributes the strong performance to its expanded open-pit operations and enhanced crushing capabilities, which have accelerated production ramp-up.
As one of Africa’s few producing high-grade silver deposits, Zgounder benefits from its strategic location along the mineral-rich South Atlas Fault.
“Our operations continue to outperform across the board while we continue to improve grade dilution and sequencing,” Benoit La Salle, President and CEO of Aya Gold & Silver, said.
While operational metrics shine, market analysts express mixed views on Aya’s Toronto-listed stock (AYA). Some maintain a CAD 23 (16,74 USD) price target with buy recommendations, citing favorable technical signals, while others caution about valuation concerns. The pure-play silver miner currently holds a CAD 1.82 (1.32 USD) billion market capitalization with an average daily trading volume of 1.16 million shares.
The mine’s performance comes as global silver demand grows, particularly for renewable energy and electronics applications. Zgounder remains the only silver-focused mine operated by a Canadian-listed company exclusively dedicated to the precious metal, giving it a unique positioning in the market.
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