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Aya Gold & Silver Maintained at Buy at Stifel Canada After Boumadine Drill Results; Price Target Kept at C$39.00

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Stifel Canada on Thursday maintained its buy rating on the shares of Aya Gold & Silver (AYA.TO) and its C$39.00 price target after the Moroccan miner released drilling results from its Boumadine project in the country.

"Boumadine continues to demonstrate improving scale and grade characteristics, with the strongest grade-thickness intercept drilled at the project to date occurring outside the current pit shell (51.5m @ 890g/t AgEq 70m below pitshell). Results support our view that i) we see upward pressure on PEA metrics expected mid-year (11yr LoM @ 328koz AuEq via $446MM capex), which could right size heightened inventory, and ii) polymetallic potential of Boumadine provides challenges - but also opportunities, in so much as a new mineralized lens announced today has indications of heightened silver endowment (298g/t Ag wt. avg. from today's results, versus M&I at 91g/t Ag). Overall, wt. avg. grade of drilling today was 19% accretive on a AgEq basis to current M&I resources. Trading at 0.65x P/NAV, we see minimal value for Boumadine in AYA (1.0x P/NAV on Zgounder implies 0.22x for Boumadine)," analyst Cole McGill wrote.

(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Price: $23.13, Change: $-0.24, Percent Change: -1.03%

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