Aya Gold & Silver Posts Record Silver Production
Aya Gold & Silver (TSE: AYA), a Quebec-based mining company, reported strong operating results for 2021. Aya is the only pure silver mining company listed on the Toronto Stock Exchange.
The miner had record production of 1.6 million ounces at its silver mine Zgounder in the Kingdom of Morocco. This represents a 120% increase in production year-over-year. Silver production totaled 433,742 ounces in Q4 2021, a 6% increase over Q4 2020.
Outlook
Aya's outlook for 2022 outlines continued growth in silver production, coupled with an acceleration of its ESG reporting and metrics for 2022 as part of the company's transformation and growth plan. Aya forecasts silver production between 1.65 and 1.80 million ounces in 2022, up 8% from 2021.
An initial $14-million exploration program has been set for 2022, more than double the exploration budget set last year.
The 2021 financial and operational results will be published before the opening bell on March 30, 2022.
CEO Commentary
Aya president and CEO Benoit La Salle said, "2021 was a record-breaking year for the Corporation, exceeding 2021 guidance for production, mining and plant throughput. With a solid foundation set in 2021, this year's guidance is catalyst-packed as we deploy our long-term growth strategy and speaks to the strong execution and ongoing measures taken by our team to improve efficiencies and ensure its sustainable development. We expect to continue to demonstrate Zgounder's potential with our 2022 drilling program and a robust expansion feasibility study that will provide a clear path to becoming a multimillion-ounce silver producer."
Wall Street’s Take
On January 7, National Bank Financial analyst Don DeMarco kept a Buy rating on AYA and raised its price target to C$13.50 (from C$13). This implies 47.4% upside potential.
Overall, consensus among Wall Street analysts is that AYA is a Moderate Buy based on two Buys. The average Aya Gold & Silver price target of C$13.13 implies upside potential of 43.3% to current levels.
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