Wet commissioning in progress at Zgounder. Credit: Aya Gold & Silver
Aya Gold & Silver (TSX: AYA) has shot down a short-seller report alleging that the company had overstated the resource and value of its only producing asset. Shares of Aya bounced back after an initial onslaught.
A report by activist short-seller Blue Orca Capital on Thursday claimed that the company had significantly inflated the resource estimate of its Zgounder mine in Morocco to cover up issues such as plummeting grades and underwhelming production.
The Canadian miner later responded with a press release, stating that it “strongly refutes” those allegations, and the report “contains numerous inaccuracies and mischaracterizations, including about Aya’s current management team, operations and resource base.” It adds that Blue Orca’s claims were made “intentionally” to tank the company’s share price and make…
