Aya Gold & Silver falls after Blue Orca discloses short position

Aya Gold & Silver (Quebec)

25/09/2025 16:58

** Shares of miner Aya Gold & Silver AYA.TO fall 14.5% to C$13

** Blue Orca Capital says it is short AYA alleging the company overstated silver resources at Zgounder, its only producing asset, by about 50+ million "phantom" ounces

** "This explains why grades are plummeting, production has been dire, and cash flows are anemic despite soaring silver prices" - Blue Orca

** Adds it has found multiple smoking guns which indicate that AYA did not "discover" these ounces by extending the resource as it claims

** "Ultimately, we think Aya looks a lot like the penny stock it was before it miraculously discovered the suspicious new silver that never seems to materialize" - Blue Orca

** AYA did not immediately respond to Reuters' request for comment

** Including session's move, stock up 21.8% YTD

 (Reporting by Pranav Mathur in Bengaluru)

 ((Pranav.Mathur@thomsonreuters.com;))