AYA stock has done well with the sector. Revenue is ramping nicely and it is becoming highly profitable. EPS of $1.26 is expected this year. It still has $119M net cash. Guidance last week was in line with expectations. As a growing producer it looks good to us and priced well. Insiders own 4% but there has been some recent selling. We think it is OK to buy for sector investors. Morocco's mining sector is politically stable compared to Sub-Saharan peers, with no recent coups or violent disruptions noted, though royal family control over phosphates raises governance concerns. Reforms aim to curb illegal mining and conflicts of interest via transparent licensing and penalties, fostering a pro-investment climate. Risks include potential elite influence and incomplete resource disclosure, but active modernization and partnerships signal low overt interference for compliant foreign firms.
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