Aya Gold & Silver falls after Blue Orca discloses short position
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
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