Moroccan Mining Leaders Managem & SMI Face Execution Test After Spectacular Rally

Gold and silver price surges have turned Morocco’s listed miners into the market’s biggest winners in the first half of 2026. Analyst firm M.S.IN now warns that the next hurdle for Managem and SMI will be turning their newly‑commissioned projects into sustainable profit growth. The report highlights a bullish macro backdrop, fast‑rising commodity prices and ambitious expansion plans, but also stresses the need for operational execution to sustain the rally. Managem’s portfolio is diversifying with the Boto gold mine in Senegal and the Tizert copper project in Morocco, while SMI remains a pure‑play silver producer benefitting from rising industrial demand. Both companies posted double‑digit revenue gains in 2025 and early 2026, and analysts forecast continued top‑line growth and higher earnings through 2029.

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