SMI stock stood at MAD 6,180 after a 50.73 percent YTD rise

SMI stock stood at MAD 6,180 on the Casablanca Stock Exchange on October 5, 2026, with a 50.73 percent gain since the start of the year. The latest market figure follows a sharp improvement in the Moroccan silver miner's first-half operating results.

Silver prices offset lower output

According to Le Nouvelliste on September 25, 2026, revenue reached MAD 852 million in the first half of 2026, up 36 percent from MAD 628 million a year earlier. The increase came as the selling price of silver rose 120 percent, offsetting a 35 percent decline in production.

The operating figures also moved higher. EBITDA reached MAD 526 million, compared with MAD 302 million in the first half of 2025, lifting the EBITDA margin to 62 percent from 48 percent.

Profit rises despite maintenance

SMI's operating income more than doubled to MAD 392 million from MAD 187 million in the year-ago period, while financial income turned positive at MAD 14 million after a MAD 19 million loss. The figures reflect the benefit of stronger silver pricing during a period that included scheduled maintenance at the Imiter mine.

According to Le Nouvelliste on September 25, 2026, net income reached MAD 243 million, up from MAD 108 million in the first half of 2025. The increase of MAD 136 million came despite higher income taxes, showing how strongly the metal price supported earnings.

SMI stock keeps a wide yearly spread

SMI's October 5, 2026 session covered MAD 6,020 to MAD 6,199, with 588 shares traded. The 52-week range stood at MAD 2,453 to MAD 7,680, placing the stock below its yearly high while its market capitalization reached MAD 10.2 billion.

SMI also plans to expand production capacity at Imiter and advance the Imiter Centre and Igoudrane projects, linking the recent earnings improvement to a longer-term development program.