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About Avino Silver & Gold Mines Ltd. (ASM)
Avino Silver & Gold Mines Ltd. is a Canadian-based mining company engaged in the acquisition, exploration, development, and production of mineral properties. With a legacy spanning over five decades, Avino has established itself as a significant player in the precious metals mining industry. The company's primary focus is on silver, gold, and copper, which are extracted from its flagship Avino Mine located near Durango, Mexico, and other strategic properties.
Core Operations and Properties
Avino Mine: The Avino Mine is the cornerstone of the company's operations, situated within a district-scale land package in Durango, Mexico. This fully operational mine is supported by a modern 2,500 tpd (tonnes per day) mill and processing facility. The mine produces unhedged silver, gold, and copper, allowing the company to benefit directly from favorable commodity price movements.
La Preciosa: Acquired in 2022, La Preciosa is one of the largest undeveloped primary silver resources in Mexico. Located just 19 kilometers from the Avino Mine, this property significantly enhances the company's resource inventory, contributing to its long-term growth strategy. In 2025, Avino commenced underground development at La Preciosa, marking a pivotal step in its five-year growth plan.
Other Assets: In addition to its Mexican properties, Avino owns mineral claims in British Columbia, Canada, including the Minto and Olympic-Kelvin properties, which further diversify its asset portfolio.
Business Model and Revenue Streams
Avino generates revenue through the extraction, processing, and sale of precious metals. The company's unhedged production strategy enables it to capitalize on rising commodity prices, while its district-scale land package provides opportunities for resource expansion and operational synergies. The integration of La Preciosa is expected to triple production output, reinforcing Avino's position in the global silver market.
Commitment to Sustainability
Avino is deeply committed to sustainable mining practices. Its dry-stack tailings facility, operational since 2023, minimizes environmental impact by reducing water usage and enhancing tailings management. The company also engages with local communities through initiatives aimed at education, job creation, and economic development, earning it the ESR Designation for corporate social responsibility.
Market Position and Industry Significance
Operating in a highly competitive industry, Avino differentiates itself through its long-standing history, strategic acquisitions, and focus on operational efficiency. The company's resource base, totaling 371 million silver equivalent ounces as per NI 43-101 standards, positions it as a key player in the silver mining sector. With a robust growth plan and a strong balance sheet, Avino is well-equipped to navigate market challenges and capitalize on opportunities in the evolving precious metals market.
Avino Silver & Gold Mines has outlined its 2025 outlook and highlighted key achievements from 2024. The company plans to process 700,000-750,000 tonnes through its mill in 2025, targeting 2.5-2.8 million silver equivalent ounces production. With approximately $26 million in cash and zero debt at 2024 year-end, Avino has allocated a total capital budget of $13-18 million for 2025.
Key 2024 achievements include: record revenues in Q2 and Q3, a 32% increase in Q4 silver equivalent production to 735,557 ounces, and a 76% increase in Q4 gold production. The company completed a Pre-Feasibility Study for the Oxide Tailings Project showing an after-tax NPV5% of $61 million and secured a long-term land-use agreement for La Preciosa, where underground development has commenced.
The company's 2025 growth initiatives focus on La Preciosa development, exploration of the Avino Vein, and mill upgrades. Health and safety performance improved with a 32% reduction in Lost Time Incident Frequency Rate.
Avino Silver & Gold Mines reported strong Q4 and full-year 2024 production results. Q4 production reached 735,557 silver equivalent ounces, up 32% from Q4 2023, while full-year production totaled 2.65 million silver equivalent ounces, a 10% increase from 2023.
Key Q4 achievements include: record mill throughput of 181,733 tonnes (26% increase), gold production of 2,560 ounces (76% increase), and improved operational metrics. The company ended 2024 with approximately $26 million in cash and remains debt-free. Health and safety performance showed significant improvement, with a 32% reduction in Lost Time Incident Frequency Rate.
The company met its production estimate range of 2.5-2.8 million silver equivalent ounces, driven by improved copper and silver grades, better copper recoveries, and higher mill feed compared to 2023. Underground development work at La Preciosa has commenced following permit approvals.
Avino Silver & Gold Mines has commenced underground development at its wholly-owned La Preciosa Property in Mexico after receiving all required mining permits. The company is advancing a 350-metre mine access and haulage decline to intercept the high-grade La Gloria and Abundancia veins. The first phase of development is budgeted at under $5M, funded from cash reserves.
The company reports approximately $26 million in cash at the end of 2024 and remains debt-free except for operating equipment leases. La Preciosa, one of Mexico's largest undeveloped silver deposits, features higher silver grades than currently being mined at Avino. The project is expected to generate local economic growth through direct and indirect employment opportunities.
Avino Silver & Gold Mines reports strong Q3 2024 financial results with revenues of $14.6 million, up 19% from Q3 2023. The company achieved a gross profit of $5.7 million and net income of $1.2 million. Production increased 13% to 670,887 silver equivalent ounces, with improved operating costs showing a 12% decrease in cash costs to $14.94 per silver equivalent payable ounce. The company maintains strong liquidity with $7.7 million in cash and $15.8 million in working capital. Notable improvements include a 55% increase in copper production and 19% increase in silver production compared to Q3 2023.
Avino Silver & Gold Mines reports a strong Q3 2024 production, with silver equivalent production increasing 13% to 670,887 oz compared to Q3 2023. Key highlights include:
- Silver production up 19% to 281,831 oz
- Copper production up 55% to 1.8 million lbs
- Gold production decreased to 1,625 oz
- Mill throughput increased by 1% to 156,512 tonnes
The company remains on track with its targeted full-year production of 2.5M to 2.8M silver equivalent ounces. Avino is also in the final stages of approval for underground development at La Preciosa, an integral part of its 5-year growth plan. The Q3 2024 financial results will be released on November 12, 2024, followed by a conference call on November 13, 2024.
Avino Silver & Gold Mines (ASM) reported record quarterly revenues of $14.8 million in Q2 2024, a 60% increase from Q2 2023. The company achieved a gross profit of $4.7 million and net income of $1.2 million ($0.01 per share). Key financial highlights include:
- Adjusted earnings of $4.3 million ($0.03 per share)
- EBITDA of $3.4 million
- Cash costs of $16.29 per silver equivalent payable ounce sold
- All-in sustaining cash costs of $22.74 per silver equivalent payable ounce sold
The company processed 10,000 tonnes from La Preciosa surface stockpiles, contributing to a 26% increase in silver ounces produced. Avino remains on track with its targeted full-year production of 2.5M to 2.8M silver equivalent ounces.
Avino Silver & Gold Mines (ASM) reported Q2 2024 production of 616,571 silver equivalent ounces, a 5% increase from Q2 2023. Silver production rose 26% to 292,946 oz, while copper production decreased 10% to 1.3 million lbs. Gold production remained flat at 1,514 oz. The company processed 9,951 tonnes from La Preciosa surface stockpiles, contributing to increased silver production. Avino remains on track for its 2024 production target of 2.5M to 2.8M silver equivalent ounces. The company awaits environmental permits for La Preciosa, a key component of its 5-year growth plan. Q2 2024 financial results will be released on August 13, 2024, followed by a conference call on August 14.
Avino Silver & Gold Mines reported the results of its 2024 Annual General Meeting held on May 30, 2024. All proposed resolutions were passed, with 46,123,595 common shares representing 34.71% of the total shares voted. Key resolutions included setting the number of Directors at four, electing Ronald Andrews, Peter Bojtos, Carolina Ordoñez, and David Wolfin to the Board, and appointing Deloitte LLP as auditors. The 2024 10% Rolling Stock Option Plan and Unallocated Entitlements under the 2018 Restricted Share Unit Plan were also approved. Additionally, Jasman Yee retired from the Board after 13 years, ending a 22-year tenure with the company.
Avino Silver & Gold Mines (ASM) has issued a reminder to shareholders to vote ahead of the 2024 Annual General Meeting (AGM), scheduled for May 30, 2024, at 10:00 AM PT.
Shareholders are urged to cast their votes by May 28, 2024, at 10:00 AM PT. The Board advises voting in favor of all proposed resolutions. Voting can be done online or by phone using the instructions provided in the Form of Proxy or Voting Instruction Form.
Shareholders needing assistance can contact Laurel Hill Advisory Group, the proxy solicitation agent, through provided contact details.
Avino Silver & Gold Mines reported $12.4 million in revenues in Q1 2024, with a gross profit of $2.3 million. The net income was $0.6 million, and EBITDA was $1.7 million. Cash costs per silver equivalent payable ounce sold were $14.89, with all-in sustaining cash costs at $20.23. The company showed improvements in unit costs and margins compared to 2023, with positive net income and cash flow generation. Avino remains committed to advancing La Preciosa and achieving growth targets. The company has a strong financial position and a strategic growth plan for the future.
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