Avino Achieves Record Financial Performance for 2024; Improvements Across Key Financial Metrics, Treasury at All-Time High
Avino Silver & Gold Mines (ASM) reported record financial performance for Q4 and full-year 2024. Q4 highlights include: revenue up 95% to $24.4M, gross profit increased 308% to $10.5M, and net income rose 804% to $5.1M ($0.03/share).
Full-year 2024 achievements include: record revenue of $66.1M (up 51%), gross profit of $23.2M (up 197%), and net income of $8.1M ($0.06/share). The company reached an all-time high cash balance of $27.3M, up 916%.
Operational performance showed significant improvements with Q4 silver equivalent production reaching 735,557 ounces (up 32% YoY). Full-year production hit 2.65M silver equivalent ounces. Mill throughput increased to 181,733 tonnes in Q4, marking the highest quarterly throughput in company history.
The company commenced underground development at La Preciosa in January 2025 following permit approvals and achieved a 32% reduction in Lost Time Incident Frequency Rate for 2024.
Avino Silver & Gold Mines (ASM) ha riportato risultati finanziari record per il quarto trimestre e per l'intero anno 2024. I punti salienti del Q4 includono: un fatturato aumentato del 95% a $24,4 milioni, un utile lordo aumentato del 308% a $10,5 milioni e un reddito netto aumentato dell'804% a $5,1 milioni ($0,03/azione).
Le realizzazioni dell'intero anno 2024 includono: un fatturato record di $66,1 milioni (in aumento del 51%), un utile lordo di $23,2 milioni (in aumento del 197%) e un reddito netto di $8,1 milioni ($0,06/azione). L'azienda ha raggiunto un saldo di cassa record di $27,3 milioni, in aumento del 916%.
Le performance operative hanno mostrato miglioramenti significativi, con una produzione equivalente di argento nel Q4 che ha raggiunto 735.557 once (in aumento del 32% rispetto all'anno precedente). La produzione totale per l'anno ha toccato 2,65 milioni di once equivalenti d'argento. Il throughput del mulino è aumentato a 181.733 tonnellate nel Q4, segnando il throughput trimestrale più alto nella storia dell'azienda.
L'azienda ha avviato lo sviluppo sotterraneo a La Preciosa a gennaio 2025 dopo aver ottenuto le approvazioni necessarie e ha raggiunto una riduzione del 32% nel tasso di frequenza degli incidenti di tempo perso per il 2024.
Avino Silver & Gold Mines (ASM) reportó un rendimiento financiero récord para el cuarto trimestre y el año completo 2024. Los aspectos destacados del Q4 incluyen: ingresos aumentados en un 95% a $24,4 millones, utilidad bruta aumentada en un 308% a $10,5 millones y el ingreso neto aumentó en un 804% a $5,1 millones ($0,03/acción).
Los logros del año completo 2024 incluyen: ingresos récord de $66,1 millones (aumento del 51%), utilidad bruta de $23,2 millones (aumento del 197%) e ingreso neto de $8,1 millones ($0,06/acción). La compañía alcanzó un saldo de efectivo récord de $27,3 millones, un aumento del 916%.
El rendimiento operativo mostró mejoras significativas con una producción equivalente de plata en el Q4 que alcanzó 735,557 onzas (un aumento del 32% interanual). La producción total del año alcanzó 2,65 millones de onzas equivalentes de plata. El rendimiento del molino aumentó a 181,733 toneladas en el Q4, marcando el rendimiento trimestral más alto en la historia de la empresa.
La compañía inició el desarrollo subterráneo en La Preciosa en enero de 2025 tras la aprobación de permisos y logró una reducción del 32% en la tasa de frecuencia de incidentes de tiempo perdido para 2024.
Avino Silver & Gold Mines (ASM)은 2024년 4분기 및 연간 실적에서 기록적인 성과를 보고했습니다. 4분기 주요 사항으로는: 수익이 95% 증가하여 2440만 달러, 총 이익이 308% 증가하여 1050만 달러, 순이익이 804% 증가하여 510만 달러($0.03/주)가 되었습니다.
2024년 전체 성과로는: 수익이 6610만 달러로 기록을 세웠으며(51% 증가), 총 이익이 2320만 달러(197% 증가), 순이익이 810만 달러($0.06/주)로 증가했습니다. 회사는 2730만 달러의 현금 잔고를 기록하여 916% 증가했습니다.
운영 성과는 4분기 실버 동등 생산량이 735,557온스에 도달하여(전년 대비 32% 증가) 상당한 개선을 보였습니다. 연간 생산량은 265만 실버 동등 온스에 도달했습니다. 밀 처리량은 4분기에 181,733톤으로 증가하여 회사 역사상 가장 높은 분기 처리량을 기록했습니다.
회사는 2025년 1월에 La Preciosa에서 지하 개발을 시작했으며, 허가 승인을 받은 후 2024년의 손실 시간 사고 빈도율을 32% 감소시켰습니다.
Avino Silver & Gold Mines (ASM) a annoncé des performances financières record pour le quatrième trimestre et l'année complète 2024. Les points forts du Q4 incluent : des revenus en hausse de 95 % à 24,4 millions de dollars, un bénéfice brut en hausse de 308 % à 10,5 millions de dollars et un revenu net en hausse de 804 % à 5,1 millions de dollars (0,03 $/action).
Les réalisations de l'année 2024 incluent : des revenus record de 66,1 millions de dollars (en hausse de 51 %), un bénéfice brut de 23,2 millions de dollars (en hausse de 197 %) et un revenu net de 8,1 millions de dollars (0,06 $/action). L'entreprise a atteint un solde de trésorerie record de 27,3 millions de dollars, en hausse de 916 %.
Les performances opérationnelles ont montré des améliorations significatives, avec une production équivalente en argent au Q4 atteignant 735 557 onces (en hausse de 32 % par rapport à l'année précédente). La production totale pour l'année a atteint 2,65 millions d'onces équivalentes en argent. Le débit du moulin a augmenté à 181 733 tonnes au Q4, marquant le débit trimestriel le plus élevé de l'histoire de l'entreprise.
L'entreprise a commencé le développement souterrain à La Preciosa en janvier 2025 après l'approbation des permis et a réalisé une réduction de 32 % du taux de fréquence des incidents de temps perdu pour 2024.
Avino Silver & Gold Mines (ASM) berichtete über eine rekordverdächtige finanzielle Leistung im vierten Quartal und für das gesamte Jahr 2024. Die Highlights des Q4 umfassen: einen Umsatzanstieg von 95% auf 24,4 Millionen Dollar, einen Bruttogewinn von 10,5 Millionen Dollar, was einem Anstieg von 308% entspricht, und einen Nettogewinn von 5,1 Millionen Dollar (0,03 Dollar/Aktie), was einem Anstieg von 804% entspricht.
Die Leistungen für das gesamte Jahr 2024 umfassen: einen Rekordumsatz von 66,1 Millionen Dollar (51% Steigerung), einen Bruttogewinn von 23,2 Millionen Dollar (197% Steigerung) und einen Nettogewinn von 8,1 Millionen Dollar (0,06 Dollar/Aktie). Das Unternehmen erreichte einen Rekordstand an liquiden Mitteln von 27,3 Millionen Dollar, was einem Anstieg von 916% entspricht.
Betriebliche Leistung zeigte signifikante Verbesserungen, wobei die Produktion von Silberäquivalenten im Q4 735.557 Unzen erreichte (32% im Jahresvergleich gestiegen). Die Gesamtproduktion für das Jahr betrug 2,65 Millionen Unzen Silberäquivalent. Der Durchsatz der Mühle stieg im Q4 auf 181.733 Tonnen und erreichte damit den höchsten Quartalsdurchsatz in der Unternehmensgeschichte.
Das Unternehmen begann im Januar 2025 mit der unterirdischen Entwicklung in La Preciosa nach Genehmigungsentscheidungen und erzielte eine Reduzierung der Häufigkeit von Arbeitsunfällen um 32% für 2024.
- Record Q4 revenue increase of 95% to $24.4M
- Net income growth of 804% in Q4 to $5.1M
- All-time high cash balance of $27.3M (up 916%)
- Full-year revenue up 51% to $66.1M
- Production increase to 735,557 silver equivalent ounces in Q4 (up 32%)
- Cost reduction: All-in sustaining costs down 14% in Q4
- Debt-free balance sheet
- Cash costs per silver equivalent ounce remain relatively high at $13.88
- Capital expenditures for La Preciosa project deferred to 2025
Insights
Avino's Q4 and full-year 2024 results demonstrate exceptional financial performance across virtually all metrics. The company achieved record quarterly revenue of $24.4 million (up 95% YoY) and annual revenue of $66.1 million (up 51% YoY), driven by both increased production volumes and higher realized metal prices.
The operating leverage in Avino's business model is evident in the disproportionate growth of profitability metrics: quarterly gross profit surged 308% to $10.5 million, while net income rocketed 804% to $5.1 million. For the full year, gross profit jumped 197% and adjusted earnings rose 364% to $21.3 million.
Most impressive is the company's cash generation capability, with quarterly operating cash flow up over 2,000% and annual operating cash flow up 1,400% to $23.1 million. This has resulted in Avino amassing a record cash position of $27.3 million (up 916%), providing substantial financial flexibility for its growth initiatives, particularly the development of La Preciosa.
On the operational front, Avino achieved record mill throughput and a 32% increase in silver equivalent production in Q4, while simultaneously reducing unit costs - with cash costs down 8% and all-in sustaining costs down 14% compared to Q4 2023. These efficiency gains, combined with higher metal prices, have created a powerful financial tailwind for the company.
The combination of operational efficiency improvements, cost discipline, and a favorable price environment has transformed Avino's financial profile, positioning it for sustainable growth with its debt-free balance sheet and record treasury.
What stands out in Avino's operational performance is the simultaneous achievement of increased production volume alongside decreased unit costs - a challenging combination in mining. The 32% increase in Q4 silver equivalent production to 735,557 ounces wasn't merely from higher grades but also from record mill throughput of 181,733 tonnes, suggesting sustainable operational improvements rather than just geological luck.
The 76% increase in Q4 gold production indicates successful optimization of gold-rich zones within their deposit. While silver remains core to their identity, this diversification strengthens their economic profile, particularly given gold's recent strength.
Operationally, the 32% reduction in Lost Time Incident Frequency Rate despite a 47% increase in hours worked reflects meaningful safety culture improvements. Safety performance correlates strongly with operational discipline and typically predicts sustainable production performance.
The commencement of underground development at La Preciosa following permit approvals represents a important milestone in Avino's growth strategy. The project's ability to advance after securing community agreements demonstrates effective stakeholder management - a critical success factor in modern mining.
Looking ahead, Avino's production guidance of 2.5-2.8 million silver equivalent ounces for 2025 suggests management expects to sustain these operational improvements. With their enhanced financial position, they're now better equipped to address typical mining operational challenges like equipment reliability and development needs without compromising production targets. The operational team has established a solid foundation for the company's 5-year growth plan.
VANCOUVER, BC / ACCESS Newswire / March 11, 2025 / Avino Silver & Gold Mines Ltd. (TSX:ASM)(NYSE American:ASM)(FSE:GV6) a long-standing silver producer in Mexico, announces its audited consolidated financial results for the fourth quarter and year ended December 31, 2024. All amounts are in U.S. dollars unless stated otherwise.
Fourth Quarter 2024 Financial Highlights (compared to Q4 2023)
Record Revenues: The Company realized revenues of
$24.4 million , an increase of95% , driven by increased production and higher realized silver and gold prices in the quarter.Record Gross Profit: Gross profit, or mine operating income, was
$10.5 million and represented an increase of308% . The significant improvement was a result of items noted related to revenues, as well as meaningful unit cost reductions and currency movements between the US dollar and Mexican Peso.Record Cash Flow Generation: The Avino Mine delivered cash provided by operating activities of
$15.6 million , up over 2,000% , as well as mine operating cash flows before taxes 3 of$11.9 million , up230% .Record Earnings and Adjusted Earnings : The Company realized net income of
$5.1 million , or$0.03 per share, up804% , and adjusted earnings 3 of$10 million , or$0.07 per share, an increase of405% . Earnings before interest, taxes, depreciation and amortization ("EBITDA") 3 was$9.1 million , up712% Improved Costs per Ounce Metrics: Cash costs per silver equivalent payable ounce sold 1,2,3 was
$13.88 and all-in sustaining cash costs per silver equivalent payable ounce sold 1,2,3 was$18.62 , down8% and14% , respectively.
Full Year 2024 Financial Highlights (compared to FY 2023)
All-Time High in Cash Strength: Cash balance of
$27.3 million , an increase of916% . This represents the highest balance in the Company's history and positions the Company to execute on its organic growth plans.Record Revenues: The Company realized revenues of
$66.1 million , an increase of51% , driven by improved production and sales volumes, as well as higher realized metal prices in 2024Record Gross Profit: Gross profit, or mine operating income, was
$23.2 million and represented an increase of197% .Record Earnings and Adjusted Earnings : The Company realized net income of
$8.1 million , or$0.06 per share, with adjusted earnings 3 up364% at$21.3 million , or$0.15 per share. EBITDA 3 rose significantly and was$18 million , up620% .Improved Costs per Ounce Metrics: Cash costs per silver equivalent payable ounce sold 1,2,3 came in at
$14.84 , down5% and all-in sustaining cash costs per silver equivalent payable ounce sold 1,2,3 was$20.57 , down6% .Record Cash Flow Generation: The Avino Mine delivered cash provided by operating activities of
$23.1 million , up over1400% . Mine operating cash flow before taxes 3 of$27.6 million , an increase of150%
"In the fourth quarter, we delivered record financial performance driven by higher metal prices and increased production from our Avino Mine," said Nathan Harte, Chief Financial Officer. "With records set in revenues and cash flow generation, our operating margins further strengthened our debt-free balance sheet to record highs. On the cost side, our operating costs decreased and further increased margins, allowing record free-cash flow generation. Our focus continues to be on growth and delivering additional value to our shareholders through disciplined and organic growth as outlined in our 5-year plan. With over
"Avino delivered an outstanding performance in 2024, achieving record financial results, strong operational execution, and benefiting from a supportive market environment," said David Wolfin, President and CEO. "The Company posted record revenues and significant growth across key financial metrics, reflecting higher production, cost efficiencies, and strong metal prices.Our record-breaking year would not have been possible without the dedication, expertise, and hard work of our operational teams and employees across the company. Their commitment to excellence, teamwork, and innovation has been instrumental in achieving these milestones. On behalf of our leadership, thank you for your efforts and contributions-your work continues to drive Avino's success. With a solid financial foundation, strong operational performance, and positive market trends, Avino is well-positioned for continued growth and value creation in 2025 and beyond."
Financial Highlights
HIGHLIGHTS (Expressed in 000's of US$) |
| Fourth Quarter 2024 |
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| Fourth Quarter 2023 |
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| Change |
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| Year 2024 |
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| Year 2023 |
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| Change |
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Financial Operating Performance |
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Revenues |
| $ | 24,382 |
|
| $ | 12,530 |
|
|
| 95 | % |
| $ | 66,178 |
|
| $ | 43,889 |
|
|
| 51 | % |
Mine operating income |
| $ | 10,456 |
|
| $ | 2,561 |
|
|
| 308 | % |
| $ | 23,201 |
|
| $ | 7,819 |
|
|
| 197 | % |
Net income |
| $ | 5,092 |
|
| $ | 563 |
|
|
| 804 | % |
| $ | 8,100 |
|
| $ | 542 |
|
|
| 1394 | % |
Earnings before interest, taxes and amortization ("EBITDA") 1 |
| $ | 9,099 |
|
| $ | 1,120 |
|
|
| 712 | % |
| $ | 18,037 |
|
| $ | 2,506 |
|
|
| 620 | % |
Adjusted earnings 1 |
| $ | 9,950 |
|
| $ | 1,972 |
|
|
| 405 | % |
| $ | 21,333 |
|
| $ | 4,601 |
|
|
| 364 | % |
Cash provided by operating activities |
| $ | 15,551 |
|
| $ | 621 |
|
|
| 2404 | % |
| $ | 23,124 |
|
| $ | 1,488 |
|
|
| 1454 | % |
Mine operating cash flow before taxes 1 |
| $ | 11,878 |
|
| $ | 3,597 |
|
|
| 230 | % |
| $ | 27,578 |
|
| $ | 11,017 |
|
|
| 150 | % |
Per Share Amounts |
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Earnings per share - basic |
| $ | 0.04 |
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| $ | 0.00 |
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| 100 | % |
| $ | 0.06 |
|
| $ | 0.00 |
|
|
| 100 | % |
Earnings per share - diluted |
| $ | 0.03 |
|
| $ | 0.00 |
|
|
| 100 | % |
| $ | 0.06 |
|
| $ | 0.00 |
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|
| 100 | % |
Adjusted earnings per share 1 |
| $ | 0.07 |
|
| $ | 0.02 |
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|
| 250 | % |
| $ | 0.15 |
|
| $ | 0.04 |
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|
| 275 | % |
HIGHLIGHTS (Expressed in 000's of US$) |
| December 31, |
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| September 30, |
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| December 31, |
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| December 31, |
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Liquidity & Working Capital |
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Cash |
| $ | 27,317 |
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| $ | 7,767 |
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| 252 | % |
| $ | 27,317 |
|
| $ | 2,688 |
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| 916 | % |
Working capital 1 |
| $ | 25,235 |
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| $ | 15,878 |
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| 59 | % |
| $ | 25,235 |
|
| $ | 9,727 |
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|
| 159 | % |
Operating Highlights and Overview
HIGHLIGHTS (Expressed in US$, unless otherwise noted) |
| Fourth Quarter 2024 |
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| Fourth Quarter 2023 |
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| Change |
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| Year 2024 |
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| Year 2023 |
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Operating |
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TonnesMilled |
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| 181,733 |
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| 143,738 |
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| 26 | % |
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| 648,774 |
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| 615,373 |
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| 5 | % |
Silver Ounces Produced |
|
| 283,794 |
|
|
| 224,723 |
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| 26 | % |
|
| 1,109,214 |
|
|
| 928,643 |
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|
| 19 | % |
Gold Ounces Produced |
|
| 2,560 |
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|
| 1,452 |
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| 76 | % |
|
| 7,477 |
|
|
| 7,335 |
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|
| 2 | % |
Copper Pounds Produced |
|
| 1,773,694 |
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| 1,317,793 |
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| 35 | % |
|
| 6,197,603 |
|
|
| 5,304,808 |
|
|
| 17 | % |
Silver Equivalent Ounces 1 Produced |
|
| 735,557 |
|
|
| 558,460 |
|
|
| 32 | % |
|
| 2,652,498 |
|
|
| 2,415,232 |
|
|
| 10 | % |
Concentrate Sales and Cash Costs |
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Silver Equivalent Payable Ounces Sold 2 |
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| 889,294 |
|
|
| 584,061 |
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| 52 | % |
|
| 2,562,211 |
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|
| 2,086,485 |
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|
| 23 | % |
Cash Cost per Silver Equivalent Payable Ounce 1,2,3 |
| $ | 13.88 |
|
| $ | 15.04 |
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| -8 | % |
| $ | 14.84 |
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| $ | 15.61 |
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| -5 | % |
All-in Sustaining Cash Cost per Silver Equivalent Payable Ounce 1,2,3 |
| $ | 18.62 |
|
| $ | 21.67 |
|
|
| -14 | % |
| $ | 20.57 |
|
| $ | 21.87 |
|
|
| -6 | % |
4th Quarter and Full Year Operating Highlights
Silver Equivalent Production Increases:
Avino produced 735,557 silver equivalent ounces in Q4 2024, representing a
32% increase from Q4 of 2023 and a10% increase compared to the previous quarter. This increase was driven by improved gold grades and increased mill throughput.Full year 2024 production increased significantly due to overall mill performance and availability. With production of 2.65 million silver equivalent ounces, the Company completed the year within our targeted full year production of 2.5 to 2.8 million silver equivalent ounces. Production guidance for 2025 consists of a range of 2.5 million to 2.8 million silver equivalent ounces. Silver equivalent ounces in our production guidance range are calculated using prices of
$30.00 per ounce for silver,$2,600 per ounce for gold, and$4.18 per pound of copper.
Mill Throughput Increases:
The Company processed 181,733 tonnes in Q4 2024, a
26% increase compared to Q4 2023, and the highest throughput quarter in the Company's history. Mill availability and performance is a result of considerable work from our operations team in Durango, allowing for meaningful improvements in operational metrics, as well as improving the Company's cash and working capital positions. In 2024, mill throughput was 648,774 tonnes, a5% overall increase from 2023.
Fourth Quarter Gold Production:
Q4 2024 production of 2,560 gold ounces represented a
76% increase compared to Q4 2023 and was our highest quarter of gold production in 2024. Improved feed grade accounted for the majority of the increase, alongside the mill availability noted above.
La Preciosa
Following the signing of the long-term land use agreement with a local community on January 9th, 2024 , the Company announced on January 15, 2025 that underground development at La Preciosa had commenced following receipt of all required permit for mining operations.
Health and Safety Performance Improvements:
The Company achieved a reduction in Lost Time Incident Frequency Rate ("LTIFR") of
32% for 2024 to 3.39 per 1,000,000 hours worked, while seeing an increase in hours worked by47% at the Avino operations. Reportable lost time incident frequency rates also decreased to 0.07, down over90% from 2023.
2024 Capital Expenditures
Capital expenditures in 2024 were
ESG Initiatives
Avino follows the ESG Standards and the United Nations Sustainable Development goals. There are 17 Sustainable Development Goals (SDGs), which were developed as a call to action by all countries developed and developing in a global partnership.
At Avino, the communities surrounding our operations are at the heart of our success. We remain deeply committed to supporting local citizens, our dedicated personnel, and their families, reinforcing our role as a responsible and engaged partner in the region.
For the third consecutive year, Avino has received the ESR designation which reflects our economic, social and environmental commitment to making a positive impact for our local communities. The distinction is awarded annually by the Mexican Council for Philanthropy (Cemefi) and the Alliance for Corporate Social Responsibility for Mexico (AliaRSE).
Mexican nationals account for
The earnings should be read in conjunction with the Company's Financial Statements and Management's Discussion and Analysis ("MD&A") for the corresponding period, which can be viewed on the Company's website at www.avino.com, or on SEDAR+ at www.sedarplus.ca or on EDGAR at www.sec.gov .
Qualified Person
Peter Latta, P. Eng, MBA, VP Technical Services, Avino, who is a qualified person within the context of National Instrument 43-101 has reviewed and approved the technical data in this news release.
Non-IFRS Measures
The financial results in this news release include references to non-IFRS Accounting Standards measures. These measures are used by the Company to manage and evaluate the operating performance of the Company's mining operations and are widely reported in the silver and gold mining industry as benchmarks for performance, but do not have standardized meanings prescribed by IFRS. For a reconciliation of non-GAAP and GAAP measures, please refer to the "Non-IFRS Accounting Standards Measures" section of the Company's MD&A dated March 11, 2025 for the year ended December 31, 2024, which is incorporated by reference within this news release and is available on SEDAR+ at www.sedarplus.ca .
Conference Call and Webcast
A conference call to discuss the Company's Q4 and Full Year 2024 operational and financial results will be held Wednesday, March 12, 2025, at 8:00 a.m. PDT / 11:00 a.m. EDT. To participate in the conference call or follow the webcast, please see the details below.
Shareholders, analysts, investors, and media are invited to join the webcast and conference call by logging in here Avino Q4/YE 2024 Financial Results or by dialing the following numbers five to ten minutes prior to the start time.
Toll Free: 888-506-0062
International: 973-528-0011
Participant Access Code: 461244
Participants will be greeted by an operator and asked for the access code. If a caller does not have the code, they can reference the company name. Participants will have the opportunity to ask questions during the Q&A portion.
The conference call and webcast will be recorded, and the replay will be available on the Company's website later that day.
About Avino
Avino is a silver producer from its wholly owned Avino Mine near Durango, Mexico. The Company's silver, gold and copper production remains unhedged. The Company intends to maintain long-term sustainable and profitable mining operations to reward shareholders and the community alike through our growth at the historic Avino Property and the strategic acquisition of the adjacent La Preciosa which was finalized in Q1 2022. Avino currently controls mineral resources, as per NI 43-101, with a total mineral content of 371 million silver equivalent ounces, within our district-scale land package. Early in 2024, the pre-feasibility Study on the Oxide Tailings Project was completed. This study is a key milestone in our growth trajectory. As part of Avino's commitment to adopting sustainable practices, we have been operating a dry-stack tailings facility for more than one year now with excellent results. We are committed to managing all business activities in a safe, environmentally responsible, and cost-effective manner, while contributing to the well-being of the communities in which we operate. We encourage you to connect with us on X (formerly Twitter) at @Avino_ASM and on LinkedIn at Avino Silver & Gold Mines . To view the Avino Mine VRIFY tour, please click here .
For Further Information, Please Contact:
Investor Relations
Tel: 604-682-3701
Email: IR@avino.com
This news release contains "forward-looking information" and "forward-looking statements" (together, the "forward looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, including the mineral resource estimate for the Company's Avino Property, including La Preciosa, located near Durango in west-central Mexico (the "Avino Property") with an effective date of November 30, 2022, prepared for the Company, and references to Measured, Indicated, Inferred Resources dated October 16, 2023 as well as the Prefeasibility Study dated January 16, 2024 and references to Measured, Indicated Resources, and Proven and Probable Mineral Reserves referred to in this press release. This information and these statements, referred to herein as "forward-looking statements" are made as of the date of this document. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the estimated amount and grade of mineral reserves and mineral resources, including the cut-off grade; (ii) estimates of the capital costs of constructing mine facilities and bringing a mine into production, of operating the mine, of sustaining capital, of strip ratios and the duration of financing payback periods; (iii) the estimated amount of future production, both ore processed and metal recovered and recovery rates; (iv) estimates of operating costs, life of mine costs, net cash flow, net present value (NPV) and economic returns from an operating mine; and (v) the completion of the full Technical Report, including a Preliminary Economic Assessment, and its timing. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "envisages", "assumes", "intends", "strategy", "goals", "objectives" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. These forward-looking statements are made as of the date of this news release and the dates of technical reports, as applicable. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. While we have based these forward-looking statements on our expectations about future events as at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements.
Cautionary note to U.S. Investors concerning estimates of Mineral Reserves and Mineral Resources
All reserve and resource estimates reported by Avino were estimated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards. The U.S. Securities and Exchange Commission ("SEC") now recognizes estimates of "measured mineral resources," "indicated mineral resources" and "inferred mineral resources" and uses new definitions of "proven mineral reserves" and "probable mineral reserves" that are substantially similar to the corresponding CIM Definition Standards. However, the CIM Definition Standards differ from the requirements applicable to US domestic issuers. US investors are cautioned not to assume that any "measured mineral resources," "indicated mineral resources," or "inferred mineral resources" that the Issuer reports are or will be economically or legally mineable. Further, "inferred mineral resources" are that part of a mineral resource for which quantity and grade are estimated on the basis of limited geologic evidence and sampling. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
Footnotes:
1. In Q4 2024, AgEq was calculated using metal prices of
2. "Silver equivalent payable ounces sold" for the purposes of cash costs and all-in sustaining costs consists of the sum of payable silver ounces, gold ounces and copper tonnes sold, before penalties, treatment charges, and refining charges, multiplied by the ratio of the average spot gold and copper prices to the average spot silver price for the corresponding period.
3. Non-IFRS Accounting Standard measure. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning under IFRS and the calculation methods may differ from methods used by other companies with similar reported measures. See Non-IFRS Accounting Standards Measures section for further information and detailed reconciliations.
SOURCE: Avino Silver & Gold Mines Ltd.
View the original press release on ACCESS Newswire
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