Avino Generates Strong Quarterly Revenues in 2024
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 riporta risultati finanziari solidi per il terzo trimestre del 2024 con ricavi di 14,6 milioni di dollari, in aumento del 19% rispetto al terzo trimestre del 2023. L'azienda ha ottenuto un utile lordo di 5,7 milioni di dollari e un reddito netto di 1,2 milioni di dollari. La produzione è aumentata del 13% a 670.887 once equivalente d'argento, con costi operativi migliorati che mostrano una diminuzione del 12% nei costi in contante a 14,94 dollari per oncia equivalente d'argento pagabile. L'azienda mantiene una forte liquidità con 7,7 milioni di dollari in contante e 15,8 milioni di dollari in capitale circolante. Miglioramenti notevoli includono un aumento del 55% nella produzione di rame e un aumento del 19% nella produzione di argento rispetto al terzo trimestre del 2023.
Avino Silver & Gold Mines informa sobre resultados financieros sólidos para el tercer trimestre de 2024, con ingresos de 14,6 millones de dólares, un aumento del 19% en comparación con el tercer trimestre de 2023. La compañía obtuvo una ganancia bruta de 5,7 millones de dólares y un ingreso neto de 1,2 millones de dólares. La producción aumentó un 13% a 670,887 onzas de equivalente plata, con costos operativos mejorados que muestran una disminución del 12% en los costos en efectivo a 14,94 dólares por onza equivalente de plata pagadera. La compañía mantiene una sólida liquidez con 7,7 millones de dólares en efectivo y 15,8 millones de dólares en capital de trabajo. Los notables mejoras incluyen un aumento del 55% en la producción de cobre y un aumento del 19% en la producción de plata en comparación con el tercer trimestre de 2023.
Avino Silver & Gold Mines는 2024년 3분기 재무 실적이 강력하며, 수익이 1460만 달러로 2023년 3분기 대비 19% 증가했다고 보고했습니다. 이 회사는 570만 달러의 총 이익과 120만 달러의 순이익을 달성했습니다. 생산량은 13% 증가하여 670,887 온스의 은 등가물을 기록했으며, 운영 비용 개선으로 현금 비용이 12% 감소하여 은 등가로 지급 가능한 온스당 14.94달러가 되었습니다. 이 회사는 770만 달러의 현금과 1580만 달러의 운전 자본을 보유하고 있어 강력한 유동성을 유지하고 있습니다. 주목할 만한 개선 사항으로는 구리 생산이 55% 증가하고 은 생산이 19% 증가한 점이 있습니다.
Avino Silver & Gold Mines annonce des résultats financiers solides pour le troisième trimestre 2024, avec des revenus de 14,6 millions de dollars, en hausse de 19% par rapport au troisième trimestre 2023. La société a réalisé un bénéfice brut de 5,7 millions de dollars et un revenu net de 1,2 million de dollars. La production a augmenté de 13% pour atteindre 670 887 onces équivalentes en argent, avec des coûts opérationnels améliorés montrant une réduction de 12% des coûts en espèces, s'élevant à 14,94 dollars par once équivalente en argent payable. La société maintient une liquidité solide avec 7,7 millions de dollars en espèces et 15,8 millions de dollars en fonds de roulement. Parmi les améliorations notables, on trouve une augmentation de 55% de la production de cuivre et une hausse de 19% de la production d'argent par rapport au troisième trimestre 2023.
Avino Silver & Gold Mines berichtet über starke finanzielle Ergebnisse für das 3. Quartal 2024 mit einem Umsatz von 14,6 Millionen Dollar, was einem Anstieg von 19% im Vergleich zum 3. Quartal 2023 entspricht. Das Unternehmen erzielte einen Bruttogewinn von 5,7 Millionen Dollar und einen Nettogewinn von 1,2 Millionen Dollar. Die Produktion stieg um 13% auf 670.887 Silberäquivalent-Unzen, wobei die verbesserten Betriebskosten einen Rückgang der Barpreise um 12% auf 14,94 Dollar pro bezahlter Silberäquivalent-Unze zeigen. Das Unternehmen hält eine starke Liquidität mit 7,7 Millionen Dollar in Bar und 15,8 Millionen Dollar im Umlaufvermögen. Zu den bemerkenswerten Verbesserungen gehört ein Anstieg der Kupferproduktion um 55% sowie ein Anstieg der Silberproduktion um 19% im Vergleich zum 3. Quartal 2023.
- Revenue increased 19% YoY to $14.6 million
- Net income improved to $1.2 million from -$0.8 million loss in Q3 2023
- Cash costs decreased 12% to $14.94 per silver equivalent payable ounce
- Production increased 13% to 670,887 silver equivalent ounces
- Cash position strengthened to $7.7 million, up 189% from December 2023
- Copper production increased 55% YoY
- Silver production rose 19% YoY
- Gold production decreased 22% YoY
- Silver equivalent payable ounces sold decreased 3% YoY
Insights
Strong Q3 2024 performance with
Production metrics show operational excellence with 670,887 silver equivalent ounces, driven by improved mill performance. Metal output mix demonstrates operational flexibility:
VANCOUVER, BC / ACCESSWIRE / November 12, 2024 / Avino Silver & Gold Mines Ltd. (TSX:ASM)(NYSE American:ASM)(FSE:GV6) a long-standing silver producer in Mexico, announces its consolidated financial results for the third quarter of 2024, showcasing strong revenues and enhanced cash generation.
Third Quarter 2024 Financial Highlights
Revenues of
$14.6 million , an increase of19% from Q3 2023Gross profit / mine operating income of
$5.7 million Mine operating cash flow before taxes3 of
$6.7 million Net income of
$1.2 million , or$0.01 per shareAdjusted earnings3 of
$5.0 million , or$0.04 per shareEarnings before interest, taxes, depreciation and amortization ("EBITDA")3 of
$3.8 million Cash costs per silver equivalent payable ounce sold1,2,3 of
$14.94 , down12% from Q3 2023All in sustaining cash costs per silver equivalent payable ounce sold1,2,3 of
$22.06 , down3% from Q3 2023
"In the third quarter, we delivered strong revenues driven by higher metal prices and a
"We were pleased to see the continued rally in metal prices during the third quarter" said David Wolfin, President and CEO. "That combined with our strong production results, positions us favorably as we prepare to achieve our transformational growth objectives through advancement at La Preciosa. Avino's metal production remains unhedged, providing significant upside during this strong price environment. I would like to thank our operations teams for doing a tremendous job in keeping costs down while increasing production. With great operating and financial results, I am looking forward to what the fourth quarter and 2025 will bring for Avino.
Financial Highlights
HIGHLIGHTS (Expressed in 000's of US$) | Third Quarter 2024 |
| Third Quarter 2023 |
| Change |
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| YTD 2024 |
| YTD 2023 |
| Change |
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Financial Operating Performance |
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Revenues | $ | 14,616 |
| $ | 12,316 |
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| 19 | % |
| $ | 41,796 |
| $ | 31,359 |
|
| 33 | % |
Mine operating income | $ | 5,709 |
| $ | 2,364 |
|
| 141 | % |
| $ | 12,745 |
| $ | 5,258 |
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| 142 | % |
Net income (loss) | $ | 1,169 |
| $ | (803 | ) |
| 246 | % |
| $ | 3,008 |
| $ | (21 | ) | >1000 | % | |
Earnings before interest, taxes and amortization ("EBITDA")3 | $ | 3,816 |
| $ | 706 |
|
| 442 | % |
| $ | 8,938 |
| $ | 1,386 |
|
| 545 | % |
Adjusted earnings3 | $ | 4,980 |
| $ | 1,551 |
|
| 221 | % |
| $ | 11,384 |
| $ | 2,630 |
|
| 333 | % |
Cash flow from operations | $ | 4,148 |
| $ | (83 | ) | >1000 | % |
| $ | 7,573 |
| $ | 867 |
|
| 773 | % | |
Mine operating cash flow before taxes3 | $ | 6,664 |
| $ | 3,088 |
|
| 116 | % |
| $ | 15,701 |
| $ | 7,420 |
|
| 112 | % |
Per Share Amounts |
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Earnings (loss) per share | $ | 0.01 |
| $ | (0.01 | ) |
| 200 | % |
| $ | 0.02 |
| $ | 0.00 |
|
| 100 | % |
Adjusted earnings per share3 | $ | 0.04 |
| $ | 0.01 |
|
| 300 | % |
| $ | 0.08 |
| $ | 0.02 |
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| 300 | % |
HIGHLIGHTS (Expressed in 000's of US$) | September 30, |
| June 30, |
| Change |
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| September 30, |
| December 31, |
| Change |
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Liquidity & Working Capital |
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Cash | $ | 7,767 |
| $ | 5,311 |
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| 46 | % |
| $ | 7,767 |
| $ | 2,688 |
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| 189 | % |
Working capital3 | $ | 15,878 |
| $ | 13,570 |
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| 17 | % |
| $ | 15,878 |
| $ | 9,727 |
|
| 63 | % |
Operating Highlights and Overview
HIGHLIGHTS (Expressed in US$) | Third Quarter 2024 |
| Third Quarter 2023 |
| Change |
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| YTD 2024 |
| YTD 2023 |
| Change |
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Operating |
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TonnesMilled |
| 156,512 |
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| 154,507 |
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| 1 | % |
|
| 467,041 |
|
| 471,635 |
|
| -1 | % |
Silver Ounces Produced |
| 281,831 |
|
| 237,165 |
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| 19 | % |
|
| 825,420 |
|
| 703,920 |
|
| 17 | % |
Gold Ounces Produced |
| 1,625 |
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| 2,077 |
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| -22 | % |
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| 4,917 |
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| 5,883 |
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| -16 | % |
Copper Pounds Produced |
| 1,771,250 |
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| 1,143,827 |
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| 55 | % |
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| 4,423,909 |
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| 3,987,016 |
|
| 11 | % |
Silver Equivalent Ounces1 Produced |
| 670,887 |
|
| 591,208 |
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| 13 | % |
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| 1,916,940 |
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| 1,856,772 |
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| 3 | % |
Concentrate Sales and Cash Costs |
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Silver Equivalent Payable Ounces Sold2 |
| 525,003 |
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| 543,686 |
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| -3 | % |
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| 1,672,917 |
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| 1,502,424 |
|
| 11 | % |
Cash Cost per Silver Equivalent Payable Ounce1,2,3 | $ | 14.94 |
| $ | 16.90 |
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| -12 | % |
| $ | 15.35 |
| $ | 15.83 |
|
| -3 | % |
All-in Sustaining Cash Cost per Silver Equivalent Payable Ounce1,2,3 | $ | 22.06 |
| $ | 22.61 |
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| -3 | % |
| $ | 21.61 |
| $ | 21.95 |
|
| -2 | % |
3rd Quarter 2024 Highlights
Consistent Production at Avino
The production significantly increased by
13% achieving 670,887 silver equivalent ounces, resulting from overall mill performance and availability. The Company remains on track with our targeted full year production of 2.5M to 2.8M silver equivalent ounces.
Improved Operating Margins
With higher realized metal prices across all three metals and improved unit operating costs, the Company demonstrated strong cash operating margins, generating
$5.7 million in mine operating income and$6.7 million in mine operating cash flows before taxes3, both increased from recent quarters in 2024 and 2023.
La Preciosa
La Preciosa Stockpiles: The Company continued to process La Preciosa historical stockpile material as part of a sampling program to better prepare for fresh mill feed. Initial recoveries from the lower-grade material were better than expected and provide for potential upside as the project moves forward.
La Preciosa Progress: Following the signing of the long-term land use agreement with a local community on January 9th, 2024, our operations team is in the final stages for approval to move forward with the underground development at La Preciosa. Recent photos from the La Preciosa property can be viewed on our website by clicking here.
2024 Capital Expenditures
Capital expenditures to date for 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. The SDGs serve as a blueprint to achieve a better and more sustainable future for all. During the quarter Avino focused on the following: Infrastructure, Environment and Quality Education.
Through our commitment to achieve a brighter future for all, the Company reinforces its commitment to the local citizens, our personnel and their families.
Avino considers the communities near the heart of our operations to be central to the success of our mining projects.
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 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 Measures" section of the Company's MD&A dated November 12, 2024 for the nine months ended September 30, 2024, which is incorporated by reference within this news release and is available on SEDAR+ at www.sedarplus.ca.
Conference Call and Webcast
The Company's unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2024, will be released after market on Tuesday, November 12, 2024.
A conference call to discuss the Company's Q3 2024 operational and financial results will be held Wednesday, November 13, 2024, at 8:00 a.m. PT / 11:00 a.m. ET. 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's Q3 Financial Results or by dialing the following numbers five to ten minutes prior to the start time.
Toll Free: 877-545-0523
International: 973-528-0016
Participant Access Code: 976130
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 Q3 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 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 Measures section of the Company's Management's Discussion and Analysis for the nine months ended September 30, 2024, dated November 12, 2024, which is available on the Company's website at www.avino.com and on SEDAR+ at www.sedarplus.ca, for further information and detailed reconciliations.
SOURCE: Avino Silver & Gold Mines Ltd.
View the original press release on accesswire.com
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