Avino Reports Q1 2023 Financial Results; Realizes Numerous Operational Achievements
Avino Silver & Gold Mines (ASM) reported its Q1 2023 financial results, highlighting steady production levels with a 48% increase over Q1 2022. Key financial metrics include:
- Revenues of $9.8 million
- Mine operating income of $1.9 million
- Net loss of $0.4 million
- Cash costs per silver equivalent payable ounce sold of $14.22
- All-in sustaining cash cost per silver equivalent payable ounce sold of $20.17
The company also reported operational achievements, including an updated mineral resource estimate totaling 368 million silver equivalent ounces across all properties, favorable metallurgical results from the Oxide Tailings Project, and the completion of a dry-stack tailings facility. Avino remains focused on its growth plan to become an intermediate silver producer in Mexico.
Avino Silver & Gold Mines (ASM) ha riportato i risultati finanziari per il primo trimestre del 2023, evidenziando livelli di produzione costanti con un incremento del 48% rispetto al primo trimestre del 2022. I principali indicatori finanziari includono:
- Ricavi di 9,8 milioni di dollari
- Reddito operativo della miniera di 1,9 milioni di dollari
- Perdita netta di 0,4 milioni di dollari
- Costi in contante per oncia equivalente di argento pagabile venduta di 14,22 dollari
- Costo totale sostenibile in contante per oncia equivalente di argento pagabile venduta di 20,17 dollari
La società ha inoltre riportato risultati operativi, tra cui una stima aggiornata delle risorse minerarie che ammonta a 368 milioni di once equivalenti d'argento su tutte le proprietà, risultati metallurgici favorevoli dal Progetto Tailings Oxide e il completamento di un impianto di stoccaggio dei tailings a secco. Avino rimane concentrata sul suo piano di crescita per diventare un produttore intermedio di argento in Messico.
Avino Silver & Gold Mines (ASM) informó sobre sus resultados financieros del primer trimestre de 2023, destacando niveles de producción estables con un aumento del 48% en comparación con el primer trimestre de 2022. Los principales indicadores financieros incluyen:
- Ingresos de 9,8 millones de dólares
- Ingreso operativo de la mina de 1,9 millones de dólares
- Pérdida neta de 0,4 millones de dólares
- Costos en efectivo por onza equivalente de plata pagadera vendida de 14,22 dólares
- Costo total de sostenimiento en efectivo por onza equivalente de plata pagadera vendida de 20,17 dólares
La compañía también reportó logros operativos, incluyendo una estimación actualizada de recursos minerales que totaliza 368 millones de onzas equivalentes de plata en todas las propiedades, resultados metalúrgicos favorables del Proyecto de Relaves Óxidos, y la finalización de una instalación de relaves en seco. Avino continúa enfocándose en su plan de crecimiento para convertirse en un productor intermedio de plata en México.
Avino Silver & Gold Mines (ASM)는 2023년 1분기 재무 결과를 발표하며, 2022년 1분기 대비 48% 증가한 안정적인 생산 수준을 강조했습니다. 주요 재무 지표는 다음과 같습니다:
- 수익: 980만 달러
- 광산 운영 수익: 190만 달러
- 순손실: 40만 달러
- 판매된 은 동등 온스당 현금 비용: 14.22 달러
- 판매된 은 동등 온스당 전액 유지 현금 비용: 20.17 달러
회사는 또한 모든 자산에서 총 3억 6,800만 온스의 은 동등 자원 추정치에 대한 업데이트, 산화물 갱구 프로젝트의 유리한 광물학적 결과, 건식 갱구 시설의 완공 등 운영 성과를 보고했습니다. Avino는 멕시코에서 중간 은 생산업체가 되기 위한 성장 계획에 집중하고 있습니다.
Avino Silver & Gold Mines (ASM) a annoncé ses résultats financiers pour le premier trimestre 2023, soulignant des niveaux de production stables avec une augmentation de 48 % par rapport au premier trimestre 2022. Les principaux indicateurs financiers comprennent :
- Chiffre d'affaires de 9,8 millions de dollars
- Revenu opérationnel de la mine de 1,9 million de dollars
- Perte nette de 0,4 million de dollars
- Coûts en espèces par once équivalente d'argent payable vendue de 14,22 dollars
- Coût total de maintien en espèces par once équivalente d'argent payable vendue de 20,17 dollars
L'entreprise a également signalé des réalisations opérationnelles, y compris une estimation actualisée des ressources minérales totalisant 368 millions d'onces équivalentes d'argent sur toutes les propriétés, des résultats métallurgiques favorables du projet de résidus oxydés et l'achèvement d'une installation de stockage à sec pour les résidus. Avino reste concentrée sur son plan de croissance pour devenir un producteur intermédiaire d'argent au Mexique.
Avino Silver & Gold Mines (ASM) hat seine finanziellen Ergebnisse für das erste Quartal 2023 veröffentlicht und hebt stabile Produktionsniveaus mit einem Anstieg von 48 % im Vergleich zum ersten Quartal 2022 hervor. Die wichtigsten finanziellen Kennzahlen umfassen:
- Einnahmen von 9,8 Millionen US-Dollar
- Bergbaubetriebseinkommen von 1,9 Millionen US-Dollar
- Nettoverlust von 0,4 Millionen US-Dollar
- Bargeldkosten pro verkaufter, zahlbarer Silberäquivalentunze von 14,22 US-Dollar
- All-in-Sustaining-Cash- Kosten pro verkaufter, zahlbarer Silberäquivalentunze von 20,17 US-Dollar
Das Unternehmen berichtete auch von betrieblichen Erfolgen, darunter eine aktualisierte Schätzung der mineralischen Ressourcen von insgesamt 368 Millionen Silberäquivalentunzen über alle Grundstücke hinweg, günstige metallurgische Ergebnisse aus dem Oxide Tailings Project sowie der Abschluss einer Trockenhaldenanlage. Avino bleibt fokussiert auf seinen Wachstumsplan, ein mittlerer Silberproduzent in Mexiko zu werden.
- 48% increase in production levels compared to Q1 2022
- Updated mineral resource estimate added significant resources, totaling 368 million silver equivalent ounces
- Favorable metallurgical results from the Oxide Tailings Project
- Completion of dry-stack tailings facility, demonstrating ESG commitment
- Avino vein extended 800 metres downdip with high-grade copper intercepts
- 11% decrease in revenues compared to Q1 2022
- Net loss of $0.4 million compared to net income in Q1 2022
- 27% increase in cash cost per silver equivalent payable ounce compared to Q1 2022
- 75% decrease in cash position compared to Q1 2022
First Quarter 2023 Financial Highlights
- Revenues of
, impacted by timing of concentrate shipments$9.8 million - Mine operating income of
,$1.9 million net of non-cash costs of sales$2.6 million - Net loss of
, or $Nil per share$0.4 million - Cash costs per silver equivalent payable ounce sold1,2 -
per ounce$14.22 - All in sustaining cash cost per silver equivalent payable ounce sold1,2 -
per ounce$20.17 - Earnings before interest, taxes, depreciation and amortization ("EBITDA") 3 of
$0.3 million - Adjusted earnings3 of
, or$1.1 million per share$0.01 - Cash provided by operating activities of
$0.4 million - Cash was drawn down by the
final payment to Coeur Mining for the acquisition of La Preciosa and impacted by the timing of concentrate sales$5M
"The quarter was highlighted by steady production levels which increased
Financial Highlights
HIGHLIGHTS (Expressed in 000's of US$) | First Quarter 2023 | First Quarter 2022 | Change | First Quarter 2023 | Fourth | Change | ||||
Financial Operating Performance | ||||||||||
Revenues | $ | 9,825 | $ | 11,050 | -11 % | $ | 9,825 | $ | 14,649 | -33 % |
Mine operating income (loss) | $ | 1,851 | $ | 4,744 | -61 % | $ | 1,851 | $ | 4,356 | -58 % |
Net income (loss) | $ | (352) | $ | 646 | -154 % | $ | (352) | $ | 1,296 | -127 % |
Earnings before interest, taxes and amortization ("EBITDA")1 | $ | 286 | $ | 2,777 | -90 % | $ | 286 | $ | 3,207 | -91 % |
Adjusted earnings1 | $ | 1,054 | $ | 3,350 | -69 % | $ | 1,054 | $ | 4,026 | -74 % |
Cash flow from operations | $ | 448 | $ | 3,450 | -87 % | $ | 448 | $ | 3,320 | -87 % |
Per Share Amounts | ||||||||||
Earnings (loss) per share | $ | (0.00) | $ | 0.01 | -100 % | $ | (0.00) | $ | 0.01 | -100 % |
Adjusted earnings1 per share | $ | 0.01 | $ | 0.03 | -67 % | $ | 0.01 | $ | 0.03 | -67 % |
HIGHLIGHTS (Expressed in 000's of US$) | March 31, | March 31, | Change | March 31, | December 31, | Change | ||||
Liquidity & Working Capital | ||||||||||
Cash | $ | 2,697 | $ | 11,686 | -75 % | $ | 2,697 | $ | 11,245 | -76 % |
Working capital | $ | 5,109 | $ | 14,528 | -58 % | $ | 5,109 | $ | 8,821 | -42 % |
Operating Highlights and Overview
HIGHLIGHTS (Expressed in US$) | First Quarter 2023 | First Quarter 2022 | Change | First Quarter 2023 | Fourth | Change | ||||
Operating | ||||||||||
Tonnes Milled | 159,757 | 111,138 | 44 % | 159,757 | 150,292 | 6 % | ||||
Silver Ounces Produced | 234,338 | 164,358 | 43 % | 234,338 | 309,856 | -24 % | ||||
Gold Ounces Produced | 2,286 | 801 | 185 % | 2,286 | 2,426 | -6 % | ||||
Copper Pounds Produced | 1,397,637 | 1,217,349 | 15 % | 1,397,637 | 1,540,851 | -9 % | ||||
Silver Equivalent Ounces1 Produced | 678,247 | 457,798 | 48 % | 678,247 | 770,127 | -12 % | ||||
Concentrate Sales and Cash Costs | ||||||||||
Silver Equivalent Payable Ounces Sold2 | 506,727 | 459,109 | 10 % | 506,727 | 756,636 | -33 % | ||||
Cash Cost per Silver Equivalent Payable Ounce1,2,3 | $ | 14.22 | $ | 11.21 | 27 % | $ | 14.22 | $ | 11.76 | 21 % |
All-in Sustaining Cash Cost per Silver Equivalent Payable Ounce1,2,3 | $ | 20.17 | $ | 19.90 | 10 % | $ | 20.17 | $ | 18.63 | 8 % |
1st Quarter Operational 2023 Highlights
Steady Production in Q1 – The Avino Mine Continues to Deliver
- Another quarter of strong production results of 678,247 silver equivalent ounces bringing the 12-month trailing total to 2.9 million silver equivalent ounces from the Avino Mine, representing a
48% increase over Q1 2022 - Mill throughput increased by
44% compared to Q1 2022 to 159,757 tonnes, a further increase of5% from Q4 2022
Adds Significant Mineral Resources to Total 368 Million Silver Equivalent Ounces Across All Properties
- The updated mineral resource estimate ("MRE") includes the Elena Tolosa ("ET") deposit, the San Gonzalo deposit, and the Oxide Tailings deposit. Inaugural MREs have also been included on the Guadalupe and La Potosina deposits.
- Avino Property Highlights (Comparisons are to 2020 Mineral Resource Estimate on the Avino Property)
- 161 million measured and indicated silver equivalent ounces, an increase of
38% , made up of: - 70 million silver ounces, an increase of
35% - 136.7 thousand copper tonnes, an increase of
18% - 596 thousand gold ounces, an increase of
23% , contained in: - 34.7 million measured and indicated metric tonnes, increase of
28% overall, also - 70 million inferred silver equivalent ounces, an increase of
90% - Oxide Tailings Highlights (Comparisons are to 2020 Mineral Resource Estimate on the Avino Property)
- 5.7 million tonnes of measured and indicated mineral resources, an increase of
407% - 17.4 million measured and indicated silver equivalent ounces, an increase of
287%
Favourable Metallurgical Results from the Oxide Tailings Project
- The metallurgical results from the test work program on its Oxide Tailings Project ("the Project") have been released. The Project hosts gold and silver from past producing historic operations in an inactive tailings facility located on the Avino property with 5.7 million tonnes of measured and indicated resource grading 95 g/t of silver equivalent. Historically, near surface oxidised material was not recovered well by Avino's conventional flotation mill, which has created this opportunity for re-processing the tailings with an agitated leaching process.
- These results will form the basis for the metallurgical analysis of a Pre-Feasibility Study ("PFS") on the Project.
- This Project has been in our portfolio for many years and factors prominently into our five-year growth plan to become an intermediate silver producer in
Mexico .
Dry-Stack Tailings Facility Completed and Fully Operational
- The dry-stack tailings facility is now complete and fully operational. During the quarter, a conveyor system was installed and is currently transporting the pressed dry tailings to the Avino open pit area. The dry-stack facility was a top ESG priority and demonstrates a commitment to safety for the community and the environment. In addition, dry-stack tailings require a smaller footprint. A selection of short videos of the facility in operation can be viewed on our website under Videos and Media.
Avino ET Area Drills Results
- On January 5, 2023, the Company announced assay results from 4 drill holes at Avino Elena Tolosa ("ET") below the current deepest workings at the mine.
- This exploration program was designed to test the continuity of the steeply dipping mineralization and to understand the source of the mineralization. As a result, the Avino vein is now known to extend 800 metres downdip. Additionally, it appears that the Avino vein is getting richer in copper as we go deeper with a grade of
1.63% copper over 16.66 metres in Hole ET 22. Geological modelling is ongoing to determine the potential geometry and controls of the mineralization. The 2023 drill program is underway with 8,000 metres planned. - During the first quarter, 3,125 metres were drilled.
Capital Expenditures
First quarter cash capital expenditures company-wide were
Pre-Feasibility Study – Oxide Tailings Project
The Pre-Feasibility Study was awarded after completion of the RFP process. The study is expected to be completed by the end of 2023.
ESG Initiatives
Avino continues to create value for all stakeholders and supports the communities in which we operate as we continue ongoing efforts to incorporate principles of sustainability and social responsibility. In line with Avino's policy of local employment, Mexican nationals account for
Qualified Person(s)
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 cash cost per silver equivalent payable ounce, all-in sustaining cash cost per silver equivalent payable ounce, EBITDA, and adjusted earnings/losses, all of which are non-IFRS measures. These measures are used by the Company to manage and evaluate 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 Management Discussion and Analysis dated May 10, 2023, for the three months ended March 31, 2023, which is incorporated by reference within this news release and is available on SEDAR at www.sedar.com.
Conference Call and Webcast
In addition, the Company will be holding a conference call and webcast on Thursday, May 11, 2023, at 08:00 am PDT
(11:00 a.m. EDT). Shareholders, analysts, investors, and media are invited to join the webcast and conference call by logging in here Avino Q1 Financial Results or by dialing the following numbers five to ten minutes prior to the start time.
Toll Free Canada &
Outside of
About Avino
Avino is a silver producer from its wholly owned Avino Mine near
ON BEHALF OF THE BOARD
"David Wolfin"
________________________________
David Wolfin
President & CEO
Avino Silver & Gold Mines Ltd.
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
Neither the 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 Q1 2023, AgEq was calculated using metals 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. The Company reports non-IFRS measures which include adjusted earnings, EBITDA, cash cost per silver equivalent payable ounce and all-in sustaining cash cost per payable ounce. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the calculation methods may differ from methods used by other companies with similar reported measures. See Non-IFRS Measures section for further information.
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SOURCE Avino Silver & Gold Mines Ltd.
FAQ
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