Avino Reports Q3 2024 Production; Announces Date Of Q3 Earnings Call
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.
- Silver equivalent production increased 13% year-over-year to 670,887 oz
- Silver production rose 19% to 281,831 oz
- Copper production surged 55% to 1.8 million lbs
- Company on track to meet full-year production guidance of 2.5M to 2.8M silver equivalent ounces
- Final stages of approval for underground development at La Preciosa project
- Gold production decreased to 1,625 oz, down 22% year-over-year
Insights
The Q3 2024 production report from Avino Silver & Gold Mines shows positive momentum for the company. Key highlights include:
- 13% increase in silver equivalent production to
670,887 ounces - 19% increase in silver production to
281,831 ounces - 55% increase in copper production to
1.8 million pounds
These production increases are significant, especially considering the company's small market cap of
The progress on La Preciosa project is also noteworthy, as it's integral to Avino's 5-year growth plan. The pending approval for underground development could be a catalyst for future growth.
However, investors should note the
Avino's Q3 production results demonstrate operational improvements and resilience in the face of previous challenges. The
The company's ability to overcome ore crushing challenges from earlier in the year shows operational adaptability. This is important in the mining sector, where unforeseen technical issues can significantly impact production.
The focus on La Preciosa is strategically sound. Underground development of new projects is essential for junior miners to expand their resource base and production capacity. The company's readiness to begin this development, pending approvals, suggests proactive project management.
However, the
Overall, these results position Avino well in the silver mining space, especially if silver prices continue to strengthen as mentioned in the report.
VANCOUVER, BC / ACCESSWIRE / October 17, 2024 / Avino Silver & Gold Mines Ltd. (TSX:ASM)(NYSE American:ASM)(FSE:GV6) a long-standing silver producer in Mexico, reports third quarter production of 670,887 silver equivalent1 ounces.
Production Highlights - Q3 2024 (compared to Q3 2023)
Silver equivalent1 production increased
13% to 670,887 ozSilver production increased
19% to 281,831 ozCopper production increased
55% to 1.8 million lbsGold production decreased to 1,625 oz
Mill throughput increased by
1% to 156,512 tonnes
Consolidated Production - Three and Nine Months Ended September 30, 2024
Q3 2024 | Q3 2023 | Change |
| YTD 2024 | YTD 2023 | Change |
156,512 | 154,507 | Total Mill Feed (dry tonnes) | 467,041 | 471,635 | - | |
63 | 56 | Feed Grade Silver (g/t) | 63 | 53 | ||
0.46 | 0.58 | - | Feed Grade Gold (g/t) | 0.47 | 0.53 | - |
0.58 | 0.42 | Feed Grade Copper (%) | 0.50 | 0.46 | ||
Recovery Silver (%) | ||||||
- | Recovery Gold (%) | - | ||||
Recovery Copper (%) | ||||||
281,831 | 237,165 | Total Silver Produced (oz) | 825,420 | 703,920 | ||
1,625 | 2,077 | - | Total Gold Produced (oz) | 4,917 | 5,883 | - |
1,771,250 | 1,143,827 | Total Copper Produced (lbs) | 4,423,909 | 3,987,016 | ||
670,887 | 591,208 | Total Silver Equivalent Produced (oz)1 | 1,916,940 | 1,856,772 |
"Our team delivered a strong third quarter, with production increasing by an impressive
2024 Third Quarter Highlights
Production: Production during the quarter significantly increased due to 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.
La Preciosa: 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 underground development at La Preciosa. Recent photos from the La Preciosa property can be viewed on our website by clicking here.
Earnings Announcement
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.
Quality Assurance/Quality Control
Mill assays are performed at the Avino property's on-site lab. Check samples were submitted to SGS Labs in Durango, Mexico for verification. Gold and silver assays are performed by the fire assay method with a gravimetric finish for concentrates and AAS (Atomic Absorption Spectrometry) methods for copper, lead, zinc and silver for feed and tail grade samples. All concentrate shipments are assayed by one of the following independent third-party labs: Inspectorate in the UK, LSI in the Netherlands, and AHK.
Qualified Person(s)
Peter Latta, P. Eng, MBA, Avino's VP Technical Services, is a qualified person within the context of National Instrument 43-101 who has reviewed and approved the technical data in this news release.
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, a 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 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 Q3 2024, AgEq was calculated using metal prices of
SOURCE: Avino Silver & Gold Mines Ltd.
View the original press release on accesswire.com
FAQ
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