Avino Reports Q1 Record $39.4M Revenues and $15.9M Net Income
Avino Silver & Gold Mines generated Q1 revenues of $39.4 million and net income of $15.9 million ($0.09 per share), supported by $139 million in cash. Cash costs climbed 16% to $24.46 per payable ounce and all-in sustaining costs rose 10% to $34.72, while drilling at La Preciosa lagged targets.
1. Record Q1 Revenue and Profit
Avino achieved record Q1 revenues of $39.4 million and net income of $15.9 million ($0.09 per share), with 60% of sales from silver production. This performance outpaces prior-year results and reflects robust metal prices and operational gains.
2. Cost Increases Pressurize Margins
Cash costs per payable silver equivalent ounce rose 16% to $24.46 and all-in sustaining costs increased 10% to $34.72. Higher processing costs at La Preciosa and marginal profit sharing expenses in Mexico contributed to the cost uptick.
3. Operational Delays at La Preciosa
Drilling progress reached 2,600 meters in Q1, short of the annual target, delaying the transition to higher-grade material. Management is targeting 500 tons per day throughput by filling two 250-ton circuits, with plans to expand to 1,000 tons shortly.
4. Strong Balance Sheet and Reserve Milestone
The company holds $139 million in cash and $140 million in working capital, underpinning growth initiatives. An inaugural mineral reserve estimate of 127 million silver equivalent ounces marks a transformational milestone and bolsters institutional interest.