On January 23, 2026, H.C. Wainwright upgraded Avino Silver & Gold Mines to a Buy rating and raised its price target from $7.40 to $12.50. The analyst report cites the company’s strong operational momentum and the recent 22% year-over-year increase in silver production in Q4 2025 as key catalysts. This marks the second major broker upgrade in the past quarter, reflecting growing confidence in Avino’s ability to capitalize on elevated precious metals prices and expand its footprint in Mexico’s Durango region.

Avino reported production of 345,298 ounces of silver in Q4 2025, a 22% increase compared to the same period in 2024. Full-year 2025 silver output rose by 4% to 1.16 million ounces, with La Preciosa contributing 110,000 ounces and the Avino Mine adding 235,298 ounces. Management attributed the gains to improved mill throughput, higher recoveries at both assets, and the commissioning of a new flotation circuit at La Preciosa. Capital expenditures for 2025 totaled $21 million, focused primarily on resource conversion and infrastructure upgrades.

Global silver prices have surged by 223.6% year-over-year, driven by safe-haven flows, geopolitical tensions, and a 12% increase in industrial demand for solar panels and electronics. Gold has also rallied, posting a 78% gain over the same period. With global silver consumption projected to exceed 1.1 billion ounces in 2026—led by renewable energy and automotive sectors—Avino is positioned to benefit from favorable price trends and widening supply deficits.

At the end of December 2025, Avino held cash and equivalents of $45 million, with no debt on the balance sheet. Working capital improved by 18% year-over-year, driven by higher metal inventories and receivables. The company recorded net cash flow from operations of $32 million in 2025, enabling the funding of expansion drilling at La Preciosa and the commissioning of its new flotation circuit without resorting to equity issuance. Management forecasts sustaining a capital expenditure run-rate of $25 million annually through 2027 to support ongoing exploration and mill optimization programs.