On January 23, 2026, H.C. Wainwright upgraded Avino Silver & Gold Mines to a "Buy" rating and lifted its price target from $7.40 to $12.50. This represents a 69% increase in the target and reflects the firm’s conviction in Avino’s operational momentum and cash flow generation in the coming quarters. The upgrade follows strong fourth‐quarter results and positions the company favorably against peers in the precious metals sector.

In Q4 2025, Avino delivered 345,298 ounces of silver, a 22% year‐over‐year increase driven by higher grades and improved recoveries at both the Avino Mine and La Preciosa. Total silver output for the full year rose by 4% to 1.16 million ounces. Management attributed the gains to streamlined processing at the oxide circuit and expanded drill programs that upgraded inferred resources by 18%. Operating cash costs fell 6% to $10.25 per ounce, underpinning margin expansion.

Global silver prices have surged 223.6% year‐over‐year, propelled by strong safe‐haven demand, geopolitical uncertainty, and a 52% rise in industrial consumption tied to solar energy and electronics. Supply deficits widened to an estimated 120 million ounces in 2025, according to industry data, creating a favorable pricing environment. Avino’s exposure to Mexico, a low‐cost jurisdiction, amplifies its leverage to these market tailwinds, enhancing free cash flow potential and debt reduction prospects.