Enhanced Investments - Financial Portal

Avino Generates Record Quarterly Revenues in Q2 2024

Published: 2024-08-13 21:00:00 ET

VANCOUVER, BC / ACCESSWIRE / August 13, 2024 / Avino Silver & Gold Mines Ltd. (TSX:ASM)(NYSE American:ASM)(FSE:GV6) a long-standing silver producer in Mexico, announces its consolidated financial results for the second quarter of 2024, with record revenues and further cash generation.

Second Quarter 2024 Financial Highlights

Revenues of $14.8 million, an increase of 60% from Q2 2023
Gross Profit (mine operating income) of $4.7 million, $5.9 million net of non-cash costs of sales
Net income of $1.2 million, or $0.01 per share
Adjusted earnings3 of $4.3 million, or $0.03 per share
Earnings before interest, taxes, depreciation and amortization ("EBITDA")3 of $3.4 million
Cash costs per silver equivalent payable ounce sold1,2,3 of $16.29
All in sustaining cash costs per silver equivalent payable ounce sold1,2,3 of $22.74

"In the second quarter, we delivered record revenues as a result of higher metal prices combined with consistent production from our Avino Mine," said Nathan Harte, Chief Financial Officer. "We saw improvements in all key financial metrics compared to Q2 2023, with cash flow generation and operating margins strengthening our cash and working capital positions. This strength will allow us to move forward with our plans at La Preciosa as efficiently as possible, and we look forward to delivering additional value to shareholders along the way."

"We were pleased to see the second quarter rally in metal prices with silver outperforming gold at times," said David Wolfin, President and CEO. "During the quarter, we processed 10,000 tonnes of La Preciosa surface stockpiles with excellent recovery rates, exceeding our expectations. With significantly higher silver grades than were processed at Avino, La Preciosa contributed to the 26% increase in silver ounces produced in the current quarter. This furthers the confidence we have in our strategy to focus on transformational growth with our two mines in Mexico, coupled with the demand for silver, gold and copper. La Preciosa boasts a substantial untapped primary silver resource in Mexico and is situated next-door to Avino's established production operations in Durango, Mexico. The integration of La Preciosa's mineral resource inventory has notably bolstered Avino's overall NI 43-101 mineral resource portfolio to a current total of 371 million silver equivalent ounces."

Financial Highlights

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

HIGHLIGHTS(Expressed in 000's of US$)	SecondQuarter 2024		Second Quarter 2023		Change			YTD2024		YTD2023		Change
Financial Operating Performance
Revenues	$	14,787	$	9,218		60	%	$	27,180	$	19,043		43	%
Mine operating income	$	4,697	$	1,043		350	%	$	7,035	$	2,894		143	%
Net income	$	1,240	$	1,134		9	%	$	1,839	$	782		135	%
Earnings before interest, taxes and amortization ("EBITDA")1	$	3,409	$	396		761	%	$	5,122	$	682		651	%
Adjusted earnings1	$	4,348	$	27