Avino Silver & Gold Mines (TSX: ASM) reported second quarter revenue of $26.8 million, up 23% from a year earlier but well below the record $39.4 million posted in the first quarter, as a softer realized silver price took the edge off the top line.
Silver made up 54% of revenue at an average realized price of $68.90 an ounce, down from $86.42 in Q1.
Net income was $10.9 million, or $0.06 per diluted share, up 281% year over year. Adjusted earnings were $11.1 million, also $0.06 a share, flat against the prior year quarter. EBITDA rose 69% to $12.6 million, and cash from operations climbed 59% to $13.3 million. Mine operating income was $13.0 million, up 27%.
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As for the balance sheet, cash stood at $144.2 million at the end of June, up 4% from March and 42% from a year earlier, with working capital of $140.8 million. First half capital spending totaled $6.5 million, against $5.8 million a year ago. A normal course issuer bid for up to 8.4 million shares, roughly 5% of those outstanding, remains in place.
Production told a more complicated story. Avino turned out 534,945 silver equivalent ounces in the quarter, a 17% decline, with silver off 6% at 267,305 ounces and copper down 50% at 729,929 pounds as mining moved through lower-grade copper zones. Gold rose 23% to 2,178 ounces. Mill throughput slipped 4% to 184,293 tonnes.
Thinner byproduct credits and a smaller ounce base pushed unit costs well past plan. Cash costs came in at $28.62 per silver equivalent ounce and all-in sustaining costs at $38.75, increases of 89% and 85%, against full-year guidance of $19 to $21 and $25 to $27, respectively.
First half production of 1.1 million silver equivalent ounces sits just under half the bottom end of the 2.4 million to 2.7 million ounce annual target. Avino did not revisit that guidance, noting only that output will be “more heavily weighted to the second half of 2026.”
“During the second quarter, the Company continued its main focus of advancing La Preciosa while free cash flow from Avino further adds to the balance sheet quarter after quarter,” Chief Executive Officer David Wolfin said, adding that the plan to become “a Mexico-focused mid-tier primary silver producer remains on track.”
Avino Silver last traded at $10.19 on the TSX.
