Avino Silver & Gold Mines (TSX: ASM) reported Q2 2025 revenue of $21.8 million, up 47% from $14.8 million in Q2 2024, driven by stronger metal prices and a 26% increase in silver-equivalent ounces sold at 676,453.
Mine operating income rose 118% to $10.2 million from $4.7 million, pushing the gross margin to 46.9% from 31.8% a year ago.
Net income increased 131% to $2.9 million (or $0.02 per share) versus $1.2 million (or $0.01 per share) last year.
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Adjusted earnings were $8.8 million (or $0.06 per share), up 103% from $4.3 million (or $0.03 per share). Notably, adjusted earnings exceeded EBITDA under the company’s definitions: EBITDA doubled to $7.4 million from $3.4 million, implying a 34.1% margin versus 23.1% last year.
Cash provided by operating activities was $8.4 million versus Q2 2024’s $1.1 million. Before working-capital movements, operating cash flow was $6.3 million. Mine operating cash flow before taxes reached $11.3 million, up 92% from $5.9 million.
The management noted a further $5.2 million of concentrate sales receivable at quarter-end that was converted to cash after the period. Prior to that, cash rose to $37.3 million from $26.6 million last quarter and from $27.3 million at year-end.
H1 2025 capex, including equipment lease and loan payments, totaled $6.9 million versus $4.4 million in H1 2024, consistent with previously disclosed 2025 guidance.
On production, tonnes milled hit a quarterly record at 190,987, up 36% year over year. AgEq production rose 5% to 645,602 ounces and gold output also increased 17% to 1,774 ounces, aided by better recoveries at 74% vs 70% last year. Copper production climbed 12% to 1.46 million pounds, but silver output fell 3% to 283,619 ounces, as lower grades across all three metals offset the throughput gains.
Cash cost per AgEq payable ounce sold fell 7% to $15.11 from $16.29 last year. AISC also declined 8% to $20.93 from $22.74.
The company also noted that in early July, Avino joined the S&P/TSX Global Mining Index, following the Solactive Global Silver Miners Index announced in May. The company expects additional index inclusions.
Avino last traded at $5.37 on the TSX.
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