Avino Silver & Gold Mines (TSX: ASM) reported its Q3 2025 results, with quarterly revenue of $21.0 million, up 44% from $14.6 million in Q3 2024, driven by higher realized metal prices and modestly higher ounces sold.
This jump led to a 559% spike in net income to $7.7 million from $1.2 million last year, translating to $0.05 per diluted share. On adjusted basis, earnings were $11.6 million, up 134% from $5.0 million, or $0.07 per diluted share.
Cash provided by operating activities was $8.3 million, up 101% from $4.1 million. Free cash flow was $5.4 million excluding La Preciosa capital costs, and $4.5 million inclusive.
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Cash ended at a record $57.3 million, up 110% from year-end 2024. The company said it remains debt-free aside from operating equipment leases and the deferred payment tied to the royalty repurchase.
Cash costs per silver equivalent ounce sold were $17.09, up 14% from $14.94, while AISC came in at $24.06, up 9% from $22.06. Management attributed higher unit costs to higher silver prices and lower copper contribution in the mix.
Throughput rose 21% to 188,757 tonnes as earlier upgrades improved mill availability. Despite higher tonnes milled, silver equivalent production fell 13% to 580,780 ounces due to lower feed grades across silver, gold, and copper. Gold production rose 19% to 1,935 ounces, silver output declined 7% to 263,231 ounces, and copper production dropped 26% to 1.31 million pounds.
Payable silver equivalent ounces sold increased 9% to 562,604.
The company reiterated 2025 production guidance of 2.5 to 2.8 million silver equivalent ounces and highlighted progress at La Preciosa.
Avino Silver & Gold last traded at $5.83 on the TSX.
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