Avino Silver & Gold Mines (TSX: ASM) has released its financial results for Q4 and full-year 2024, touting a “record-breaking performance” that is toplined by a quarterly revenue of $24.4 million. This figure is a 95% jump from the $12.5 million recorded in the same period last year.
This outcome was said to be propelled by both higher production volumes and improved realized metal prices. Gross profit also rose by 308% to $10.5 million, which was also attributed to “meaningful unit cost reductions and currency movements between the US dollar and Mexican Peso.”
Most strikingly, operating cash flow in the quarter reached $15.6 million, a surge of 2,404% compared to Q4 2023’s $0.6 million.
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Net income grew to $5.1 million from just $0.6 million in the previous year’s fourth quarter, a noteworthy 804% leap. EBITDA for the quarter also followed suit, jumping 712% from last year’s $1.1 million to $9.1 million this year.
Meanwhile, adjusted earnings rose 405% to $10.0 million from last year’s $2.0 million.
On an annual basis, total revenues came in at $66.1 million for 2024, up 51% from $43.9 million in the previous year. Gross profit totaled $23.2 million, representing a nearly threefold increase from $7.8 million in 2023.
Net income for the year rose to $8.1 million, up from $0.5 million. Moreover, EBITDA rose by 620% to $18 million from $2.5 million last year.
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Adjusted earnings for 2024 showed a similar trajectory, climbing 364% to $21.3 million.
Avino ended 2024 with a cash balance of $27.3 million—its highest on record—reflecting a 916% increase year over year. Working capital also climbed to $25.2 million, a 159% rise from the end of 2023.
In terms of production, silver equivalent production this quarter rose 32% year over year to 735,557 ounces from last year’s 558,460 ounces, driven by higher gold grades and record mill throughput. Full-year production at 2.65 million silver equivalent ounces marked a 10% increase compared to 2023’s 2.41 million ounces, aligning closely with the company’s prior guidance of 2.5 to 2.8 million ounces.
Quarterly cash costs per silver equivalent ounce dropped 8% to $13.88, while all-in sustaining costs declined 14% to $18.62. For the full year, these same metrics fell by 5% and 6%, respectively.
Looking ahead, Avino has set the same production range of 2.5 to 2.8 million silver equivalent ounces for 2025, using assumed prices of $30 per ounce for silver, $2,600 per ounce for gold, and $4.18 per pound of copper.
Avino last traded at $2.04 on the TSX.
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