Avino Silver & Gold Mines (TSX: ASM) produced 534,945 silver equivalent ounces during the second quarter of 2026, down 17% from the same quarter a year earlier as copper output fell by half.
The quarter’s total consisted of 267,305 ounces of silver, 2,178 ounces of gold and 729,929 pounds of copper. Silver slipped 6% year over year while gold climbed 23%.
Copper drove the decline. Feed grade fell to 0.30% from 0.42% and recovery dropped to 72% from 83%, which the company attributes to planned mining sequencing into lower copper grade areas near the historical open pit at the Avino mine. Some of the material processed was near-surface and heavily oxidized, further weighing on recovery.
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Mill throughput reached 184,293 tonnes, about 4% below the year-ago quarter but on plan. Silver feed grade improved 22% to 67 g/t and gold feed grade rose to 0.51 g/t from 0.39 g/t. Silver recovery moved the other way, falling to 69% from 85%, a reflection of lower-grade development ore from La Preciosa that was run through the mill during elevated metal prices rather than stockpiled.
La Preciosa contributed 28,643 tonnes grading 153 g/t silver, yielding 100,658 silver equivalent ounces, up 59% from the first quarter.
Chief executive David Wolfin pointed to a meaningful increase in contribution from La Preciosa and said tonnes milled exceeded expectations during the quarter.
Half-year output now stands at 530,362 ounces of silver, 4,029 ounces of gold and 2.07 million pounds of copper, against full year guidance of 1.0 to 1.2 million ounces of silver, 5,000 to 7,000 ounces of gold and 6.0 to 7.5 million pounds of copper. Gold is running ahead of that pace while copper is well behind it. Mill feed of 369,790 tonnes sits at roughly half the 725,000 to 750,000 tonne target.
Management has flagged a second half weighting as La Preciosa advances, with long-hole production mining set to begin on Level 3 of the Abundancia and Gloria veins and expected to deliver higher-grade ore than the diluted development material processed to date. Financial results are scheduled for August 12.
Avino Silver last traded at $8.93 on the TSX.
