Avino Silver & Gold Mines (TSX: ASM) posted record financial results across nearly every metric in the first quarter of 2026, capitalizing on a silver price environment that lifted realized prices to levels well above what the company saw a year ago.
Revenues hit $39.4 million, more than double the $18.8 million reported in Q1 2025 and 29% ahead of the $30.5 million Q4 2025 print that itself had set a previous quarterly record. Roughly 60% of the top line came from silver, which sold at an average realized price of $86.42 per ounce, a 173% jump year over year and a 45% step up from the prior quarter.
Mine operating income climbed 122% from the year ago period to $23.4 million. Net income reached $15.9 million, or $0.09 per diluted share, against $5.6 million a year earlier, while adjusted earnings rose to $24.3 million, or $0.14 per share. EBITDA of $25.5 million was up 163% year over year and 77% sequentially.
Cash generation followed the same trajectory. Mine operating cash flow before taxes came in at a record $26.7 million, up 134% from Q1 2025 and 41% from Q4 2025. Operating cash flow before working capital movements totaled $18.7 million, up 154% year over year, but actually down 1% sequentially.
Avino closed the quarter with $138.6 million in cash and $139.7 million in working capital, up from $101.7 million and $99.6 million respectively at the end of 2025.
On the production side, the company milled 185,497 tonnes, an 11% year over year improvement that management attributed to mill upgrades and automation work. Silver output totaled 263,057 ounces, gold came in at 1,851 ounces, and copper production reached 1.34 million pounds. Silver equivalent production landed at 568,112 ounces, down from both comparison quarters as the mill processed lower grade development ore from La Preciosa, which contributed 49,830 silver ounces to the quarter’s total.
Unit costs moved higher alongside the elevated realized prices that drive the silver equivalent denominator. Cash costs came in at $24.46 per silver equivalent payable ounce, up from $12.62 in Q1 2025 and $21.10 in Q4 2025. All-in sustaining costs rose to $34.72 per ounce, against $20.08 and $31.59 in the comparison periods.
Avino Silver last traded at $10.73 on the TSX.
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