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Avino Announces Normal Course Issuer Bid for Common Shares
Avino launches share buyback to return excess cash as silver prices stay strong
Executive Summary
- Avino received TSX approval to launch a Normal Course Issuer Bid (NCIB) to repurchase up to 8,428,566 common shares (~5% of outstanding).
- Program runs for 12 months starting April 8 2026; daily purchase cap tied to average volume and an automatic share‑purchase plan allows buys during blackout periods.
- Management cites strong expected free cash flow in 2026 at current silver prices as the funding source and states the buyback will align market price with intrinsic value.
Material Impact
- The NCIB is a capital‑return initiative, not a new project or discovery; it uses excess cash already highlighted in the March 10 earnings release (record $102 M cash).
- While repurchasing up to ~5% of shares could reduce share count and boost EPS, the size of the program is modest relative to Avino’s market cap (~$1.5 B) and mirrors routine capital‑allocation actions taken by peers with strong balance sheets.
- No new material information (e.g., resource upgrade, major acquisition) is introduced; therefore the news is incremental rather than game‑changing.
ASM · Price
Company Overview
- Avino Silver & Gold Mines Ltd. (TSX/NYSE American: ASM) is a mid‑tier precious‑metals miner operating in Durango, Mexico.
- Flagship assets:
- Avino Mine – underground silver‑gold‑copper operation; produced ~1.16 Moz Ag, 7.6 koz Au and 5.67 Mlb Cu in FY 2025.
- La Preciosa Project – high‑grade silver‑gold vein system; recent drilling returned grades up to >3,200 g/t Ag over sub‑meter widths; development material processed at ~200 t/d in 2025 with a target of 500 t/d.
- The company shifted back to primary silver production in Q4 2025, with silver representing ~54% of quarterly revenue.
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May 13, 2026 · 17:15