Avino Delivers Record Q1 2026 Financial Results

Avino reported record Q1 2026 financial results after market close on May 13, 2026. Revenue surged 109% year-over-year to $39.4 million, net income jumped 183% to $15.9 million ($0.09 per diluted share), and EBITDA climbed 163% to $25.5 million. The cash balance reached an all-time high of $138.65 million. Silver equivalent production, however, fell 10% to 568,112 ounces as lower grades at the Avino mine were partially offset by 11% higher mill throughput. Cash cost per silver equivalent payable ounce rose 94% to $24.46, and all-in sustaining cost (AISC) rose 73% to $34.72, driven largely by development material from La Preciosa and the impact of higher metal prices on equivalent calculations. The release also confirmed a previously announced share repurchase program and provided an update on the 2026 drill programs.

This earnings release is a robust “deliver as promised” event. The record revenue and earnings were entirely telegraphed by the Q1 production results on April 23 and the 2026 outlook in February, both of which emphasized the windfall from elevated silver prices. The massive margin expansion – mine operating income up 122% – is a direct consequence of an average realized silver price of $86.42/oz, a figure well above the $30/oz assumption used in guidance. The $138.65 million cash balance surpasses the already impressive $102 million at year-end 2025, confirming exceptional free‑cash‑flow generation and leaving the company debt‑free. Yet, underlying production declined 10%, cost inflation is notable (AISC now $34.72, far above the guided $25‑$27), and the 2026 production guidance of 2.4‑2.7 million AgEq ounces implies a quarterly run‑rate of ~600‑675k ounces; Q1’s 568k ounces fell slightly short of the midpoint. The net effect is a strong quarter that locks in the benefits of the silver price rally but offers no new information that would fundamentally re‑rate the stock. The buyback announcement was already known, the resource update was released in April, and the operational narrative remains unchanged. Therefore, the news is classified as Routine – Positive.

Avino Silver & Gold Mines Ltd. is a Canadian‑domiciled, primary silver producer with 100% Mexican operations in Durango State. The company’s flagship asset is the Avino Mine, a long‑life underground operation producing silver, gold, and copper. In 2024, Avino acquired the neighbouring La Preciosa silver‑gold deposit and promptly moved it into development, making it a “second mine” after only a few months. The company also holds the Oxide Tailings resource. A consolidated mineral reserve estimate (April 2026) totalled 127 million silver equivalent ounces, while measured and indicated resources stand at 301 million AgEq ounces. The company’s strategy is to scale production to become a mid‑tier silver producer, using the cash‑rich balance sheet to fund organic growth.