Avino Reports Q3 2026 Financial Results

Avino Silver & Gold Mines Ltd. (ASM) reported third-quarter 2026 revenue of $33.4 million, a 59% increase year-over-year, while mine operating income rose 50% to $14.8 million. EBITDA increased 12% to $12.8 million, and adjusted earnings reached $14.3 million, or $0.08 per share, up 23%. Net income was $6.1 million, or $0.03 per diluted share, down 21% year-over-year due to non-cash deferred tax movements and unrealized derivative losses.

Production volumes included 303,189 ounces of silver, up 15%, and 1,732 ounces of gold, down 10%. Copper production fell 8% to 1,202,821 pounds, while total silver-equivalent output rose 2% to 582,836 AgEq ounces. The company milled 190,379 tonnes, a 1% increase.

Costs rose sharply during the quarter. Cash costs reached $27.87 per AgEq payable ounce, up 63%, while all-in sustaining costs (AISC) increased 44% to $34.71 per ounce. AISC per tonne processed was $90.52. The company highlighted an AISC margin of $28 per ounce. At 2026 guidance prices, Q3 AISC was $32.64 per ounce and year-to-date AISC was $30.45 per ounce.

The company revised its 2026 guidance downward, citing lower grades and higher costs. AgEq production is now projected at 2.2-2.5 million ounces, down from the previous range of 2.4-2.7 million. Cash costs are expected to be $22-24 per ounce, compared to the prior $19-21 estimate. AISC is now forecast at $30-32 per ounce, versus the previous $25-27 range, and AISC per tonne is projected at $85-95, up from $80-90. Management expects production to land at or slightly below the low end of the new range.

At the La Preciosa mine, 30,239 tonnes were processed, contributing 91,441 ounces of silver and 105,867 AgEq ounces. While development exceeded plans, grades were below plan because lower-grade development ore was processed. Drilling reached 10,675 meters at La Preciosa and 9,400 meters at Avino, part of a 30,000-meter program. Capital expenditures totaled $15 million year-to-date. The company’s NCIB has repurchased and cancelled over 1 million shares.

Avino Silver & Gold Mines Ltd. (ASM) has issued a formal guidance cut and cost increase, marking a significant deviation from its previous outlook rather than a minor timing issue. The company’s 2026 production midpoint is now projected to fall approximately 8%, while the All-In Sustaining Costs (AISC) midpoint is expected to rise about 19% compared to the February outlook. Additionally, the Q3 cost run-rate at guidance prices had already exceeded the previous AISC range.

Headline revenue and EBITDA growth was primarily driven by higher metal prices. Realized silver averaged $63.33 per ounce, representing a 66% year-over-year increase, while AgEq output rose only 2% and gold and copper volumes declined. Consequently, net income fell 21%. Adjusted earnings exceeded net income by $8.2 million, indicating that EBITDA and cash flow performance were stronger than earnings per share figures.

The stock had previously de-rated from $15.26 in January to $5.95 on November 3, suggesting that some weak expectations were already priced in. The November 4 close of $6.48 occurred before the after-market release, meaning the next trading session will reflect the true market reaction to the formal cut, which alters near-term NAV and cash-flow expectations.

Avino Silver & Gold Mines Ltd. is a Mexico-focused silver producer listed on the TSX and NYSE American. Its core assets include the Avino Mine, an underground producer featuring a 2,500 tpd flotation plant and four circuits; La Preciosa, a permitted underground development project located 19 km from the Avino mill with 3,000m of development completed and a 500 tpd target; and the Oxide Tailings project, an open-pit development asset with a 2024 pre-feasibility study.

La Preciosa is 100% owned following the company’s acquisition of the remaining royalties and contingent payments. Infrastructure for the project includes a 19 km paved road, a 7.3MW powerline with 2MW excess capacity, a dry-stack tailings facility, and a 100% Mexican workforce. The company employs 707 employees and contractors, including 580 unionized workers at Avino and 127 at La Preciosa.

Reserves and resources stand at 127 million AgEq oz P&P, 301 million AgEq oz M&I, and 87.6 million AgEq oz inferred. The long-term production target is 8-10 million AgEq oz per year, with 2026 guidance set at 2.2-2.5 million AgEq oz. Management includes David Wolfin as President and CEO, Carlos Rodriguez as COO, Nathan Harte as CFO, and Peter Latta as SVP Technical Services. Ronald Andrews chairs the board.