Avino Announces Q2 2026 Production Results

Avino Silver & Gold Mines Ltd. (ASM) reported second-quarter 2026 production figures showing consolidated output of 267,305 oz silver, 2,178 oz gold, and 729,929 lb copper, equivalent to 534,945 AgEq oz, a 17% year-over-year decline.

At the La Preciosa mine, production reached 100,658 AgEq oz, up 59% sequentially. The Avino mine produced 182,499 oz silver.

Mill feed totaled 184,293 dry tonnes, a 4% year-over-year decrease. Silver feed grade increased 22% to 67 g/t, and gold grade rose 30%, while copper grade fell 29%.

Recoveries declined significantly, with silver dropping to 69% (a decrease of 18 percentage points) and copper falling to 72% (a decrease of 14 percentage points). The company attributed these drops to processing surface mineralized material at Avino, which featured high oxidation and low copper content.

Development at La Preciosa is nearly complete, and maiden reserves of 95 moz Ag have been restated. Additionally, Avino repurchased 508,000 shares under its NCIB. Second-quarter financial results are scheduled for release on 12 August 2026.

Avino Silver & Gold Mines Ltd. (ASM) reported a second-quarter production update characterized by a 17% year-over-year decline in silver-equivalent output. While the guidance assumed a second-half weighting, the magnitude of the copper shortfall, which fell 50% year-over-year, and the collapse in silver recovery were unexpected.

Copper serves as a critical by-product credit for the company’s cost structure. The halving of copper production is expected to push all-in sustaining costs (AISC) well above the first-quarter run-rate of $34.72 per ounce, complicating management’s target of normalizing costs to the $28–$32 per ounce range in the near term.

The stock has already corrected 45% from its January peak, pricing in much of the sector-wide pullback. However, the release did not provide the reassurance needed to halt the decline. In the absence of a formal guidance cut, the impact is considered routine rather than material.

Avino Silver & Gold Mines Ltd. (ASM) is a primary silver producer operating the Avino mine in Durango, Mexico, which has a processing capacity of 2,500 tonnes per day. The company’s key growth asset is the La Preciosa project, located 19 km from the mill. This high-grade silver-gold underground deposit is fully owned by Avino following a 2025 royalty buyback. The company also holds the Oxide Tailings project, for which a pre-feasibility study is complete and which contains open-pit reserves. Avino is debt-free and maintains a strong cash balance.