Avino Provides 2026 Outlook and Highlights Key 2025 Milestones
Avino Solidifies Multi-Asset Status as La Preciosa Integration Faces High-Cost Guidance Hurdles
The news release dated February 19, 2026, provides the company's 2026 operational and financial guidance alongside 2025 milestones. For 2026, Avino expects to produce between 2.4 million and 2.7 million silver equivalent (AgEq) ounces. Key components of this guidance include 1.0M - 1.2M ounces of silver and 6.0M - 7.5M pounds of copper. Crucially, the company anticipates a Consolidated All-In Sustaining Cost (AISC) per payable AgEq ounce of $25 to $27. The capital budget for 2026 is set at $20M - $26M, with $13M - $16M dedicated to growth. Operations at the La Preciosa project are expected to reach 500 tonnes per day (tpd) by H2 2026.
The 2026 guidance is material as it marks the formal transition of Avino from a single-mine operator to a multi-asset producer. - Production Growth: The 2.4M - 2.7M AgEq oz guidance is essentially in line with 2025 actuals (2.6M oz), suggesting that while La Preciosa is ramping up, it is currently offsetting depletion or lower grades at the main Avino mine rather than providing immediate massive top-line growth. - Cost Concerns: The projected AISC of $25 - $27 per AgEq ounce is a significant point of concern. Historical AISC in Q3 2025 was $24.06. The higher 2026 guidance suggests persistent inflationary pressure in Mexico or higher costs associated with the initial underground development at La Preciosa. - Financial Strength: The company ended 2025 with approximately $100 million in cash, a massive improvement from the $27.3 million at YE2024. However, the filing of a $100M base shelf prospectus in February 2026 indicates management intends to maintain high liquidity, possibly for further acquisitions or to buffer the $13.25M - $16M growth CapEx.
Avino operates the Avino Mine and is developing the La Preciosa project, both located in Durango, Mexico. - Flagship Project: The Avino Mine is a long-life silver-gold-copper producer. - Growth Engine: La Preciosa was acquired to be the primary growth driver. In 2025, Avino extinguished all third-party royalties on the project for $22M, significantly improving its long-term Net Asset Value (NAV). - Strategy: Utilizing a centralized 2,500 tpd mill at the Avino site to process material from both properties (located 19km apart).