Avino Silver & Gold Mines (ASM) Q2 2026 earnings summary

Executive summary

• Achieved Q2 2026 revenues of $26.8 million, up 23% year-over-year, with 54% from silver sales at an average realized price of $68.90/oz.

• Net income after taxes reached $10.9 million ($0.06 per diluted share), a 281% increase year-over-year; adjusted earnings were $11.1 million ($0.06 per share).

• La Preciosa development production increased 59% from Q1 2026, with both Mill Circuits 1 and 2 now processing its ore, supporting growth toward mid-tier producer status.

• Cash position at quarter-end was $144–145 million, with working capital of $141 million and no debt except for equipment leases.

• Repurchased and cancelled over 500,000 shares through a Normal Course Issuer Bid, enhancing shareholder value.

Financial highlights

• Gross profit margin was 48% (54% on a cash basis), with mine operating income of $13.0 million, up 27% year-over-year.

• EBITDA for the quarter was $12.6 million, a 69% increase year-over-year.

• Operating cash flow was $13.3 million, and free cash flow was $5.6 million (excluding La Preciosa development and exploration costs).

• Cash cost per silver equivalent ounce was $28.62, and all-in sustaining cost per silver equivalent ounce was $38.75, both above guidance due to early La Preciosa processing.

• Cash cost per ton was $74.72 and all-in cost per ton was $96, both higher than prior year and guidance.

Outlook and guidance

• 2026 production guidance is 2.4–2.7 million silver-equivalent ounces, with 2027 targeted at over 3 million.

• Focus on strategic exploration and drilling, with 15,000 m budgeted for 2026 at La Preciosa and Avino.

• Targeting increased production at La Preciosa to 500 tons per day, nearing this goal.

• Ongoing trade-off studies and plant expansion evaluations to support growth.

• Expectation for silver revenue share to rise as La Preciosa's contribution grows in the second half of the year.