Avino Silver & Gold Mines (ASM) Q4 2025 earnings summary

Executive summary

• Achieved record revenues of $92.2 million for 2025, with Q4 revenues of $30.5 million, marking a return to primary silver production with 54% of Q4 revenues from silver.

• Net income for FY 2025 was $26.6 million, up 229% year-over-year; Q4 net income was $10.5 million, up 105%.

• Advanced multi-asset growth strategy, including development and extraction at La Preciosa, and significant exploration success with drill results exceeding expectations.

• Recognized as a top performer on the TSX30, with share price up 610% and market cap up 778% over three years, and received the Empresa Socialmente Responsible designation for the third consecutive year.

• Added to major ETFs and indices, improving liquidity and institutional recognition.

Financial highlights

• Adjusted FY 2025 earnings were $46.5 million ($0.29/share), with Q4 adjusted earnings at $16.3 million ($0.10/share), both record highs.

• Operating cash flows before working capital adjustments were $35.3 million for the year, up 134% year-over-year.

• Free cash flow for FY 2025 was $24.3 million, excluding La Preciosa development costs, up 185%.

• Cash position at year-end was $102 million, with working capital near $100 million and no debt except equipment leases.

• EBITDA for FY 2025 was $43 million, up 138% year-over-year.

Outlook and guidance

• Focus for 2026 on strategic exploration, with 30,000 meters of drilling planned (15,000 m each at Avino and La Preciosa).

• Plans to release updated mineral resource estimates and inaugural mineral reserves by mid-2026.

• Targeting a production rate of 500 tons per day at La Preciosa.

• Considering mill expansion within the next one to two years, with studies underway for both Avino and La Preciosa.

• Five-year growth plan aims to transition to a multi-asset mid-tier producer in Mexico.