Avino Reports $12.4 Million in Revenues in Q1 2024; Improves on Unit Costs
May 8, 2024
Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American; FSE: GV6) a long-standing silver producer in Mexico, announces its consolidated financial results for the first quarter of 2024.
First Quarter 2024 Financial Highlights
Revenues of $12.4 million
Gross Profit (mine operating income) of $2.3 million, $3.1 million net of non-cash costs of sales
Net income of $0.6 million
Earnings before interest, taxes, depreciation and amortization (“EBITDA”)3 of $1.7 million
Adjusted earnings3 of $2.0 million, or $0.02 per share
Cash costs per silver equivalent payable ounce sold1,2,3 of $14.89
All in sustaining cash costs per silver equivalent payable ounce sold1,2,3 of $20.23
The earnings should be read in conjunction with the Company’s Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the corresponding period, which can be viewed on the Company’s website at www.avino.com, or on SEDAR+ at www.sedarplus.ca or on EDGAR at www.sec.gov.
“In the first quarter, we continued to show steady improvement with positive net income, cash flow generation and reduced operating costs,” said Nathan Harte, Chief Financial Officer. “Unit costs and margins have improved compared to 2023, as our team has diligently worked to preserve our cost structure, as evidenced by increases to working capital of 92% since Q1 2023, and growth in our cash position of 29% since year end. Further, with stronger pricing seen subsequent to the end of the quarter in all three of our production metals, the outlook for the rest of 2024 remains very positive. Finally, we want to reiterate our confidence in our plans to advance La Preciosa with limited capital spending and look forward to updating the market on progress.”
“We have successfully implemented robust cost control strategies, despite the challenges posed by inflationary pressures, resulting in a gradual reduction in costs during the first quarter,” said David Wolfin, President and CEO. “In addition, our first quarter production results saw a notable improvement to mill throughput of 18% compared to Q4 2023, which contributed to positive overall results. Our commitment to achieving growth targets remains unwavering. We are enthusiastic with the recent advancements in the development of La Preciosa, a mineral property in its development stage boasting a substantial untapped primary silver resource in Mexico. Situated near to Avino’s established operations in Durango, Mexico, the integration of La Preciosa’s mineral resource inventory has notably bolstered Avino’s overall NI 43-101 mineral resource portfolio to a current total of 371 million silver equivalent ounces.”
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avino.com/news/2024/...ues-in-q1-2024-improves-on-unit-costs/
May 8, 2024
Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American; FSE: GV6) a long-standing silver producer in Mexico, announces its consolidated financial results for the first quarter of 2024.
First Quarter 2024 Financial Highlights
Revenues of $12.4 million
Gross Profit (mine operating income) of $2.3 million, $3.1 million net of non-cash costs of sales
Net income of $0.6 million
Earnings before interest, taxes, depreciation and amortization (“EBITDA”)3 of $1.7 million
Adjusted earnings3 of $2.0 million, or $0.02 per share
Cash costs per silver equivalent payable ounce sold1,2,3 of $14.89
All in sustaining cash costs per silver equivalent payable ounce sold1,2,3 of $20.23
The earnings should be read in conjunction with the Company’s Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the corresponding period, which can be viewed on the Company’s website at www.avino.com, or on SEDAR+ at www.sedarplus.ca or on EDGAR at www.sec.gov.
“In the first quarter, we continued to show steady improvement with positive net income, cash flow generation and reduced operating costs,” said Nathan Harte, Chief Financial Officer. “Unit costs and margins have improved compared to 2023, as our team has diligently worked to preserve our cost structure, as evidenced by increases to working capital of 92% since Q1 2023, and growth in our cash position of 29% since year end. Further, with stronger pricing seen subsequent to the end of the quarter in all three of our production metals, the outlook for the rest of 2024 remains very positive. Finally, we want to reiterate our confidence in our plans to advance La Preciosa with limited capital spending and look forward to updating the market on progress.”
“We have successfully implemented robust cost control strategies, despite the challenges posed by inflationary pressures, resulting in a gradual reduction in costs during the first quarter,” said David Wolfin, President and CEO. “In addition, our first quarter production results saw a notable improvement to mill throughput of 18% compared to Q4 2023, which contributed to positive overall results. Our commitment to achieving growth targets remains unwavering. We are enthusiastic with the recent advancements in the development of La Preciosa, a mineral property in its development stage boasting a substantial untapped primary silver resource in Mexico. Situated near to Avino’s established operations in Durango, Mexico, the integration of La Preciosa’s mineral resource inventory has notably bolstered Avino’s overall NI 43-101 mineral resource portfolio to a current total of 371 million silver equivalent ounces.”
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avino.com/news/2024/...ues-in-q1-2024-improves-on-unit-costs/
