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Avino Reports Q2 2019 Financial Results

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PR Newswire

VANCOUVER, Aug. 7, 2019

VANCOUVER, Aug. 7, 2019 /PRNewswire/ - Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American; FSE: GV6, "Avino" or "the Company") released today its consolidated financial results for the Company's second quarter ended June 30, 2019. The Financial Statements and Management Discussion and Analysis (MD&A) can be viewed on the Company's web site at www.avino.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

SECOND QUARTER 2019 HIGHLIGHTS

Generated revenues of $7.8 million from the sale of concentrates
Mine operating income of $0.3 million
Net loss after taxes of $0.2 million, or Nil per share
Silver equivalent production of 599,593 ounces¹, including 246,129 ounces of silver, 1,609 ounces of gold and 1,136,113 pounds of copper
Total consolidated cash cost² was $10.89 per silver equivalent payable ounce¹
Consolidated all-in sustaining cost ("AISC")² was $13.10 per silver payable equivalent ounce¹
Working capital of $8.7 million, at June 30, 2019, and $14.2 million as of today
Earnings before interest, taxes, depreciation and amortization ("EBITDA")² was $0.6 million
Cash of $3.4 million was on hand at the end of the quarter, and $7.7 million as of today

1. *In Q2, 2019, AgEq was calculated using metals prices of $14.88 oz Ag, $1,309 oz Au and $2.77 lb Cu. In Q2, 2018, AgEq was calculated using metals prices of $16.53 oz Ag, $1,257 oz Au and $3.12 lb Cu. Calculated figures may not add up due to rounding.

2. The Company reports non-IFRS measures which include cash cost per silver equivalent ounce, all-in sustaining cash cost per ounce, and cash flow per share. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the calculation methods may differ from methods used by other companies with similar reported.

"During the second quarter of 2019, we experienced an unplanned downtime of 5 days due to labour negotiations regarding the closure of the San Gonzalo Mine, this, together with a decline in the feed grade at San Gonzalo, had an impact on our earnings during the second quarter of 2019" said David Wolfin, President and CEO. "However, during the quarter, on a positive note, the commissioning of the tailing's thickener, which began during the first quarter, has been completed on schedule and has transitioned to full operation. In addition, I'm very pleased that our teams in Mexico and Canada continued their diligent approach to reducing our G&A expenses with a 24% reduction this quarter compared to Q2 2018 and a 32% reduction year to date. We will continue to focus on profitable ounces and keeping costs controlled company-wide."

Operational Highlights

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HIGHLIGHTS	Second Quarter 2019		Second Quarter 2018		Change	YTD 2019		YTD 2018		Change
*(Expressed in US$)*
Operating
Tonnes Milled	200,873		184,726		9%	398,560		325,543		22%
Silver Ounces Produced	246,129		323,014		-24%	514,528		632,941		-19%
Gold Ounces Produced	1,609		1,734		-7%	3,422		3,799		-10%
Copper Pounds Produced	1,136,113		1,480,830		-23%	2,198,815		2,450,995		-10%
Silver Equivalent Ounces¹ Produced	599,493		738,853		-19%	1,214,512		1,395,552		-13%
Concentrate Sales and Cash Costs
Silver Equivalent Payable Ounces Sold³	618,894		646,555		-4%	1,141,521		1,212,712		-6%
Cash Cost per Silver Equivalent Payable Ounce^1,2,3	$	10.89	$	9.07	20%	$	11.14	$	9.33	19%
All-in Sustaining Cash Cost per Silver Equivalent Payable Ounce^1,2,3	$	13.10	$	10.54	24%	$	13.43	$	11.10	21%

1. In Q2, 2019, AgEq was calculated using metals prices of $14.88 oz Ag, $1,309 oz Au and $2.77 lb Cu. In Q2, 2018, AgEq was calculated using metals prices of $16.53 oz Ag, $1,307 oz Au and $3.12 lb Cu. Calculated figures may not add up due to rounding.

2. "Silver equivalent ounces sold" for the purposes of cash costs and all-in sustaining costs consists of the sum of silver ounces, gold ounces and copper tonnes sold multiplied by the ratio of the average spot gold and copper prices to the average spot silver price for the corresponding period.

3. The Company reports non-IFRS measures which include cash cost per silver equivalent ounce, all-in sustaining cash cost per ounce, and cash flow per share. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the calculation methods may differ from methods used by other companies with similar reported measures.

Financial Highlights

HIGHLIGHTS

Second
Quarter 2019

Second
Quarter 2018

Change

YTD

2019

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