from Avino Silver & Gold Mines Ltd. (NASDAQ:ASM)
Avino Achieves Record Financial Performance for 2024; Improvements Across Key Financial Metrics, Treasury at All-Time High
VANCOUVER, BC / ACCESS Newswire / March 11, 2025 / Avino Silver & Gold Mines Ltd. (TSX:ASM)(NYSE American:ASM)(FSE:GV6) a long-standing silver producer in Mexico, announces its audited consolidated financial results for the fourth quarter and year ended December 31, 2024. All amounts are in U.S. dollars unless stated otherwise.
Fourth Quarter 2024 Financial Highlights (compared to Q4 2023)
Record Revenues: The Company realized revenues of $24.4 million, an increase of 95%, driven by increased production and higher realized silver and gold prices in the quarter.
Record Gross Profit: Gross profit, or mine operating income, was $10.5 million and represented an increase of 308%. The significant improvement was a result of items noted related to revenues, as well as meaningful unit cost reductions and currency movements between the US dollar and Mexican Peso.
Record Cash Flow Generation: The Avino Mine delivered cash provided by operating activities of $15.6 million, up over 2,000%, as well as mine operating cash flows before taxes 3 of $11.9 million, up 230%.
Record Earnings and Adjusted Earnings : The Company realized net income of $5.1 million, or $0.03 per share, up 804%, and adjusted earnings 3 of $10 million, or $0.07 per share, an increase of 405%. Earnings before interest, taxes, depreciation and amortization ("EBITDA") 3 was $9.1 million, up 712%
Improved Costs per Ounce Metrics: Cash costs per silver equivalent payable ounce sold 1,2,3 was $13.88 and all-in sustaining cash costs per silver equivalent payable ounce sold 1,2,3 was $18.62, down 8% and 14%, respectively.
Full Year 2024 Financial Highlights (compared to FY 2023)
All-Time High in Cash Strength: Cash balance of $27.3 million, an increase of 916%. This represents the highest balance in the Company's history and positions the Company to execute on its organic growth plans.
Record Revenues: The Company realized revenues of $66.1 million, an increase of 51%, driven by improved production and sales volumes, as well as higher realized metal prices in 2024
Record Gross Profit: Gross profit, or mine operating income, was $23.2 million and represented an increase of 197%.
Record Earnings and Adjusted Earnings : The Company realized net income of $8.1 million, or $0.06 per share, with adjusted earnings 3 up 364% at $21.3 million, or $0.15 per share. EBITDA 3 rose significantly and was $18 million, up 620%.
Improved Costs per Ounce Metrics: Cash costs per silver equivalent payable ounce sold 1,2,3 came in at $14.84, down 5% and all-in sustaining cash costs per silver equivalent payable ounce sold 1,2,3 was $20.57, down 6%.
Record Cash Flow Generation: The Avino Mine delivered cash provided by operating activities of $23.1 million, up over 1400%. Mine operating cash flow before taxes 3 of $27.6 million, an increase of 150%
"In the fourth quarter, we delivered record financial performance driven by higher metal prices and increased production from our Avino Mine," said Nathan Harte, Chief Financial Officer. "With records set in revenues and cash flow generation, our operating margins further strengthened our debt-free balance sheet to record highs. On the cost side, our operating costs decreased and further increased margins, allowing record free-cash flow generation. Our focus continues to be on growth and delivering additional value to our shareholders through disciplined and organic growth as outlined in our 5-year plan. With over $27 million in cash to close out the year, we are well-positioned for the future."
"Avino delivered an outstanding performance in 2024, achieving record financial results, strong operational execution, and benefiting from a supportive market environment," said David Wolfin, President and CEO. "The Company posted record revenues and significant growth across key financial metrics, reflecting higher production, cost efficiencies, and strong metal prices.Our record-breaking year would not have been possible without the dedication, expertise, and hard work of our operational teams and employees across the company. Their commitment to excellence, teamwork, and innovation has been instrumental in achieving these milestones. On behalf of our leadership, thank you for your efforts and contributions-your work continues to drive Avino's success. With a solid financial foundation, strong operational performance, and positive market trends, Avino is well-positioned for continued growth and value creation in 2025 and beyond."
Financial Highlights
HIGHLIGHTS (Expressed in 000's of US$) | Fourth Quarter 2024 | Fourth Quarter 2023 | Change | Year 2024 | Year 2023 | Change | ||||||||||||||||||
Financial Operating Performance | ||||||||||||||||||||||||
Revenues | $ | 24,382 | $ | 12,530 | 95 | % | $ | 66,178 | $ | 43,889 | 51 | % | ||||||||||||
Mine operating income | $ | 10,456 | $ | 2,561 | 308 | % | $ | 23,201 | $ | 7,819 | 197 | % | ||||||||||||
Net income | $ | 5,092 | $ | 563 | 804 | % | $ | 8,100 | $ | 542 | 1394 | % | ||||||||||||
Earnings before interest, taxes and amortization ("EBITDA") 1 | $ | 9,099 | $ | 1,120 | 712 | % | $ | 18,037 | $ | 2,506 | 620 | % | ||||||||||||
Adjusted earnings 1 | $ | 9,950 | $ | 1,972 | 405 | % | $ | 21,333 | $ | 4,601 | 364 | % | ||||||||||||
Cash provided by operating activities | $ | 15,551 | $ | 621 | 2404 | % | $ | 23,124 | $ | 1,488 | 1454 | % | ||||||||||||
Mine operating cash flow before taxes 1 | $ | 11,878 | $ | 3,597 | 230 | % | $ | 27,578 | $ | 11,017 | 150 | % | ||||||||||||
Per Share Amounts | ||||||||||||||||||||||||
Earnings per share - basic | $ | 0.04 | $ | 0.00 | 100 | % | $ | 0.06 | $ | 0.00 | 100 | % | ||||||||||||
Earnings per share - diluted | $ | 0.03 | $ | 0.00 | 100 | % | $ | 0.06 | $ | 0.00 | 100 | % | ||||||||||||
Adjusted earnings per share 1 | $ | 0.07 | $ | 0.02 | 250 | % | $ | 0.15 | $ | 0.04 | 275 | % | ||||||||||||
HIGHLIGHTS (Expressed in 000's of US$) | December 31, | September 30, | Change | December 31, | December 31, | Change | ||||||||||||||||||
Liquidity & Working Capital | ||||||||||||||||||||||||
Cash | $ | 27,317 | $ | 7,767 | 252 | % | $ | 27,317 | $ | 2,688 | 916 | % | ||||||||||||
Working capital 1 | $ | 25,235 | $ | 15,878 | 59 | % | $ | 25,235 | $ | 9,727 | 159 | % | ||||||||||||
Operating Highlights and Overview
HIGHLIGHTS (Expressed in US$, unless otherwise noted) | Fourth Quarter 2024 | Fourth Quarter 2023 | Change | Year 2024 | Year 2023 | Change | ||||||||||||||||||
Operating | ||||||||||||||||||||||||
TonnesMilled | 181,733 | 143,738 | 26 | % | 648,774 | 615,373 | 5 | % | ||||||||||||||||
Silver Ounces Produced | 283,794 | 224,723 | 26 | % | 1,109,214 | 928,643 | 19 | % | ||||||||||||||||
Gold Ounces Produced | 2,560 | 1,452 | 76 | % | 7,477 | 7,335 | 2 | % | ||||||||||||||||
Copper Pounds Produced | 1,773,694 | 1,317,793 | 35 | % | 6,197,603 | 5,304,808 | 17 | % | ||||||||||||||||
Silver Equivalent Ounces 1 Produced | 735,557 | 558,460 | 32 | % | 2,652,498 | 2,415,232 | 10 | % | ||||||||||||||||
Concentrate Sales and Cash Costs | ||||||||||||||||||||||||
Silver Equivalent Payable Ounces Sold 2 | 889,294 | 584,061 | 52 | % | 2,562,211 | 2,086,485 | 23 | % | ||||||||||||||||
Cash Cost per Silver Equivalent Payable Ounce 1,2,3 | $ | 13.88 | $ | 15.04 | -8 | % | $ | 14.84 | $ | 15.61 | -5 | % | ||||||||||||
All-in Sustaining Cash Cost per Silver Equivalent Payable Ounce 1,2,3 | $ | 18.62 | $ | 21.67 | -14 | % | $ | 20.57 | $ | 21.87 | -6 | % | ||||||||||||
4th Quarter and Full Year Operating Highlights
Silver Equivalent Production Increases:
Avino produced 735,557 silver equivalent ounces in Q4 2024, representing a 32% increase from Q4 of 2023 and a 10% increase compared to the previous quarter. This increase was driven by improved gold grades and increased mill throughput.
Full year 2024 production increased significantly due to overall mill performance and availability. With production of 2.65 million silver equivalent ounces, the Company completed the year within our targeted full year production of 2.5 to 2.8 million silver equivalent ounces. Production guidance for 2025 consists of a range of 2.5 million to 2.8 million silver equivalent ounces. Silver equivalent ounces in our production guidance range are calculated using prices of $30.00 per ounce for silver, $2,600 per ounce for gold, and $4.18 per pound of copper.
Mill Throughput Increases:
The Company processed 181,733 tonnes in Q4 2024, a 26% increase compared to Q4 2023, and the highest throughput quarter in the Company's history. Mill availability and performance is a result of considerable work from our operations team in Durango, allowing for meaningful improvements in operational metrics, as well as improving the Company's cash and working capital positions. In 2024, mill throughput was 648,774 tonnes, a 5% overall increase from 2023.
Fourth Quarter Gold Production:
Q4 2024 production of 2,560 gold ounces represented a 76% increase compared to Q4 2023 and was our highest quarter of gold production in 2024. Improved feed grade accounted for the majority of the increase, alongside the mill availability noted above.
La Preciosa
Following the signing of the long-term land use agreement with a local community on January 9th, 2024 , the Company announced on January 15, 2025 that underground development at La Preciosa had commenced following receipt of all required permit for mining operations.
Health and Safety Performance Improvements:
The Company achieved a reduction in Lost Time Incident Frequency Rate ("LTIFR") of 32% for 2024 to 3.39 per 1,000,000 hours worked, while seeing an increase in hours worked by 47% at the Avino operations. Reportable lost time incident frequency rates also decreased to 0.07, down over 90% from 2023.
2024 Capital Expenditures
Capital expenditures in 2024 were $6.6 million, compared to $8.5 million in 2023, which came in below the range previously disclosed in the Avino 2024 Outlook press release which can be found here on the Company's website. This is a result of certain La Preciosa expenditures being deferred to 2025, following the receipt of all necessary mining permits after the close of 2024.
ESG Initiatives
Avino follows the ESG Standards and the United Nations Sustainable Development goals. There are 17 Sustainable Development Goals (SDGs), which were developed as a call to action by all countries developed and developing in a global partnership.
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