from Avino Silver & Gold Mines Ltd. (NASDAQ:ASM)
Avino Reports Q3 2026 Financial Results
VANCOUVER, BC / ACCESS Newswire / November 4, 2026 / Avino Silver & Gold Mines Ltd. (TSX:ASM)(NYSE American:TSX)(FSE:GV6) a long-standing silver producer in Mexico, announces its unaudited financial results for the third quarter of 2026. All amounts are in U.S. dollars unless stated otherwise.
Third Quarter 2026 Financial Highlights
- Revenues: The Company achieved $33.4 million in revenues for Q3 2026, an increase of 59% from Q3 2025. 55% of revenues were derived from silver production at an average realized price of $63.33 per ounce.
- Mine Operating Income: Mine operating income was $14.8 million, an increase of 50% from Q3 2025.
- Net Income: Earnings, or net income after taxes, was $6.1 million, or $0.03 per diluted share. Earnings were impacted by non-cash movements in deferred income taxes and unrealized losses on derivatives.
- Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")3 and Adjusted Earnings3: EBITDA was $12.8 million, an increase of 12% from Q3 2025. Adjusted earnings were $14.3 million, or $0.08 per share, an increase of 23% and 14%, respectively, from Q3 2025.
- Strong Cash Provided by Operating Activities and Operating Cash Before Working Capital Adjustments3: Cash provided by operating activities was $12.7 million, an increase of 52% from Q3 2025. The Company generated operating cash before working capital adjustments of $12.3 million, an increase of 69% compared to Q3 2025.
- Mine Operating Cash Flow Before Taxes: Mine operating cash flows before taxes was $16.5 million, an increase of 49% from Q3 2025.
"During the third quarter, the Company continued to ramp up development at La Preciosa, well exceeding our budget targets," said David Wolfin, President and CEO. "With over 3,000 metres of underground development completed already this year, we are laying the foundation for meaningful increases to our future silver production profile as performing this work will be instrumental in our plans for a larger mining operation at La Preciosa.
I am particularly proud of the resilience of our operating team in managing production costs at Avino as we continue to add more local labour force to our teams at both the Avino operation, as well as at La Preciosa. Our consolidated AISC margin of $28 per ounce in the current quarter demonstrates that even as we develop a second mine, we are able to deliver meaningful cash flow generation. Our updated guidance on silver production and costs reflects our development strategy of processing lower grade development ore at La Preciosa, while we continue to move that project to a larger operation. I would also like to acknowledge the entire team for earning the ESR distinction in Mexico for the fourth consecutive year, a recognition that reflects our commitment to operating in a safe and sustainable manner."
Third Quarter 2026 Operating and Financial Highlights
Highlights (In US$, unless otherwise noted) | Q3 2026 | Q3 2025 | Change | YTD 2026 | YTD 2025 | Change | |||||||||||||
Operating | |||||||||||||||||||
Tonnes Milled | 190,379 | 188,757 | 1 | % | 560,169 | 547,597 | 2 | % | |||||||||||
Silver Ounces Produced | 303,189 | 263,231 | 15 | % | 833,551 | 812,530 | 3 | % | |||||||||||
Gold Ounces Produced | 1,732 | 1,935 | -10 | % | 5,761 | 5,933 | -3 | % | |||||||||||
Copper Pounds Produced | 1,202,821 | 1,307,429 | -8 | % | 3,276,404 | 4,372,752 | -25 | % | |||||||||||
Silver Equivalent Ounces1 Produced | 582,836 | 571,775 | 2 | % | 1,685,893 | 1,797,824 | -6 | % | |||||||||||
Concentrate Sales And Costs | |||||||||||||||||||
Silver Equivalent Payable Ounces Sold2 | 532,274 | 562,604 | -5 | % | 1,403,141 | 1,806,939 | -22 | % | |||||||||||
Average Realized Silver Price per Ounce Sold | $ | 63.33 | $ | 38.21 | 66 | % | $ | 70.57 | $ | 35.49 | 99 | % | |||||||
Cash Cost per Silver Equivalent Payable Ounce2,3 | $ | 27.87 | $ | 17.09 | 63 | % | $ | 26.30 | $ | 14.95 | 76 | % | |||||||
All-in Sustaining Cost ("AISC") per Silver Equivalent Payable Ounce2,3 | $ | 34.71 | $ | 24.06 | 44 | % | $ | 35.22 | $ | 21.64 | 63 | % | |||||||
Cash Cost per Tonne Processed3 | $ | 71.40 | $ | 53.18 | 34 | % | $ | 68.54 | $ | 52.60 | 30 | % | |||||||
AISC per Tonne Processed3 | $ | 90.52 | $ | 73.97 | 22 | % | $ | 90.90 | $ | 74.69 | 22 | % | |||||||
Financial Operating Performance (in 000's) | |||||||||||||||||||
Revenues | $ | 33,385 | $ | 21,042 | 59 | % | $ | 99,605 | $ | 61,683 | 61 | % | |||||||
Mine operating income | $ | 14,832 | $ | 9,905 | 50 | % | $ | 51,221 | $ | 30,691 | 67 | % | |||||||
Net income | $ | 6,103 | $ | 7,702 | -21 | % | $ | 32,915 | $ | 16,183 | 103 | % | |||||||
Earnings before interest, taxes and amortization ("EBITDA")3 | $ | 12,846 | $ | 11,456 | 12 | % | $ | 50,936 | $ | 28,586 | 78 | % | |||||||
Adjusted earnings3 | $ | 14,303 | $ | 11,645 | 23 | % | $ | 49,765 | $ | 30,327 | 64 | % | |||||||
Cash provided by operating activities | $ | 12,700 | $ | 8,329 | 52 | % | $ | 39,592 | $ | 17,437 | 127 | % | |||||||
Operating cash flow before working capital adjustments3 | $ | 12,299 | $ | 7,281 | 69 | % | $ | 39,242 | $ | 20,911 | 88 | % | |||||||
Mine operating cash flow before taxes3 | $ | 16,517 | $ | 11,050 | 49 | % | $ | 57,662 | $ | 33,720 | 71 | % | |||||||
Per Share Amounts | |||||||||||||||||||
Earnings per share - diluted | $ | 0.03 | $ | 0.05 | -40 | % | $ | 0.19 | $ | 0.10 | 90 | % | |||||||
Adjusted earnings per share3 | $ | 0.08 | $ | 0.07 | 14 | % | $ | 0.29 | $ | 0.20 | 45 | % | |||||||
Liquidity & Working Capital (in 000's) | Q3 2026 | Q2 2026 | Change | Q3 2026 | YE 2025 | Change | |||||||||||||
Cash | $ | 138,247 | $ | 144,183 | -4 | % | $ | 138,247 | $ | 101,724 | 36 | % | |||||||
Working capital3 | $ | 141,529 | $ | 140,774 | 1 | % | $ | 141,529 | $ | 99,562 | 42 | % | |||||||
| Operational Summary | Q3 2026 | YTD 2026 | ||||||||||||||||||||||
Expressed in 000's of US$, unless otherwise noted | Avino | La Preciosa | Total | Avino | La Preciosa | Total | ||||||||||||||||||
Tonnes Milled | 160,140 | 30,239 | 190,379 | 487,189 | 72,980 | 560,169 | ||||||||||||||||||
Silver Ounces Produced | 211,748 | 91,441 | 303,189 | 607,474 | 226,077 | 833,551 | ||||||||||||||||||
Gold Ounces Produced | 1,566 | 166 | 1,732 | 5,328 | 433 | 5,761 | ||||||||||||||||||
Copper Pounds Produced | 1,202,821 | - | 1,202,821 | 3,276,404 | - | 3,276,404 | ||||||||||||||||||
Cash Cost per AgEq Payable Ounce Sold2,3 | $ | 24.77 | $ | 40.58 | $ | 27.87 | $ | 25.79 | $ | 29.19 | $ | 26.30 | ||||||||||||
AISC per AgEq Payable Ounce Sold2,3 | $ | 32.40 | $ | 44.16 | $ | 34.71 | $ | 34.69 | $ | 38.33 | $ | 35.22 | ||||||||||||
Cash Cost per AgEq Payable Ounce Sold - 2026 Guidance Prices1,3 | $ | 23.09 | $ | 39.56 | $ | 26.21 | 21.91 | 28.08 | 22.73 | |||||||||||||||
AISC per AgEq Payable Ounce Sold - 2026 Guidance Prices1,3 | $ | 30.21 | $ | 43.05 | $ | 32.64 | 29.47 | 36.87 | 30.45 | |||||||||||||||
Cash Cost per Tonne Processed3 | $ | 59.60 | $ | 133.92 | $ | 71.40 | $ | 60.82 | $ | 120.06 | $ | 68.54 | ||||||||||||
AISC per Tonne Processed3 | $ | 79.99 | $ | 146.28 | $ | 90.52 | $ | 82.65 | $ | 146.02 | $ | 90.90 | ||||||||||||
La Preciosa Milestones
- Steady Progress & Increased Production from Development Ore: At La Preciosa, development production output increased 5% from Q2 2026, contributing 105,867 AgEq1 ounces, and consisting of 91,441 silver oz and 166 gold oz. Mill processing of mineralized development material from La Preciosa was above plan for 2026 to date, primarily due to Mill Circuit 2 becoming available ahead of scheduled for La Preciosa development ore in the second quarter. Grades were below plan as elevated silver prices supported the processing of additional lower-grade development ore, which also impact cash and AISC costs per AgEq oz and per tonne processed.
- 2026 Drill Program: A third drill was added at La Preciosa, with 10,675 meters of drilling completed at the end of Q3 as part of the planned 15,000 metres of exploration for 2026. Drilling has now shifted from infill holes to exploration and step-out holes at high-priority targets at vein intersections and projections. It is important to note that none of the infill drilling holes completed to date were included in the mineral reserve update in Q2 2026. Furthermore, most of the exploration holes are in areas outside the current resource model.
- Consistent Mill Throughput & Production: In Q3 2026, mill throughput remained on plan with 190,379 tonnes processed from both Avino and La Preciosa. Continued steady mill performance and availability reflects the impact of targeted upgrades and automation initiatives led by our operations and maintenance teams over recent years. Avino produced 582,836 silver equivalent1 ounces in Q3 2026, up slightly from Q3 2025 on a consolidated basis.
Operating Highlights
- Primary Silver Production: Avino produced 303,189 silver ounces, representing over 50% of our silver equivalent1 production for Q3 2026, as the Company continues to transition to its long-term target of 75% of consolidated silver equivalent1 production coming from silver ounces.
- Primary Silver Revenues: 55% of the Company's Q3 2026 revenues came from the sales of silver processed from the production material from the Avino Mine and development material from La Preciosa at an average realized price of $63.33 per silver ounce.
- 2026 Drill Program at Avino: Drilling remains ongoing at Avino as we continue to understand the nature of the veining, with two drills currently deployed. The first drill was focused in the upper area in the eastern portion of the system. The second drill at Avino was focused on extension drilling in the footwall breccia area in the upper east portion. As of September 30, 2026, 9,400 of the planned 15,000 metres have been completed.
- Health and Safety Performance: For year-to-date 2026, the Lost Time Incident Frequency Rate ("LTIFR") of 7.47 per 1,000,000 hours worked. Total reportable lost time incident rate was 0.15.
Corporate
- Normal Course Issuer Bid ("NCIB"): Since the approval of the Company's NCIB in April 2026, Avino has repurchased and subsequently cancelled over 1 million common shares, decreasing the issued and outstanding common shares by the same amount. As previously announced, the Company is permitted to repurchase for cancellation up to an aggregate of 8,248,566 common shares prior to April 7, 2027. The Company believes the NCIB is a flexible tool as part of its overall capital allocation program and remains committed to returning value to shareholders by reducing the number of shares outstanding, therefore increasing percentage of ownership and earning per share.
2026 Capital Expenditures
Capital expenditures for up to Q3 2026 totaled $15 million, compared to $9 million in the corresponding period in 2025. The increased amount is in line with our capital budget for 2026 of $20 to $26 million and was primarily spent on mine development and equipment for future production mining operations at La Preciosa, as well as the Company's consolidated 30,000 metre exploration program.
Production Guidance
With additional mine development work and the processing of lower grade development ore from La Preciosa, as well as a change to mine sequencing at Avino, the Company is expecting to produce less silver ounces from La Preciosa and less copper pounds from Avino than initially forecasted at the beginning of the year. These decisions were made with long-term planning in mind and as such, the Company is providing updated production and operating guidance for 2026, as the Company expected to be at or slightly below the lower end of the guided range for silver equivalent production on a consolidated basi