Avino Silver & Gold Mines Reports Record First Quarter Revenues
The silver producer achieved record revenues of $39.4 million for the first quarter of 2026, a 109% increase from the same period last year.
Avino Silver & Gold Mines Ltd. (ASM) reported record financial results for the first quarter of 2026, with revenues reaching $39.4 million. This figure represents a 109% increase from the $18.8 million reported in the first quarter of 2025 and a 29% increase from the previous quarterly record in the fourth quarter of 2025.
Silver production drove the company's top line, accounting for 60% of revenues. The company realized an average silver price of $86.42 per ounce, which was 173% higher than the $31.67 per ounce realized in the first quarter of 2025.
Profitability metrics also reached record levels. Mine operating income rose 122% year-over-year to $23.4 million. Net income after taxes was $15.9 million, or 0.09 a share, compared to $5.6 million in the first quarter of 2025. Adjusted earnings grew 150% from the prior year's first quarter to $24.3 million, or 0.14 a share.
Cash generation accelerated during the period. Mine operating cash flows before taxes reached a record $26.7 million, up 134% from the first quarter of 2025. The company ended the quarter with $138.6 million in cash, a 421% increase from the $26.6 million held on March 31, 2025.
Operating performance showed a mix of throughput gains and production declines. Mill throughput increased 11% year-over-year to 185,497 tonnes, which the company attributed to automation initiatives and targeted upgrades. However, silver equivalent ounces produced fell 10% year-over-year to 568,112 ounces. Gold production dropped 17% year-over-year to 1,851 ounces, and copper production fell 16% to 1.3 million pounds.
Costs per unit rose across the board. The cash cost per silver equivalent payable ounce was $24.46, a 94% increase from $12.62 in the first quarter of 2025. All-in sustaining costs per silver equivalent payable ounce rose 73% year-over-year to $34.72.
At La Preciosa, development production contributed 49,830 silver ounces, a slight increase over the fourth quarter of 2025. The company said it processed lower-grade development ore early in the quarter to capitalize on strong silver prices. Avino plans to complete 15,000 metres of drilling in 2026, with 2,600 metres finished by the end of the first quarter.