Avino Silver & Gold Mines (ASM) Q2 2024 earnings summary

Executive summary

• Achieved record Q2 2024 revenues of $14.8 million, up 60% year-over-year, driven by higher silver production, La Preciosa stockpile processing, and higher metal prices.

• Net income reached $1.2 million ($0.01/share); adjusted earnings were $4.3 million ($0.03/share).

• Silver production increased 26% year-over-year, with total silver equivalent production at 617,000–629,302 ounces.

• Processed 10,000 tonnes from La Preciosa stockpiles, advancing the five-year plan to transition to three producing mines.

• Environmental permit application for La Preciosa was submitted and revised; further permitting steps are underway.

Financial highlights

• Gross profit reached $4.7 million (up 350% year-over-year), with cash gross profit at $5.9 million.

• EBITDA for Q2 2024 was $3.4 million, up 761% from Q2 2023; operating cash flow before working capital was $3.6 million.

• Cash on hand at quarter end was $5.3 million; working capital increased threefold year-over-year to $13.6 million.

• Free cash flow improved to $(0.1) million from $(3.5) million in Q2 2023, with positive YTD free cash flow of $0.2 million.

• Silver equivalent payable ounces sold increased 19% year-over-year to 537,037.

Outlook and guidance

• Full-year 2024 production guidance remains 2.5–2.8 million ounces silver equivalent.

• Five-year plan targets 8–10 million ounces silver equivalent by 2029, transitioning to three producing mines.

• Plans to develop Gloria and Abundancia veins and continue mining at higher-grade levels at Elena Tolosa.

• Anticipates significant growth from La Preciosa once underground mining begins.