Avino Silver & Gold Mines (ASM) Q3 2025 earnings summary

Executive summary

• Achieved record financial and operational performance in Q3 2025, driven by operational excellence, process upgrades, portfolio optimization, and strategic exploration.

• Transitioned from a single operation to a multi-asset producer, with La Preciosa material processed ahead of schedule and consolidated ownership enhancing project economics.

• Recognized in the TSX 30 (ranked #5) and added to major junior gold miner indices, reflecting strong share price and market cap growth.

Financial highlights

• Q3 2025 revenue reached $21 million, up 44% year-over-year; gross profit was $9.9 million (73% increase), and gross margin was 47%.

• Net income was $7.7 million ($0.05/share), up 559% year-over-year; adjusted earnings were $11.6 million ($0.07/share), up 134%.

• EBITDA rose to $11.5 million, a 200% increase from Q3 2024.

• Cash flow from operations was $8.3 million; free cash flow after capex was $4.5 million ($5.4 million excluding La Preciosa development costs).

• Record cash position of $57.3 million and working capital of $50.8 million at quarter-end; cash increased to $65 million post-quarter.

Outlook and guidance

• Production guidance for 2025 remains at 2.5–2.8 million silver equivalent ounces, with significant growth projected by 2029.

• La Preciosa ramping up: Circuit 1 in operation, with plans to add a second circuit in 2026 and potential for full 2,500 tpd capacity long-term.

• New mineral reserve and updated resource estimates for Avino and La Preciosa expected in Q1 2026.