Avino Silver & Gold Mines (ASM) Q4 2024 earnings summary

Executive summary

• Achieved record financial and operational results in 2024, meeting full-year guidance and closing with a record cash balance of $27.3 million, up 916% from 2023.

• Advanced La Preciosa project with all permits received and underground development underway, supporting a 5-year growth plan.

• Strong operational execution and cost efficiencies contributed to significant growth across key financial metrics.

• Ended 2024 with no debt, excluding equipment leases.

• Positioned for continued growth in 2025, supported by a solid financial foundation and positive market trends.

Financial highlights

• Q4 2024 revenue was $24.4 million, up 95% year-over-year; full-year revenue reached $66.2 million, a 51% increase.

• Q4 net income was $5.1 million (up 804%); full-year net income was $8.1 million; adjusted earnings for the year were $21.3 million ($0.15 per share), up 364%.

• Q4 EBITDA was $9.1 million (up 712%); full-year EBITDA was $18 million, up 620% year-over-year.

• Free cash flow for FY 2024 was $16.5 million, compared to negative $7.0 million in 2023.

• All-in sustaining cash cost per silver equivalent ounce for FY 2024 was $20.57, a 6% reduction from 2023.

Outlook and guidance

• 2025 began with consistent production; La Preciosa development is underway with $5–$6 million in CapEx planned, weighted toward Q2 and Q3.

• Initial ore from La Preciosa expected to reach the mill in Q4 2025, with potential for ramp-up into 2026.

• 2025 production guidance set at 2.5M–2.8M silver equivalent ounces, in line with 2024 output.

• Cost structure expected to remain stable or improve, supported by hedging against peso volatility.

• Exploration drilling commenced at Avino Vien, targeting high-grade extensions.