Avino Silver and Gold Mines – Q2 Financials and Operations Review, Future Grade-driven Production Growth From La Preciosa
David Wolfin, President and CEO, and Nathan Harte, CFO of Avino Silver and Gold Mines (TSX:ASM – NYSE:ASM), both join me for a video review of the key metrics and takeaways from the record Q2 2025 financials and operations. Then we take a deeper dive into the future grade-driven growth from the development of the La Preciosa Mine, slated to have initial production begin ramping up in Q4 of this year.
Second Quarter 2025 Financial Highlights (compared to Q2 2024)
- Robust Revenues: Avino realized revenues of $21.8 million, representing a 47% increase from $14.8 million, primarily as a result of increased metal prices and consistent production.
- Quarterly Profits: Net income after taxes was $2.9 million, or $0.02 per share, an increase from $1.2 million, or $0.01 per share.
- Operating Margins Remain Elevated: Gross profit, or mine operating income, was $10.2 million and represented an increase of 118% from $4.8 million.
- Strong EBITDA and Adjusted Earnings: The Company realized earnings before interest, taxes, depreciation and amortization, or EBITDA, of $7.4 million, up 118% from $3.4 million. Adjusted earnings3 was $8.8 million, or $0.06 per share, an increase of 103% from $4.3 million and $0.03 per share.
- Improved Costs per Ounce Metrics: Cash costs per silver equivalent payable ounce sold1,2,3 was $15.11, and all-in sustaining cash costs per silver equivalent payable ounce sold1,2,3 was $20.93, a reduction of 7% and 8%, respectively.
- Increased Working Capital from Cash Flow: The Company’s balance sheet continued to strengthen with working capital1 increasing to $40.6 million, up $9.2 million, or 30% from $31.3 million at the end of Q1 2025, as a result of another quarter of cash generation.
- Index Inclusion in Q2 2025: Early July, Avino was included in the S&P/TSX Global Mining Index having been officially recognized as part of a global benchmark for the mining sector. In addition, as announced on May 1, 2025, Avino received inclusion into the Solactive Global Silver Miners Index, further solidifying Avino as an established silver producer with a growing production profile. Avino expects further index inclusion in the coming months, which should provide additional liquidity and opportunities for increasing institutional ownership.
2nd Quarter Operating Highlights (Compared to Q2 2024)
- Silver Equivalent Production Increased 5%:Avino produced 645,602 silver equivalent ounces in Q2 2025, representing a 5% increase from Q2 of 2024. This increase was driven by significantly improved mill availability, with the highest quarterly mill throughput in history.
- Record Mill Throughput: In Q2 2025, Avino achieved 36% higher mill throughput versus Q2 2024, totalling a quarterly record of 190,987 tonnes of material.
- Gold Production Increased 17%: Q2 2025 production of 1,774 gold ounces represented a 17% increase compared to Q2 2024. This improved production resulted from the increased tonnes processed, alongside significant improvements in gold recoveries to 74% from 70% in Q2 of 2024.
- Copper Production Increased 12%: Avino produced 1.5 million pounds of copper in Q2 2025, a 12% increase compared to Q2 2024.
- Silver Production decreased 3%:Silver production for Q2 2025 was 283,619 ounces, representing a 3% decrease compared to Q2 2024.
La Preciosa Update
Blasting and construction of the relatively short 360 meter San Fernando main access decline is underway, and equipment mobilization has been swift, allowing development to advance on plan. The new jumbo drill is working on this ramp as it progresses toward intercepting the Gloria and Abundancia veins.
Wrapping up we cover the Company’s 5-year production growth plan, to become a Mexican intermediate silver producer, with the development of both the La Preciosa Project in 2025 leading to meaningful production growth in 2026 and 2027, and then the Tailings Project augmenting production and costs starting in 2028.
If you have any follow up questions for David regarding Avino Silver and Gold then please email me at Shad@kereport.com.
- In full disclosure, Shad is a shareholder of Avino Silver & Gold at the time of this recording.
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I bought ASM last year at 84 cents. Wish I had bought more.
I was in Avino back in 2016-2018, but then exited the position for a few years. I did a swing trade in 2020 when we had the pandemic crash, sold out in tranches through the silver squeeze into early 2021. I exited at that time figuring I had too much silver exposure and need to ring the register on this one, but then stayed on the sidelines until 2022
In 2022, I reopened the trading position, where I bought about 6 different tranches between $0.50-$0.58 and held it as it channeled sideways to down. Then in November 2023 I met up the team again at the New Orleans Investment Conference and got interested in adding to my position shortly thereafter that event. In November I added more at $0.47, lowering my cost basis into the low $0.50’s and figuring the worst of the institutional funds selling was past, and it was time to throw another shrimp on the barbie… 🙂
Then about a year later, I saw them again in New Orleans and felt even more excited after talking to them at the conference and interviewing the CFO Nathan (seen above in the video) and I added more at $1.06 in November of 2024, averaging up and increasing my cost basis. That’s the last time I added any more to the position.
I’ve been gradually scaling out some during 2025, selling a few tranches in May at $2.54, $2.93, $2.99, and $3.03 because it was my largest position but getting too large of weighting within my portfolio. I still have a good core position in ASM though that is currently up 481%, so it has been a fantastic run in this stock.
Based on all the growth on tap, I believe it should still keep running quite a bit higher over the fullness of time, {not investment advice, and I’m obviously biased as an enthusiastic shareholder, and they are sponsors of the KE Report.}
Regardless, it has been nice to see the team at Avino delivering on their strategy, and when they came out of the gates in 2025 getting their final permit in Mexico to begin construction of La Preciosa, then I was like “Let’s go!”
The pricing chart Avino Silver and Gold (ASM) has been a thing of beauty in 2025.
https://schrts.co/rHtumxtu