Welcome to our dedicated page for Avino Silver & Gold Mines Ltd. (Canada) news (Ticker: ASM), a resource for investors and traders seeking the latest updates and insights on Avino Silver & Gold Mines Ltd. (Canada) stock.
Avino Silver & Gold Mines Ltd. (TSX:ASM, NYSE American:ASM, FSE:GV6) is a Canadian mineral exploration and mining company, principally engaged in the exploration, extraction, processing, and sale of silver, gold, and copper. The company's core operations are centered around the acquisition, development, and advancement of mineral properties in Canada and Mexico.
Avino boasts a diversified portfolio of interests in 42 mineral claims and four leased mineral claims. Key properties include:
- Avino Mine Area Property: Comprising four concessions covering 154.4 hectares, 24 exploitation concessions over 1,284.7 hectares, and one leased concession of 98.83 hectares.
- Gomez Palacio Property: Nine exploration concessions spanning 2,549 hectares.
- Santiago Papasquiaro Property: Four exploration concessions covering 2,552.6 hectares and one exploitation concession of 602.9 hectares.
- Unification La Platosa Properties: Three leased concessions located in Durango, Mexico.
In Canada, the company owns 100% interests in the Minto and Olympic-Kelvin properties in British Columbia.
Avino's operations are highlighted by its flagship Avino Mine in Durango, Mexico. This historic mine has been operational for over 55 years and continues to be a significant producer of silver, gold, and copper. The recent strategic acquisition of the adjacent La Preciosa property has significantly bolstered Avino's resource base, adding an impressive 371 million silver equivalent ounces to its assets.
Financially, Avino has demonstrated resilience and growth. Its latest achievements include a successful drill program, the completion of a Pre-Feasibility Study for the Oxide Tailings Project, and an ongoing long-term land-use agreement for the development of La Preciosa. Avino's production outlook for 2024 anticipates between 2.5M and 2.8M silver equivalent ounces, sourced from the Avino Mine and stockpiles from La Preciosa.
Avino remains committed to environmental responsibility and community well-being, emphasizing sustainable mining practices. The company has also been recognized for its efforts by being added to the Nasdaq Metals Focus Silver Miners Index.
Under the leadership of President and CEO David Wolfin, Avino Silver & Gold Mines Ltd. aims to continue its growth trajectory, leveraging its extensive resource base and strategic acquisitions to deliver long-term value to shareholders.
Avino Silver & Gold Mines (ASM) reported record quarterly revenues of $14.8 million in Q2 2024, a 60% increase from Q2 2023. The company achieved a gross profit of $4.7 million and net income of $1.2 million ($0.01 per share). Key financial highlights include:
- Adjusted earnings of $4.3 million ($0.03 per share)
- EBITDA of $3.4 million
- Cash costs of $16.29 per silver equivalent payable ounce sold
- All-in sustaining cash costs of $22.74 per silver equivalent payable ounce sold
The company processed 10,000 tonnes from La Preciosa surface stockpiles, contributing to a 26% increase in silver ounces produced. Avino remains on track with its targeted full-year production of 2.5M to 2.8M silver equivalent ounces.
Avino Silver & Gold Mines (ASM) reported Q2 2024 production of 616,571 silver equivalent ounces, a 5% increase from Q2 2023. Silver production rose 26% to 292,946 oz, while copper production decreased 10% to 1.3 million lbs. Gold production remained flat at 1,514 oz. The company processed 9,951 tonnes from La Preciosa surface stockpiles, contributing to increased silver production. Avino remains on track for its 2024 production target of 2.5M to 2.8M silver equivalent ounces. The company awaits environmental permits for La Preciosa, a key component of its 5-year growth plan. Q2 2024 financial results will be released on August 13, 2024, followed by a conference call on August 14.
Avino Silver & Gold Mines reported the results of its 2024 Annual General Meeting held on May 30, 2024. All proposed resolutions were passed, with 46,123,595 common shares representing 34.71% of the total shares voted. Key resolutions included setting the number of Directors at four, electing Ronald Andrews, Peter Bojtos, Carolina Ordoñez, and David Wolfin to the Board, and appointing Deloitte LLP as auditors. The 2024 10% Rolling Stock Option Plan and Unallocated Entitlements under the 2018 Restricted Share Unit Plan were also approved. Additionally, Jasman Yee retired from the Board after 13 years, ending a 22-year tenure with the company.
Avino Silver & Gold Mines (ASM) has issued a reminder to shareholders to vote ahead of the 2024 Annual General Meeting (AGM), scheduled for May 30, 2024, at 10:00 AM PT.
Shareholders are urged to cast their votes by May 28, 2024, at 10:00 AM PT. The Board advises voting in favor of all proposed resolutions. Voting can be done online or by phone using the instructions provided in the Form of Proxy or Voting Instruction Form.
Shareholders needing assistance can contact Laurel Hill Advisory Group, the proxy solicitation agent, through provided contact details.
Avino Silver & Gold Mines reported $12.4 million in revenues in Q1 2024, with a gross profit of $2.3 million. The net income was $0.6 million, and EBITDA was $1.7 million. Cash costs per silver equivalent payable ounce sold were $14.89, with all-in sustaining cash costs at $20.23. The company showed improvements in unit costs and margins compared to 2023, with positive net income and cash flow generation. Avino remains committed to advancing La Preciosa and achieving growth targets. The company has a strong financial position and a strategic growth plan for the future.
Avino Silver & Gold Mines (TSX:ASM)(NYSE American:ASM)(FSE:GV6) will release its First Quarter 2024 financial results on May 8, 2024, followed by a conference call and webcast on May 9, 2024. Shareholders, analysts, investors, and media can participate in the event to learn more about the company's performance.
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