Avino Silver & Gold Mines Ltd. reports developments tied to its silver, gold and copper mining business in Mexico. Company news centers on production from the Avino Mine, development and processing activity at La Preciosa, drilling at its mineral properties, and updates to mineral resources and reserves, including the Oxide Tailings Deposit.
Recurring announcements also cover audited and interim financial results, operating outlook, mill throughput, metal sales mix, and capital-allocation actions such as a normal course issuer bid. Coverage reflects Avino's role as a Canadian-listed precious-metals producer with common shares traded on the TSX, NYSE American and European exchanges.
Avino Silver & Gold Mines Ltd. (ASM) announced its second quarter financial results for 2020, revealing revenues of $4.8 million, a decline of 38% from Q2 2019. The company faced operational challenges due to COVID-19, leading to a significant drop in silver and gold production by 78% and 75%, respectively. However, mine operating income increased by 166% to $0.8 million. Despite a net loss of $1.1 million, adjusted EBITDA was up 458% at $2.0 million. The company has $13.8 million in working capital and reduced debt by $2.2 million since December 2019.
Avino Silver & Gold Mines Ltd. (ASM: TSX) will announce its Second Quarter 2020 financial results on August 11, 2020, after market close. A conference call and webcast is scheduled for August 12, 2020, at 8:00 a.m. PDT. The Company has granted 1,700,000 stock options and 1,481,000 restricted share units to directors, officers, and employees, with stock options priced at $1.64 per share. Both plans have been approved by shareholders. Avino focuses on profitable organic growth and is committed to responsible business practices.
Avino Silver & Gold Mines Ltd. (ASM) reported production figures for Q2 2020, achieving 158,286 silver equivalent ounces, with notable declines in metal outputs compared to Q2 2019 due to Covid-19 related shutdowns. Silver production dropped 52% to 50,581 ounces, gold by 50% to 404 ounces, and copper fell 54% to 459,767 lbs. Operations resumed on June 1 after government approval, with increases in recovery rates and grades. Management plans to update on H2 2020 strategies in August.
ASM, TSX/NYSE American, reports a strike by members of the Mexican mining union at the Avino Mine, located in Durango, Mexico. This blockade, involving unionized workers, has forced the temporary halt of mining and milling operations. The company expresses its commitment to engaging in good-faith discussions with union representatives to resolve the situation. President and CEO David Wolfin acknowledges the disappointment caused by the strike, especially following recent operational ramp-ups.