ASM Sets New Records Across Revenue, Earnings, and Cash: 2025 Results Highlight Multi-Asset Growth and Return to Silver Focus
Robust Financial Performance Drives Record Results in 2025
Avino Silver & Gold Mines (TSX: ASM, NYSE: ASM, FSE: GV6) delivered its strongest financial and operational results to date in 2025. The company notched all-time highs in key metrics, including a record $92.23 million in annual revenues—a 39% jump from 2024—and a tripling of its treasury to $101.72 million. Notably, ASM returned to primary silver production for the first time in years, with over half of Q4’s output and 54% of revenues stemming from silver sales, buoyed by an average realized silver price of $59.52/oz in Q4 2025.
| Metric | Q4 2025 | Q4 2024 | Change (%) | 2025 | 2024 | Change (%) |
|---|---|---|---|---|---|---|
| Revenues ($ millions) | 30.54 | 24.38 | 25 | 92.23 | 66.18 | 39 |
| Mine Operating Income ($ millions) | 17.84 | 10.46 | 71 | 48.54 | 23.20 | 109 |
| Net Income ($ millions) | 10.46 | 5.09 | 105 | 26.64 | 8.10 | 229 |
| EBITDA ($ millions) | 14.41 | 9.10 | 58 | 43.00 | 18.04 | 138 |
| Operating Cash Flow before WC ($ millions) | 18.95 | 5.95 | 219 | 35.34 | 15.09 | 134 |
| Cash ($ millions, Dec. 31) | 101.72 | 27.32 | 272 | 101.72 | 27.32 | 272 |
Shift to Primary Silver Production and Multi-Asset Growth Strategy
One of the biggest shifts in ASM’s 2025 trajectory was the company’s return to a silver-dominant production model, supported by the processing of development material from the La Preciosa Mine at the Avino mill. This strategic move meant that for the first time since the San Gonzalo Mine era, over half of both production and revenues came from silver. La Preciosa also played a pivotal role in driving Q4 growth, contributing more than 48,000 silver ounces in its first quarter of development production.
Capital expenditures soared to $26.7 million in 2025, mostly due to ASM completing a key royalty buyout at La Preciosa. This allowed the company to achieve 100% ownership, a move designed to support further organic growth. While cash costs and AISC per silver equivalent ounce saw year-over-year increases ($16.13 and $23.75 respectively), these rises were attributed to initial processing at La Preciosa and the effect of higher silver prices on silver:gold and silver:copper calculation ratios. Mill throughput hit a new high, reaching 736,935 tonnes for the year—up 14% from 2024—thanks to successful upgrade and automation projects.
Operational Milestones: Production, Safety, and Community Commitments
ASM’s 2025 operational achievements were not only financial. The company met its annual silver equivalent production guidance, producing 2.61 million AgEq ounces. On the safety front, the lost time incident frequency rate dropped by 27%, underscoring improvements in workplace health. On the sustainability and ESG front, ASM maintained a workforce composed entirely of Mexican nationals, providing over 500 direct jobs and earning the Empresa Socialmente Responsible (ESR) designation for the third consecutive year.
| Operating Metric | 2025 | 2024 | Change (%) |
|---|---|---|---|
| Silver Ounces Produced | 1,157,828 | 1,109,214 | 4 |
| Gold Ounces Produced | 7,621 | 7,477 | 2 |
| Copper Pounds Produced | 5,667,996 | 6,197,603 | -9 |
| Silver Equivalent Ounces Produced | 2,606,155 | 2,652,498 | -2 |
| Cash Cost per Silver Equivalent Oz | $16.13 | $14.84 | 9 |
| All-in Sustaining Cost per Silver Equivalent Oz | $23.75 | $20.57 | 15 |
Looking Ahead: Positioned for Further Expansion
As ASM heads into 2026, it does so with a record balance sheet, a proven ability to adapt to changing market conditions, and clear momentum in production and financial results. Management noted the combination of robust metal prices, process improvement, and prudent capital management as key elements behind the year’s success. Investors and stakeholders will be watching the next phase of La Preciosa’s ramp-up and the impact of ASM’s 100% interest in the asset.
With all-time highs in cash, record earnings, and a focused multi-asset growth strategy, ASM enters the new year with strong operational footing and flexibility to capitalize on future expansion opportunities.
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