Avino Sets Multiple Financial Records in Q1 2026 Amid Silver Price Surge and Operational Gains

Revenue, Profitability, and Cash Flow All Reach New Quarterly Highs

Avino Silver & Gold Mines (TSX:ASM; NYSE:ASM) delivered its strongest quarter in company history for the first three months of 2026, driven by a potent mix of robust silver prices, operational upgrades, and prudent management. The Vancouver-based company reported record quarterly revenues of $39.43 million—up 109% from Q1 2025—while net income soared to an all-time high of $15.91 million. EBITDA climbed 163% year-over-year to $25.53 million, and operating cash before working capital movements grew 154% to $18.69 million.

Operational Efficiency and Higher Precious Metals Prices Drive Outperformance

More than half (60%) of revenues stemmed directly from silver production, with Avino realizing an average silver price of $86.42 per ounce, a sharp 173% increase from the prior year. The company's ongoing automation and maintenance upgrades helped boost mill throughput by 11% year-over-year, supporting margin expansion even as total silver ounces produced remained virtually flat compared to Q1 2025. Gold and copper outputs offset minor declines in silver production, helping secure robust silver-equivalent performance.

Sustained Balance Sheet Strength and Working Capital Growth

Avino's cash position soared to $138.65 million at the end of Q1, marking a 421% year-over-year increase and a 36% jump quarter-over-quarter. Working capital also reached $139.72 million, up 346% from the prior year, giving Avino unprecedented financial flexibility to execute its growth strategy.

Key Operating Metrics: Throughput Up, Margin Expansion Continues

Silver equivalent production dipped 10% year-over-year but benefitted from the surge in realized prices. Cash costs per silver equivalent ounce climbed to $24.46, up 94%, while the all-in sustaining cost (AISC) held at $34.72, up 73%, largely reflecting inflation and investment in future growth. Despite these increases, higher selling prices resulted in significantly stronger per-ounce margins.

Growth Initiatives and Shareholder Value Enhancements

With 15,000 meters of drilling planned for 2026 and the completion of a new mineral reserve estimate covering 127 million silver equivalent ounces in reserves, Avino is positioned to support future growth. The miner also initiated a normal course issuer bid, allowing for repurchase of up to 5% of outstanding shares, leveraging its strong cash flow to further enhance shareholder value.

Commitment to ESG and Community Engagement Continues

For the third consecutive year, Avino received the Empresa Socialmente Responsible designation, underscoring its ongoing commitment to environmental, social, and governance (ESG) best practices. With a workforce exceeding 700 employees and contractors, Avino remains a key regional employer and contributor to community development.

Takeaway: Positioned for Long-Term Growth

Avino's Q1 2026 results demonstrate not only record-setting financial outcomes, but also operational and strategic momentum. While the benefit from high silver prices may ebb and flow, Avino's balanced approach to capital allocation, ongoing automation, and resource expansion projects position it well for sustainable, long-term value creation. Investors can monitor Avino’s progress as it advances drilling programs and implements its shareholder return initiatives through the remainder of 2026.

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