Avino’s Record-Setting Q1 Driven by Margin Expansion and Strong Silver Prices
Avino Silver & Gold Mines Ltd. (TSX/NYSE: ASM) has unveiled its highest-ever quarterly results, posting record revenue, mine operating income, and cash flow for the first quarter of 2026. The standout performance is anchored by surging silver prices and disciplined capital management, propelling Avino to its strongest financial position in company history.
Financial Performance: All-Time Highs Across Revenue, Income, and Cash
Avino’s first-quarter 2026 revenues hit $39.43 million, more than double the figure from Q1 2025 and up 29% from the previous record in Q4 2025. About 60% of this revenue stemmed directly from silver sales, with the average realized silver price at an impressive $86.42 per ounce—a 173% jump year-over-year.
The company posted mine operating income of $23.42 million (up 122%) and net income of $15.91 million (up 183%). EBITDA soared 163% to reach $25.53 million, while adjusted earnings of $24.34 million and operating cash before working capital movements of $18.69 million mark substantial improvements over both prior year and the immediately preceding quarter.
| Metric | Q1 2026 | Q1 2025 | % Change (YoY) | Q4 2025 | % Change (Q/Q) |
|---|---|---|---|---|---|
| Revenue ($M) | 39.43 | 18.84 | +109% | 30.54 | +29% |
| Mine Operating Income ($M) | 23.42 | 10.56 | +122% | 17.84 | +31% |
| Net Income ($M) | 15.91 | 5.62 | +183% | 10.46 | +52% |
| EBITDA ($M) | 25.53 | 9.69 | +163% | 14.41 | +77% |
| Operating Cash Flow ($M) | 13.63 | 0.76 | +1698% | 9.99 | +36% |
| Cash (March 31, 2026) | 138.65 | 26.63 | +421% | 101.72 | +36% |
| Working Capital ($M) | 139.72 | 31.34 | +346% | 99.56 | +40% |
Margin Expansion Outpaces Higher Costs
Despite higher cash costs and all-in sustaining costs per ounce, Avino’s margin expansion was driven by the surge in realized silver prices. Silver made up 60% of Q1 revenue, and the realized price of $86.42 per ounce dwarfs both last year’s $31.67 and Q4’s $59.52 per ounce. This price leverage outweighed increased per-ounce costs, which climbed due to a greater mix of development ore from La Preciosa and elevated input prices.
Cash cost per payable silver equivalent ounce rose 94% year-over-year to $24.46, while the all-in sustaining cost reached $34.72 per ounce. However, even with these elevated costs, the per-ounce margin expanded meaningfully thanks to robust silver pricing.
| Average Realized Silver Price ($/oz) | Cash Cost ($/oz) | AISC ($/oz) | Q1 2026 Margin ($/oz) |
|---|---|---|---|
| 86.42 | 24.46 | 34.72 | 61.96 (vs. cash cost) |
Strong Operations and Resource Upside Fuel Growth
Mill throughput increased 11% year-over-year, supporting higher overall production. With a new mineral reserve estimate, Avino’s consolidated resources now stand at 127 million silver equivalent ounces in the proven and probable category—and a further 301 million in measured and indicated resources. Development at the La Preciosa project contributed 49,830 silver ounces for the quarter, and a 15,000-metre drilling campaign is underway across Avino’s properties.
Capital expenditures of $2.7 million in Q1 were primarily directed toward mine development and new equipment, in line with the company’s stated growth plan.
Shareholder Returns and Strategic Alignment Support Long-Term Value
Building on its robust financial health, Avino received Toronto Stock Exchange approval for a normal course issuer bid to repurchase up to 8.4 million shares, representing approximately 5% of its outstanding shares. This aligns with ample free cash flow and underscores a focus on delivering shareholder value.
Additionally, strong ESG credentials and a stable workforce set the groundwork for future growth and positive community impacts. With ongoing upgrades to mill operations and a disciplined approach to costs, Avino appears positioned for future expansion as a Mexico-focused mid-tier silver producer.
Key Takeaway: Solid Platform for Expansion and Shareholder Value
Avino’s record Q1 reflects the company’s ability to capture market tailwinds through operational efficiency and capital discipline. Shareholders may want to track continued development at La Preciosa, progress on growth capital projects, and ongoing cost management in the context of volatile silver prices. The significant expansion in margins, cash, and working capital gives Avino flexibility to pursue its growth strategy without compromising its balance sheet strength.
Contact Information:
If you have feedback or concerns about the content, please feel free to reach out to us via email at support@marketchameleon.com.
About the Publisher - Marketchameleon.com:
Marketchameleon is a comprehensive financial research and analysis website specializing in stock and options markets. We leverage extensive data, models, and analytics to provide valuable insights into these markets. Our primary goal is to assist traders in identifying potential market developments and assessing potential risks and rewards.
NOTE: Stock and option trading involves risk that may not be suitable for all investors. Examples contained within this report are simulated and may have limitations. Average returns and occurrences are calculated from snapshots of market mid-point prices and were not actually executed, so they do not reflect actual trades, fees, or execution costs. This report is for informational purposes only, and is not intended to be a recommendation to buy or sell any security. Neither Market Chameleon nor any other party makes warranties regarding results from its usage. Past performance does not guarantee future results. Please consult a financial advisor before executing any trades. You can read more about option risks and characteristics at theocc.com.
The information is provided for informational purposes only and should not be construed as investment advice. All stock price information is provided and transmitted as received from independent third-party data sources. The Information should only be used as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments and trading strategies. The Company does not guarantee the accuracy, completeness or timeliness of the Information.
Disclosure: This article was generated with the assistance of AI