Business
Avino Generates Record Quarterly Revenues in Q2 2024
VANCOUVER, BC / ACCESSWIRE / August 13, 2024 / Avino Silver & Gold Mines Ltd. (TSX:ASM)(NYS...
About this update from Avino Silver & Gold Mines Ltd.
[{"type":"text","content":"Avino Generates Record Quarterly Revenues in Q2 2024VANCOUVER, BC / ACCESSWIRE / August 13, 2024 / Avino Silver & Gold Mines Ltd. (TSX:ASM)(NYSE American:ASM)(FSE:GV6) a long-standing silver producer in Mexico, announces its consolidated financial results for the second quarter of 2024, with record revenues and further cash generation.Second Quarter 2024 Financial HighlightsRevenues of $14.8 million, an increase of 60% from Q2 2023Gross Profit (mine operating income) of $4.7 million, $5.9 million net of non-cash costs of salesNet income of $1.2 million, or $0.01 per shareAdjusted earnings3 of $4.3 million, or $0.03 per shareEarnings before interest, taxes, depreciation and amortization (\"EBITDA\")3 of $3.4 millionCash costs per silver equivalent payable ounce sold1,2,3 of $16.29All in sustaining cash costs per silver equivalent payable ounce sold1,2,3 of $22.74\"In the second quarter, we delivered record revenues as a result of higher metal prices combined with consistent production from our Avino Mine,\" said Nathan Harte, Chief Financial Officer. \"We saw improvements in all key financial metrics compared to Q2 2023, with cash flow generation and operating margins strengthening our cash and working capital positions. This strength will allow us to move forward with our plans at La Preciosa as efficiently as possible, and we look forward to delivering additional value to shareholders along the way.\"\"We were pleased to see the second quarter rally in metal prices with silver outperforming gold at times,\" said David Wolfin, President and CEO. \"During the quarter, we processed 10,000 tonnes of La Preciosa surface stockpiles with excellent recovery rates, exceeding our expectations. With significantly higher silver grades than were processed at Avino, La Preciosa contributed to the 26% increase in silver ounces produced in the current quarter. This furthers the confidence we have in our strategy to focus on transformational growth with our two mines in Mexico, coupled with the demand for silver, gold and copper. La Preciosa boasts a substantial untapped primary silver resource in Mexico and is situated next-door to Avino's established production operations in Durango, Mexico. The integration of La Preciosa's mineral resource inventory has notably bolstered Avino's overall NI 43-101 mineral resource portfolio to a current t...