Business
Avino Reports Q2 2020 Financial Results
VANCOUVER, BC, Aug. 11, 2020 /CNW/ - Avino Silver & Gold Mines Ltd. (TSX: ASM) (NYSE American: ASM) (FSE: GV6) ("Avino" or "the Company") released today its con
About this update from Avino Silver & Gold Mines Ltd.
[{"type":"text","content":" VANCOUVER, BC, Aug. 11, 2020 /CNW/ - Avino Silver & Gold Mines Ltd. (TSX: ASM) (NYSE American: ASM) (FSE: GV6) (\"Avino\" or \"the Company\") released today its consolidated financial results for the Company's second quarter ended June 30, 2020. The Financial Statements and Management's Discussion and Analysis (MD&A) can be viewed on the Company's web site at www.avino.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. David Wolfin, President and CEO commented, \"Similar to many other mining companies, Avino's financial performance for the second quarter was impacted by the temporary mine shutdown due to Covid-19, which in turn resulted in decreased production. At the beginning of June, the Company announced a phased ramp-up of operational activities and a production restart. As we head into the second half of the year, our plans to commence the 2020 exploration program, as well as connect the underground levels at the Avino Mine to allow for a higher haulage rate to surface for processing, have been put on hold with the current strike action. I would like to thank our employees globally for their dedication and commitment to safety during these challenging times. The health and wellness of all of our employees and stakeholders continues to be imperative along with protecting our shareholder's interests.\" Second Quarter 2020 Financial Highlights Revenues from mining operations of $4.8 million, down 38% from Q2 2019 Mine operating income of $0.8 million, up 166% from Q2 2019 Loss before interest, taxes, depreciation, and amortization (\"EBITDA\")2 of $0.8 million Adjusted EBITDA2 of $2.0 million Net loss from continuing operations of $1.1 million, or $0.01 per share Consolidated cash costs2 of $10.92 per silver equivalent payable ounce1 Consolidated all-in sustaining cash cost (\"AISC\")2 of $16.37 per silver payable equivalent ounce1 Working capital of $13.8 million Reduction in term facility and equipment debt by $2.2 million since December 31, 2019 1. In Q2, 2020, AgEq was calculated using metals prices of $16.38 oz Ag, $1,707 oz Au and $2.45 lb Cu. In Q2, 2019, AgEq was calculated using metals prices of $14.88 oz Ag, $1,309 oz Au and $2.77 lb Cu. Calculated figures may not add up due to rounding. 2. \"Silver equivalent payable ounces sold\" for the purposes of cash costs and a...