Business
Avino Silver & Gold Mines Achieves $43.9 Million in Revenues for 2023; Fourth Quarter Costs Trending Lower
VANCOUVER, BC / ACCESSWIRE / March 20, 2024 / Avino Silver & Gold Mines Ltd. (TSX:ASM) (NYSE American:ASM) (FSE:GV6) a long-standing silver producer in Mexico,
About this update from Avino Silver & Gold Mines Ltd.
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / March 20, 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 Company's fourth quarter and year ended December 31, 2023. Fourth Quarter 2023 Financial Highlights Revenues of $12.5 million Mine operating income of $2.6 million, $3.6 million net of non-cash costs of sales Net Income of $0.6 million Earnings before interest, taxes, depreciation and amortization (\"EBITDA\")3 of $1.1 million Adjusted earnings3 of $2.0 million Cash costs per silver equivalent ounce payable sold1,2,3 of $15.04 All in sustaining cash costs per equivalent payable ounce sold1,2,3 of $21.67 Full Year 2023 Financial Highlights Revenues of $43.9 million Mine operating income of $7.8 million, $11.1 million net of non-cash costs of sales Net Income of $0.5 million Earnings before interest, taxes, depreciation and amortization (\"EBITDA\")3 of $2.5 million Adjusted earnings3 of $4.6 million Cash costs per silver equivalent payable ounce sold1,2,3 of $15.61 All in sustaining cash costs per silver equivalent payable ounce sold1,2,3 of $21.87 Cash of $2.7 million at December 31, 2023 Working capital3 of $9.7 million at December 31, 2023 The earnings should be read in conjunction with the Company's Financial Statements and Management's Discussion and Analysis (MD&A) for the corresponding period, which can be viewed on the Company's website at www.avino.com, or on SEDAR+ at www.sedarplus.ca or on EDGAR at www.sec.gov. \"The fourth quarter showed steady improvement with positive net income and reduced operating costs,\" said Nathan Harte, Chief Financial Officer. \"With lower per ounce costs and improved margins, we are well positioned for 2024. With costs stabilizing in Mexico, our team has worked diligently to preserve our cost structure. Working capital has improved throughout the year, up to close to $10 million at the end of the year and we remain confident in our plans to move forward with La Preciosa without significant capital spending.\" \"Cash management remains top of mind and Avino, like other Mexican miners in 2023, experienced inflationary pressures coupled with a stronger Mexican Peso. This environment proved challenging, said David Wolfin, President and CEO. \"However, through strong cost cont...