Business
Avino Silver & Gold Mines Reports Q1 2022 Financial Results
Generates Record Quarterly Revenue and Mine Operating Income VANCOUVER, BC, May 11, 2022 /CNW/ - Avino Silver & Gold Mines Ltd. (TSX: ASM) (NYSE American: ASM)
About this update from Avino Silver & Gold Mines Ltd.
[{"type":"text","content":" Generates Record Quarterly Revenue and Mine Operating Income VANCOUVER, BC, May 11, 2022 /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 first quarter 2022. The Financial Statements and Management's Discussion and Analysis (MD&A) can be viewed on the Company's website at www.avino.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. \"We are very pleased with the strong start to the year, highlighted by record revenues and mine operating income,\" said David Wolfin, President and CEO. \"We had an outstanding first quarter and our financial performance demonstrates strong operational achievements that generated $11.1 million in revenues and $4.7 million in mine operating income, with earnings per share of $0.01 and operating cash flow and adjusted earnings per share of $0.03. During the quarter, we maintained strong and consistent margins. The closing of the acquisition of La Preciosa sets us on the pathway to expand our current mining complex through regional growth with the goal of achieving intermediate producer status. Together with exciting drill results from La Potosina and the Oxide Tailings, the events of the quarter are just the beginning of an important time in Avino's history, and we are looking forward to the remainder of the year and beyond.\" 1st Quarter 2022 Highlights Strong Q1 2022 Financial Performance with Record Revenues and Mine Operating Income Record revenues and mine operating income, with revenues of $11.1 million and mine operating income of $4.7 million, earnings per share of $0.01 and operating cash flow generated (pre-working capital adjustments) per share of $0.03. Closing of Strategic Acquisition of La Preciosa Silver Project from Coeur Mining Inc. (\"Coeur\") On March 21, 2022, the Company announced that it has closed the acquisition with Coeur to acquire the La Preciosa silver project, which is located adjacent to the Avino Mine in the state of Durango, Mexico, for upfront consideration of $29.7 million, consisting of $15.3 million cash and the remaining in equity on closing, and $5 million due within 12 months of closing. Further contingent consideration including cash, royalties and a mineral reserve discovery payment. La Poto...