Business
Avino Silver & Gold Mines Reports Q2 2021 Financial Results
VANCOUVER, BC, Aug. 11, 2021 /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, 2021 /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 2021. 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. \"During the second quarter, the Company focused on the steps necessary for resumption of operations. These included hiring mine workers, upgrades to improve recoveries at the mill, testing the mill circuits, and clean-up of equipment, grounds, and facilities\" said David Wolfin, President and CEO. \"We were extremely pleased to announce last week, that mining operations had resumed at the Avino Mine. I wish to extend our sincere appreciation to the management team in Mexico for their tireless efforts as they prepared the way over many months for this positive outcome. Further, I am excited about the released initial drill results from our ongoing 2021 drill program. To date, we have completed 9,200 metres of drilling across the property at various targets. I am also pleased to report that our debt position has been reduced by a further $1.7 million, and our working capital remains above $30 million, as we ended the quarter with a robust balance sheet. Finally, and above all, we are very much looking forward to ramping up production and getting back to normal operation levels as quickly as possible.\" Second Quarter 2021 Financial Highlights Ending cash balance of $26.8 million Ending working capital of $30.4 million Reduction in debt liabilities by $1.7 million since the beginning of the year Mine operating losses of $1.7 million Net losses from continuing operations of $2.7 million, or $0.03 per share Losses before interest, taxes, depreciation, and amortization (\"EBITDA\")1 of $2.9 million Adjusted losses1 of $0.8 million Financial Highlights HIGHLIGHTS(Expressed in 000's of US$) SecondQuarter 2021 SecondQuarter 2020 Change YTD 2021 YTD 2020 Change Financial Operating Performance Revenues $ - $ 4,840 -100% $ 29 $ 11,956 -100% Mine operating (loss) income $ (1,017) $ 787 -229% $ (1,697) $ 1,630 -204% Net loss from continuing operations $ (2,654) $ (1,111) 139% $ (4,472) $ (1,34...