Business
Avino Silver & Gold Mines Reports Q2 2023 Financial Results
VANCOUVER, BC / ACCESSWIRE / August 9, 2023 / Avino Silver & Gold Mines Ltd. (TSX:ASM) (NYSE American:ASM) (FSE:GV6) ("Avino" or "the Company") a growing silver
About this update from Avino Silver & Gold Mines Ltd.
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / August 9, 2023 / Avino Silver & Gold Mines Ltd. (TSX:ASM) (NYSE American:ASM) (FSE:GV6) (\"Avino\" or \"the Company\") a growing silver producer in Mexico , released today its consolidated financial results for the Company's second quarter of 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.sedar.com or on EDGAR at www.sec.gov . Second Quarter 2023 Financial Highlights Revenues of $9.2 million, impacted by lower concentrate sales Mine operating income of $1.0 million, $1.8 million net of non-cash costs of sales Net income of $1.1 million, or $0.01 per share Cash costs per silver equivalent payable ounce sold 1,2 - $16.33 per ounce All in sustaining cash cost per silver equivalent payable ounce sold 1,2 - $23.06 per ounce Earnings before interest, taxes, depreciation and amortization (\"EBITDA\") 3 of $0.4 million Adjusted earnings 3 of $0.03 million, or $Nil per share Cash provided by operating activities of $1.2 million, $0.5 million after working capital changes \"The quarter was highlighted by stable production levels, although impacted by mining in lower grade areas due to mine sequencing, and a few mill equipment delays, which are now behind us. We were able to use the time efficiently by implementing upgrades to the haulage ramp that have since allowed us to increase haulage rates\". said David Wolfin, President and CEO. \"Our financial results were slightly impacted during the quarter, however we achieved positive net income and generated cash flow before working capital adjustments. As with other miners in Mexico, the Peso's significant increase against the US dollar, also impacted operational costs. We expect production to catch up to our internal guidance in the second half of the year. Our focus continues to be on delivering the best performance to our shareholders and stakeholders, while executing on our growth plan to become an intermediate silver producer in Mexico continue on our clear path to transformational growth.\" Financial Highlights Operating Highlights and Overview 2 nd Quarter Operational 2023 Highlights Avino Drills Best Intercept in Company History On July 5, 2023 , a...