Business
Avino Silver & Gold Mines Reports Q3 2020 Financial Results
VANCOUVER, BC, Nov. 9, 2020 /CNW/ - Avino Silver & Gold Mines Ltd. (TSX: ASM) (NYSE American: ASM) (FSE: GV6) ("Avino" or "the Company") released today its cons
About this update from Avino Silver & Gold Mines Ltd.
[{"type":"text","content":" VANCOUVER, BC, Nov. 9, 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 third quarter ended September 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, \"Avino's operating performance for the third quarter was directly impacted due to the strike action at the mine by the Company's unionized workers, which halted production activities during Q3 2020. In October, we were pleased to announce that an agreement had been reached and the strike at the mine had ended. Currently, we are working towards restarting production and mining operations. I would like to thank all our stakeholders for their support, patience and understanding during the quarter. In addition, I would like to extend my gratitude to the management team in Mexico who negotiated a successful and peaceful resolution.\" Third Quarter 2020 Financial Highlights Cash balance of $12.5 million Working capital of $16.9 million Reduction in debt liabilities by $2.0 million during the quarter, and $6.1 million for the year to date 2020. Revenues from mining operations of $2.7 million Mine operating losses of $0.2 million, including $0.9 million in standby costs Losses before interest, taxes, depreciation, and amortization (\"EBITDA\")2 of $4.3 million Net losses from continuing operations of $4.6 million, or $0.05 per share Adjusted losses2 of $0.7 million Consolidated cash production costs2, net of standby costs, of $12.56 per silver equivalent payable ounce1 Consolidated all-in sustaining cash costs, including standby costs (\"AISC\")2 of $31.61 per silver payable equivalent ounce1 1. In Q3 2020, AgEq was calculated using metals prices of $24.26 oz Ag, $1,909 oz Au and $2.96 lb Cu. In Q3 2019, AgEq was calculated using metals prices of $16.98 oz Ag, $1,472 oz Au and $2.63 lb Cu. 2. \"Silver equivalent payable ounces sold\" for the purposes of cash costs and all-in sustaining costs consists of the sum of payable silver ounces, gold ounces and copper tonnes sold, multiplied by the ratio of the average spot gold and copper prices to the average ...