Avino Silver & Gold (ASM) AI Stock Analysis

• Market Cap: C$1.60B
• Dividend Yield: N/A
• Average Volume (3M): 741.14K
• Price to Earnings (P/E): 33.9
• Beta (1Y): 3.15
• Revenue Growth: 65.77%
• EPS Growth: 458.38%
• Country: CA
• Employees: 239
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Other Precious Metals
• EPS (TTM): 0.08
• Shares Outstanding: 167,943,650
• 10 Day Avg. Volume: 1,142,338
• 30 Day Avg. Volume: 741,142
• PEG Ratio: 0.17
• Price to Book (P/B): 3.93
• Price to Sales (P/S): 10.60
• P/FCF Ratio: 803.25
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$14.97
• Price Target Upside: 57.38% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 0.36
• Revenue Forecast (FY): C$141.65M

• Rating: 70 Outperform
• Price Target: C$11.50 ▲(20.93% Upside)
• Action: Reiterated Date: 03/12/26
• Date: Action: Reiterated 03/12/26

The score is driven by strong financial improvement and a low-debt balance sheet, reinforced by positive earnings-call guidance and liquidity for growth. Offsetting factors are weak near-term technical momentum, a relatively high P/E with no dividend support, and cash-flow/FCF volatility.

Positive Factors

Balance Sheet Strength

Substantial cash and working capital combined with minimal secured debt supports durable financial flexibility. This allows the company to fund planned drilling, development and optionality on expansion decisions without immediate refinancing, reducing execution risk across commodity cycles.

Improving Profitability and Margins

Material margin expansion and record operating income reflect stronger operating leverage and higher realized metal value per tonne. Sustained higher margins provide a durable buffer against price swings and fund reinvestment, assuming the company maintains mill throughput and recovery performance.

Large Resource Base and Growth Plan

A large measured & indicated resource and an explicit multi-year drilling and ramp program provide a structural pathway to convert resources to reserves and meaningfully scale production. The defined plan (drilling, resource updates, 500 tpd target) underpins multi-year organic growth optionality.

Negative Factors

Free Cash Flow Volatility

Steep decline and variability in free cash flow versus reported profits indicate timing, reinvestment or working-capital strains. Persistent FCF volatility can constrain self-funding for expansion, increase reliance on cash reserves, and raise execution risk for multi-year projects if adverse trends persist.

Rising Unit Costs (AISC)

Higher cash and all-in sustaining costs compress margins and reduce the cushion against commodity downturns. If structural cost pressures (labor, processing of development material) continue, profitability and project economics for expansion or lower-grade zones could be impaired over the medium term.

Project Study and Execution Uncertainty

Ongoing engineering, trade-off studies and outdated prior feasibility delay definitive expansion decisions and create scope/cost uncertainty. This prolongs timeline to material production uplifts and raises the risk that capital, permitting or design changes increase costs or push out expected benefits.

Avino Silver & Gold Business Overview & Revenue Model

Company Description

Avino Silver & Gold Mines Ltd., together with its subsidiaries, engages in the acquisition, exploration, and advancement of mineral properties in Canada. It primarily explores for silver, gold, and copper deposits. The company owns interests in 42 mineral claims and four leased mineral claims, including Avino mine area property comprising four exploration concessions covering 154.4 hectares, 24 exploitation concessions covering 1,284.7 hectares, and one leased exploitation concession covering 98.83 hectares; Gomez Palacio property consists of nine exploration concessions covering 2,549 hectares; Santiago Papasquiaro property comprises four exploration concessions covering 2,552.6 hectares and one exploitation concession covering 602.9 hectares; and Unification La Platosa properties, which include three leased concessions located in the state of Durango, Mexico. It also owns 100% interests in the Minto and Olympic-Kelvin properties located in British Columbia, Canada; and 14 quartz leases in Eagle property located in the Mayo Mining Division of Yukon, Canada. The company was incorporated in 1968 and is headquartered in Vancouver, Canada.

How the Company Makes Money

ASM primarily makes money by selling metal-bearing concentrates produced from ore mined at its operations (principally the Avino Mine in Durango, Mexico). Revenue is generated when mined material is processed into concentrates and sold to third-party buyers; the sales value is driven largely by the payable content of silver, gold, and copper, along with prevailing market prices for those metals. As a producer, ASM’s earnings are also influenced by operational factors such as production volumes (tons mined/milled and concentrate output), head grades and metallurgical recoveries (which determine how much metal is captured in saleable product), and unit operating costs (mining, processing, site administration, power, consumables, and labor). Beyond current production, the company can support future revenue and value through exploration and development work on its property, which may extend mine life or increase throughput by adding or upgrading mineral resources and reserves. Specific contract terms with concentrate purchasers (e.g., treatment/refining charges, payable metal deductions, penalties, and settlement timing) and any disclosed hedging arrangements are not available in this response and are therefore null.

Avino Silver & Gold Financial Statement Overview

Summary

Strong upswing in revenue and profitability with sharply higher margins and a very conservatively levered balance sheet, but cash-flow quality is mixed: weaker cash conversion and a steep drop in free cash flow versus the prior year add volatility risk.

Income Statement

The income statement shows a strong and improving profitability profile. Revenue accelerated materially from 2023 to 2024 and again in 2025 (+50.8% then +68.8%), with a sharp step-up in margins (gross margin rising from ~17.8% in 2023 to ~35.1% in 2024 and ~48.3% in 2025). Net margin expanded to ~31.3% in 2025 versus ~12.2% in 2024, indicating strong operating leverage and/or pricing/grade benefits. The main weakness is higher historical volatility typical of the space (losses and negative operating profitability in 2020–2021, near-breakeven EBIT in 2023), which suggests earnings can swing meaningfully with operating conditions and commodity cycles.

Balance Sheet

The balance sheet appears very conservatively levered. Debt is low relative to equity (debt-to-equity ~2.6% in 2025; ~2.1% in 2024), which reduces refinancing risk and provides flexibility through commodity down-cycles. Equity and asset base expanded significantly by 2025, and returns improved (return on equity ~11.6% in 2025 vs ~6.5% in 2024). A key watch item is that profitability—and therefore returns—have been inconsistent across the cycle (negative returns in 2020–2021 and minimal in 2023), so sustaining the improved return profile is the main risk.

Cash Flow

Cash generation improved meaningfully at the operating level, with operating cash flow rising to ~27.9M in 2025 from ~23.1M in 2024. However, cash conversion weakened: operating cash flow covered net income by ~0.86x in 2025 (down from ~1.49x in 2024), suggesting earnings quality or working-capital/other timing headwinds. Free cash flow fell sharply to ~1.1M in 2025 from ~18.7M in 2024 (down ~87.8%), and free cash flow was only ~4% of net income in 2025, pointing to elevated reinvestment/capex or less favorable cash timing. Positives include the return to strong operating cash flow versus earlier years (very weak in 2020–2021 and negative free cash flow in 2023).

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	86.66M	66.18M	43.89M	44.19M	11.23M
Gross Profit	41.83M	23.20M	7.82M	15.06M	3.55M
EBITDA	33.38M	18.19M	2.79M	9.96M	522.00K
Net Income	27.11M	8.10M	542.00K	3.10M	-2.06M
Balance Sheet
Total Assets	287.20M	148.71M	128.34M	121.20M	86.28M
Cash, Cash Equivalents and Short-Term Investments	101.54M	27.32M	2.69M	11.24M	24.77M
Total Debt	6.00M	2.63M	3.45M	6.64M	1.07M
Total Liabilities	53.59M	23.31M	22.34M	23.18M	7.77M
Stockholders Equity	233.60M	125.40M	106.00M	98.02M	78.51M
Cash Flow
Free Cash Flow	1.14M	18.67M	-5.89M	4.00M	-1.80M
Operating Cash Flow	27.90M	23.12M	1.49M	11.83M	109.00K
Investing Cash Flow	-27.35M	-6.56M	-13.53M	-24.10M	-3.21M
Financing Cash Flow	75.15M	8.02M	3.49M	-1.15M	16.09M

Avino Silver & Gold Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 9.51
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ASM, the sentiment is Negative. The current price of 9.51 is below the 20-day moving average (MA) of 11.40, below the 50-day MA of 11.61, and above the 200-day MA of 7.62, indicating a neutral trend. The MACD of -0.66 indicates Positive momentum. The RSI at 37.03 is Neutral, neither overbought nor oversold. The STOCH value of 8.43 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:ASM.

Avino Silver & Gold Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GGD	71 Outperform	C$1.07B	16.04	10.23%	―	104.08%	832.86%
ASM	70 Outperform	C$1.60B	33.89	15.48%	―	65.77%	458.38%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
NUAG	53 Neutral	C$1.04B	-98.41	-3.20%	―	―	40.00%
SLVR	49 Neutral	C$452.06M	-55.40	-4.59%	―	―	-14.43%
BRC	45 Neutral	C$508.72M	-9.37	-151.33%	―	―	-198.87%
ABRA	41 Neutral	C$2.03B	-15.25	-81.61%	―	―	-171.41%

Avino Silver & Gold Corporate Events

Avino Sets Record 2025 Results and Builds Cash War Chest for Mexican Growth

Avino Silver & Gold Mines reported record 2025 financial results, with full-year revenue rising 39% to $92.2 million, net income climbing to $26.6 million, and EBITDA more than doubling, supported by sharply higher realized silver prices and improved operational efficiencies. The company ended 2025 with an all-time high cash balance of $102 million, while returning to primary silver production, advancing development at its La Preciosa project, and strengthening its position to fund organic, multi-asset growth in Mexico.

Fourth-quarter performance was particularly strong, featuring record revenue of $30.5 million, record mine operating income of $17.8 million, and record net income of $10.5 million, alongside a 219% jump in operating cash before working capital movements. Silver accounted for over half of silver-equivalent output for the first time in years, reflecting the contribution of La Preciosa development material and positioning Avino to leverage elevated silver prices despite modest increases in cash costs and all-in sustaining costs per ounce.

The most recent analyst rating on (TSE:ASM) stock is a Buy with a C$12.50 price target. To see the full list of analyst forecasts on Avino Silver & Gold stock, see the TSE:ASM Stock Forecast page.

Avino Sets 2026 Growth Plan as La Preciosa Development Accelerates

Avino Silver & Gold Mines laid out its 2026 outlook, emphasizing accelerated development at its La Preciosa project, a shift to wider-vein longhole sub-level caving to enable higher mining rates at lower cost, and greater throughput of development material through the Avino mill. The company plans to execute a 30,000-metre drill program, update its mineral resource and inaugural reserve estimate in the first half of 2026, deploy AI for resource expansion and exploration, and invest in mill upgrades to improve recoveries.

For 2026, Avino expects to process 725,000 to 750,000 tonnes of material and produce 1.0 to 1.2 million ounces of silver, 5,000 to 7,000 ounces of gold, and 6.0 to 7.5 million pounds of copper, broadly in line with 2025 output despite a temporary shift in mill feed as La Preciosa transitions from development to production mining later than originally planned. While silver-equivalent production is forecast to decline to 2.4 to 2.7 million ounces due to metal price assumptions and increased development work, the company’s debt-free, historically strong balance sheet and fully funded growth plan position it for higher silver and silver-equivalent production from 2027 and reinforce its strategic standing in the silver sector.

The most recent analyst rating on (TSE:ASM) stock is a Hold with a C$14.50 price target. To see the full list of analyst forecasts on Avino Silver & Gold stock, see the TSE:ASM Stock Forecast page.

Avino sets 2026 growth plan as La Preciosa shifts to higher-rate mining

Avino Silver & Gold Mines outlined its 2026 outlook, emphasizing accelerated development at its La Preciosa project, a change to wider-vein longhole sub-level caving to enable higher mining rates at lower cost, and a planned ramp-up to 500 tonnes per day in the second half of 2026. The company will process 725,000 to 750,000 tonnes through its mill from both Avino and La Preciosa, execute a 30,000-metre drilling program, upgrade mill equipment, and leverage AI for resource expansion, while maintaining metal output broadly in line with 2025 as it prioritizes development that is expected to unlock higher silver and silver-equivalent production from 2027.

Supported by what it describes as the strongest balance sheet in its history and a debt-free position aside from equipment leases, Avino says its 2025 milestones—fast-tracking La Preciosa after permits, consolidating 100% ownership, and reporting better-than-expected drill grades—have strengthened its cost profile and strategic footing. Management notes that a more favourable silver price environment and rising investor visibility, highlighted by a top-five TSX30 ranking, leave the company well positioned to execute a “transformational” growth plan, even as 2026 silver output guidance is trimmed versus its earlier five-year plan due to additional development work at La Preciosa.

The most recent analyst rating on (TSE:ASM) stock is a Hold with a C$14.50 price target. To see the full list of analyst forecasts on Avino Silver & Gold stock, see the TSE:ASM Stock Forecast page.

Avino Secures New Cross-Border Shelf to Expand Financing Options

Avino Silver & Gold Mines has filed a final short form base shelf prospectus in most Canadian jurisdictions under the expedited regime for well-known seasoned issuers, alongside a corresponding U.S. registration statement on Form F-10. The move replaces a prior shelf prospectus and positions the miner to tap Canadian and U.S. capital markets more efficiently over the next 37 months.

Under the new shelf prospectus and registration statement, Avino can issue a range of securities, including common shares, warrants, subscription receipts, units and debt, in various structures such as public offerings, strategic investments or at-the-market distributions. Specific terms and uses of proceeds will be detailed in future prospectus supplements, giving the company flexible financing options to support its operational and growth plans in Mexico.

The most recent analyst rating on (TSE:ASM) stock is a Hold with a C$14.50 price target. To see the full list of analyst forecasts on Avino Silver & Gold stock, see the TSE:ASM Stock Forecast page.

Avino Adds Veteran Mining Executive Linda Broughton to Board

Avino Silver & Gold Mines Ltd. has appointed Linda Broughton as a non-executive director to its board, effective February 4, 2026, adding a seasoned mining executive with more than 35 years of experience in environmental geochemistry, water management, risk and mine reclamation across North and South America. Broughton’s background, which includes senior roles at Alexco Resource, BHP, Antamina and SRK Consulting, as well as her ongoing directorship at OceanaGold, is expected to strengthen Avino’s board expertise in sustainability and technical operations, aligning with the company’s stated focus on responsible mining, environmental performance and continued growth at its Mexican assets.

The most recent analyst rating on (TSE:ASM) stock is a Hold with a C$14.50 price target. To see the full list of analyst forecasts on Avino Silver & Gold stock, see the TSE:ASM Stock Forecast page.

Avino’s La Preciosa Drilling Confirms High-Grade Silver and Prompts Rethink of Mining Plan

Avino Silver & Gold Mines reported assay results from six drill holes at its La Preciosa project, completing the company’s 2025 drilling program and confirming high-grade silver-gold mineralization in the La Gloria and Abundancia veins. The intercepts, which include standout grades such as 585 g/t silver over 4.9 metres and 694 g/t silver over 4.52 metres, exceeded grade expectations and validated the current vein-based resource model, prompting management to reconsider the planned underground mining method in favor of approaches that could accommodate larger tonnage per blast and lower costs, potentially enhancing the project’s economics and supporting future reserve updates and development plans.

The most recent analyst rating on (TSE:ASM) stock is a Hold with a C$13.00 price target. To see the full list of analyst forecasts on Avino Silver & Gold stock, see the TSE:ASM Stock Forecast page.

Avino Hits 2025 Output Targets as La Preciosa Fast-Tracks Silver Growth

Avino Silver & Gold Mines reported full-year 2025 production of 1.16 million ounces of silver, 7,621 ounces of gold and 5.67 million pounds of copper, totaling 2.6 million silver-equivalent ounces, in line with its guidance of 2.5–2.8 million silver-equivalent ounces. Fourth-quarter output reached 671,583 silver-equivalent ounces, with silver accounting for more than half, marking a return to primary silver producer status and underscoring the operational contribution of the La Preciosa project. The company highlighted rapid progress at La Preciosa, moving from the start of underground development in January 2025 to extracting, hauling, processing and selling mineralized material within a year, and processing nearly 12,000 tonnes from the new mine in the fourth quarter alone. Mill throughput rose 14% for the full year and 4% in the fourth quarter versus the prior-year periods, driven by upgrades and automation that improved availability, while consolidated silver output increased 4%, aided by La Preciosa’s 48,244 silver ounces. Avino also reported meaningful health and safety gains, with lost time incident frequency and total reportable lost time incident rates both declining by more than 27% and 30% respectively, bolstering its operational profile as it advances the next phase of its growth strategy and seeks to deliver long-term value for shareholders.

The most recent analyst rating on (TSE:ASM) stock is a Buy with a C$11.00 price target. To see the full list of analyst forecasts on Avino Silver & Gold stock, see the TSE:ASM Stock Forecast page.