Avino Silver & Gold (TSE:ASM)
TSX:ASM
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Avino Silver & Gold
(TSX:ASM)
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Rating:66Neutral
Price Target:
C$11.50
▲(8.29% Upside)
Action:DowngradedDate:03/24/26
The score is driven by strong financial performance (profitability and low leverage) and a constructive earnings call highlighting growth plans backed by strong liquidity. These are partially offset by weak technicals (downtrend and negative momentum) and a relatively high P/E with no dividend support.
Positive Factors
Conservative balance sheet
Very low leverage materially reduces refinancing and solvency risk for a cyclical miner. With minimal secured debt and expanded equity/assets by 2025, the company can fund near-term drilling/expansion from its own capital and withstand commodity downturns without urgent external financing.
Negative Factors
Weak free cash flow conversion
A large drop in free cash flow and weaker cash conversion versus net income signals timing, working-capital swings or heavier reinvestment. That reduces near-term internal funding for capex and M&A, increasing reliance on retained cash or equity issuance to execute growth plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage materially reduces refinancing and solvency risk for a cyclical miner. With minimal secured debt and expanded equity/assets by 2025, the company can fund near-term drilling/expansion from its own capital and withstand commodity downturns without urgent external financing.
Read all positive factors
Avino Silver & Gold (ASM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.66B
Dividend YieldN/A
Average Volume (3M)741.14K
Price to Earnings (P/E)33.9
Beta (1Y)3.31
Revenue Growth65.77%
EPS Growth458.38%
CountryCA
Employees239
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)0.08
Shares Outstanding168,043,660
10 Day Avg. Volume1,142,338
30 Day Avg. Volume741,142
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)3.93
Price to Sales (P/S)10.60
P/FCF Ratio803.25
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$14.96Price Target Upside40.89% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.36
Revenue Forecast (FY)C$147.50M
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...
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-pa...
Avino Silver & Gold Earnings Call Summary
Earnings Call Date:Mar 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call emphasizes strong financial and operational momentum: record revenues, robust cash and working capital, record adjusted earnings, improved margins, favorable drill results at La Preciosa, and a clear multi-asset growth plan with significant resources and planned drilling. Offsetting factors include higher cash costs per ounce and AISC (9% and 15% increases respectively), short-term Q4 cost impacts from processing development material, lower ounces sold (revenues driven by price), and remaining study/optimization work required for larger-scale project decisions. Overall, the positive achievements and strong liquidity and profitability outweigh the manageable operational and cost challenges.Positive Updates
Record Revenues and Profitability
Full-year 2025 record revenues of $92,200,000 and Q4 revenue of over $30,000,000. Q4 net income $10,500,000 ($0.06/share) and full-year net income $26,600,000 ($0.17/share). Q4 adjusted earnings $16,300,000 ($0.10/share) and full-year adjusted earnings $46,500,000 ($0.29/share) — adjusted earnings increased ~121% year-over-year (2025 vs 2024).
Negative Updates
Higher Cash Costs per Ounce
Cash cost per silver-equivalent payable ounce increased to $16.13 in 2025, a 9% rise from $14.84 in 2024. All-in sustaining cash costs rose to $23.75, a 15% increase from $20.57 in 2024. Management attributes part of the increase to mix and silver-price movements affecting Ag-eq calculations.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Revenues and Profitability
Full-year 2025 record revenues of $92,200,000 and Q4 revenue of over $30,000,000. Q4 net income $10,500,000 ($0.06/share) and full-year net income $26,600,000 ($0.17/share). Q4 adjusted earnings $16,300,000 ($0.10/share) and full-year adjusted earnings $46,500,000 ($0.29/share) — adjusted earnings increased ~121% year-over-year (2025 vs 2024).
Read all positive updates
Company Guidance
Management's 2026 guidance emphasizes growth and resource conversion with ~30,000 m of planned drilling (15,000 m each at Avino and La Preciosa), a La Preciosa ramp-up target to 500 tpd (from ~200 tpd and 11,995 t processed in Q4), updated mineral resources and inaugural reserves by end‑H1 2026, and a scale‑up toward 2029 across three nearby assets hosting 277M silver‑equivalent oz (M&I) and 94M inferred. They expect silver to remain a majority of revenue (Q4 was 54%) and will fund expansion from a strong balance sheet ($102M cash, ~$99M working capital, no secured debt aside from equipment leases), pointing to 2025 operating/financial anchors that support the plan: ~2.6M silver‑equivalent oz production, record revenue $92.2M (>$30M Q4), mine operating income $48.5M (53% margin), net income $26.6M/$0.17 per share (Q4 $10.5M/$0.06), adjusted earnings $46.5M/$0.29, operating cash flow $35.3M/$0.22 (Q4 $19M/$0.12), free cash flow ~$24.3M/$0.16 (Q4 $15.6M ex‑La Preciosa), and unit costs of $16.13 cash and $23.75 AISC per silver‑equivalent payable oz (or roughly $15–16 cash and $22–26 AISC using budget prices of $30 Ag/$2,700 Au/$9,200 Cu).Avino Silver & Gold Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
62
Positive
| 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
Positive
10.62
Price Trends
10.64
Negative
10.06
Positive
8.08
Positive
Market Momentum
<0.01
Negative
60.19
Neutral
73.22
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ASM, the sentiment is Positive. The current price of 10.62 is above the 20-day moving average (MA) of 9.04, below the 50-day MA of 10.64, and above the 200-day MA of 8.08, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 60.19 is Neutral, neither overbought nor oversold. The STOCH value of 73.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:ASM.
Avino Silver & Gold Risk Analysis
Avino Silver & Gold disclosed 42 risk factors in its most recent earnings report. Avino Silver & Gold reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Avino Silver & Gold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | C$1.07B | 16.04 | 10.23% | ― | 104.08% | 832.86% | |
66 Neutral | C$1.66B | 33.89 | 15.48% | ― | 65.77% | 458.38% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | C$2.56B | -28.05 | -85.04% | ― | ― | -171.41% | |
49 Neutral | C$1.33B | -98.41 | -3.20% | ― | ― | 40.00% | |
46 Neutral | C$507.87M | -55.40 | -4.59% | ― | ― | -14.43% | |
43 Neutral | C$477.42M | -32.59 | -105.31% | ― | ― | -198.87% |
* Basic Materials Sector Average
TSE:ASM
Avino Silver & Gold
10.62
7.91
291.88%
TSE:BRC
Blackrock Silver
1.37
1.04
308.96%
TSE:SLVR
Silver Tiger Metals
0.91
0.61
203.33%
TSE:GGD
GoGold Resources
2.90
1.12
62.92%
TSE:ABRA
AbraSilver Resource
16.37
13.47
464.48%
TSE:NUAG
New Pacific Metals
7.51
5.94
378.34%
Avino Silver & Gold Corporate Events
Business Operations and Strategy
Avino Silver & Gold Unveils First Consolidated Mineral Reserves, Boosting Long-Term Outlook
Positive
Apr 16, 2026
Avino Silver Gold Mines has reported its first consolidated mineral reserve estimate across its La Preciosa, Avino and Oxide Tailings properties in Mexico, marking a key step toward its goal of becoming a multi-asset mid-tier producer. The compan...
Business Operations and StrategyStock Buyback
Avino Silver & Gold Launches Share Buyback Program Approved by TSX
Positive
Apr 6, 2026
Avino Silver Gold Mines has received approval from the Toronto Stock Exchange to launch a normal course issuer bid to repurchase and cancel up to 8,428,566 common shares, representing about 5% of its outstanding stock, over a 12‑month perio...
Business Operations and StrategyFinancial Disclosures
Avino Sets Record 2025 Results and Builds Cash War Chest for Mexican Growth
Positive
Mar 10, 2026
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 improv...
Business Operations and StrategyFinancial Disclosures
Avino Sets 2026 Growth Plan as La Preciosa Development Accelerates
Positive
Feb 19, 2026
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 ...
Business Operations and StrategyFinancial Disclosures
Avino sets 2026 growth plan as La Preciosa shifts to higher-rate mining
Positive
Feb 19, 2026
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 p...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Avino Secures New Cross-Border Shelf to Expand Financing Options
Positive
Feb 13, 2026
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 rep...
Business Operations and StrategyExecutive/Board Changes
Avino Adds Veteran Mining Executive Linda Broughton to Board
Positive
Feb 5, 2026
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 managem...
Business Operations and Strategy
Avino’s La Preciosa Drilling Confirms High-Grade Silver and Prompts Rethink of Mining Plan
Positive
Jan 26, 2026
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 i...
Business Operations and StrategyFinancial Disclosures
Avino Hits 2025 Output Targets as La Preciosa Fast-Tracks Silver Growth
Positive
Jan 22, 2026
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...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.