127 Million Ounces Locked In as Silver Supply Crunch Deepens and Demand Surges

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Avino Silver & Gold Mines Ltd. (ASM:TSX.V; ASM:NYSE.MKT; GV6:FSE) reported the completion of a new Mineral Reserve Estimate and an updated Mineral Resource Estimate with an effective date of October 31, 2025, covering La Preciosa and the Avino Mine, which includes the Elena Tolosa deposit, Guadalupe, and La Potosina. The Oxide Tailings Deposit mineral reserve estimate, completed in 2024, remains materially unchanged with an effective date of January 16, 2024.

According to the company, proven and probable mineral reserves across its three assets totaled 27 million tonnes containing 95 million ounces of silver at a grade of 109 g/t, 356 thousand ounces of gold at 0.41 g/t, and 85 million pounds of copper at 0.31%, representing 127 million silver equivalent ounces at a grade of 145 g/t. Measured and indicated mineral resources totaled 68 million metric tonnes containing 207 million ounces of silver at 93 g/t, 413 thousand ounces of gold at 0.32 g/t, and 243 million pounds of copper at 0.16%, equivalent to 301 million silver equivalent ounces at 162 g/t.

The company stated that 42% of mineral resources were converted to mineral reserves on a silver equivalent basis. Overall, measured and indicated mineral resources increased 9% compared to the last published estimate after accounting for depletion and 4,560 meters of exploration drilling. Measured mineral resources rose to 10.8 million tonnes from 8.5 million tonnes, indicated resources increased to 56.9 million tonnes from 44.6 million tonnes, and inferred resources increased to 24.8 million tonnes from 23.8 million tonnes.

At the La Preciosa property, proven and probable mineral reserves totaled 11 million tonnes containing 72 million ounces of silver at 206 g/t and 128 thousand ounces of gold at 0.37 g/t. Measured and indicated resources at the site totaled 33.2 million tonnes containing 158 million ounces of silver at 148 g/t and 287 thousand ounces of gold at 0.27 g/t.

At the Avino property, proven and probable reserves were reported at 10 million tonnes containing 12 million ounces of silver at 38 g/t, 127 thousand ounces of gold at 0.41 g/t, and 85 million pounds of copper at 0.40%. Measured and indicated resources totaled 28 million tonnes containing 37 million ounces of silver at 44 g/t, 309 thousand ounces of gold at 0.37 g/t, and 226 million pounds of copper at 0.32%.

The Oxide Tailings property reported proven and probable reserves of 6.7 million tonnes containing 12 million ounces of silver at 54 g/t and 102 thousand ounces of gold at 0.47 g/t.

David Wolfin, President and CEO, said in a company news release, "For the first time, we have defined reserves that demonstrate the underlying quality, scale, and economic potential of our asset base." He added that the company was "very pleased to report an inaugural mineral reserve estimate of 127 million silver equivalent ounces across our three assets."

Peter Latta, VP Technical Services, stated in a company news release, "The mineral reserve estimates represent an important technical milestone for the Company," adding that "converting nearly half of our mineral resources to mineral reserves is an incredible accomplishment for the inaugural reserve calculation."

The company noted that the estimates will be included in an updated technical report prepared in accordance with NI 43-101 standards, which is expected to be filed within 45 days.

Silver Market Trends and Industrial Demand Drivers

An April 18 report from Goldfix indicated that global energy market conditions had contributed to rising demand for clean energy technologies. The report highlighted that China's exports of lithium-ion batteries, electric vehicles, and solar components increased by 34%, 53%, and 80% year over year, respectively. It stated that "China's clean-tech exports are benefiting from global demand shifts tied to energy market volatility." The report also noted that solar photovoltaic cells continued to represent one of the largest industrial uses of silver, while ongoing advancements in battery technologies and electric vehicle production were supporting continued demand for the metal.

Separately, an April 19 report from Couloir Capital reported that precious metals moved higher during the week as easing geopolitical tensions reduced inflation concerns and supported demand for non-yielding assets. The report stated that "silver gained 6.5% during the week primarily due to U.S. dollar weakness and improving geopolitical sentiment," adding that a weaker U.S. dollar increased the metal's appeal to investors. It also noted that both base metals and precious metals were supported by tightening supply conditions and improving demand indicators across global markets.

Also on April 19, analysis from 24/7 Wall St., citing the Silver Institute's World Silver Survey 2026, projected a structural deficit of 46.3 million ounces in the silver market. The report stated that "silver enters 2026 facing its sixth straight annual structural deficit," and noted that above-ground inventories had declined by 762 million ounces since 2021. It added that "that drawdown leaves the physical market thinner than at any point in modern history," with demand continuing to exceed supply despite a modest easing in overall consumption.

The same analysis reported that industrial fabrication remained the largest contributor to silver demand, even as it was expected to decline by 3% to 639.6 million ounces. At the same time, investment demand for coins and bars was projected to increase by 18%. The report concluded that "the result is another year when demand outruns supply by a meaningful margin," reflecting continued supply and demand imbalances in the physical silver market.

Analysts Assign Buy Ratings as Silver Advisor Highlights Reserve Milestone

According to FactSet data:

In an April 16 Silver Advisor update, contributing analyst Daniel Flynn described the company's reserve announcement as "another key technical de-risking milestone: the publication of an inaugural consolidated mineral reserve estimate for its asset base in Durango, Mexico." He further stated that "the volumes here really speak to the underlying quality, scale, and economic potential of Avino's asset base," referencing the reported reserve totals across its operations.

Flynn also noted that "Avino has converted 42% of its mineral resources into mineral reserves on a silver-equivalent basis," adding that "that is a strong conversion rate, and one that helps underpin the case for decades of mine life at current throughput levels." He stated that "Avino is not just converting what it already had. It's growing the broader inventory," in reference to the reported increase in mineral resources.

Additionally, Flynn wrote that "Avino has delivered a substantial reserve base while leaving itself plenty of room to grow it further," while also stating that "Peter and Ted are maintaining their full weighting in the stock."

Operational Milestones and Development Plans

The company's April 2026 investor presentation outlined several operational programs and timelines across its assets.

At La Preciosa, the company budgeted 15,000 meters of exploration drilling for 2026 and set a goal of increasing production to 500 tonnes per day. The presentation also outlined plans for an updated mineral reserve and resource estimate in the first half of 2026, along with the integration of data systems using artificial intelligence to support resource and reserve expansion and new exploration discoveries.

At the Avino Mine, the company also allocated 15,000 meters of exploration drilling for 2026. An updated mineral reserve and resource estimate is scheduled for the first half of 2026, alongside plans to integrate artificial intelligence across datasets for resource expansion and exploration activities.

The presentation also noted that the company completed the acquisition of outstanding royalties and payments related to La Preciosa, resulting in 100% ownership of the asset. Additional developments included inclusion in indices such as the S&P/TSX Global Gold Mining Index and Solactive Global Silver Miners Index, as well as inclusion in exchange-traded funds including the VanEck Junior Gold Miners ETF, Amplify Junior Silver Miners ETF, and Global X Silver Miners ETF.

Ownership and Share Structure¹

24.16% of the company is held by institutions, with Mirae Asset Global Investments holding 3.82% and Van Eck Associates owning 3.03%. 6.20% of Avino Silver is held by management and insiders. 

The rest is retail.

Avino has 168.57 million shares outstanding and an estimated market capitalization of approximately CA$1.28 billion, based on recent trading prices. Shares trade in a 52-week range between CA$1.85 and CA$11.99.