Mining Co. Delivers Record Financial Results for Mexico Project

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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) announced its first unaudited condensed interim consolidated financial results for the first quarter of 2026 on May 13, 2026. The press release encompasses both financial and operational highlights for Q1 2026.

In the release, Avino's president and CEO, David Wolfin, said, "During the first quarter, Avino delivered record financial performance driven by improved mill performance, strong metal prices, and a disciplined approach to capital management. Avino's silver equivalent per ounce margins were significantly higher than previous quarters and we remain in our strongest financial position in company history. Our robust balance sheet provides a solid foundation to support our transformational growth plan as we advance toward becoming a Mexico-focused mid-tier primary silver producer. We believe Avino is well positioned to continue delivering long-term value for our shareholders."

The company listed financial highlights, reporting:

• The company achieved a record US$39.4 million in revenues for Q1 2026, an increase of 109% from Q1 2025 and 29% from Q4 2025, [the] previous quarterly record. In Q1 2026, 60% of revenues were derived from silver production at an average realized price of US$86.42 per ounce.
• Mine operating income was US$23.4 million, an increase of 122% from Q1 2025 and 31% from Q4 2025.
• Earnings, or net income after taxes, was US$15.9 million, or US$0.09 per diluted share, both representing quarterly records.
• EBITDA was US$25.5 million, an increase of 163% from Q1 2025 and 77% from Q4 2025. Adjusted earnings were US$24.3 million, or US$0.14 per share, an increase of 150% and 100%, respectively, from Q1 2025, and an increase of 49% and 40%, respectively, from Q4 2025.
• The company generated operating cash before working capital movements of US$18.7 million, an increase of 154% compared to Q1 2025.
• Mine operating cash flows before taxes were a record US$26.7 million, an increase of 134% from Q1 2025, and 41% from Q4 2025.

Operational highlights from Q1 2026 include:

• 60% of the company's Q1 2026 revenues came from the sales of silver processed from the production material from the Avino Mine and development material from La Preciosa at an average realized price of US$86.42 per silver ounce.
• In Q1 2026, Avino achieved an 11% year-over-year increase in mill throughput, reflecting the success of targeted upgrades and automation initiatives implemented by our operations and maintenance teams. These initiatives improved mill availability and supported stronger, more consistent throughput levels.
• On April 16, 2026, Avino announced the completion of a new Mineral Reserve Estimate and updated Mineral Resource Estimate which includes La Preciosa, the Avino Mine (consisting of the Elena Tolosa ("ET") deposit, Guadalupe, and La Potosina). Collectively, the company's assets host proven and probable mineral reserves of 27 million tonnes for 127 million silver equivalent (AuEq) ounces at a grade of 145 g/t. In mineral resources, collectively the company holds measured and indicated mineral resources totaling 67.7 million tonnes and 301 million silver equivalent ounces at a grade of 162 g/t, as well as inferred mineral resources totaling 24.8 million tonnes and 87.6 million silver equivalent ounces at a grade of 123 g/t.
• 15,000 meters of drilling is planned for the year at the Avino property with 3,000 meters completed at the end of Q1 2026.
• For Q1 2026, the company achieved a Lost Time Incident Frequency Rate ("LTIFR") of 3.25 per 1,000,000 hours worked. Total reportable lost time incident rate was 0.19.

In Q1 2026, Avino's capital expenditures totaled US$2.6 million, compared to US$1.8 million in Q1 2025. The company said, "The increased amount is in line with our capital budget for 2026 and was primarily spent on mine development and equipment for future production mining operations at La Preciosa."

The La Preciosa project had several highlights of its own, such as the completion of 2,600 meters of its 15,000-meter 2026 drill campaign and raised silver production over Q4 2025.

Avino Silver & Gold Mines Ltd. is a Canadian silver producer focused on projects in Durango, Mexico.

Silver Demand Rising with AI Data Center Boom

Silver fell by 2.28% on Tuesday, May 19, to US$75.95 per troy ounce, though the overall price has still increased 6.85% since the beginning of 2026. Uncertainty around inflation fears and tensions in the Middle East have been affecting metals rates for the past several weeks, but investors were hopeful that prices would stabilize after President Trump hinted at peace talks with Iran.

“We will NOT be doing the scheduled attack of Iran tomorrow, but have further instructed them to be prepared to go forward with a full, large-scale assault of Iran, on a moment’s notice, in the event that an acceptable deal is not reached,” wrote President Trump yesterday on Truth Social. With this statement, metals prices did see some relief.

As a critical component of electronics and AI data centers, silver's prices have skyrocketed over the past year, having raised over 140% from this time last year. 

Analysts & Experts Give "Buy" Rating

Peter Krauth of The Gold Advisor addressed Avino's update on May 14, 2026, saying, "We’re impressed by these results. The team has delivered, and we expect they will continue to do so. Silver equivalent per ounce margins were significantly higher than in previous quarters, providing the company’s most robust financial position ever. This matters because it’s a foundation for the planned growth, which should see production up 2.5x over the next four years."

Krauth called the Q1 results a "blowout quarter" for the company and maintained an overweight position on the stock, expecting similar strong results in the future.

Cantor Fitzgerald's Matthew O'Keefe reiterated a "Buy" rating on May 14, with a price target of CA$15.80, projecting a 47% target return. O'Keefe referred to recent news as modestly positive, noting that "ASM generated record operating margins and exited Q1 2026 with a cash position of CA$138.60 million."

On May 15, 2026, Jake Sekelsky of Alliance Global Partners provided an opinion update on Avino, reiterating a "Buy" rating with a CA$12.75 price target, citing strong Q1 financial results and increased silver production as reasons to purchase the stock.

Multiple Assets in Development

Avino's investor presentation says the company is transitioning into a multi-asset mid-tier silver producer in Mexico, citing La Preciosa as a future silver production asset and the Oxide Tailings project as a future gold and silver production asset. At the Avino Mine, the company plans to continue regional exploration and resource expansion for future growth production.

Ownership & Share Information¹

Avino Silver & Gold Mines Ltd. has a market cap of CA$1.67 billion, with 170.20 million shares outstanding. The company's 52-week range is CA$3.07-CA$16.11.

Management & Insiders own 6% of shares, while Institutions own 24%. The remaining 70% of shares are held by Retail.