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- **Revenue Growth**: Q3 revenue surged 44% YoY to $21 million, driven by La Preciosa's early production.
- **Financial Strength**: Record cash of $57 million and net income of $7.7 million highlight strong liquidity.
- **Operational Expansion**: La Preciosa to ramp to two circuits in 2026, with long-term 2,500 tpd capacity.
- **Strategic Moves**: Royalty acquisition and ESG initiatives position Avino for sustainable growth.
- **Cost Efficiency**: Competitive costs ($17.06/troy oz) support margins despite metal price volatility.

**【CEO Summary Section】**
- Avino reported Q3 2025 revenue of $21 million, up 44% YoY, driven by operational excellence and portfolio optimization.
- La Preciosa mine began processing ore through Circuit 1 ahead of schedule, with plans to expand to two circuits by Q2 2026.
- Acquired third-party royalties at La Preciosa, reducing operational complexity and enhancing project economics.
- ESG initiatives included community development projects, health fairs, and environmental sustainability programs.

**【CFO Financial Commentary】**
- Net income reached $7.7 million ($0.05 EPS), up 540% YoY, with free cash flow of $5.4 million.
- Cash position at $57.3 million, no debt, and working capital of $51 million, supporting expansion plans.
- Cost per silver-equivalent ounce ($17.06) and all-in sustaining costs ($24.06) remained competitive despite higher metal prices.

**【Q&A Highlights】**
- La Preciosa's Circuit 1 throughput capacity is 250 tpd, with potential to expand to 2,500 tpd by 2029.
- Commercial production at La Preciosa will begin when ore is sold, with 2026 guidance to include both mines.
- Expansion plans for mill capacity and underground development are under study, with no capital allocation yet disclosed.
- Foreign exchange hedges contributed $1 million to Q3 earnings, with additional gains expected in 2026.


Avino Silver & Gold Mines Ltd (ASM) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ASM

ASM fundamentals

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