Follow Us! Like Our Page!

Avino Reports Q3 2022 Financial Results

Press Release

November 9, 2022

Record Quarterly Production Generates $9.1 Million in Revenues; Company Continues to Control Cash Costs

Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American; FSE: GV6, “Avino” or “the Company”) released today its consolidated financial results for the Company’s third quarter 2022. The Financial Statements and Management’s Discussion and Analysis (MD&A) can be viewed on the Company’s website at, on SEDAR at and on EDGAR at

“We delivered our strongest quarterly production in recent history and increased our mill throughput by 37% from the previous quarter to over 160,000 tonnes. This reflects our steady ramp up at the Avino mine,” said David Wolfin, President and CEO. “We have demonstrated resilient operational achievements at Avino that have generated $9.1 million in quarterly revenues, $2.1 million in quarterly mine operating income, and another consecutive quarter of positive operational cash flows with $1.6 million generated from operations, even while metal prices declined in third quarter. Thanks to our resilience and strong cost management, and the recent trend upward in metal prices, we remain well-positioned to manage through any near-term pressures arising from an overall economic slowdown, while remaining focused on our clear path to transformational growth and becoming Mexico’s next intermediate producer.”

3rd Quarter 2022 Highlights

Record Quarterly Production at Avino

  • A record 778,008 silver equivalent ounces were produced in Q3 2022, marking a 20% increase over Q2 2022. Q3 2022 marks the fourth full quarter following the restart of operations in August 2021.

Avino ET Area Drills High Grade Silver and Copper in Multiple Holes

  • On October 11, 2022, Avino announced further drill results from the Avino Elena Tolosa (“ET”) area below the current Level 17 mining area. These drill results continue to confirm the downdip continuity of widths and grades of the Avino vein extending significant potential to a depth of at least 290 metres down dip below the deepest levels of development. The results confirm the mineralization continues and also contains significantly higher copper mineralization in the ET area.

Commissioning of Dry-Stack Tailings Facility

  • During Q3 2022, the Company completed construction of the dry-stack tailings facility and is currently processing 100% of its tailings through the facility.

Working Capital & Liquidity at September 30, 2022

  • The Company’s cash balance at September 30, 2022, totaled $10.9 million compared to $24.8 million at December 31, 2021 and $22.3 million at September 30, 2021. Working capital totaled $12.3 million at September 30, 2022, compared to $31.6 million at December 31, 2021 and $28.9 million at September 30, 2021.

Third Quarter 2022 Financial Highlights

  • Revenues of $9.1 million
  • Mine operating income of $2.1 million, $2.6 million net of non-cash depreciation and depletion
  • Net loss of $1.1 million, or $0.01 per share
  • Cash costs per silver equivalent payable ounce sold1,2 – $10.29 per ounce
  • All in sustaining cash cost per silver equivalent payable ounce sold1,2 – $17.32 per ounce
  • Earnings before interest, taxes, depreciation and amortization (“EBITDA”)3 of $0.2 million
  • Adjusted earnings3 of $0.4 million, or $0.003 per share
  • Operating cash flows (before working capital changes) of $1.6 million, or $0.01 per share3

Operating Highlights and Overview

During Q3 2022, underground mining operations continued to ramp up with consolidated production for the quarter of 778,008 silver equivalent ounces consisting of 285,444 ounces of silver, 1,201 ounces of gold, and 2,101,635 pounds of copper.

Capital Expenditure Update

Third quarter cash capital expenditures company-wide were $2.7 million, bringing the year-to-date total to $6.1 million, compared to $2.1 million during the nine month period in 2021. Expenditures for Q3 2022 primarily relate to dry-stack tailings plant commissioning, as well as the conveyor projects and underground works performed in the production area of the Avino Mine.

The Company expects to be within its range of $7.0 to $9.0 million in capital expenditures for the year, which was previously disclosed in the Avino 2022 Outlook press release which can be found here on the Company’s website.

Exploration Update – 2022 Drill Program

On October 11, 2022, Avino announced further drill results from the Avino Elena Tolosa (“ET”) area below the current Level 17 mining area. These drill results continue to confirm the downdip continuity of widths and grades of the Avino vein extending significant potential to a depth of at least 290 metres down dip below the deepest levels of development.. Avino is advancing geological modelling to determine the potential geometry and controls of the mineralization. Currently, three drills are turning to include a further 14 drill holes for 7,000 metres. For full news release, visit our website here.

At the end of Q3 2022, the Company has completed 11,253 metres of drilling in 2022. The Company has budgeted 15,000 metres of drilling in 2022, with a focus on the area at depth below the current Elena Tolosa production area.

ESG Initiatives

Avino continues to create value for all stakeholders and supports the communities that host the Avino mine, with the new dry-stack tailings project, the acquisition of La Preciosa, the continued replacement of mineral resources, and the strengthening of local partnerships as part of our long-term commitment to the country. In line with Avino’s policy of local employment, Mexican nationals account for 100% of the mine work force. In addition, Avino is actively increasing its workforce diversification by hiring more women for historically male-dominated roles through targeted recruitment and development programs. Currently at site, 10 – 15% of our labor force is female.

We continue to invest in sustainable economic community projects such as water irrigation work, a reforestation campaign of native species, by providing school supplies and by hosting its first event for employees to bring their children to work to learn about the mine operations and jobs, to name only a few of the initiatives currently ongoing.

Qualified Person(s)

Peter Latta, P.Eng, MBA, VP Technical Services, Avino who is a qualified person within the context of National Instrument 43-101 has reviewed and approved the technical data in this news release.

Non-IFRS Measures

The financial results in this news release include references to cash flow per share, cash cost per silver equivalent ounce, all-in sustaining cash cost per silver equivalent ounce, EBITDA, and adjusted earnings/losses, all of which are non-IFRS measures. These measures are used by the Company to manage and evaluate operating performance of the Company’s mining operations, and are widely reported in the silver and gold mining industry as benchmarks for performance, but do not have standardized meanings prescribed by IFRS, and are disclosed in addition to the prescribed IFRS measures provided in the Company’s MD&A.

Conference Call and Webcast

In addition, the Company will be holding a conference call and webcast on Thursday, November 10, 2022, at 9:30 am PST (12:30 pm EST). Shareholders, analysts, investors, and media are invited to join the webcast and conference call by logging in here Avino Third Quarter 2022 Webcast and Conference Call or by dialing the following numbers five to ten minutes prior to the start time.

Toll Free Canada & USA: 1-800-319-4610

Outside of Canada & USA: 1-604-638-5340

About Avino

Avino is primarily a silver producer from its wholly owned Avino Mine near Durango, Mexico. The Company’s silver, gold and copper production remains unhedged. The Company’s mission and strategy is to create shareholder value through its focus on profitable organic growth at the historic Avino Property and the strategic acquisition of the La Preciosa property. Avino currently controls mineral resources, as per NI 43-101, that total 290 million silver equivalent ounces, within our district scaled land package. We are committed to managing all business activities in a safe, environmentally responsible, and cost-effective manner, while contributing to the well-being of the communities in which we operate. We encourage you to connect with us on Twitter at @Avino_ASM and on LinkedIn at Avino Silver & Gold Mines. To view the Avino Mine VRIFY tour, please click here.


“David Wolfin”
David Wolfin
President & CEO
Avino Silver & Gold Mines Ltd.



NationTalk Partners & Sponsors Learn More