Avino Silver & Gold (TSE:ASM)
TSX:ASM
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Avino Silver & Gold
(TSX:ASM)
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Rating:78Outperform
Price Target:
C$9.50
▼(-10.55% Downside)
Action:Reiterated
Date:05/15/26
The score is driven primarily by strong financial performance (high margins, solid growth, and very low leverage) and a constructive earnings update highlighting record results and a credible growth plan backed by new reserves. Technicals are supportive but somewhat stretched (high stochastic), while valuation is the main constraint given the ~22.7 P/E and no dividend yield provided.
Positive Factors
Strong liquidity & low leverage
A large cash balance and strong working capital provide durable financial flexibility to fund exploration, development and ramp activities without reliance on external debt. Very low secured debt reduces refinancing and insolvency risk and supports multi-quarter project execution and de-risking.
Negative Factors
Weak cash conversion & FCF volatility
Despite strong reported earnings, cash conversion lags and free cash flow is small and volatile relative to net income. This structural shortfall can constrain self-funding of capital programs, amplify reliance on working capital swings, and raise funding risk during adverse price or execution periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity & low leverage
A large cash balance and strong working capital provide durable financial flexibility to fund exploration, development and ramp activities without reliance on external debt. Very low secured debt reduces refinancing and insolvency risk and supports multi-quarter project execution and de-risking.
Read all positive factors
Avino Silver & Gold (ASM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.37B
Dividend YieldN/A
Average Volume (3M)741.14K
Price to Earnings (P/E)26.4
Beta (1Y)3.33
Revenue Growth57.17%
EPS Growth130.46%
CountryCA
Employees239
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)0.23
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$15.69Price Target Upside47.74% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.36
Revenue Forecast (FY)C$140.25M
Avino Silver & Gold Business Overview & Revenue Model
Company Description
Avino Silver & Gold Mines Ltd., together with its affiliates, specializes in the acquisition, exploration, and development of mineral properties, with a primary focus on Canada. The company concentrates its prospecting efforts on identifying silve...
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:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call presents a strong net positive operational and financial picture: record revenue, record cash and working capital, robust free cash flow, meaningful earnings growth, and a transformational inaugural reserve estimate underpin the company’s growth thesis. The primary negatives are temporary cost increases tied to processing development (lower-grade) material, a one-time depreciation increase, and execution/permitting risks around drilling ramp-up and oxide tailings expansion. Management argues these cost impacts are short-term and expects normalization as higher-grade production ramps and drilling progresses.Positive Updates
Record Revenue
Revenue of $39.4 million in Q1 2026, a quarterly record, with ~60% of revenue from silver and an average realized silver price of $86.42/oz.
Negative Updates
Quarterly Unit Cost Increases (QoQ)
Cash cost per payable AgEq oz rose to $24.46 (+16% vs prior quarter $21.10). All-in sustaining cost (AISC) rose to $34.72 (+10% vs prior quarter $31.59). Cash cost per ton increased to $64.04 (+7% vs $60/ton prior quarter). Management attributes much of the rise to processing development material from La Preciosa and silver price movements affecting AgEq calculations.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Revenue
Revenue of $39.4 million in Q1 2026, a quarterly record, with ~60% of revenue from silver and an average realized silver price of $86.42/oz.
Read all positive updates
Company Guidance
Guidance: Avino is executing a 30,000‑meter 2026 drill program (15,000 m at La Preciosa and 15,000 m at Avino), has drilled ~2,600 m at La Preciosa and ~3,000 m at Avino so far and is adding a fifth drill; La Preciosa throughput is targeted to reach 500 tons per day (Q1 average ~200–230 tpd; La Preciosa processed >14,000 t in Q1) to fill two ~250‑tpd circuits (circuits 3–4 are ~1,000 tpd each) with a next scale step to 1,000 tpd per circuit, and the company is targeting mid‑tier scale (~8–10 million silver‑equivalent oz/yr) by 2029; inaugural proven & probable reserves are 27 million tons containing 127 million Ag‑eq oz at 145 g/t (M&I: 67 Mt / 301 M Ag‑eq oz @162 g/t; Inferred: 24.8 Mt / 87.6 M Ag‑eq oz @123 g/t); 2026 cost guidance is cash cost ~$19–21/oz (Q1 actual $24.46/oz, or $19.82/oz on budget prices) and AISC guidance near the high‑$20s/oz (Q1 actual $34.72/oz, $28.14/oz on budget), consolidated cash cost per ton ~$64 (AISC per ton ≈ $90), Q1 production was 568k Ag‑eq oz on 185k tons mill feed (+11% YoY), Q1 revenue $39.4M (60% silver; realized silver $86.42/oz), operating cash flow before WC $18.7M, free cash flow $17.2M (ex‑La Preciosa development), cash $139M and working capital $140M, with no planned hedging or ATM usage and oxide‑tailings options being advanced toward a possible 2028 start pending community engagement and permits.Avino Silver & Gold Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 110.59M | 86.66M | 66.18M | 43.89M | 44.19M | 11.23M |
| Gross Profit | 59.03M | 41.83M | 23.20M | 7.82M | 15.06M | 3.55M |
| EBITDA | 55.14M | 33.38M | 18.19M | 2.79M | 9.96M | 522.00K |
| Net Income | 36.84M | 27.11M | 8.10M | 542.00K | 3.10M | -2.06M |
Balance Sheet | ||||||
| Total Assets | 319.06M | 287.20M | 148.71M | 128.34M | 121.20M | 86.28M |
| Cash, Cash Equivalents and Short-Term Investments | 138.74M | 101.54M | 27.32M | 2.69M | 11.24M | 24.77M |
| Total Debt | 8.35M | 6.00M | 2.63M | 3.45M | 6.64M | 1.07M |
| Total Liabilities | 43.48M | 53.59M | 23.31M | 22.34M | 23.18M | 7.77M |
| Stockholders Equity | 275.59M | 233.60M | 125.40M | 106.00M | 98.02M | 78.51M |
Cash Flow | ||||||
| Free Cash Flow | 12.65M | 1.14M | 18.67M | -5.89M | 4.00M | -1.80M |
| Operating Cash Flow | 40.24M | 27.90M | 23.12M | 1.49M | 11.83M | 109.00K |
| Investing Cash Flow | -27.81M | -27.35M | -6.56M | -13.53M | -24.10M | -3.21M |
| Financing Cash Flow | 99.77M | 75.15M | 8.02M | 3.49M | -1.15M | 16.09M |
Avino Silver & Gold Technical Analysis
Negative
10.62
Price Trends
9.44
Negative
10.48
Negative
8.83
Negative
Market Momentum
-0.07
Positive
36.87
Neutral
24.97
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ASM, the sentiment is Negative. The current price of 10.62 is above the 20-day moving average (MA) of 9.70, above the 50-day MA of 9.44, and above the 200-day MA of 8.83, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 36.87 is Neutral, neither overbought nor oversold. The STOCH value of 24.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | C$1.31B | 18.84 | 12.12% | ― | 67.33% | 899.33% | |
78 Outperform | C$1.37B | 26.37 | 17.63% | ― | 57.17% | 130.46% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
50 Neutral | C$2.34B | -37.32 | -95.35% | ― | ― | -59.72% | |
50 Neutral | C$1.09B | ― | -3.07% | ― | ― | 9.12% | |
48 Neutral | C$370.92M | -18.08 | -105.31% | ― | ― | -9.75% | |
46 Neutral | C$379.51M | -66.59 | -4.59% | ― | ― | -7.48% |
* Basic Materials Sector Average
TSE:ASM
Avino Silver & Gold
8.29
3.42
70.23%
TSE:BRC
Blackrock Silver
0.97
0.57
139.51%
TSE:SLVR
Silver Tiger Metals
0.67
0.21
44.09%
TSE:GGD
GoGold Resources
3.27
0.95
40.95%
TSE:ABRA
AbraSilver Resource
14.79
10.44
240.00%
TSE:NUAG
New Pacific Metals
5.82
3.64
166.97%
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...
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.