The strong earnings beat is almost entirely price-driven, masking significant volume declines and cost inflation. Monitor silver price sustainability and La Preciosa ramp-up progress — if silver corrects, the cost structure will compress margins sharply. The NCIB provides a floor but is not a growth catalyst. Watch for Q3 production guidance on the earnings call for signs of volume recovery.
Price Chart
Executive Summary
Avino Silver & Gold Mines reported strong Q2 2026 results with revenue up 23% YoY to $26.8M and net income surging 281% to $10.9M, driven by a 104% increase in average realized silver prices to $68.90/oz. However, production volumes declined meaningfully — silver ounces produced fell 6%, copper production dropped 50%, and silver-equivalent ounces sold were down 43% — while cash costs per ounce nearly doubled to $28.62. The company is advancing its La Preciosa development project and has an active NCIB buyback program, but the volume declines and cost inflation temper the headline earnings growth.
Key Facts
- Revenue of $26.8M in Q2 2026, up 23% from $21.8M in Q2 2025
- Net income of $10.9M ($0.06/diluted share), up 281% from $2.9M ($0.02/share)
- Average realized silver price of $68.90/oz, up 104% from $33.85/oz
- Silver production of 267,305 oz, down 6% YoY; copper production down 50% to 729,929 lbs
- Cash cost per silver-equivalent payable ounce of $28.62, up 89% from $15.11
- All-in sustaining cost per silver-equivalent payable ounce of $38.75, up 85% from $20.93
- Cash provided by operating activities of $13.3M, up 59% YoY
- Cash balance of $144.2M as of June 30, 2026, up 42% from Dec 31, 2025
- TSX accepted NCIB to repurchase up to 8,423,566 shares (~5% of outstanding)
- La Preciosa development production increased 59% from Q1 2026, contributing 100,658 AgEq oz
Financial Impact
Revenue +23% to $26.8M; net income +281% to $10.9M; operating cash flow +59% to $13.3M; cash costs +89% to $28.62/oz
Risk Factors
- Silver price volatility — a 104% YoY price gain is unlikely to repeat, and a correction would pressure margins given 89% cost inflation
- Production volume decline — silver output -6%, copper -50%, and silver-equivalent ounces sold -43% YoY suggest operational headwinds
- Cost inflation — cash costs nearly doubled to $28.62/oz, eroding the benefit of higher silver prices
- La Preciosa development execution risk — any delays or cost overruns could delay the transformational growth plan
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001477932-26-004891 |
| Document: avino_6k.htm | 0001477932-26-004891 |
| Document: 0001477932-26-004891-index-headers.html | 0001477932-26-004891 |
| Document: 0001477932-26-004891-index.html | 0001477932-26-004891 |
| Document: 0001477932-26-004891.txt | 0001477932-26-004891 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 6-K | $4.69 | awaiting T+1 | — | $4.60 (−1.92%) |
Oct 15, 2026 11d ago | 6-K | $5.19 $5.33 | ▲ +2.70% | ▲ +3.80% | $4.60 (−11.37%) |
Sep 9, 2026 6w ago | 6-K | $7.36 $7.12 | ▼ −3.26% | ▼ −2.66% | $4.60 (−37.50%) |
Aug 12, 2026 10w ago | 6-K | $7.14 $6.91 | ▼ −3.22% | ▼ −3.92% | $4.60 (−35.57%) |
Aug 12, 2026 10w ago | 6-K | $7.14 $6.91 | ▼ −3.22% | ▼ −3.92% | $4.60 (−35.57%) |
Jul 22, 2026 13w ago | 6-K | $6.26 $5.69 | ▲ +9.11% | ▲ +7.87% | $4.60 (+26.52%) |
Jun 11, 2026 19w ago | Institutional Cluster | $5.98 $6.39 | ▲ +6.86% | ▲ +6.32% | $4.60 (−23.08%) |
Jun 8, 2026 20w ago | 6-K | $5.98 $5.77 | ▼ −3.51% | ▼ −3.22% | $4.60 (−23.08%) |
Jun 1, 2026 21w ago | 6-K | $7.29 $7.42 | ▲ +1.78% | ▲ +1.64% | $4.60 (−36.90%) |
May 27, 2026 21w ago | 6-K | $7.16 $7.32 | ▲ +2.23% | ▲ +1.99% | $4.60 (−35.75%) |
US Market Status
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