The strong earnings beat on elevated silver prices is tempered by deteriorating operational metrics — silver equivalent production down 17%, copper output halved, and cash costs nearly doubling. Monitor Q3 for La Preciosa's transition to higher-grade production long-hole mining, which could improve unit economics. The $144.8M cash position provides ample runway for development, but the widening gap between revenue growth and production decline warrants caution on sustainability at current cost levels.
Price Chart
Executive Summary
Avino Silver & Gold Mines reported strong Q2 2026 results with revenue of $26.8M (up 23% YoY) and net income of $10.9M (up 281% YoY), driven by elevated silver prices ($68.90/oz vs $33.85/oz) offsetting a 43% decline in payable silver equivalent ounces sold. The company maintains a robust balance sheet with $144.8M cash and $140.8M working capital, while advancing La Preciosa development and executing a share buyback program. However, production metrics weakened significantly with copper output down 50% and silver equivalent production down 17%, while cash costs per ounce surged 89% to $28.62 due to lower volumes and a stronger Mexican peso.
Key Facts
- Q2 2026 revenue $26.8M vs $21.8M YoY (+23%)
- Net income $10.9M vs $2.9M YoY (+281%)
- Cash $144.8M, working capital $140.8M, debt-free excluding equipment leases
- Silver equivalent production down 17% to 534,945 oz
- Copper production down 50% to 729,929 lbs
- Cash costs per AgEq oz sold $28.62 vs $15.11 YoY (+89%)
- Average realized silver price $68.90/oz vs $33.85/oz YoY (+104%)
- La Preciosa contributed 100,658 AgEq oz in Q2, up 59% from Q1
- NCIB repurchased 508,039 shares for $3.0M in H1 2026
- Inaugural mineral reserves: 27M tonnes containing 95M oz silver
Financial Impact
Revenue +23% to $26.8M, net income +281% to $10.9M, operating cash flow +59% to $13.3M in Q2 2026 vs Q2 2025
Risk Factors
- Sustained high cash costs ($28.62/oz) could compress margins if silver prices retreat
- Copper production decline of 50% reduces revenue diversification
- Mexican peso strength (+14% YoY) continues pressuring labor and contractor costs
- Provisional pricing adjustments swung to negative $5.2M in Q2 vs $0.1M in prior year
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001477932-26-004889 |
| Document: avino_ex992.htm | 0001477932-26-004889 |
| Document: avino_6k.htm | 0001477932-26-004889 |
| Document: avino_ex993.htm | 0001477932-26-004889 |
| Document: avino_ex994.htm | 0001477932-26-004889 |
| Document: 0001477932-26-004889-index-headers.html | 0001477932-26-004889 |
| Document: 0001477932-26-004889-index.html | 0001477932-26-004889 |
| Document: 0001477932-26-004889.txt | 0001477932-26-004889 |
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%) |
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