The record Q1 results and strong balance sheet ($138.6M cash) provide significant financial flexibility for La Preciosa development and potential M&A. The NCIB signals management's view that shares are undervalued. Watch for the upcoming NI 43-101 technical report and progress on La Preciosa ramp-up, which could be additional catalysts. The elevated silver price environment is the primary driver — monitor silver price trends closely.
Price Chart
Executive Summary
Avino Silver & Gold Mines reported record Q1 2026 results with revenue of $39.4M (up 109% YoY), net income of $15.9M (up 183% YoY), and operating cash flow of $13.6M (up from $0.8M). The strong performance was driven by elevated silver prices (average realized $86.42/oz vs $31.67/oz in Q1 2025) and 11% higher mill throughput, partially offset by lower silver equivalent ounces sold. The company also announced an inaugural mineral reserve estimate of 127M silver equivalent ounces and a Normal Course Issuer Bid to repurchase up to 5% of shares.
Key Facts
- Record Q1 2026 revenue of $39.4M, up 109% from $18.8M in Q1 2025
- Net income of $15.9M ($0.09 diluted EPS), up 183% from $5.6M in Q1 2025
- Average realized silver price of $86.42/oz, up 173% from $31.67/oz in Q1 2025
- Operating cash flow of $13.6M vs $0.8M in Q1 2025
- Cash balance of $138.6M at March 31, 2026, up 36% from $101.7M at December 31, 2025
- Inaugural mineral reserve estimate of 27M tonnes containing 127M silver equivalent ounces
- NCIB approved to repurchase up to 8,428,566 common shares (5% of outstanding)
- Silver equivalent production of 568,112 oz, down 10% YoY due to planned lower-grade mining
- Cash costs per AgEq ounce sold of $24.46, up 94% YoY due to lower ounces sold
- Working capital of $139.7M, up 40% from $99.6M at December 31, 2025
Financial Impact
Revenue increased $20.6M YoY (+109%), net income increased $10.3M (+183%), operating cash flow increased $12.9M (+1,698%)
Risk Factors
- Silver price volatility — Q1 results heavily dependent on elevated silver prices ($86.42/oz)
- Cash costs per ounce increased 94% YoY due to lower silver equivalent ounces sold
- Production volumes declining — silver equivalent production down 10% YoY and 15% QoQ
- Unrealized derivative loss of $1.1M from FX hedging
- Dilution risk — 3.1M shares issued via ATM in Q1 for $25.7M gross proceeds
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001477932-26-003060 |
| Document: avino_ex992.htm | 0001477932-26-003060 |
| Document: avino_6k.htm | 0001477932-26-003060 |
| Document: avino_ex993.htm | 0001477932-26-003060 |
| Document: avino_ex994.htm | 0001477932-26-003060 |
| Document: 0001477932-26-003060-index-headers.html | 0001477932-26-003060 |
| Document: 0001477932-26-003060-index.html | 0001477932-26-003060 |
| Document: 0001477932-26-003060.txt | 0001477932-26-003060 |
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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