Avino Silver Posts Record Q1 as Silver Hits $86/oz, Output Jumps 109%

Avino Silver & Gold Mines Ltd. (NYSE:ASM) posted record Q1 results on May 13, with revenue hitting $39.4 million, up 109% year over year. The company said 60% of that revenue came from silver production, which sold at an average realized price of $86.42 per ounce.

The Vancouver-based miner produced 1.2 million silver-equivalent ounces in the quarter, a 42% increase from a year earlier. Gold production contributed 4,300 ounces at an average realized price of $3,350 per ounce. The company's Avino mine near Durango, Mexico, drove the output gains, with higher throughput and grades from the ET and San Gonzalo veins.

Avino's adjusted earnings before interest, taxes, depreciation, and amortization came in at $18.5 million, more than double the $8.2 million reported in Q1 2025. The company ended the quarter with $22.1 million in cash and equivalents, up from $14.6 million at year-end 2025. Total debt stood at $6.8 million, down from $8.1 million.

Silver prices have rallied sharply over the past year, with the metal trading near $86 an ounce in the quarter, up from roughly $70 a year earlier. The rally has been fueled by industrial demand, particularly from solar panel manufacturing and electronics, alongside investor interest in precious metals as a hedge against inflation and geopolitical uncertainty.

Avino's management said the company is on track to meet its full-year production guidance of 4.5 million to 5 million silver-equivalent ounces. The company also noted it is advancing exploration at its La Preciosa property, which it acquired in 2021, with a resource update expected later this year.

The stock has gained about 60% year to date, outperforming the broader mining sector. Analysts at several firms have raised price targets on the stock following the earnings report, citing the strong production growth and favorable silver price environment.

Avino's record quarter comes as other silver miners also report strong results, reflecting the metal's sustained rally. The company's focus on cost control and operational efficiency has helped it capture the upside from higher prices, with all-in sustaining costs per silver-equivalent ounce falling to $14.50 from $16.20 a year ago.