Avino Silver & Gold Mines Posts Record Q1 2026 Results as Revenue More Than Doubles
Avino Silver & Gold Mines Posts Record Q1 2026 Results as Revenue More Than Doubles
Avino Silver & Gold Mines Ltd. reported a record first quarter for 2026, driven by stronger silver prices, improved mill performance, and continued progress at its Mexican mining assets. The company said revenue reached $39.4 million, up 109% from Q1 2025 and 29% higher than the previous quarterly record.
Record Revenue and Profitability
The Vancouver-based silver, gold, and copper producer delivered several all-time quarterly highs. Mine operating income rose to $23.4 million, while net income reached $15.9 million, or $0.09 per diluted share. EBITDA climbed to $25.5 million, a 163% increase from the same period last year.
Silver was the main driver of the quarter. Avino said 60% of Q1 revenue came from silver production, with an average realized silver price of $86.42 per ounce. This strong pricing environment helped the company expand margins even as it continued investing in development work.
Management Highlights Strongest Financial Position in Company History
President and CEO David Wolfin said the quarter reflected improved mill performance, disciplined capital management, and strong metal prices. Management also described Avino’s balance sheet as the strongest in the company’s history, giving it more flexibility to fund growth plans and shareholder returns.
La Preciosa Development Moves Forward
Avino continued advancing the La Preciosa project, where development material contributed 49,830 ounces of silver during the quarter. The company noted that activity was slightly below plan early in Q1 because of mill availability and the planned processing of lower-grade development ore. Still, the company used the strong silver price environment to process stockpiled material and support cash flow.
Drilling Plans Remain Active
For 2026, Avino plans 15,000 metres of drilling at La Preciosa, with 2,600 metres completed by the end of Q1. A separate 15,000-metre drill program is also planned at the Avino property, where 3,000 metres had been completed by quarter-end.
Mill Throughput Improves
Operationally, Avino reported an 11% year-over-year increase in mill throughput. The company credited targeted upgrades, automation work, and maintenance improvements for supporting stronger and more consistent processing levels.
Mineral Reserve Update Strengthens Growth Story
In April 2026, Avino announced a new mineral reserve estimate covering the Avino Mine and La Preciosa. Together, the assets host proven and probable mineral reserves of 27 million tonnes, representing 127 million silver equivalent ounces at a grade of 145 grams per tonne.
The company also reported measured and indicated mineral resources of 67.7 million tonnes, equal to 301 million silver equivalent ounces, plus inferred resources of 24.8 million tonnes, equal to 87.6 million silver equivalent ounces. These figures support Avino’s long-term plan to become a Mexico-focused mid-tier primary silver producer.
Capital Spending and Shareholder Returns
Capital expenditures totaled $2.7 million in Q1 2026, compared with $1.8 million in Q1 2025. Most of the spending went toward mine development and equipment for future production at La Preciosa.
Avino also said the Toronto Stock Exchange accepted its normal course issuer bid, allowing the company to repurchase up to 8,423,566 common shares, or about 5% of issued and outstanding shares. Management said the buyback gives the company another tool to return value to shareholders.
ESG and Community Programs Continue
Avino said it continues to support environmental, social, and governance programs across the Avino Mine and La Preciosa. The company reported a workforce of 707 people, including employees, contractors, and unionized workers. It also received Mexico’s Empresa Socialmente Responsable designation for the third consecutive year.
Investor Outlook
Avino’s Q1 2026 earnings call showed a company benefiting from high silver prices, stronger processing performance, and a broader development pipeline. While mining costs and project execution remain key risks, the company’s record revenue, rising cash flow, and expanding reserve base place it in a stronger position for the rest of 2026.
For investors, the main points to watch are silver price trends, La Preciosa development progress, mill performance, drilling results, and whether Avino uses its share repurchase program during the year.
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