Avino Silver & Gold Mines Ltd. (ASM:TSX/NYSE American, GV6: FSE, “Avino” or “the Company”) is pleased to announce the consolidated financial results for the Company’s third quarter ended September 30, 2018. The financial statements and the Management Discussion and Analysis (MD&A) can be viewed on the Company’s web site www.avino.com, on SEDAR at www.sedar.com, and on EDGAR at www.sec.gov.
“During the third quarter of this year, the Company continued with the commissioning of Mill Circuit 4, which represents a significant commitment to future expansion in Mexico. While our financial results were impacted due to a lower metal price environment, we feel that the Company is well-positioned for the future. In view of the current environment, our focus for Q3 2018 and moving into Q4 2018 has shifted from increasing production, to preserving our operating margins, through previously-announced cost-reduction programs” said David Wolfin, President and CEO. “Our focus moving forward will be to maintain stable operations which will include a temporary reduction of development at the Avino Mine (Elena Tolosa area) which means that the mining rate will decrease, however the mill production will be stable for the rest of the quarter. In the meantime, we will continue to optimize operations and evaluate other areas of the vast Avino property.”
THIRD QUARTER 2018 HIGHLIGHTS
•Generated revenues of $8.5 million from the sale of bulk concentrates
•Mine operating income of $0.7 million
•Net loss after taxes of $1.0 million or $0.02 earnings per share
•Produced 704,429 silver equivalent ounces1, including 342,151 ounces of silver, 2,204 ounces of gold and 992,271 pounds of copper
•Total consolidated cash cost2 was $9.69 per payable silver equivalent ounce1
•Consolidated all-in sustaining cash cost (“AISC”)2 was $11.15 per payable silver equivalent ounce1
•Working capital of $9.1 million
•Earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $0.3 million
•Cash of $7.1 million was on hand at the end of the quarter
•Average realized selling prices for silver and gold were US$14.85 and US$1,222 per ounce, respectively, and the average realized selling price for copper was $6,028 per tonne
1. In Q3 2018, AgEq was calculated using metals prices of $15.00 oz Ag, $1,213 oz Au and $2.77 lb Cu. In Q3 2017, AgEq was calculated using metals prices of $17.45 oz Ag, $1,316 oz Au and $2.99 lb Cu.
2. “Silver equivalent ounces sold” for the purposes of cash costs and all-in sustaining costs consists of the sum of silver ounces, gold ounces and copper tonnes sold multiplied by the ratio of the average spot gold and copper prices to the average spot silver price for the corresponding period.
3. The Company reports non-IFRS measures which include cash cost per silver equivalent ounce, all-in sustaining cash cost per ounce, EBITDA, and cash flow per share. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the calculation methods may differ from methods used by other companies with similar reported measures. See Non-IFRS Measures section for further information and detailed reconciliations.
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