Strong Cost Management and Higher Production For the Quarter
Results in Solid Revenues and Lower Cash Costs

Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American; FSE: GV6, “Avino” or “the Company”) released today its consolidated financial results for the Company’s second quarter 2022. The Financial Statements and Management’s Discussion and Analysis (MD&A) can be viewed on the Company’s website at www.avino.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

“We delivered steady financial and operating results for the second quarter of 2022, highlighted by solid revenues and mine operating income,” said David Wolfin, President and CEO. “Even with global inflationary pressures, we have demonstrated strong operational achievements at Avino that have generated $9.4 million in revenues and $3.9 million in mine operating income, with earnings per share of $0.02, operating cash flow and adjusted earnings per share of $0.02, and free cash flow of $1.2 million. Our cash costs and AISC were lower this quarter as a result of greater ounces sold, and higher production in Q2 compared to Q1, 2022. We were also thrilled to announce promising drill results from the Oxide Tailings project and the Avino ET area below the Level 17 mining area. It has been an eventful quarter and, we are looking forward to continued progress during the second half of the year.”

2nd Quarter 2022 Highlights

Strong Q2 2022 Financial Performance with Solid Revenues and Mine Operating Income

Solid revenues and mine operating income, with revenues of $9.4 million and mine operating income of $3.9 million, earnings per share of $0.02, and adjusted earnings and operating cash flow generated (pre-working capital adjustments) per share of $0.02.
Avino ET Area Drill Results Confirms Continuity at Depth and Significantly Higher Copper Mineralization

On June 13, 2022, the Company announced the assay results from six drill holes that were completed below the current Level 17 mining area, including 206 AgEq g/t over 41.0 metres, including 4,527 AgEq g/t over 0.19 metres. These results confirm that mineralization continues at depth and contains significantly higher copper mineralization. A second drill has been added to this program and will include a further 13 drill holes for a total of 7,000 metres
Advanced the Oxide Tailings Project

With the release of the results from a total of 127 drill holes that continue to highlight the potential to expand resources, the Company is moving forward with a comprehensive metallurgical test work program to advance this project to the next phase of development.
Working Capital & Liquidity at June 30, 2022

The Company’s cash balance at June 30, 2022, totaled $12.8 million compared to $24.8 million at December 31, 2021. Working capital totaled $14.3 million at June 30, 2022, compared to $31.6 million at December 31, 2021. Cash and working capital have increased on a net basis by $3.3 million and $3.0 million, respectively, following the upfront consideration payment of $15.3 million and addition of $5 million note payable to Coeur for the acquisition of La Preciosa.
Second Quarter 2022 Financial Highlights

Revenues of $9.4 million
Mine operating income of $3.9 million, $4.4 million net of non-cash depreciation and depletion
Net income of $2.3 million, or $0.03 per share
Cash costs per silver equivalent payable ounce sold1 - $8.39 per ounce
All in sustaining cash cost per silver equivalent payable ounce sold1 - $15.95 per ounce
Earnings before interest, taxes, depreciation and amortization (“EBITDA”)1 of $4.1 million
Adjusted earnings1 of $2.5 million, or $0.03 per share
Operating cash flows (before working capital changes) of $2.5 million, or $0.02 per share1
Free cash flow1 of $1.2 million
Financial Highlights
see & read more on
https://avino.com/news/2022/avino-reports-q2-2022-financial-results/