Avino Silver & Gold Mines Ltd. reported unaudited third-quarter 2026 results on Wednesday, November 4, 2026, showing higher revenue, mine operating income and operating cash flow compared with Q3 2025. The company also revised its 2026 production and cost guidance after additional development work at La Preciosa, the processing of lower-grade development ore and a change to mine sequencing at Avino.
#Financial results for Q3 2026
Revenue reached $33.4 million, an increase of 59% from Q3 2025. Silver accounted for 55% of revenue, with an average realized price of $63.33 per ounce.
Mine operating income was $14.8 million, up 50% from Q3 2025. Net income was $6.1 million, equal to $0.03 per diluted share. Avino said earnings were affected by non-cash movements in deferred income taxes and unrealized losses on derivatives.
EBITDA was $12.8 million, an increase of 12% from Q3 2025. Adjusted earnings were $14.3 million, or $0.08 per share, representing increases of 23% and 14%, respectively.
#Operating cash flow and production
Cash provided by operating activities was $12.7 million, up 52% from Q3 2025. Operating cash before working capital adjustments was $12.3 million, an increase of 69%. Mine operating cash flow before taxes reached $16.5 million, up 49%.
Avino and La Preciosa processed 190,379 tonnes during the quarter. Production included 303,189 silver ounces, 1,732 gold ounces and 1,202,821 copper pounds. Consolidated production was 582,836 silver equivalent ounces, which the company said was slightly higher than in Q3 2025.
The operational summary was expressed in 000's of US$, unless otherwise noted, with separate Avino, La Preciosa and total columns for Q3 2026 and YTD 2026.
#La Preciosa development
La Preciosa's development production increased 5% from Q2 2026 and contributed 105,867 silver equivalent ounces, comprising 91,441 silver ounces and 166 gold ounces. Processing of mineralized development material was above plan for 2026 to date, partly because Mill Circuit 2 became available ahead of schedule for La Preciosa development ore in the second quarter.
Grades were below plan as elevated silver prices supported the processing of additional lower-grade development ore. Avino said this affected cash and AISC costs per silver equivalent ounce and per tonne processed.
More than 3,000 metres of underground development had been completed at La Preciosa during the year. The company said the work is part of its plans to move the asset toward a larger mining operation.
#Exploration and capital spending
At La Preciosa, 10,675 metres of drilling had been completed by the end of Q3 as part of planned exploration of 15,000 metres for 2026. Drilling had moved from infill work to exploration and step-out holes at high-priority targets. Avino said completed infill holes were not included in the Q2 2026 mineral reserve update, while most exploration holes were outside the current resource model.
At the Avino operation, 9,400 of the planned 15,000 metres had been completed as of September 30, 2026. Two drills were deployed there.
Capital expenditures through Q3 2026 totaled $15 million, compared with $9 million in the corresponding period in 2025. Spending was directed mainly toward mine development and equipment for future production operations at La Preciosa, along with the consolidated 30,000 metre exploration program. The expenditure was within the company's 2026 capital budget of $20 to $26 million.
#Revised 2026 production and cost guidance
Avino said additional mine development, lower-grade ore processing at La Preciosa and changed mine sequencing at Avino were expected to reduce silver production from La Preciosa and copper production from Avino compared with the initial forecast.
The company revised its 2026 consolidated production guidance to between 2.2 to 2.5 million silver equivalent ounces from the previous range of 2.4 to 2.7 million silver equivalent ounces. Avino also said it expected to be at or slightly below the lower end of the guided range for silver equivalent production on a consolidated basis.
Cash cost per silver equivalent payable ounce sold using 2026 budget ratios 1 is now expected to be between $22 to $24 per ounce, compared with the previous range of $19 to $21. AISC per silver equivalent payable ounce sold using 2026 budget ratios 1 is forecasted to be between $30 to $32 per ounce, versus the previous range of $25 to $27.
AISC per tonne processed was revised to between $85 to 95 per tonne processed from $80 to $90. Consolidated cash cost guidance per tonne was unchanged.
#Other company updates
Avino said it had repurchased and subsequently cancelled over 1 million common shares since approval of its normal course issuer bid in April 2026. The company is permitted to repurchase for cancellation up to an aggregate of 8,248,566 common shares prior to April 7, 2027.
For year-to-date 2026, the reported Lost Time Incident Frequency Rate was 7.47 per 1,000,000 hours worked, while the total reportable lost time incident rate was 0.15.
The company also said it received the Distintivo ESR® 2026 Socially Responsible Company Distinction from Cemefi for the 4 th year. Avino operates the wholly owned Avino Mine near Durango, Mexico, while La Preciosa is in the development stage and is 19 kilometres from the Avino mill.
#Key Takeaways
- Q3 2026 revenue was $33.4 million, while net income was $6.1 million.
- Operating cash flow reached $12.7 million and mine operating cash flow before taxes was $16.5 million.
- Quarterly production included 303,189 silver ounces, 1,732 gold ounces and 1,202,821 copper pounds.
- Avino revised 2026 consolidated production guidance to between 2.2 to 2.5 million silver equivalent ounces.
- Cash cost and AISC guidance per silver equivalent payable ounce sold, along with AISC per tonne processed, were increased from previous ranges.
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