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Avino Reports Third Quarter 2018 Financial Results

by pmnationtalk on November 8, 201814 Views

November 07, 2018

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

Read More: https://www.avino.com/news/2018/avino-reports-third-quarter-2018-financial-results/

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