Avino Silver & Gold Mines Ltd. Reports $43.9 Million in 2023 Revenues; Q4 Shows Cost Reduction

Avino Silver & Gold Mines Ltd., based in Vancouver, BC, has released its financial outcomes for the fourth quarter and the entire year ending December 31, 2023. The company registered $43.9 million in annual revenues, with the fourth quarter contributing $12.5 million. The mine operating income for the year was $7.8 million, showcasing a net income of $0.5 million for the year. EBITDA reached $2.5 million, with adjusted earnings of $4.6 million.

For Q4, the company noted a mine operating income of $2.6 million and a net income of $0.6 million. The quarter also saw cash costs per silver equivalent ounce at $15.04 and all-in sustaining cash costs at $21.67 per ounce. The fiscal year's operating highlights reveal a production incline in gold ounces by 27% and a consistent production volume despite lower grade mining areas affecting overall output.

Chief Financial Officer Nathan Harte commented on the improved net income and reduced operating costs for Q4 2023, indicating that the company is well-positioned for 2024. President and CEO David Wolfin remarked on the challenges posed by inflation and a stronger Mexican Peso but also noted advancements with the La Preciosa development, expected to significantly increase Avino's silver equivalent resource inventory.

Capital expenditures for Q4 reached $1.1 million, totaling $8.5 million for 2023. This aligns with the company's previously announced forecasts. Avino also continues to focus on ESG initiatives, underlining the importance of community relations and local employment in their operational success.