Earnings call transcript: Avino Silver & Gold Mines Q4 2024 reports record revenue, stock surges
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 12 2025
0mins
Should l Buy ASM?
Source: SeekingAlpha
Revenue (Q4 2024) $24,400,000, a record high, reflecting a strong operational performance and higher metal prices.
Gross Profit Margin (Q4 2024) 43%, with a cash basis gross profit margin of 49%, up from 45% in the last quarter.
Free Cash Flow (Q4 2024) $14,100,000, translating to $0.1 per share, driven by record revenues and operational efficiencies.
All-in Sustaining Cash Cost per Silver Equivalent Ounce (Q4 2024) CAD $18.62, the lowest since 2022, representing a reduction of 8% on a cash basis and 14% on an all-in cash basis.
Annual Revenue (2024) CAD $66.2 million, a record high, representing a 51% increase from 2023, primarily driven by growth in Q4.
Net Income (2024) $8,100,000 or $0.06 per share, with adjusted earnings of $21,300,000 or $0.15 per share after non-recurring expenses.
Mine Operating Cash Flows (2024) $27,600,000, reflecting strong operational performance.
All-in Sustaining Cash Cost per Silver Equivalent Ounce (2024) $20.57, a 6% decrease from 2023, driven by higher grades and production.
Cash Position (End of 2024) $27,300,000, a significant increase from under $8,000,000 at the end of Q3 2024, driven by improved operational performance.
Capital Expenditures (Q4 2024) $1,500,000, and $6,600,000 for the year, below guidance due to deferral of expenditures.
Cash Cost per Ounce (2024) $14.84, a 5% reduction from 2023.
Cash Cost per Tonne Processed (Q4 2024) $51.11, a 17% reduction compared to Q4 2023.
All-in Cash Cost per Tonne Processed (Q4 2024) $74.29, a 16% decrease compared to Q4 2023.
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Analyst Views on ASM
Wall Street analysts forecast ASM stock price to rise
3 Analyst Rating
2 Buy
1 Hold
0 Sell
Moderate Buy
Current: 5.760
Low
7.25
Averages
9.50
High
12.50
Current: 5.760
Low
7.25
Averages
9.50
High
12.50
About ASM
Avino Silver & Gold Mines Ltd. is a Canada-based company. The Company is engaged in the production and sale of silver, gold, and copper and the acquisition, exploration, and advancement of mineral properties. The Company also maintains a diversified pipeline of gold and base metals' exploration properties. It operates the Elena Tolosa Mine (Avino Mine), which produces copper, silver and gold at the Avino property in the state of Durango, Mexico. The Avino property also hosts the San Gonzalo Mine, which is in care and maintenance. The Company also holds a 100% interest in Proyectos Mineros La Preciosa S.A. de C.V. (La Preciosa), a Mexican corporation, which owns the La Preciosa Property. The Company also owns interests in mineral properties located in British Columbia. La Preciosa is a development stage mineral property located in the state of Durango, Mexico. Its other properties include El Hueco and Aranjuez.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Complete Exit: Perritt Capital Management disclosed in a SEC filing dated February 17, 2026, that it sold all 116,495 shares of Vanguard International Dividend Appreciation ETF (VIGI), resulting in a $10.43 million decline in the position's quarter-end value, now comprising 0% of reported AUM.
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- ETF Performance Overview: As of February 17, 2026, VIGI's share price was $85.61, reflecting a 4.91% increase over the past year, indicating its stability and attractiveness in the international market, although Perritt's exit may affect market confidence.
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- Position Change: Perritt Capital Management disclosed in a SEC filing dated February 17, 2026, that it has fully sold 116,495 shares of Vanguard International Dividend Appreciation ETF (VIGI), resulting in a $10.43 million decrease in position value and reducing its stake from 4.9% to 0% of fund AUM.
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- Market Performance: As of February 17, 2026, VIGI was priced at $85.61, up 4.91% over the past year; despite Perritt's exit, the ETF continues to provide exposure to high-quality international companies, emphasizing its strengths in stable earnings and capital allocation.
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See More
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- Market Reaction: The significant drop in the silver ETF may prompt investors to reassess their allocations in precious metals, potentially leading to increased capital outflows and heightened market volatility.
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See More
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- Complete Exit: Perritt Capital Management disclosed in a SEC filing dated February 17, 2026, that it sold all 116,495 shares of Vanguard International Dividend Appreciation ETF (VIGI), resulting in a $10.43 million decline in the position's quarter-end value, now comprising 0% of reported AUM.
- Impact of Position Change: Previously accounting for 4.9% of the fund's AUM, this complete exit not only affects Perritt's portfolio diversification but may also negatively impact future returns, particularly in the international dividend growth sector.
- ETF Performance Overview: As of February 17, 2026, VIGI's share price was $85.61, reflecting a 4.91% increase over the past year, indicating its stability and attractiveness in the international market, although Perritt's exit may affect market confidence.
- Investor Strategy Adjustment: VIGI focuses on international companies with stable earnings and disciplined capital allocation, offering lower current yields but potentially stable long-term returns, and Perritt's exit may prompt other investors to reassess their holding strategies.
See More
Perritt Capital Management Exits VIGI Position
- Position Change: Perritt Capital Management disclosed in a SEC filing dated February 17, 2026, that it has fully sold 116,495 shares of Vanguard International Dividend Appreciation ETF (VIGI), resulting in a $10.43 million decrease in position value and reducing its stake from 4.9% to 0% of fund AUM.
- Impact on AUM: This transaction led to a 17.45% drop in Perritt's reportable AUM in the 13F report, indicating a significant withdrawal from the international dividend growth space, which may affect its future investment strategies and market confidence.
- Market Performance: As of February 17, 2026, VIGI was priced at $85.61, up 4.91% over the past year; despite Perritt's exit, the ETF continues to provide exposure to high-quality international companies, emphasizing its strengths in stable earnings and capital allocation.
- Investment Strategy Analysis: VIGI's investment strategy focuses on tracking an index of high-quality international companies, and while Perritt's exit may impact short-term capital flows, the ETF's long-term performance remains reliant on global market stability and currency fluctuations, making it suitable for investors seeking long-term earnings stability.
See More
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- ETF Performance: The Sprott Silver Miners & Physical Silver ETF dropped approximately 5.3% in Friday afternoon trading, indicating a weak market performance that could undermine investor confidence and lead to capital outflows.
- Weak Stock Components: Among the ETF's weakest performers were Avino Silver & Gold Mines, down about 7.2%, and Americas Gold and Silver, down about 7%, reflecting broader pressures within the silver mining sector.
- Market Reaction: The decline in the silver ETF may prompt investors to reassess their allocations within precious metals portfolios, potentially affecting the liquidity and market sentiment surrounding related stocks.
- Industry Outlook: The ongoing slump in silver mining stocks may signal greater challenges for the industry in the current market environment, necessitating investor vigilance regarding future market dynamics and policy changes.
See More
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- Net Income Milestone: The company reported a net income of $10.5 million in Q4 and $26.6 million for the full year, reflecting a significant improvement in profitability that boosts investor confidence in future growth prospects.
- Cash Flow and Capital Position: By year-end 2025, Avino's cash position reached $102 million with working capital of $99 million, providing ample support for future expansion and investment initiatives.
- Production and Cost Challenges: Despite a 9% increase in cash costs to $16.13 per silver equivalent ounce, Avino successfully produced approximately 2.6 million silver equivalent ounces, demonstrating ongoing efforts in cost management and production efficiency.
See More
Sprott Silver ETF Underperforms with 5% Drop
- ETF Performance: The Sprott Silver Miners & Physical Silver ETF is down approximately 5% in Wednesday afternoon trading, indicating a weak performance that may undermine investor confidence.
- Weak Individual Stocks: Among the ETF's components, Avino Silver & Gold Mines saw a decline of about 8.3%, while Hycroft Mining Holding dropped around 7%, reflecting broader pressures within the silver mining sector.
- Market Reaction: The significant drop in the silver ETF may prompt investors to reassess their allocations in precious metals, potentially leading to increased capital outflows and heightened market volatility.
- Industry Outlook Concerns: The current weakness in silver mining stocks could signal broader challenges facing the industry, necessitating investor vigilance regarding future market dynamics and related policy changes.
See More
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- Earnings Performance: Avino Silver & Gold Mines reported a non-GAAP EPS of $0.10 for Q4, indicating improved profitability compared to the previous year, although market reactions to its stock price remain cautious.
- Revenue Growth: The company achieved revenues of $30.54 million in Q4, reflecting a 25.3% year-over-year increase, surpassing market expectations by $1.03 million, which suggests a strong sales momentum in the mining sector that could attract more investor interest.
- Market Reaction: Despite exceeding earnings expectations, analysts downgraded Avino Silver & Gold's rating, indicating market concerns regarding its stock price, which may affect short-term investor confidence and requires monitoring of subsequent market developments.
- Industry Dynamics: The S&P/TSX Composite Index added five mining companies in March, highlighting increased activity in the mining sector; as a participant, Avino Silver & Gold Mines must seize opportunities arising from the industry's recovery.
See More
