Company Provides 2026 Cost Guidance: Cash Costs Expected at $16 to $18
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 19 2026
0mins
Should l Buy ASM?
The company said, "For 2026, the Company will provide cost guidance using a gold-to-silver ratio of 80:1 and a copper-to-silver ratio of 1:232, as well as a foreign currency assumption for MXN:USD of 18.75:1. The Company is projecting its 2026 consolidated AISC to be between $25.00 and $27.00 per payable AgEq oz. Although higher silver prices improve overall economics of the operations, the lower equivalent ratios for all three metals used in reporting has reduced the number of silver equivalent ounces over which costs are allocated. As a result, our cash costs and AISC per AgEq oz appear higher than recent years results. These higher costs are more than offset by significantly increased expected revenues for silver ounce sales. Applying the Company's 2025 AgEq ratios to 2026 projected costs per AgEq would guide for cash costs and AISC of approximately $16.00 to $18.00 and $22.00 to $24.00, respectively. The Company's budgeted growth capital for 2026 includes expenditures at the Avino Mine and La Preciosa. Growth capital includes underground mining equipment, mine development and surface works, as well as deeper mine development below the bottom of the current mining operation at Avino, along with mill and processing upgrades. At the Avino Mine, the exploration budget will include 15,000 metres of drilling and will be focused on under explored veins on the property. Additional regional exploration has been budgeted for several targets. Total exploration expenditures at Avino are budgeted between $2 million and $3 million for 2026. At La Preciosa, 15,000 metres of drilling has been budgeted on the property. The focus will be on under explored areas including infill and extension drilling between La Gloria and Abundancia. Total exploration expenditures for La Preciosa are budgeted between $2 million and $3 million for 2026. At the Avino Mine, budgeted sustaining capital includes maintenance and replacement of existing underground mining equipment. Mine development includes a combination of ramp development below the current deepest underground level, as well as further development within the current underground mining operations."
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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: 6.860
Low
7.25
Averages
9.50
High
12.50
Current: 6.860
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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See More
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- Drilling Program Initiation: The company has commenced a fully funded 5,000-meter drilling phase, continuing its broader 30,000-meter program aimed at confirming and expanding silver resources in the Castle-Gowganda area, thereby enhancing its competitive position in the market.
- New Mineralized Intercept: A new mineralized intercept was identified in hole CS-21-73W1, showcasing the presence of native silver and cobalt arsenide, which extends the known mineralization footprint at Castle East, with pending assays expected to provide critical data for resource updates.
- Market Context Analysis: With silver trading near $78 per ounce and an anticipated supply deficit of 46.3 million ounces by 2026, Nord's high-grade silver discovery positions the company favorably in an increasingly tight market, driving future growth potential.
See More
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- Repurchase Timeline: The buyback commenced on April 8, 2026, and will continue until April 7, 2027, indicating the company's confidence in future market performance and its intention to boost earnings per share by reducing the number of shares outstanding.
- Positive Market Reaction: Following the announcement, Avino's stock price rose 1.6% in premarket trading to $6.64, reflecting investor approval of the buyback plan and optimism regarding the company's growth potential.
- Strategic Implications: This buyback not only strengthens the company's financial position but also lays the groundwork for future production expansion, demonstrating Avino's commitment to growth while prioritizing shareholder returns.
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
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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.
- 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
