Avino Silver & Gold Mines Ltd Reports Improved Financial Results in Q1 2024

Avino Silver & Gold Mines Ltd, a prominent silver producer, announced a significant improvement in its Q1 2024 financial results, driven by robust revenue growth and cost reductions. The Vancouver-based company recorded revenues of $12.4 million, marking a notable increase from the previous year. The gross profit for the quarter stood at $2.3 million, with a net income of $0.6 million.

The company also reported enhanced margins and reductions in operating costs, which have been attributed to strategic cost management and operational efficiencies. The earnings before interest, taxes, depreciation, and amortization (EBITDA) reached $1.7 million. Cash costs per silver equivalent payable ounce were reported at $14.89, with all-in sustaining costs at $20.23 per ounce. These figures demonstrate Avino's continued focus on maintaining profitability amidst varying market conditions.

David Wolfin, President and CEO of Avino, highlighted the company's success in managing inflationary pressures and improving production outputs. The first quarter saw an 18% increase in mill throughput compared to the previous quarter. The ongoing development of the La Preciosa project is expected to further enhance Avino's resource base and contribute to its long-term growth strategy.