Q1 2025 Avino Silver & Gold Mines Ltd Earnings Call Transcript
Key Points
- Avino Silver & Gold Mines Ltd (ASM) reported record earnings for Q1 2025, with revenues up 52% from the previous year.
- The company achieved a gross profit margin of 56%, significantly improved from the previous year's 90% margin.
- Silver equivalent production increased by 8%, with notable improvements in gold and copper production.
- The company maintains a strong balance sheet with over $26 million in cash and record high working capital of over $31 million.
- Development at La Preciosa is progressing well, with underground development commenced and significant progress in blasting and construction.
- Silver recovery rates decreased by 3% despite improvements in gold and copper recoveries.
- Cash flow from operating activities was impacted by working capital movements, including an increase in inventory and concentrated sales receivable.
- The company does not plan to hedge gold or silver, leaving it exposed to market volatility.
- No dividends are planned in the short term as the company focuses on reinvesting in growth.
- The company is not currently pursuing mergers and acquisitions, focusing instead on internal growth, which may limit expansion opportunities.
Good day and welcome to the Avino Silver & Gold Mines first-quarter 2025 financial results conference call and webcast. As a reminder, all participants are in a listen-only mode and the conference is being recorded. (Operator Instructions)
I would now like to turn the conference over to Jennifer North, Head of Investor Relations. Mom, please go ahead.
Thank you, operator. Good morning, everyone, and welcome to the Avino Silver & Gold Mines Limited first-quarter financial results conference call and webcast. To join this webcast and call, there is a link in our news release dated April 16, 2025, and in our news release of yesterday's date, which can be found on our website under news 2025. In addition, a link can be found on the homepage of the Avino website.
On the call today, we have the company's President and CEO, David Wolfin; our Chief Financial Officer, Nathan Harte; our Chief Operating Officer, Carlos Rodriguez; and our VP technical Services, Peter Latta.
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