Avino Silver & Gold Mines Ltd. ASM recently announced that its silver equivalent production was 616,571 ounces in the second quarter of 2024, which marked a 5% increase from the second quarter of 2023. Results were better than expected, primarily driven by the beginning of the processing of La Preciosa surface stockpile material through its mill, which yielded excellent recovery rates, particularly for silver.

Coming to the second-quarter’s metal-wise detailed figures, silver production climbed 26% year over year to 292,946 ounces while gold production remained flat at 1,514 ounces. Copper production declined 10% from year-ago quarter to 1.3 million pounds. Mill throughput increased 10% to 140,934 tons.

The Zacks Consensus Estimate of the company’s second-quarter revenues is pegged at $14.6 million, indicating a year-over-year increase of 58.3%, thereby reflecting higher silver production and increased gold and silver prices. The estimate for quarterly earnings is pegged at 1 cent per share. ASM reported break-even earnings in the second quarter of 2023.

Price Performance

Shares of Avino Silver have gained 39.7% over the past year compared with the industry’s 42% growth.

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Zacks Rank

Avino Silver currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Some Peer Performances in Q2

Fortuna Mining Corp. FSM reported gold equivalent production of 116,570 ounces in the second quarter of 2024. This reflected a 4% increase from the first quarter of 2024. Gold production was 92,716 ounces and silver production was 990,574 ounces, marking a 44% year-over-year increase and a 22% decrease, respectively.

FSM produced 13 million pounds of zinc, down 7% from the second quarter of 2023. Lead production increased 3% year over year to 10.5 million pounds.

Endeavour Silver Corp. EXK reported silver equivalent production of 2,156,453 ounces in the second quarter , down 5% year over year. EKX produced 1,312,572 ounces of silver , down 12% from the second quarter of 2023. Gold production increased 7% year over year to 10,549 ounces.

Hecla Mining HL reported producing 4.5 million ounces of silver in the second quarter. This marked a 16% improvement year over year, reflecting solid performance at Keno Hill. HL’s gold production was up 6% at 37,324 ounces from the year-ago quarter as improved results at Casa Berardi offset lower output at Greens Creek. 

Hecla Mining has produced 7.9 million ounces of silver in the first half of 2024 and believes it is on track to produce 17 million ounces of silver in 2024.