Avino Silver and Gold Mines Ltd (NYSEMKT:ASM) posted the consolidated financial report for the third quarter closed September 30, 2016. Revenues from the sale concentrates came at $13.2 million, a jump of 163% from 3Q2015. This increase is an outcome of commercial production being reported at the Avino Mine.
Mine operating income came at $6 million showing a 172% jump compared to 3Q2015. Total equity was more than $68 million, which was a 32% jump over the third quarter of FY2015, Net income after taxes came at $1.2 million. The company recorded 649,831 silver equivalent ounces¹, 1,045,091 pounds of copper and 1,813 ounces of gold. Average realized selling rates for gold and silver were $1,328 per ounce and $19.49 per ounce, respectively. Cash/cash equivalents stood at $15 million at the close of the quarter
The management view
David Wolfin, the CEO and President of Avino, said that they are delighted with the firm’s 3Q2016 results, particularly the growth in revenues, net income and operating income. They continue to balance operations at the Avino and San Gonzalo mines, which they project will lead in production and recovery enhancements in imminent quarters.
Wolfin added that they are most grateful for their team’s ongoing measures towards more efficient businesses, and they thank the team for their commitment and support. Other key accomplishments for the third quarter, included the commencement of construction for a tailings storage facility based in Mexico, resource projections for the Bralorne and Avino properties, as well as beginning a new exploration drilling assignment at the Avino mine. This strategy aligns directly with company’s brownfield exploration measures and goals.
Silver equivalent production in 3Q2016 dropped 16% to 649,831 oz1 against 770,004 oz in 3Q2015. The production of silver in the reported period jumped 3% to 410,908 oz versus the third quarter production of 2015. In 3Q2016, gold production surged by 10% to 1,813 oz against 1,644 oz in the same period of 2015. Copper production dropped by 22% to 1,045,091 lbs against 1,344,174 lbs in the same quarter, a year earlier.