Avino Silver & Gold Mines .(US:ASM)2025-11-06 22:00Financial Performance - Revenue from mining operations for Q3 2025 was $21,042,000, a 44% increase from $14,616,000 in Q3 2024[4] - Mine operating income for the nine months ended September 30, 2025, reached $30,691,000, compared to $12,745,000 for the same period in 2024, representing a 141% increase[4] - Net income for Q3 2025 was $7,702,000, compared to $1,169,000 in Q3 2024, indicating a substantial increase of 558%[4] - Net income for the nine months ended September 30, 2025, was $16,183,000, a significant increase from $3,008,000 in the same period of 2024, representing a growth of 438%[6] - The company's revenue for the nine months ended September 30, 2025, was $61,683, a 47.5% increase from $41,796 in the same period of 2024[103] Assets and Liabilities - Total assets increased to $221,858,000 as of September 30, 2025, up from $148,711,000 at the end of 2024, reflecting a 49% growth[2] - Total equity increased to $182,122,000 as of September 30, 2025, from $125,399,000 at the end of 2024, a growth of 45%[3] - Current liabilities rose to $28,954,000 as of September 30, 2025, compared to $15,534,000 at the end of 2024, an increase of 86%[2] - The net book value of plant, equipment, and mining properties as of September 30, 2025, is $120,022,000, an increase from $53,801,000 at December 31, 2024[46] Cash and Cash Flow - Cash reserves rose significantly to $57,331,000 in Q3 2025, compared to $27,317,000 in Q4 2024, marking a 110% increase[2] - Total cash at the end of September 30, 2025, was $57,331,000, up from $7,767,000 at the end of September 30, 2024, indicating a growth of 638%[6] - Cash provided by operating activities increased to $17,437,000 for the nine months ended September 30, 2025, compared to $7,573,000 in 2024, marking a rise of 130%[6] Exploration and Evaluation - Exploration and evaluation assets decreased to $16,242,000 as of September 30, 2025, from $52,890,000 at the end of 2024, a decline of 69%[2] - Exploration and evaluation expenditures for the nine months ended September 30, 2025, were $568,000, a decrease from $1,920,000 in 2024, reflecting a reduction of 70%[6] - The company has met all exploration expenditure requirements on the properties under the option agreement with Silver Wolf Exploration Ltd. as of September 30, 2025[34] Share Issuance and Equity - The company issued 9,953,995 common shares at market value, raising $37,538,000 during the period[5] - The company issued shares for cash, net of issuance costs, totaling $35,936,000 for the nine months ended September 30, 2025, compared to $3,630,000 in 2024, an increase of 892%[6] - The company issued 1,150,000 common shares in at-the-market offerings for gross proceeds of $6,437 after September 30, 2025[108] Expenses - General and administrative expenses for the nine months ended September 30, 2025, rose to $5,928, compared to $4,518 in 2024, reflecting a 31.2% increase[76] - Salaries, benefits, and consulting fees for key management personnel for the nine months ended September 30, 2025, totaled $1,227,000, compared to $886,000 for the same period in 2024[52] - The total salaries and benefits paid to Oniva International Services Corp. for the nine months ended September 30, 2025, amounted to $834,000, up from $731,000 in 2024, representing a 14% increase[57] Derivatives and Risk Management - The unrealized gain on derivatives for the nine months ended September 30, 2025, was $2,000,000, compared to no gain in the same period of 2024, indicating a positive shift in financial derivatives[6] - The company recorded a derivative asset of $1,525 as of September 30, 2025, to mitigate foreign currency risk[92] Revenue Breakdown - Silver revenue for the nine months ended September 30, 2025, was $25,143, up 37.5% from $18,246 in 2024[104] - Copper revenue for the same period was $20,796, an increase of 13.5% from $18,329 in 2024[104] - Gold revenue rose significantly to $19,484, compared to $9,894 in 2024, marking a 96.5% increase[104] Other Financial Metrics - The diluted earnings per share for the nine months ended September 30, 2025, was $0.10, compared to $0.02 in 2024[71] - A 10% fluctuation in the US/Mexican and Canadian/US exchange rates would impact the company's earnings by approximately $172 for the nine months ended September 30, 2025[92] - A 10% change in metal prices would impact net earnings by approximately $292 for accounts receivable and $323 for long-term investments as of September 30, 2025[95][96]