Core Insights - Avino Silver & Gold Mines Ltd. (ASM) reported a significant increase in earnings per share, reaching 7 cents for Q1 2025, a 250% rise from 2 cents in Q1 2024, driven by higher metal prices [1] - The company's revenues surged by 52% year over year to $19 million, exceeding the Zacks Consensus Estimate of $18 million [2] - Avino Silver achieved a record mine-operating profit of $10.6 million, a 352% increase from $2.3 million in the previous year [3] Financial Performance - The earnings per share surpassed the Zacks Consensus Estimate of 3 cents, with one-time items included, resulting in earnings of 4 cents compared to break-even in the same quarter last year [1] - EBITDA for the quarter was reported at $9.7 million, a 466% increase from $1.7 million in the year-ago quarter [3] - Cash costs decreased by 15% to $12.62 per silver equivalent payable ounce, while consolidated all-in sustaining costs were slightly lower at $20.08 compared to $20.23 in Q1 2024 [2] Production Metrics - Avino Silver produced 678,458 silver equivalent ounces, an 8% increase year over year, including 265,681 ounces of silver, 2,225 ounces of gold, and 1,604,343 pounds of copper [4] - Silver production rose by 6%, gold output increased by 25%, and copper production grew by 19% [4] Stock Performance - The company's stock price has increased by 170% over the past year, contrasting with a 9.1% decline in the industry [5] Peer Comparisons - Hecla Mining Company reported adjusted earnings per share of 4 cents, a 37.4% revenue increase year over year to $261 million [9] - Pan American Silver Corp. posted adjusted earnings per share of 42 cents, with revenues rising 28.6% year over year to $773 million [10] - Fortuna Mining Corp. reported adjusted earnings per share of 20 cents, with revenues increasing by 28.9% year over year to $290 million [11]

Avino Silver & Gold Mines Ltd (ASM) Q1 2025 Earnings Call May 14, 2025 11:00 AM ET Speaker0 and welcome to the Avino Silver and Gold Mines First Quarter twenty twenty five Financial Results Conference Call and Webcast. As a reminder, all participants are in a listen only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. I would now like to turn the conference over to Jennifer North, Head of Investor Relations. Ma'am, please go ahead. Speaker1 T ...

Group 1 - The core viewpoint of the articles indicates a significant decline in gold prices due to international market fluctuations, with domestic gold jewelry prices dropping below 1,000 yuan per gram [1][6][10] - On May 12, international gold futures fell by 3.06%, closing at $3,241.80 per ounce, while spot gold dropped nearly 3%, falling below the $3,250 mark [3][10] - The recent trend shows that spot gold has decreased in four out of the last five trading days, with a notable drop of 2.73% on May 12, where it lost up to $118 per ounce during trading [6][10] Group 2 - The market sentiment has shifted due to easing geopolitical tensions and trade agreements between the US and UK, leading to a reduction in safe-haven demand for gold [10][12] - Despite short-term volatility, global central bank gold purchases remain strong, with the World Gold Council reporting a net purchase of 244 tons in Q1 2025 [12][14] - China's central bank has increased its gold reserves to 7.377 million ounces as of the end of April, marking a continuous increase for six months [13] Group 3 - Analysts predict that the current high volatility in gold prices may lead to a correction, with potential upward pressure on inflation in the US later this year, which could enhance gold's appeal as an inflation hedge [14] - Goldman Sachs maintains a bullish long-term outlook on gold, forecasting that spot gold prices could reach $3,700 per ounce by the end of the year and $4,000 by mid-2026 [14]

Core Viewpoint - Discovery Silver Corp. has reported a significant transformation following the acquisition of the Porcupine Complex, establishing itself as a new Canadian gold producer with substantial growth potential in a prolific gold mining region [2][29]. Financial Performance - For Q1 2025, Discovery reported a net loss of CAD 9.26 million compared to a net loss of CAD 0.68 million in Q1 2024, with a basic and diluted loss per share of CAD 0.02 [18][20]. - The total comprehensive loss for the quarter was CAD 8.40 million, contrasting with a total comprehensive income of CAD 1.12 million in the same period last year [20]. - As of March 31, 2025, the company had cash and cash equivalents of CAD 15.12 million, down from CAD 29.31 million at the end of 2024 [20]. Acquisition and Operations - The acquisition of the Porcupine Complex was completed on April 15, 2025, significantly enhancing Discovery's operational footprint in Canada [2][22]. - The Porcupine Operations cover approximately 1,400 km in Timmins, Ontario, and have produced nearly 70 million ounces of gold since 1910 [6][29]. - Annual production at Porcupine is projected to average over 285,000 ounces of gold for the next 10 years, with total production extending to 2046 [8]. Market Reaction - Following the acquisition announcement, Discovery's share price tripled in Q1 2025, achieving a 250% increase year-to-date as of May 12, 2025 [3]. Production and Sales - The company achieved its first gold pour on April 24, 2025, selling 2,800 ounces of gold for gross proceeds of approximately CAD 13 million [4]. - The company has resumed gold production and sales after completing a scheduled mill shutdown for equipment upgrades [4]. Capital Structure - Discovery's pro forma cash position is approximately CAD 250 million, bolstered by US$475 million from recent royalty and equity financings, net of US$200 million paid for the Porcupine acquisition [5][21]. - The closing of the acquisition resulted in the issuance of 119,716,667 common shares to Newmont and 275,000,000 common shares through a public offering [21]. Future Outlook - Key priorities for 2025 include optimizing production at the Porcupine Operations, ramping up production at Pamour, and advancing exploration opportunities [22][26]. - The company plans to file a pre-feasibility study for the Porcupine Operations by December 31, 2025, which will include performance guidance for 2026 [23].

Core Insights - Franco-Nevada Corporation (FNV) reported record adjusted earnings of $1.07 per share, exceeding the Zacks Consensus Estimate of $1.00, with a year-over-year increase of 51% [1] - The company achieved record revenues of $368 million in the reported quarter, reflecting a 43.5% year-over-year growth, driven by higher GEOs sold and record gold prices [2] - Adjusted EBITDA rose 49% year over year to $322 million, with an adjusted EBITDA margin of 87.4%, up from 84.2% in the previous quarter [4] Financial Performance - FNV sold 100,623 GEOs from Precious Metal assets in the reported quarter, an 8% increase from the prior-year quarter, influenced by lower deliveries from Cobre Panama and Antamina, offset by higher contributions from other mines [3] - At the end of Q1 2025, Franco-Nevada had $1.13 billion in cash, down from $1.45 billion at the end of 2024, with an operating cash flow of $289 million, up from $179 million year-over-year [5] - The company remains debt-free and has available capital of $2.1 billion for portfolio expansion and dividends [5] Market Performance - Franco-Nevada's stock has increased by 27.9% over the past year, compared to the industry's growth of 45.7% [6] - The company currently holds a Zacks Rank 2 (Buy) [9] Peer Comparisons - Royal Gold, Inc. (RGLD) reported an adjusted EPS of $1.51, a 66% year-over-year increase, with revenues of $193 million, up 30% year over year [10] - B2Gold Corp (BTG) reported adjusted EPS of 9 cents, a 50% year-over-year improvement, with revenues of $532 million compared to $461 million in the prior year [11] - Kinross Gold Corporation (KGC) posted adjusted earnings of 30 cents per share, up from 10 cents in the prior year, with revenues rising 38.4% year over year to $1.49 billion [11]

李冈峰 | | | COMEX黄金 | | COMEX白银 | Nymex铂金 | | Nymex把金 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (截至5月6日) | 탈 | 跟上周比较 | 딸 | 跟上周比较 | E | 跟上周比较 | 度 | 跟上周比较 | | 管理资金的净多头量 | 349 | -3. 1% | 4, 704 | -3.2% | -4 | -9. 4% | -38 | +10. 2% | | 多头量 | 459 | -5.0% | 6. 801 | +2. 2% | 44 | -2.5% | 10 | +20. 1% | | 空头量 | 110 | -10. 5% | 2, 097 | +16. 7% | 48 | -1.7% | 48 | -5.4% | 欧洲天然资源基金 Commodity Discovery 特约分析师 这是一个主要从美国每周的CFTC数据公布基金(Managed Positions)在当地期货市场的各种部署，继而反映 现时市场对贵金属的情绪和对短/中期的一个价格判断。美国每周五收市 ...

Core Viewpoint - Endeavour Silver Corp. reported strong financial and operational results for Q1 2025, driven by higher realized prices for silver and gold, despite a decrease in production volumes [2][4]. Financial Overview - Silver ounces produced decreased by 17% to 1,205,793 ounces compared to Q1 2024, while gold ounces produced fell by 18% to 8,338 ounces [4][10]. - Revenue remained relatively stable at $63.5 million, a slight decrease of 0% from $63.7 million in Q1 2024, despite a 30% drop in silver ounces sold [4][10]. - The realized silver price increased by 36% to $31.99 per ounce, and the realized gold price rose by 37% to $2,903 per ounce [4][10]. Production and Operating Costs - Cash costs per silver ounce rose by 20% to $15.89, while all-in sustaining costs increased by 14% to $24.48 per ounce [4][9]. - Direct operating costs per tonne increased by 6% to $142.72, attributed to lower throughput [8][10]. Earnings and Cash Flow - The company reported a net loss of $32.9 million for the quarter, a significant increase from a loss of $1.2 million in Q1 2024 [6][13]. - Mine operating cash flow before working capital changes was $8.3 million, down 18% from the previous year [5][10]. Liquidity and Investments - Endeavour maintained a strong liquidity position with cash of $64.7 million and working capital of $14.8 million [5][10]. - The company completed the acquisition of Minera Kolpa and closed a $50 million equity financing to fund this acquisition [5][10]. Future Outlook - The company is well-positioned for sustainable growth with the addition of the Kolpa project and the upcoming Terronera project [2][5].

Core Viewpoint - Fortuna Mining Corp. has successfully completed the sale of its interest in Roxgold Sanu SA and three other subsidiaries in Burkina Faso to Soleil Resources International Ltd. for $70 million in cash, marking a strategic shift in the company's asset portfolio amidst a strong gold market [1][2][3]. Transaction Details - The transaction involved the acquisition of all issued and outstanding shares of the acquired companies for $70 million in cash. Prior to closing, Roxgold Sanu paid a cash dividend of $53.8 million to Fortuna, along with $3.7 million in withholding tax. Fortuna also has the right to receive up to approximately $53 million in value-added tax receivables upon meeting certain conditions [3]. Financial Impact - Following the sale, Fortuna's cash and short-term investments increased to over $380 million, with total liquidity exceeding $530 million. The divestiture allows the company to reallocate approximately $50 million in capital and management resources towards higher-value opportunities [2]. Production and Cost Guidance Update - The company has updated its 2025 gold equivalent production guidance to a range of 309,000 to 339,000 ounces, reflecting an 18% reduction at the midpoint from the previous range of 380,000 to 422,000 ounces. The all-in sustaining cost (AISC) guidance has been revised to $1,670 to $1,765 per gold equivalent ounce, indicating a 6% increase over the midpoint of the original guidance [5][6]. Mine-Specific Guidance - The updated production and AISC guidance by mine for 2025 includes: - Caylloma, Peru: 3,670 – 4,080 ounces, AISC unchanged at $21.7 - $24.7 - Séguéla, Côte d'Ivoire: 134 - 147 ounces, AISC unchanged at $1,500 - $1,600 - Lindero, Argentina: 93 - 105 ounces, AISC updated to $1,600 - $1,720 - Yaramoko, Burkina Faso: Updated to 38 ounces, AISC updated to $1,410 [6][7]. Operational Changes - The company has ceased all operations in Burkina Faso as part of its strategic realignment [4].

日本央行4月货币政策会议审议委员意见摘要显示，尽管他们对美国关税的潜在影响变得更加谨慎，但 他们并未放弃进一步加息。在4月30日至5月1日的会议上，一名委员表示，"央行需要观望，直到美国关 税政策的进展有所确定。" 今日晚间将发布美国4月CPI数据，关注实际数据与预期的差异。若美国通胀表现高于预期，或进一步 压制美联储降息预期，提振美元走势并抑制黄金价格；若美国通胀意外降温，则黄金或迎来短线企稳机 会。 【盘面分析】 5月12日，COMEX黄金低开低走，报收3241.8美元/盎司，跌幅3.06%。在中美关税降低的背景下，市场 预期美国对其他国家的关税谈判也将继续跟进，相应减少对美联储降息的押注，美债被抛售，其中以短 期国债为首。2 年期涨超10个基点，收益率回升至 4.00%。美元一天之内涨破101，计价角度同样压制 黄金价格。 | 品种名称 | 开盘价 | 最高价 | 最低价 | 单位 | | --- | --- | --- | --- | --- | | 沪金主力 | 760.80 | 768.66 | 756.02 | 元/克 | | 沪银主力 | 8130.00 | 8235.00 | 8103.00 ...

Core Insights - Starcore International Mines Ltd. announced production results for the fourth fiscal quarter ended April 2025 at its San Martin Mine in Queretaro, Mexico [1] - The company successfully commissioned a new processing circuit for carbonaceous ore treatment, achieving a milestone in its operations [2] Production Results - In Q4 2025, Starcore milled 53,398 tonnes of ore, a 14% increase from Q3 2025 [4] - Gold equivalent ounces produced were 2,342, reflecting a 3% increase from the previous quarter [4] - The gold grade was 1.57 g/t, a 10% decrease from Q3 2025, while the silver grade increased by 42% to 15.77 g/t [4] - Gold recovery was 81.72%, a slight decrease of 1% from the previous quarter, while silver recovery improved by 15% to 56.63% [4] Operational Developments - The mine has ramped up to produce 140 tonnes per day of carbonaceous ore, with a contractor engaged for additional works [2] - Exploration and development continue in a new area of the mine, focusing on the depths of the San José mine [3] - The successful implementation of the new carbonaceous ore process is expected to extend the mine's life and enhance exploration potential [4] Company Overview - Starcore is engaged in precious metals production, primarily in Mexico, with additional exploration and development projects across North America and Côte d'Ivoire [5] - The company emphasizes corporate social responsibility and aims to increase long-term shareholder value [5]