Q2 2024 Avino Silver & Gold Mines Ltd Earnings Call Transcript
Key Points
- Avino Silver & Gold Mines Ltd (ASM) reported a 26% increase in silver production compared to Q2 2023, with silver equivalent production reaching 617,000 ounces.
- The company achieved record quarterly revenue of $14.8 million and a gross profit of $4.7 million, with a cash operating margin of almost 40%.
- ASM's working capital position improved significantly, with a balance of $13.6 million at the end of the quarter, three times higher than the previous year.
- The processing of La Preciosa surface stockpile material exceeded expectations, contributing to the increased silver production.
- ASM's five-year growth plan aims to increase production levels significantly, targeting 8 million to 10 million ounces of silver equivalent by 2029.
- The last two weeks of production in the quarter were impacted by repairs on a cone crusher, leading to reduced mill throughput.
- Cost per ounce figures increased slightly from Q1, with cash costs per ounce at $16.29 and all-in sustaining costs at $22.74, indicating room for improvement.
- The Mexican peso's strength in early 2024 impacted the company's cost structure, although recent weakening may provide some relief.
- Lower ounces sold in Q2 compared to Q1 affected cash cost and all-in cash cost figures.
- The company is awaiting permits for La Preciosa, which are necessary to commence underground mining and could impact future production timelines.
Welcome to the Avino Silver & Gold Mines second quarter 2024 financial results conference call and webcast. As a reminder, all participants are in 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. Please go ahead.
Thank you, operator. Good morning, everyone, and welcome to the Avino Silver & Gold Mines Limited second quarter 2024 financial results conference call and webcast. To join this webcast and conference call, there is a link in our news release dated July 16, 2024, and in our news release of yesterday's date, which can be found on our website under News 2024. In addition, a link can be found on our home page 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 of Technical Services, Peter Latta.
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