Avino Silver & Gold Mines Ltd. (ASM): History, Ownership, Mission, How It Works & Makes Money

Given its incredible run, how exactly does Avino Silver & Gold Mines Ltd. (ASM) translate rock into a record-breaking balance sheet?

The company's recent Q3 2025 results show the operational discipline at work, delivering a record net income of $7.7 million-a 559% surge from the prior year-on revenues of $21.0 million.

That kind of financial acceleration, plus a 2025 production guidance of up to 2.8 million silver equivalent ounces, is why this Mexico-focused producer is defintely shaking up the mid-tier mining space.

You need to understand the mission and ownership structure behind this momemtum, so let's break down their model and see where the next phase of growth comes from.

Avino Silver & Gold Mines Ltd. (ASM) History

You're looking for the bedrock of Avino Silver & Gold Mines Ltd. (ASM), and the story is one of resilience, stretching from a 16th-century discovery to a 21st-century growth trajectory. The direct takeaway is that Avino's history is defined by two major phases: the initial discovery and production, and a modern, strategic re-launch driven by the Wolfin family, culminating in a significant expansion in 2025.

Given Company's Founding Timeline

Year established

The company's modern iteration was incorporated in 1968 in British Columbia, Canada, building on a property with a mining history that dates back to the mid-1500s when silver was first discovered by the Spanish.

Original location

The corporate headquarters were established in Vancouver, Canada, but the core asset and operational center has always been the historic Avino Mine property, located near Durango, Mexico.

Founding team members

The modern company was sparked by a chance meeting in 1967 between Louis Wolfin and Fernando Ysita, whose family owned the Avino properties. Wolfin and his associates partnered with the Ysita family to form the private entity Cia Minera Mexicana de Avino, which acquired the property rights. Louis Wolfin was the driving force behind the re-opening of the mine.

Initial capital/funding

Specific initial seed capital figures are not public, but the funding was focused on acquiring the mineral rights and initiating extensive exploration on the Avino property concessions. A key moment came in 1973 when the Canadian firm, the Seridan Group, supplied the necessary development capital to restart the operation after a period of low metal prices.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The real inflection point for Avino Silver & Gold Mines Ltd. in recent years has been the shift from a single-mine operator to a multi-asset growth story. This wasn't a slow burn; it was a series of decisive, capital-intensive moves.

The acquisition of La Preciosa in Q1 2022 was the game-changer. It immediately doubled the company's resource base, but the most important move came later: the August 2025 decision to acquire 100% ownership of La Preciosa by extinguishing all outstanding royalties and contingent payments. Here's the quick math on that:

• Paid a $13.25 million upfront payment upon closing.
• Deferred an additional $8.75 million payment for one year.
• The payoff is a lower long-term All-In Sustaining Cost (AISC) profile, which is defintely a win for future margins.

This move, coupled with the commencement of underground development at La Preciosa in January 2025, signals a clear path to becoming a mid-tier producer. The market is already reacting to this growth plan. For the three years ending June 30, 2025, the company's share price performance increased by a massive 610%. That's a powerful testament to the strategy.

The financial results for the 2025 fiscal year further validate this strategy. The company reported Q2 2025 revenue of $21.8 million and, by September 30, 2025, had a strong balance sheet with $57.3 million in cash and $50.8 million in working capital. This strong financial position is crucial for funding the projected 2025 production of 2.5 million to 2.8 million silver equivalent ounces. You can dig deeper into the market's reaction and ownership structure by Exploring Avino Silver & Gold Mines Ltd. (ASM) Investor Profile: Who's Buying and Why?

Avino Silver & Gold Mines Ltd. (ASM) Ownership Structure

Avino Silver & Gold Mines Ltd. (ASM) is a publicly traded company, so its ownership is defintely diffused across a wide base of institutional and retail investors, but the management team, led by the Wolfin family, maintains significant operational control.

While no single entity holds a majority stake, understanding the shareholder mix-from large funds to individual investors-is key to grasping the company's decision-making dynamics.

Avino Silver & Gold Mines Ltd.'s Current Status

ASM operates as a public company, trading in the US on the NYSE American and in Canada on the Toronto Stock Exchange (TSX: ASM). This dual listing ensures strong liquidity and access to North American capital markets, which is crucial for a growing silver and gold producer.

As of November 2025, the company's market capitalization sits around $713.66 million, reflecting a substantial increase in valuation over the past year, especially following the strong Q3 2025 results. The total number of issued and outstanding shares was approximately 149.87 million as of July 31, 2025.

Avino Silver & Gold Mines Ltd.'s Ownership Breakdown

The company's ownership structure is heavily weighted toward the public float, but institutional money provides a significant anchor. Here's the quick math based on the latest available filings near November 2025:

To be fair, institutional ownership has been volatile, but the trend has been a net accumulation, with roughly 85 institutional owners holding a total of over 32.15 million shares. Mirae Asset Global ETFS Holdings Ltd. alone holds about 2.99% of the company.

Avino Silver & Gold Mines Ltd.'s Leadership

The leadership team is seasoned, with an average management tenure of nearly eight years, providing stability and deep operational knowledge. The company is steered by a core group with decades of mining and finance experience:

• David Wolfin: President, Chief Executive Officer (CEO), and Director. He has been CEO since June 2010, bringing over 30 years of experience to the role.
• Nathan Harte: Chief Financial Officer (CFO). He oversees the financial strategy that led to record Q3 2025 cash and working capital.
• Jose Rodriguez Moreno: Chief Operating Officer (COO). He is responsible for the operational discipline that underpins production consistency.
• Ronald Andrews: Chairman and Independent Director. He provides independent oversight, having served as a director or chairman for multiple public mining companies.

This team's long tenure and focus on operational efficiency are key factors in assessing the company's future performance. If you want to dive deeper into the financial metrics that this leadership is driving, you should read Breaking Down Avino Silver & Gold Mines Ltd. (ASM) Financial Health: Key Insights for Investors.

Avino Silver & Gold Mines Ltd. (ASM) Mission and Values

Avino Silver & Gold Mines Ltd. grounds its long-term strategy in a commitment to sustainable, profitable mining, aiming to balance shareholder returns with rigorous environmental stewardship and community well-being. This is a business built on more than just ounces of silver; it's about responsible resource extraction for the long haul. Mission Statement, Vision, & Core Values of Avino Silver & Gold Mines Ltd. (ASM).

Avino Silver & Gold Mines Ltd.'s Core Purpose

As a seasoned financial analyst, I look past the glossy reports to what a company actually commits to. Avino Silver & Gold Mines Ltd.'s core purpose is defintely rooted in generating long-term value, but they recognize this is inseparable from how they treat their people and the planet. This is a crucial distinction in the volatile mining sector.

Official Mission Statement

The company's mission is fundamentally about achieving long-term sustainable and profitable mining operations. This is their promise to you, the investor, and to the communities where they operate near Durango, Mexico. It's a simple, clear mandate.

• Maintain long-term sustainable and profitable mining operations.
• Reward shareholders and the community alike through strategic growth.
• Manage all business activities in a safe, environmentally responsible, and cost-effective manner.
• Provide a safe and healthy workplace for all employees and contractors.

This focus on cost-effective production is tangible: their All-In Sustaining Cost (AISC) for 2024 was around $19.50 per payable silver equivalent ounce, a key metric for operational discipline.

Vision Statement

Avino Silver & Gold Mines Ltd.'s strategic vision is a growth-focused plan to move beyond its current structure. They aren't content to be a single-asset operator, and that ambition drives their capital allocation decisions.

• Transition from a single production operation to a multi-asset Mexican mid-tier producer.
• Unlock further resource potential through strategic exploration and drilling.
• Deliver sustainable growth and long-term value for all stakeholders and shareholders.

This vision is supported by their strong balance sheet; they reported a cash position of over $57 million and working capital of $51 million in Q3 2025, which gives them the flexibility to execute this multi-asset strategy. They aim to process up to 750,000 tonnes of material in 2025, sourced from both the Avino Mine and the La Preciosa project.

Avino Silver & Gold Mines Ltd. Slogan/Tagline

Avino Silver & Gold Mines Ltd. doesn't use a widely publicized, catchy slogan, preferring to communicate its core values through operational tenets and clear action. This is common for mid-tier producers-they let the numbers and the work speak for themselves.

• Safety First: Prioritizing the health and safety of all personnel.
• Environmental Responsibility: Minimizing impact through diligent management and reclamation.
• Community Partnership: Building positive relationships with local communities.
• Shareholder Value: Focusing on cost-effective production and strategic growth.

The market has noticed their execution: Avino Silver & Gold Mines Ltd. was ranked fifth in the Toronto Stock Exchange 2025 TSX 30, a clear signal of strengthened market recognition.

Avino Silver & Gold Mines Ltd. (ASM) How It Works

Avino Silver & Gold Mines Ltd. operates by extracting silver, gold, and copper ore primarily from its flagship Avino Mine in Mexico, then processing that ore into metal concentrates for sale on the global commodity market. The company is actively executing a growth plan to transition from a single-mine producer to a multi-asset producer by bringing its high-grade La Preciosa project into production.

Here's the quick math on their output: Avino's 2025 annual production guidance is between 2.5 million and 2.8 million silver equivalent ounces, driven by strong operational efficiencies and the ramp-up of new projects.

Avino Silver & Gold Mines Ltd.'s Product/Service Portfolio

Avino Silver & Gold Mines Ltd.'s Operational Framework

The operational framework is centered on the Avino Property, a historic mining district in Durango, Mexico, which hosts the operating Avino Mine and the adjacent La Preciosa project. The company manages the entire value chain from underground mining to final concentrate production. You can read more about their core philosophy here: Mission Statement, Vision, & Core Values of Avino Silver & Gold Mines Ltd. (ASM).

In 2025, Avino Silver & Gold Mines Ltd. plans to process approximately 700,000 to 750,000 tonnes of material through the mill, sourced from the Avino Mine and, increasingly, from La Preciosa in the second half of the year. This is a focused, integrated approach.

• Mining: Primarily underground operations at the Avino Mine, utilizing conventional methods to extract silver, gold, and copper ore.
• Processing: Ore is transported to the on-site Avino Mill complex, where it is crushed and processed into separate metal concentrates (silver, gold, copper) using flotation. Improved mill availability was a key factor in Q3 2025 performance, increasing by 21% year-over-year.
• Development: Capital is allocated to growth projects, including the underground ramp development at La Preciosa, which commenced in January 2025, and deeper mine development at the Avino Mine.
• Cost Management: Cash cost per silver-equivalent payable ounce was $17.09 in Q3 2025, with all-in sustaining costs (AISC) at $24.06, reflecting the operational discipline.

Avino Silver & Gold Mines Ltd.'s Strategic Advantages

Avino Silver & Gold Mines Ltd. is defintely positioned in a sweet spot, balancing current production with significant growth potential, which is a rare combination for a mid-tier miner.

• Strong Balance Sheet and Financial Prudence: The company ended Q3 2025 with a record cash position of $57 million and remains essentially debt-free (excluding operating leases), providing flexibility to fund growth internally.
• Massive Resource Base: The Avino Property hosts a substantial resource, including 277 million silver equivalent ounces in Measured and Indicated categories, providing a long-term production foundation.
• Operational Cost Competitiveness: The company maintains an 'extremely competitive' cost per ton for its underground operation, allowing it to generate a strong gross profit margin, which was 47% in Q3 2025.
• Consolidated Growth Pipeline: The August 2025 acquisition of 100% ownership of La Preciosa, by extinguishing all royalties and contingent payments, simplifies the project's economics and accelerates its path to becoming the company's next major producing asset.
• Market Recognition: Avino Silver & Gold Mines Ltd. was recognized for its performance by ranking 5th on the 2025 TSX 30 list and was included in the VanEck Junior Gold Miners ETF (GDXJ) in September 2025, boosting its visibility and liquidity.

Avino Silver & Gold Mines Ltd. (ASM) How It Makes Money

Avino Silver & Gold Mines Ltd. generates its revenue by mining and selling silver, gold, and copper concentrates, primarily from its flagship Avino Mine in Durango, Mexico. The company operates as an unhedged producer, meaning its revenue is directly exposed to the real-time price fluctuations of these three base and precious metals.

The core business is straightforward: dig the polymetallic ore, process it into concentrates at the on-site mill, and sell those concentrates to smelters for cash. You can see the direct impact of commodity prices on their top line, which is defintely a double-edged sword for investors.

Given Company's Revenue Breakdown

Based on the strong Q3 2025 performance, the revenue mix remains a polymetallic blend, though silver is the largest contributor. The metal prices used to calculate silver equivalent ounces for the period were high: Silver at $34.98 per ounce, Gold at $3,199 per ounce, and Copper at $4.34 per pound.

Business Economics

The economics of Avino Silver & Gold Mines Ltd. center on maximizing mill throughput while managing the All-in Sustaining Cost (AISC) per silver equivalent ounce. The company's strategy is to drive down unit costs through economies of scale, especially by integrating the higher-grade La Preciosa project into the existing Avino Mine mill infrastructure.

• Cost Structure: The Q3 2025 All-in Sustaining Cost (AISC) was $24.06 per silver equivalent payable ounce sold. This figure is up 9% year-over-year, but management noted that higher silver prices in the calculation and lower copper contribution skewed the cost per ounce upwards.
• Operational Leverage: Mill throughput rose 21% in Q3 2025 to 188,757 tonnes, which is a key driver for profitability. Higher throughput spreads fixed costs over more ounces, helping to keep the underlying cost of production competitive.
• Pricing Strategy: Avino is a price taker, not a price maker, selling its unhedged production at prevailing market prices. This means the 44% revenue increase to $21.0 million in Q3 2025 was largely a function of higher metal prices, plus modestly higher ounces sold.
• Growth Pipeline: The La Preciosa mine is the next major cost lever. Its higher-grade ore is expected to lower the overall production cost profile once fully integrated, moving the company toward its goal of becoming a mid-tier producer. You can see the full scope of their expansion in Exploring Avino Silver & Gold Mines Ltd. (ASM) Investor Profile: Who's Buying and Why?

Given Company's Financial Performance

The company is in its strongest financial position in its 57-year history, largely due to strong metal prices and operational efficiencies. This financial strength provides the foundation for its multi-asset growth strategy.

• Revenue and Profitability: Quarterly revenue for Q3 2025 was $21.0 million. Net income after taxes was a record $7.7 million, a massive 559% increase from Q3 2024. This shows significant operating leverage.
• Balance Sheet Strength: Avino ended Q3 2025 with a record cash position of $57.3 million and remains debt-free, excluding equipment leases. This cash hoard is critical because it allows for self-funded expansion at La Preciosa without immediate shareholder dilution.
• Cash Flow Generation: Cash flow provided by operating activities was $8.3 million in Q3 2025, a 101% increase year-over-year. Free cash flow, excluding capital costs for La Preciosa, was $5.4 million.
• Production Guidance: The company is firmly positioned to achieve its 2025 production guidance of 2.5 to 2.8 million silver equivalent ounces. Year-to-date AISC is $21.64 per ounce, which is in line with expectations.

Avino Silver & Gold Mines Ltd. (ASM) Market Position & Future Outlook

Avino Silver & Gold Mines Ltd. is firmly positioned as a high-growth junior silver producer, executing a clear, self-funded plan to transition into a multi-asset mid-tier producer by 2030.

The company's future trajectory is tied directly to the La Preciosa project's ramp-up and leveraging a debt-free balance sheet, which held a record cash position of $57 million as of Q3 2025, to fund organic growth without shareholder dilution.

Competitive Landscape

In the silver sector, Avino Silver & Gold Mines Ltd. competes primarily with other Mexico-focused junior and mid-tier producers. Compared to its direct peer group of similar-scale, Mexico-focused companies, Avino Silver & Gold Mines Ltd. holds a smaller, but growing, share, which is set to expand as its second flagship asset comes online.

Here's the quick math: Avino's expected 2.65 million silver equivalent ounces (AgEq oz) for 2025 places it as the smallest of this peer set, but its low-leverage model is defintely a key differentiator.

Opportunities & Challenges

The company's strategic focus is on transforming its asset base and maximizing returns from its existing infrastructure, but it still faces the typical risks of a single-site operator.

Industry Position

Avino Silver & Gold Mines Ltd. is a long-standing Mexican silver producer, but its current position is that of an emerging mid-tier player.

• The company's $89.6 million forecasted revenue for the 2025 fiscal year, representing a 35% year-over-year increase, highlights its strong growth trajectory.
• Its balance sheet strength-a record $57 million in cash and no debt-provides significant financial flexibility compared to many peers who rely on debt or equity for expansion.
• The strategic acquisition and development of La Preciosa is the critical path to achieving its transformational growth goal of 8 million to 10 million AgEq oz annually by 2030.
• In Q3 2025, the company achieved a record net income of $7.7 million, demonstrating its ability to translate higher metal prices and operational efficiency into profitability.

The inclusion of the company in the VanEck Junior Gold Miners ETF (GDXJ) in September 2025 also signals growing market recognition and increased institutional investor interest. To understand the institutional view, you should check out Exploring Avino Silver & Gold Mines Ltd. (ASM) Investor Profile: Who's Buying and Why?

The next action for investors is to monitor the Q4 2025 production report for consistent throughput and grade from the Avino Mine, plus any update on the La Preciosa processing schedule.