"During the third quarter of this year, the company continued with the commissioning of Mill Circuit 4, which represents a significant commitment to future expansion in Mexico. While our financial results were impacted due to a lower metal price environment, we feel that the company is well-positioned for the future. In view of the current environment, our focus for 3Q18 and moving into 4Q18 has shifted from increasing production, to preserving our operating margins, through previously-announced cost-reduction programmes" said David Wolfin, President and CEO. "Our focus moving forward will be to maintain stable operations which will include a temporary reduction of development at the Avino Mine (Elena Tolosa area) which means that the mining rate will decrease, however the mill production will be stable for the rest of the quarter. In the meantime, we will continue to optimise operations and evaluate other areas of the vast Avino property."
- Generated revenues of US$8.5 million from the sale of bulk concentrates
- Mine operating income of US$0.7 million
- Net loss after taxes of US$1.0 million or US$0.02 earnings per share
- Produced 704 429 silver equivalent ounces, including 342 151 ounces of silver, 2204 ounces of gold and 992 271 lb of copper
- Total consolidated cash cost was US$9.69 per payable silver equivalent ounce
- Consolidated all-in sustaining cash cost (AISC) was US$11.15 per payable silver equivalent ounce
- Working capital of US$9.1 million
- EBITDA of US$0.3 million
- Cash of US$7.1 million was on hand at the end of the quarter
- Average realised selling prices for silver and gold were US$14.85 and US$1222 per ounce, respectively, and the average realised selling price for copper was US$6028 per tonne
The company will be holding a conference call and webcast today at 8:00 am PST (11:00 am EST).
Shareholders, analysts, investors and media are invited to join the webcast and conference call by logging in here Avino Third Quarter 2018 Webcast and Conference Call or by dialling the following numbers five to ten minutes prior to the start time:
Toll Free Canada & USA: 1-800-319-4610
Outside of Canada & USA: 1-604-638-5340
No pass-code is necessary to participate in the conference call or webcast; participants will have the opportunity to ask questions during the Q&A portion.
The conference call and webcast will be recorded and the replay will be available on the company's web site later that day.
Read the article online at: https://www.globalminingreview.com/finance-business/08112018/avino-releases-3q18-financial-results/
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