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    Will Weaker Silver Output and More Gold Shift Avino Silver & Gold Mines' (TSX:ASM) Narrative

    Simply Wall St·07/22/2026 19:31:13
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    • Avino Silver & Gold Mines Ltd. has reported past consolidated operating results for Q2 and the first half of 2026, showing lower year-on-year copper and silver output but slightly higher gold production, leading to a decrease in total silver equivalent ounces produced.
    • The mix of weaker copper and silver volumes alongside higher gold output gives investors a clearer view of how shifting production profiles could influence the company’s revenue composition and cost efficiency over time.
    • We’ll now explore how the reduced silver-equivalent production and changing metal mix may influence Avino’s previously outlined investment narrative.

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    Avino Silver & Gold Mines Investment Narrative Recap

    To own Avino, you need to believe in its ability to convert a large Mexican resource base into consistent, profitable production while managing costs and single-country risk. The latest Q2 and first half 2026 results show weaker copper and silver volumes and lower silver equivalent output, which could pressure the near term production catalyst but do not, on their own, appear to materially alter the core multi-asset, growth-focused story. The key near term risk remains execution on production and cost guidance.

    The recent La Preciosa and Avino reserve and resource update from April 16, 2026 is especially relevant here, as it underpins the scale behind the current production shortfall. With 127 million silver equivalent ounces in reserves and 301 million silver equivalent ounces in resources, the long term potential remains tied to how effectively Avino can translate this inventory into stable throughput and cash flow, even as quarterly silver equivalent volumes fluctuate.

    Yet this production softness also highlights a risk investors should be aware of, particularly if future quarters show...

    Read the full narrative on Avino Silver & Gold Mines (it's free!)

    Avino Silver & Gold Mines’ narrative projects $232.7 million revenue and $99.2 million earnings by 2029.

    Uncover how Avino Silver & Gold Mines' forecasts yield a CA$9.00 fair value, a 5% upside to its current price.

    Exploring Other Perspectives

    TSX:ASM 1-Year Stock Price Chart
    TSX:ASM 1-Year Stock Price Chart

    Some of the lowest analysts were already cautious, assuming about US$216.8 million of revenue and US$78.6 million of earnings by 2029, and seeing Mexico focused ESG and regulatory risks as a major headwind. With Q2 showing lower silver equivalent production, you can now compare that more pessimistic view against your own expectations and decide which risks matter most to you.

    Explore 6 other fair value estimates on Avino Silver & Gold Mines - why the stock might be worth just CA$9.00!

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.