olivLaw · US equity research
Avino Silver & Gold Mines Ltd. ASM
Metal Mining · SIC 1000 · Vertical: Metal Mining (SIC 1000)
Avino Silver & Gold Mines Ltd. is a British Columbia mining company with assets in Mexico that files with the SEC under a multijurisdictional disclosure system and published its annual report for fiscal 2025. The filing gives a picture of governance and audit costs but contains no production or revenue figures.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Avino Silver & Gold Mines Ltd. (ASM) stock was 4.74 USD (+11.01% on the day), with market capitalisation 769.3 m USD, P/E 79.0 on diluted EPS of 0.06 USD over the last 12 months, beta 1.91, 52-week range 4.14–11.24 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 42.4
- weak (30–45)
- Bollinger (20, 2)
- 4.17 – 5.69
- in the lower half of the band · %B 0.38 · band width 30.8%
- SMA 50 / 200
- 5.85 / 6.84
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.37 / -0.37
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −15.1% | −2.0% | −13.1 pp | — |
| 3 months | −26.9% | −2.2% | −24.7 pp | — |
| 6 months | −30.4% | +4.3% | −34.7 pp | — |
| Year to date | −23.7% | +10.6% | −34.2 pp | — |
| 1 year | +12.3% | +10.5% | +1.9 pp | −9.4% |
| 3 years | +887.5% | +73.7% | +813.8 pp | +67.8% |
| 5 years | +393.8% | +61.7% | +332.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 5-quarter history (min 14.7, median 22.7, max 27.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 33.4 m | 34.1 m | 31.7 m | 16.0 m | 11.2 m | 44.2 m | 43.9 m | 66.2 m |
| Revenue YoY | −3.8% | +2.3% | −6.9% | −49.5% | −29.9% | +293.5% | −0.7% | +50.8% |
| Net income | 2.5 m | 1.6 m | -31.5 m | -7.7 m | -2.1 m | 3.1 m | 542.0 k | 8.1 m |
| Net income YoY | +25.1% | −35.5% | −2,034.9% | unavailable | unavailable | unavailable | −82.5% | +1,394.5% |
| Diluted EPS | 0.05 | 0.03 | -0.45 | -0.09 | -0.02 | 0.03 | 0.00 | 0.06 |
| Diluted EPS YoY | 0.0% | −40.0% | −1,600.0% | unavailable | unavailable | unavailable | −100.0% | unavailable |
| net % | 7.6% | 4.8% | -99.1% | -47.8% | -18.3% | 7.0% | 1.2% | 12.2% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | 109.0 k | 11.5 m | 1.1 m | unavailable |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 27.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 125.4 m USD
- Total assets
- 148.7 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.62x
- ROE
- 7.0%
- ROA
- 5.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 31.7 m | 16.0 m | 11.2 m | 44.2 m | 43.9 m | 66.2 m | SEC (XBRL)· 12 Mar 2025verified |
| Cost of revenue | 32.0 m | 15.8 m | 7.7 m | 29.1 m | 36.1 m | 43.0 m | SEC (XBRL)· 12 Mar 2025verified |
| Gross profit | -270.0 k ≈ | 190.0 k ≈ | 3.5 m ≈ | 15.1 m ≈ | 7.8 m ≈ | 23.2 m ≈ | SEC (XBRL)· 12 Mar 2025derived |
| Depreciation & amortisation | 3.7 m | 2.0 m | 2.0 m | 140.0 k | 135.0 k | 153.0 k | SEC (XBRL)· 12 Mar 2025verified |
| Pre-tax income | -3.0 m | -8.9 m | -1.6 m | 7.7 m | -510.0 k | 14.4 m | SEC (XBRL)· 12 Mar 2025verified |
| Income tax | 327.0 k | 161.0 k | — | -4.6 m | 1.1 m | — | SEC (XBRL)· 29 Mar 2024verified |
| Net income | -31.5 m | -7.7 m | -2.1 m | 3.1 m | 542.0 k | 8.1 m | SEC (XBRL)· 12 Mar 2025verified |
| Diluted EPS | -0.45 | -0.09 | -0.02 | 0.03 | 0.00 | 0.06 | SEC (XBRL)· 12 Mar 2025verified |
| Weighted average diluted shares | 70.0 bn | 83.2 bn | 100.2 bn | 117.6 m | 125.3 bn | 141.3 bn | SEC (XBRL)· 12 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 9.6 m | 11.7 m | 24.8 m | 11.2 m | 2.7 m | 27.3 m | SEC (XBRL)· 12 Mar 2025verified |
| Receivables | 1.5 m | 529.0 k | 1.2 m | 2.7 m | 3.3 m | 3.4 m | SEC (XBRL)· 12 Mar 2025verified |
| Inventories | 5.6 m | 1.7 m | 5.2 m | 6.3 m | 8.8 m | 7.6 m | SEC (XBRL)· 12 Mar 2025verified |
| Current assets | 22.8 m | 19.7 m | 35.5 m | 25.6 m | 23.5 m | 40.8 m | SEC (XBRL)· 12 Mar 2025verified |
| Property, plant & equipment, net | 35.7 m | 34.8 m | 35.7 m | 44.1 m | 53.1 m | 53.8 m | SEC (XBRL)· 12 Mar 2025verified |
| Total assets | 72.6 m | 68.8 m | 86.3 m | 121.2 m | 128.3 m | 148.7 m | SEC (XBRL)· 12 Mar 2025verified |
| Accounts payable | 4.9 m | 2.1 m | 3.3 m | 9.5 m | 11.9 m | 10.3 m | SEC (XBRL)· 12 Mar 2025verified |
| Short-term debt | 3.4 m | 2.5 m | 0 | — | — | — | SEC (XBRL)· 31 Mar 2022verified |
| Long-term debt | 2.5 m | — | — | — | — | — | SEC (XBRL)· 25 Mar 2020verified |
| Current liabilities | 9.6 m | 5.0 m | 3.8 m | 16.8 m | 13.8 m | 15.5 m | SEC (XBRL)· 12 Mar 2025verified |
| Total liabilities | 18.6 m | 9.8 m | 7.8 m | 23.2 m | 22.3 m | 23.3 m | SEC (XBRL)· 12 Mar 2025verified |
| Equity | 53.9 m | 59.0 m | 78.5 m | 98.0 m | 106.0 m | 125.4 m | SEC (XBRL)· 12 Mar 2025verified |
| Shares outstanding at year end | 63.3 m | 89.6 m | 102.2 m | 118.3 m | 128.7 m | 140.6 m | SEC (XBRL)· 12 Mar 2025verified |
Cash flow · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 5.5 m | 72.0 k | 109.0 k | 11.8 m | 1.5 m | 23.1 m | SEC (XBRL)· 12 Mar 2025verified |
| Capex | — | — | 0 | -330.0 k | -414.0 k | — | SEC (XBRL)· 29 Mar 2024verified |
| Free cash flow | — | — | 109.0 k ≈ | 11.5 m ≈ | 1.1 m ≈ | — | SEC (XBRL)· 29 Mar 2024derived |
| Investing cash flow | -3.7 m | -2.2 m | -3.2 m | -24.1 m | -13.5 m | -6.6 m | SEC (XBRL)· 12 Mar 2025verified |
| Financing cash flow | 5.0 m | 4.2 m | 16.1 m | -1.1 m | 3.5 m | 8.0 m | SEC (XBRL)· 12 Mar 2025verified |
| Share repurchases | — | — | 109.0 k | 83.0 k | 95.0 k | 118.0 k | SEC (XBRL)· 12 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 769.3 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.73 – 1.15 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E0.73 – 1.15 (Mid 0.88)8 companies used · median multiple 14.7x · quartiles 12.1x – 19.2xBVN, ERO, FCX, HBM, NEXA, RIO, SCCO, TMC
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 12.2% | 63 (vs peers) | 13% |
| FCF conversion · Quality | 280.4% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 80.6% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 79.0x | 0 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.0% | 37 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality82/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation16/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Avino Silver & Gold Mines Ltd. (ASM). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 66.2 m USD in 2024; YoY growth 50.8%; net margin 12.2%; ROE 7.0%.
The estimated value range is 0.73–1.15 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.88 USD, the price of 4.74 USD leaves a potential of -81.4% (value / price − 1) and a margin of safety of -438.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 280.4%
- Revenue CAGR 3Y: 80.6%
- Current ratio: 2.6x
What contradicts it
- P/E (TTM): 79.0x
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Metal Mining (SIC 1000) · same industry (4-digit SIC) · compared with 26 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BHPBhp Group Limited | 406.8 bn | 45.2 | 19.5% | 17.6% | −7.9% | +46% / +31% |
| SCCOSouthern Copper Corp | 146.5 bn | 22.6 | 53.2% | 37.3% | +17.4% | +33% / +158% |
| RIORio Tinto PLC | 106.2 bn | 13.9 | 17.0% | 17.3% | +7.4% | +18% / +22% |
| FCXFreeport-McMoRan Inc. | 88.7 bn | 28.8 | 21.8% | 16.2% | +1.8% | +44% / +66% |
| HBMHudbay Minerals Inc. | 8.8 bn | 15.4 | 19.7% | 25.7% | +9.4% | +31% / +388% |
| CLFCleveland-Cliffs Inc. | 7.3 bn | — | -8.5% | -2.4% | −3.0% | −2% / −25% |
| BVNBuenaventura Mining Co Inc | 7.3 bn | 18.1 | 12.6% | 34.9% | +40.1% | +16% / +202% |
| MPMP Materials Corp. | 6.4 bn | — | -4.1% | -19.9% | +10.1% | −42% / +126% |
| EROEro Copper Corp | 3.2 bn | 12.2 | 34.6% | 33.6% | +67.1% | +21% / +150% |
| NEXANexa Resources S.A. | 1.6 bn | 11.9 | 14.6% | 4.4% | +8.5% | +70% / +103% |
| IEIvanhoe Electric Inc. | 1.2 bn | — | -8.4% | -1,138.7% | +11.8% | −46% / −32% |
| USARUSA Rare Earth, Inc. | 1.1 bn | — | -23.6% | -2,159.3% | unavailable | −39% / −20% |
| TMCTMC the metals Co Inc. | 1.0 bn | 4.2 | -1,123.2% | — | unavailable | −67% / +103% |
| USASAmericas Gold And Silver Corporation | 986.9 m | — | -61.6% | -74.1% | +17.7% | −31% / +413% |
| ASMAvino Silver & Gold Mines Ltd. | 769.3 m | 79.0 | 7.0% | 12.2% | +50.8% | +12% / +888% |
| LARLithium Argentina AG | 682.1 m | — | -9.5% | — | +12.9% | −24% / −21% |
| SGMLSigma Lithium Corporation | 626.1 m | — | -67.4% | -45.6% | −27.3% | −50% / −81% |
| GSMFerroglobe PLC | 547.5 m | — | -25.9% | -12.8% | −18.8% | −34% / −49% |
| ALOYRealloys Inc. | 459.5 m | — | -155.8% | -5,144.4% | −5.3% | −5% / +68% |
| THMInternational Tower Hill Mines Ltd | 455.2 m | — | -2.8% | — | unavailable | −10% / +222% |
| LZMLifezone Metals Limited | 336.9 m | — | -16.7% | -1,289.2% | +652.2% | +1% / −60% |
| USAUU.s. Gold Corp. | 186.4 m | — | -55.2% | — | −30.9% | −35% / +239% |
| PZGParamount Gold Nevada Corp. | 83.9 m | — | -46.1% | — | −54.7% | −20% / +146% |
| WWRWestwater Resources, Inc. | 52.5 m | — | -19.1% | — | unavailable | −57% / −33% |
| COPRIdaho Copper Corporation | 25.7 m | — | -187.5% | — | −63.5% | unavailable / unavailable |
1- and 3-year price returns: for ASM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 2.58 Total return -46% · Per year -46% | 4.53 Total return -4% · Per year -4% | 6.80 Total return 43% · Per year 43% |
| 3 years | 3.06 Total return -36% · Per year -14% | 6.00 Total return 26% · Per year 8% | 9.79 Total return 107% · Per year 27% |
| 5 years | 3.62 Total return -24% · Per year -5% | 7.93 Total return 67% · Per year 11% | 14.10 Total return 198% · Per year 24% |
- Exit P/E± 1.50
- Net margin± 1.05
- Annual revenue growth± 0.78
- Annual dilution± 0.09
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Mar 2026; since then the company filed 6-K (26 Oct 2026), 6-K (15 Oct 2026), 6-K (09 Sept 2026), 6-K (12 Aug 2026), 6-K (22 Jul 2026).
In brief
Avino Silver & Gold Mines Ltd. is a British Columbia mining company with assets in Mexico that files with the SEC under a multijurisdictional disclosure system and published its annual report for fiscal 2025. The filing gives a picture of governance and audit costs but contains no production or revenue figures.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Uncertain forward-looking statementsmedium
The document warns that actual results may differ materially from plans and expectations 1.
- Compliance costslow
The complexity of dual-jurisdiction reporting could raise audit and legal costs 1.
- Compensation recoverylow
The policy on recovery of erroneously awarded compensation creates accountability for management 1.
- Dependence on projects in Mexicohigh
The company's activity is concentrated in Mexico, and changes in local regulation could affect its projects 1.
Investment thesis
What would need to be true (bull case)
- If the prefeasibility study for the Durango project is confirmed, the company could move toward a more advanced development stage 1.
- Effective internal control and independent auditing could support the credibility of financial reporting 1.
- The NYSE American listing could ease access to financing for existing projects 1.
What would break the thesis
- The absence of production and revenue data in the document could limit the ability to assess operating performance 1.
- Differences in reporting from US standards could reduce comparability with other issuers 1.
- Concentration of activity in Mexico could expose the company to regulatory and operational risks 1.
What to watch
- Audit results and internal control assessments in the next report2026
- Update to the prefeasibility study for the Durango project2026
- Any changes to resource and reserve reporting standards2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Mar 2026; since then the company filed 6-K (26 Oct 2026), 6-K (15 Oct 2026), 6-K (09 Sept 2026), 6-K (12 Aug 2026), 6-K (22 Jul 2026).
The business
Management consists of a chief executive officer and a chief financial officer, and the audit committee is made up of independent members, including designated financial experts 1. Deloitte LLP was the independent auditor for fiscal 2025 and 2024 1. Internal control over financial reporting was assessed as effective as of December 31, 2025 1.
Segments
Avino oxide tailings project, Durango
The filing includes a February 2024 prefeasibility study for the oxide tailings project on the Avino property in Durango, Mexico 1. The source does not give production or revenue figures for this project.
Reporting under Canadian standards
The company reports within the multijurisdictional system, and its financial statements are prepared under IFRS 1. This is a reporting framework rather than a business segment.
Market context
The source contains no data on the precious metals market or on the company's share of it. The document is limited to reporting matters and corporate structure 1.
The company is listed on NYSE American, as the independence rules cited in the filing indicate 1. This points to a regulatory framework shared with the SEC, although reporting remains under Canadian law 1.
Trends
- Emphasis on governance and internal controltailwind
The report stresses formal assessments of internal control and of the audit committee, which could reduce reporting risk if maintained 1.
- Stricter rules on recovery of compensationheadwind
The document refers to a clawback policy for erroneously awarded compensation, which signals heightened regulatory pressure on management 1.
- Compliance and audit costsheadwind
Audit costs depend on the complexity of dual-jurisdiction reporting, and if that complexity grows, fees could rise 1.
Competitive position
The source does not identify direct competitors or compare the company's position with other silver or gold producers. Competitive analysis would require additional documents.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)26 Oct 2026
- Current report (foreign issuer)15 Oct 2026
- Current report (foreign issuer)09 Sept 2026
- Current report (foreign issuer)12 Aug 2026
- Current report (foreign issuer)12 Aug 2026
- Current report (foreign issuer)22 Jul 2026
- Current report (foreign issuer)08 Jun 2026
- Current report (foreign issuer)01 Jun 2026
- Current report (foreign issuer)27 May 2026
- Current report (foreign issuer)13 May 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-12-31 · SEC / Avino Silver & Gold Mines Ltd. · 27 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.