Mexico-focused mining company Avino Silver & Gold (TSX:ASM,NYSEAMERICAN:ASM) reported a year-on-year increase in silver production in its second quarter results for 2024.
In a Tuesday (July 16) press release, the company reported total production of 616,571 silver equivalent ounces from its Avino and La Preciosa mines in Mexico, marking a 5 percent increase compared to the same quarter in 2023.
Its silver production saw a 26 percent hike year-on-year to reach 292,946 ounces of the white metal.
In contrast, Avino’s copper production was down 10 percent year-on-year, with 1.3 million pounds produced. Its gold production remained steady at 1,514 ounces, while mill throughput decreased by 10 percent to 140,934 dry metric tons.
The Avino mine processed 130,983 dry metric tons of material, from which it produced 262,861 ounces of silver, 1,456 ounces of gold and 1.3 million pounds of copper. Meanwhile, the company’s La Preciosa mine processed 9,951 dry metric tons, yielding 30,085 ounces of silver and 58 ounces of gold in comparison.
The quarterly comparison also showed improvements in several areas. Feed grades for silver and gold increased by 42 and 9 percent respectively, along with a slight 4 percent uptick for copper.
Avino’s recovery rate for silver remained consistent at 87 percent, while gold and copper recovery rates improved, with gold up by 3 percent to reach the 70 percent mark and copper up 4 percent to 88 percent recovery.
David Wolfin, president and CEO of Avino, said processing surface stockpile material from La Preciosa was a factor in the company’s significant increase in silver production during the second quarter.
He also highlighted the anticipation of receiving environmental permits for La Preciosa. “La Preciosa is an integral piece of our 5-year plan and will deliver economic growth and benefit to the local communities in Durango. With the price of silver gaining momentum, we remain focused on delivering organic growth for all stakeholders,” he commented.
Avino is on track to meet its full-year production target of 2.5 million to 2.8 million silver equivalent ounces.
The company faced some production challenges in the latter part of Q2 due to repairs on a cone crusher. However, a smaller crusher was used to minimize downtime, and full mill capacity is expected to be restored soon.
Avino’s Q2 earnings call is scheduled for August 10. During that time, the company will provide detailed analysis of its quarterly production and financial performance.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.