Mexican miner Avino Silver & Gold (TSX:ASM,NYSEAMERICAN:ASM) reported a year-over-year increase in silver production in its second quarter results for 2024.
The company reported a 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. Likewise, silver production saw a 26 percent hike to a figure of 292,946 ounces of silver.
In contrast, copper production was down 10 percent year-over-year, with 1.3 million pounds produced. Gold production remained steady at 1,514 ounces, while mill throughput decreased by 10 percent to 140,934 dry metric tons.
The Avino operations processed 130,983 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 metric tons, yielding 30,085 ounces of silver and 58 ounces of gold in comparison.
The quarterly comparison also showed improvements in several areas. The feed grade for silver and gold increased by 42 and 9 percent respectively, along with a slight 4 percent uptick for copper.
Furthermore, recovery rates for silver remained consistent at 87 percent respectively, while the 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, noted the positive impact of processing the La Preciosa surface stockpile material as a factor to the significant increase in silver production.
Wolfin 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 in the report.
Looking ahead, Avino remains on track to meet its full-year production target of 2.5 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, 2024, when the company will provide a 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.