Past year: ▲ 17%(6.53 – 13.12 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
15 July 2021drilling progress report▲ Good
Phase 1 results from the 2021 program: 865 g/t silver-equivalent over 0.80 metres at Santiago and 820 g/t over 1.40 metres at La Malinche. High grades over sub-two-metre widths, from a few holes at each of several targets - reconnaissance work looking for another San Gonzalo, not a defined deposit.
16 Feb 2021drilling progress report▲ Good
Launched a 12,000 metre drill program across the 1,104-hectare property, aimed at confirming vein continuity and testing areas of known historic high grade that could add to future mill feed - the biggest exploration commitment since the Bralorne sale returned the company's focus to Durango.
13 Jan 2021resource reserve update▲ GoodMajor
Measured and indicated resources at the Avino property rose 60% to 75.9 million silver-equivalent ounces, on a 90% increase in tonnage to 20.3 million tonnes, with gold and copper grades up 6% and 11% - but consolidated silver grade fell 10% to 69 g/t because San Gonzalo is being depleted. Inferred slipped 6% to 21.8 million ounces. More tonnes at lower silver grade is a different company from the one that started at San Gonzalo's 300 g/t.
8 Oct 2020production update● NeutralMajor
Settled with the mining union after twelve weeks and ended the strike, though the release notes work is needed before restarting after the extended shutdown. Operations would not actually resume until August 2021, ten months later.
13 Aug 2020joint venture update● Neutral
Optioned the non-core Ana Maria and El Laberinto properties to Gray Rock Resources, which can earn 100% by paying Avino C$600,000 in cash or shares in stages plus warrants over 300,000 Gray Rock shares at C$0.20. Laberinto is the same property Endeavour Silver optioned in 2012 and did not take up.
10 July 2020production update▼ BadMajor
Members of the Mexican mining union, including Avino's own unionised workers, blockaded the mine entrance and the company halted all mining and milling. It comes immediately after the COVID-19 ramp-up was completed, so the mine has now been idle for most of 2020 for two unrelated reasons.
16 Jan 2020production update▼ BadMajor
2019 output fell across the board: silver-equivalent production down 16% to 2,397,042 ounces, silver down 25% to 958,811 ounces and gold down 15% to 6,912 ounces, with only copper up 3% at 4,970,254 pounds. Note the equivalence is calculated at each period's own metal prices, so the silver-equivalent decline understates the drop in silver ounces.
16 Dec 2019asset acquisition disposition▲ GoodMajor
Closed the Bralorne sale on the announced terms: C$8.7 million cash, 12,580,000 Talisker shares then trading at about C$0.235 (roughly C$3.0 million) and 6,290,000 warrants at C$0.25, accelerable if Talisker trades above C$0.35 for 20 days after April 2020. Avino keeps an interest in Bralorne's outcome without funding it.
21 Nov 2019asset acquisition disposition● NeutralMajor
Agreed to sell Bralorne outright to Talisker Resources for C$8.7 million cash, 9.9% of Talisker's enlarged share count, warrants over half as many shares again at C$0.25 for three years, a further US$2.5 million if Bralorne ever reaches commercial production, and transfer of the restoration liabilities. Five years and a C$6 million flow-through program after buying it, Avino is exiting Canada and returning to being a single-property Mexican producer.
30 July 2019capital raising announcement● Neutral
Closed at C$6,900,340 after the underwriter took the full over-allotment: 5,411,900 shares at C$0.85 and 2,323,460 flow-through shares at C$0.99, with a 7.0% cash commission plus broker warrants.
What it means for a shareholder
5.4m new shares at C$0.850 to raise about C$6.9m. That's 7.9% dilution: every existing holder's slice gets 7.9% smaller. If you held C$1,000 of shares (1,176 at the issue price), your slice goes from 0.00186% to 0.00171% of the company. To keep it you'd need 101 more shares - about C$86 at the issue price.
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25 July 2019capital raising announcement● NeutralMajor
Canadian-only bought deal of about C$6.0 million through Cantor Fitzgerald Canada: 4,706,000 shares at C$0.85 and 2,020,400 flow-through shares at C$0.99. The flow-through premium buys the tax treatment and ties that portion of the money to Canadian exploration - meaning Bralorne.
What it means for a shareholder
4.7m new shares at C$0.850 to raise about C$6.0m. That's 6.9% dilution: every existing holder's slice gets 6.9% smaller. If you held C$1,000 of shares (1,176 at the issue price), your slice goes from 0.00186% to 0.00173% of the company. To keep it you'd need 87 more shares - about C$74 at the issue price.
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17 Dec 2018drilling result▲ Good
First Bralorne results from the flow-through-funded program: 29.5 g/t gold over 0.88 metres in the up-dip extension of the 27 Vein, from three of six holes. High grade over very narrow widths, which is what Bralorne has always been, and it confirms vein continuity above historic workings.
4 Dec 2018drilling result▲ Good
Eleven short holes totalling 924.65 metres into the walls of the old Avino open pit found vein and stockwork material the historic operation had left behind, less than 120 metres from surface, provisionally named the El Hundido zone. Results include 3.95 metres at 1.47 g/t gold, 323 g/t silver and 0.30% copper in ET-18-04, and 11.25 metres at 0.62 g/t gold, 112 g/t silver and 0.86% copper in ET-18-06. Near-surface material at an existing pit is cheap ounces if it holds up.
25 Sept 2018capital raising announcement● Neutral
Closed at US$4.6 million after the underwriters partly exercised their over-allotment, taking 865,791 extra shares and warrants over 935,979 more.
21 Sept 2018capital raising announcement▼ BadMajor
Priced at US$0.65 a share: 6,239,867 shares each with a full five-year warrant at US$0.80, raising about US$4 million. That is 41% of the US$1.57 unit price of the 2016 bought deal and 27% of the February 2014 placement price, and this time each share carries a whole warrant rather than a half.
What it means for a shareholder
6.2m new shares at about US$0.641 to raise about US$4.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held US$1,000 of shares (1,560 at the issue price), your slice goes from 0.00296% to 0.00265% of the company. To keep it you'd need 185 more shares - about US$119 at the issue price.
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20 Sept 2018capital raising announcement● Neutral
Launched a public offering of shares and warrants through H.C. Wainwright off an existing shelf, mainly for the Avino mine and to a lesser extent Bralorne. Neither size nor price is stated at this point.
11 July 2018drilling result● Neutral
Drilling outside the active mining areas returned broad, low-grade intercepts in the Elena Tolosa area - 15.4 metres at 129 g/t silver, 0.20 g/t gold and 0.64% copper in ET-17-30, and 42.75 metres at 46 g/t silver and 0.44% copper in the footwall breccia of the same hole - while the Guadalupe veins near San Gonzalo are about a metre thick. True widths could not be determined. Management describes Guadalupe as a longer-term target, which is the honest reading.
20 June 2018drilling progress report● Neutral
Set out how the C$6.0 million of flow-through money raised in April 2018 will be spent at Bralorne over 2018 and 2019. Flow-through shares can only fund Canadian exploration, so the raise commits Avino to spending on Bralorne rather than on the producing Mexican mines.
10 Apr 2018resource reserve update● Neutral
The resource report behind the February 2018 estimate, effective 21 February 2018 and prepared by Tetra Tech with Michael O'Brien again among the qualified persons.
21 Feb 2018resource reserve update▲ GoodMajor
Thirty-four new drill holes lifted measured and indicated resources by about 225% in tonnage, to 10.7 million tonnes containing 47.5 million silver-equivalent ounces (26.3 million ounces of silver, 217,000 ounces of gold and 86 million pounds of copper), while inferred fell 25% to 6.09 million tonnes and 23.2 million silver-equivalent ounces as material converted upward. The gain came from drilling between the San Luis workings and the producing ET area, so it is mill feed close to existing infrastructure rather than a new discovery.
11 Dec 2017drilling progress report● Neutral
Planned an 8,000 metre drill program at Bralorne for January 2018, targeting nine gold-bearing veins that already carry resources, under a Mines Act permit amendment granted in November 2017. Three years after buying Bralorne, the mine is still an exploration project.
30 May 2017resource reserve update● NeutralMajor
Filed the oxide tailings study: a pre-tax net present value of US$40.5 million at 8%, a 48.4% return, two-year payback and US$28.5 million of capital for a seven-year life treating 3.12 million tonnes of old plant residue. The company states plainly that the study rests on inferred resources and is not a reserve. Five years on from the first tailings study the value is little changed, and the project is still not built.
23 May 2017resource reserve update● Neutral
Tetra Tech's technical report on the Avino property, effective 11 April 2017, carrying the economic assessment of retreating the oxide tailings together with the 2016 resource estimate.
11 Apr 2017resource reserve update● NeutralMajor
Updated the oxide tailings economic assessment on the 2016 resource: pre-tax net present value of US$40.5 million at 8% and a 48.4% return. Essentially unchanged from the 2012 study's US$38.2 million and 60% return, five years and two resource estimates later - the project's value has not moved, and neither has its status.
22 Nov 2016capital raising announcement● NeutralMajor
Bought-deal raise of about US$10 million: 6,370,000 units at US$1.57, each a share plus half a warrant, underwritten by Cantor Fitzgerald Canada with Rodman & Renshaw. The price is well below the US$2.42 unit price of the February 2014 placement, so more shares are needed for less money.
What it means for a shareholder
6.4m new shares at US$1.57 to raise about US$10.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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12 Oct 2016resource reserve update● NeutralMajor
An updated resource for the Avino property by M.F. O'Brien of QG Australia, effective 31 August 2016, covering the Avino vein, the San Gonzalo vein and the oxide tailings. Tetra Tech, which had prepared every earlier estimate including the ones the regulator made Avino retract, is no longer the author.
26 Sept 2016resource reserve update▲ GoodMajor
Completed an updated resource estimate for the whole Avino property - San Gonzalo, the main Avino mine system and the oxide tailings - prepared by QG Australia, replacing Tetra Tech as author. Management notes exploration and development spending in Mexico has averaged US$4.6 million a year since 2006.
6 June 2016production update▲ GoodMajor
Declared commercial production at the Avino ET mine effective 1 April 2016 - the larger of the two Mexican mines and the one whose ore the 2012 drilling had traced below level 12, abandoned since 2001. Avino now has two producing mines on one property after a 19-month build.
28 May 2015capital raising announcement● Neutral
A smaller at-the-market facility, up to US$6 million through Cantor Fitzgerald, for Bralorne exploration, work at the Avino property and working capital - well down on the US$25 million programme filed the previous July when the Bralorne deal was being financed.
17 Apr 2015resource reserve update● Neutral
Filed the economic study Bralorne had commissioned from Beacon Hill Consultants, dated and effective 15 October 2012 and amended in November 2012 - a pre-existing document inherited with the acquisition rather than new work by Avino.
