Avino Silver & Gold (ASM) Stock Forecast: What Could Drive It in 2026
Short answer
What is actually driving Avino Silver & Gold (ASM) right now is Production growth: Avino has been increasing throughput at its mill, citing an 11% rise in tonnes milled in Q1 2026 driven by upgrades and automation. Revenue (FY2025) is ~$92.2 million, a record, up from the prior year. If that keeps playing out, the setup is favourable; the risk to it is avino's results are tied to silver and gold prices, which are cyclical and can fall sharply, compressing margins against a largely fixed cost base. No one can predict where ASM trades, and Walnut does not publish targets, so treat this as a scenario, not a price target or prediction.
What could drive Avino Silver & Gold (ASM) higher?
1. Production growth.
Avino has been increasing throughput at its mill, citing an 11% rise in tonnes milled in Q1 2026 driven by upgrades and automation. Full-year 2026 guidance points to roughly 2.4 to 2.7 million silver-equivalent ounces. Sustained or rising output from the Avino mine, blended with future La Preciosa ore, is central to the growth story and to spreading fixed costs over more ounces.
2. La Preciosa development.
La Preciosa is a silver project adjacent to the Avino mine that Avino is developing as its next growth leg. After permitting, the company drove an underground decline and began trucking development ore to its existing mill, with a transition to full production mining expected later in 2026. Reaching steady-state La Preciosa output would add ounces, though development timing and costs remain the key variables.
3. Silver and gold leverage.
As a producer that sells silver, gold, and copper, Avino's revenue and margins move directly with metals prices. Record 2025 and Q1 2026 revenue were driven in large part by strong silver and gold prices. That leverage cuts both ways: rising prices can lift profits and cash flow quickly, while falling prices compress margins against a relatively fixed cost base.
4. Costs and treasury.
Avino reported full-year 2025 all-in sustaining costs of about $23.75 per silver-equivalent ounce, up from $20.57 a year earlier, partly from processing lower-grade La Preciosa development ore. Higher metals prices more than offset rising unit costs in 2025, building a record cash balance near $101.7 million that helps fund development without heavy reliance on new financing.
What could weigh on ASM?
Avino's results are tied to silver and gold prices, which are cyclical and can fall sharply, compressing margins against a largely fixed cost base. The company is concentrated in a single producing district in Mexico, so operational disruptions, permitting, labor, taxes, or political and regulatory changes in that jurisdiction carry outsized weight. Unit costs have been rising as it processes development ore, and bringing La Preciosa to full production could take longer or cost more than planned. Like most junior miners, Avino can issue equity to fund growth, which would dilute existing shareholders.
How to think about a ASM forecast
Rather than chasing a price target, it tends to help to weigh the drivers above against the risks, decide how long you are willing to hold, and size the position so a wrong call is survivable. A “forecast” is really a probability-weighted view of those drivers playing out, not a number.
For the full picture, see the ASM guide and whether ASM is a buy. In Walnut you can pressure-test the thesis against your real portfolio.
The bottom line on the ASM outlook
The bottom line: what is driving Avino Silver & Gold (ASM) is Production growth, with revenue (fy2025) at ~$92.2 million, a record, up from the prior year. If that keeps playing out the setup is favourable; the risk is avino's results are tied to silver and gold prices, which are cyclical and can fall sharply, compressing margins against a largely fixed cost base. No one can predict the price, so treat any ASM forecast as a scenario, not a target or prediction, and decide from your own thesis and time horizon. Walnut is not an investment adviser.
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FAQ
What is the forecast for Avino Silver & Gold (ASM)?
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No one can reliably predict where ASM will trade, and Walnut does not publish price targets. What is more useful is the setup: the drivers that could push Avino Silver & Gold higher and the risks that could weigh on it. This page lays out both so you can form your own view. Not a recommendation.
What could drive ASM higher?
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The main growth drivers are Production growth; La Preciosa development; Silver and gold leverage. Whether they play out is the real question, not a guaranteed path.
What are the risks to ASM?
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Avino's results are tied to silver and gold prices, which are cyclical and can fall sharply, compressing margins against a largely fixed cost base. The company is concentrated in a single producing district in Mexico, so operational disruptions, permitting, labor, taxes, or political and regulatory changes in that jurisdiction carry outsized weight. Unit costs have been rising as it processes development ore, and bringing La Preciosa to full production could take longer or cost more than planned. Like most junior miners, Avino can issue equity to fund growth, which would dilute existing shareholders.
Will ASM stock go up in 2026?
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Nobody knows, and anyone who says they do is guessing. Avino Silver & Gold's direction depends on whether the drivers above outweigh the risks, plus the broader market. Focus on the thesis and your time horizon rather than a single-year call.
Is ASM a buy?
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That depends on your thesis, time horizon, and what you already own, not on a forecast. See the ASM "is it a buy?" page for a framework. Walnut is not an investment adviser.
Walnut is informational, not investment advice. This page describes drivers and risks; it is not a price forecast, target, or recommendation. Markets are uncertain and past performance does not predict future results.