Is ASM a Buy? What to Consider in 2026
Short answer
The bull case for Avino Silver & Gold (ASM) rests on 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 you believe that thesis holds, the real questions become position sizing and overlap, not timing. The main risk to that view: 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. Whether ASM is a buy comes down to whether you believe the thesis. This is informational, not a recommendation, and Walnut is not an investment adviser.
Avino Silver & Gold Mines Ltd. (ASM), based in Vancouver, Canada, is a precious-metals producer whose main operation is the Avino mine near Durango, Mexico. The mine produces silver, gold, and copper from underground ore that is processed at the company's mill, and Avino reports its output in silver-equivalent ounces that blend all three metals at prevailing prices. In Q1 2026 the company produced roughly 263,000 ounces of silver, about 1,851 ounces of gold, and roughly 1.34 million pounds of copper, for about 568,000 silver-equivalent ounces, and reported a record quarterly revenue of about $39.4 million. The company makes money by selling concentrate, so its results move closely with silver and gold prices and with how much ore it can mine and mill. Avino has operated in the Durango district for years and is now pursuing a multi-asset growth strategy anchored by La Preciosa, a silver project adjacent to the Avino mine. After receiving mining permits, Avino began underground development at La Preciosa, drove a decline, and started trucking development ore to its existing mill, with a transition to full production mining expected later in 2026. For full-year 2025 the company reported record revenue of about $92.2 million and net income of about $26.6 million, with all-in sustaining costs of roughly $23.75 per silver-equivalent ounce and a year-end cash balance near $101.7 million. Its 2026 guidance points to roughly 2.4 to 2.7 million silver-equivalent ounces while it invests in development.
What's the case for buying ASM?
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 are the risks to 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 is ASM valued? (as of FY2025 results and Q1 2026 production (reported through June 2026))
- Revenue (FY2025): ~$92.2 million, a record, up from the prior year
- Net income (FY2025): ~$26.6 million, up sharply year over year
- Production (FY2025): ~2.6 million silver-equivalent ounces; 2026 guidance ~2.4 to 2.7 million
- AISC (FY2025): ~$23.75 per silver-equivalent ounce, up from ~$20.57
- Cash (year-end 2025): ~$101.7 million, a record treasury level
- Market cap: ~$1.0 billion, with a P/E around the mid-20s (as of June 2026)
Avino's earnings are commodity-driven, so its revenue, margins, and valuation move with silver and gold prices as much as with company-specific execution. Reported multiples can look reasonable after a strong metals year but can shift quickly if prices reverse. The market tends to value small producers like Avino on production growth, costs, and metals-price expectations rather than on stable, predictable earnings.
How do you decide if ASM is a buy?
Rather than asking whether ASM is a buy in the abstract, it tends to help to answer four questions:
- Thesis: do you believe the case above, and is it still true today?
- Time horizon: a single stock can be volatile, so a longer horizon absorbs more of the swings.
- Position sizing: a thesis can be right and the sizing still wrong; decide how much of your portfolio one name should be.
- Overlap: check whether you already hold ASM indirectly through an index or sector ETF before adding more.
For the full picture, see the ASM stock guide (what the company does, the ETFs that hold it, similar stocks, and the themes it fits). In Walnut you can ask its AI about ASM against your real portfolio and see your actual exposure before deciding.
The bottom line on ASM
The bottom line: Avino Silver & Gold's story right now is Production growth, with revenue (fy2025) at ~$92.2 million, a record, up from the prior year. If you believe that narrative continues, the call is about sizing ASM sensibly and checking overlap with what you own; if you doubt it (the risk: 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.), it is not for you. Decide from the thesis, not the ticker. Walnut is not an investment adviser.
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FAQ
Is ASM a good stock to buy right now?
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The case for Avino Silver & Gold right now is Production growth, with revenue (fy2025) at ~$92.2 million, a record, up from the prior year. If you believe that thesis holds, ASM is a way to own it and the real questions are sizing and overlap, not timing; the main risk to that view 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. So it comes down to whether you believe the thesis. Walnut is not an investment adviser and this is not a recommendation.
What does Avino Silver & Gold do?
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Avino Silver & Gold Mines Ltd.
What are the main risks of 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.
What does Avino Silver & Gold do?
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Avino Silver & Gold Mines (ASM) is a Canadian-listed precious-metals producer that operates the Avino mine near Durango, Mexico, producing silver, gold, and copper. It processes underground ore at its own mill and sells the resulting concentrate. Avino is also developing the adjacent La Preciosa silver project as its next source of growth, with production mining expected to ramp later in 2026.
Is ASM a good stock to buy right now?
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This is descriptive, not a recommendation. The bull case is a growing small-cap silver and gold producer with record 2025 revenue, a strong cash balance, and La Preciosa adding future ounces with direct leverage to metals prices. The bear case is cyclical silver and gold prices, single-mine and single-jurisdiction concentration in Mexico, rising unit costs, and possible equity dilution. Whether it fits depends on your goals and risk tolerance. Walnut is informational, not investment advice.
Is ASM a good silver stock?
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Avino is a primary silver producer with added gold and copper, so it gives fairly direct exposure to silver prices, which is what many investors want from a silver stock. It is small and concentrated in one Mexican district, so it tends to be more volatile than larger, diversified miners. Whether that profile suits you depends on how much single-name and commodity risk you are comfortable holding.
Does ASM pay a dividend?
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Avino has historically focused on reinvesting cash flow into its operations and growth, including developing La Preciosa, rather than paying a regular dividend. As a small producer in a capital-intensive business, it generally prioritizes funding mine development and maintaining its treasury. If income is your goal, confirm Avino's current dividend policy with your broker, since capital-return policies at junior miners can change.
Walnut is informational and is not an investment adviser. This page is educational and not a recommendation to buy or sell ASM; figures are approximate and dated, and your own situation, time horizon, and risk tolerance should drive any decision. Verify current data before investing.