ASM vs EXK: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. ASM and EXK share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined ASM and EXK exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. 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.

Full ASM guide

Endeavour Silver Corp (EXK) is a Vancouver-based mid-tier precious-metals mining company focused primarily on silver, with meaningful gold byproduct. It makes money by extracting ore from its underground mines, processing it into silver and gold, and selling that metal at prevailing market prices, so its revenue and margins are driven by how many ounces it produces relative to its mining costs and by where the silver and gold price sit. Its core producing assets are the Guanacevi mine in Durango, Mexico, the newly commissioned Terronera mine in Jalisco, Mexico, and the Kolpa mine in Huancavelica, Peru, which it acquired in 2025. In 2025 the company produced about 11.2 million silver-equivalent ounces and reported record annual revenue of $467.5 million.

Full EXK guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• ASM drivers: Production growth; La Preciosa development.
• EXK drivers: Terronera ramp-up; Silver-price leverage.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: 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. For EXK, endeavour Silver's results are highly cyclical and move with the silver price, which is volatile and outside the company's control, so margins and the share price can swing sharply, and gold byproduct prices add another moving part.

Pick ASM if you believe its drivers more; EXK if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the ASM and EXK guides.

ASM. 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.

EXK. A silver producer's numbers are commodity-driven: revenue, earnings, and valuation are dominated by the silver price (plus gold byproduct) and by how many ounces the company produces relative to its costs. All-in sustaining cost (AISC) per ounce is the key margin gauge, and it spiked at Terronera during startup before management guided it down for 2026 as the mine ramps. Because metal prices are cyclical and volatile, a silver miner's profits and share price can swing far more than the underlying metal, and headline figures like a net loss can be distorted by non-cash items such as derivative revaluations rather than the underlying mining business.

Headline figures (approximate, FY2025 results and Q1 2026 production (reported through June 2026)): ASM shows 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; EXK shows silver-equivalent production (2025) ~11.2 million ounces, up ~48% year over year, revenue (2025 full year) ~$467.5 million, a record, up ~115% over 2024, net income (2025) net loss of ~$119.1 million, driven largely by ~$126 million of derivative losses and higher finance costs, all-in sustaining costs Q4 2025 AISC ~$41.19 per ounce during the Terronera ramp; 2026 guidance ~$27 to $28 per ounce net of byproduct credits.

ASM and EXK are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined ASM and EXK exposure against your real portfolio. It is not an investment adviser.