Avino Silver & Gold Mines

Avino just posted record third quarter results with revenue jumping 44% to 21 million dollars and net income exploding 559% to 7.7 million dollars. EBITDA hit 11.5 million dollars, up 200% from last year. Silver prices above 30 dollars an ounce are supercharging profitability, and the company has zero debt with 57 million dollars in cash. When you divide their 371 million ounces of silver reserves by the share count, you get roughly 85 dollars per share in ground value versus a stock price around 7 dollars.

Avino's La Preciosa mine is ramping ahead of schedule and could be the game changer. Management is targeting production to more than triple by 2029 as this project reaches full capacity. The company just completed a 200 million dollar acquisition of additional properties and is investing in new processing capacity. All of this expansion is happening while the company remains debt free, which is rare for a mining company in growth mode.

After rallying over 700% from its lows, Avino's stock is no longer cheap by mining standards. The forward price to earnings ratio has stretched well above peers, and two recent Seeking Alpha analysts have downgraded the stock to Hold citing valuation concerns. Insiders have been selling shares since summer 2025, which is never a great sign when a stock is at elevated levels.

Silver and gold mining comes with real operational risks. Avino operates primarily in Mexico where permitting delays, labor issues, and political changes can disrupt production. The stock has a beta of 2.77, meaning it swings nearly three times as much as the overall market. If silver prices pull back or La Preciosa hits construction delays, this stock could drop fast and hard.