Nyse Order Imbalance 126364.0 Shares On Buy Side

Avino Silver & Gold Mines Ltd. ASM reported earnings per share of 4 cents for third-quarter 2024, which beat the Zacks Consensus Estimate for earnings of 2 cents. ASM had reported earnings of 1 cent in the third quarter of 2023. The solid improvement in earnings was aided by higher metal prices and lower costs.

Including one-time items, the company reported earnings per share of 1 cent against the loss of 1 cent per share incurred in the year-ago quarter.

Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.

ASM’s Revenues Gain Y/Y On Higher Prices

Avino Silver’s revenues rose 19% year over year to $14.6 million, attributed to higher average realized metal prices that offset the impact of lower sales volumes. The top line missed the Zacks Consensus Estimate of $14.8 million.

Avino Silver Price, Consensus and EPS Surprise

Avino Silver price-consensus-eps-surprise-chart | Avino Silver Quote

Payable silver equivalent ounces sold were down 3% year over year to 525,003.

Realized silver prices were $29.17 per ounce, up 25.4% year over year. Average realized gold prices were $2,445 per ounce, 27% higher than the year-ago quarter. Average realized copper prices increased 9.3% year over year to $9154 per ton.

Avino Silver Witnesses Improvement in Profits

The cost of sales decreased 10.5% to around $9 million, which was attributed to the depreciation of the Mexican peso compared with the U.S dollar.

Avino Silver reported a mine-operating income of $5.7 million, a 141% jump from $2.4 million in the year-ago quarter on higher sales and lower costs.

The company recorded cash costs of $14.94 per silver equivalent payable ounce, a 12% drop from $16.90 in the year-ago quarter. Consolidated all-in sustaining costs were $22.06 per silver payable equivalent ounce compared with $22.61 in the third quarter of 2023.

General and administrative expenses were $1.46 million, up 13.7% from the third quarter of 2023 due to higher salaries and benefits, owing to increased profit-sharing provisions for employees in Mexico from improved financial performance.

EBITDA surged 442% year over year to $3.8 million.

ASM’s Cash Position

The company generated $4.1 million of cash from operating activities in the third quarter against an outflow of $0.08 million in the year-ago quarter. Avino Silver ended the quarter with $7.8 million of cash in hand, higher than $1.9 million held at the end of the third quarter of 2023.

ASM’s Silver Equivalent Production Increases Y/Y

Avino Silver reported consolidation production of 670,887 silver equivalent ounces, up 13% year over year. The increase was driven by overall grade increases, coupled with mill performance and availability.

ASM produced 281,831 ounces of silver, 1,624 ounces of gold and 1,771,250 pounds of copper in the July-September period. While silver and copper production increased 19% and 55% respectively, gold output was down 22% from the year-ago comparable period.

During the third quarter, Avino Silver analyzed the results of processed La Preciosa historical stockpile material as part of a sampling program. Initial recoveries from the lower-grade material exceeded expectations, suggesting potential upside.

La Preciosa hosts one of the largest undeveloped primary silver resources in Mexico. It is located near the current Avino Mine production operations, which has a mill processing facility and all the necessary infrastructure to enable mineral processing from La Preciosa.

On Jan. 9, 2024, the company signed a long-term land-use agreement with a local community for the development of La Preciosa in Durango, Mexico. ASM is currently in the final stages for seeking approval to move forward with underground development at La Preciosa.

Avino Silver Maintains Production Guidance for 2024

Production is expected between 2.5 million and 2.8 million silver equivalent ounces in 2024.

ASM Stock’s Price Performance & Zacks Rank

Shares of the company have gained 132.2% over the past year compared with the industry’s 48.4% growth.

Pan American Silver Corp. PAAS reported adjusted earnings per share of 32 cents for third-quarter 2024, which surpassed the Zacks Consensus Estimate of 21 cents. PAAS had posted adjusted earnings per share of 1 cent in the year-ago quarter. The year-over-year improvement was attributed to higher gold and silver prices.

Including one-time items, Pan American Silver reported earnings of 16 cents per share against the year-ago quarter’s loss of 5 cents per share.

Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.

PAAS’ revenues improved 16% year over year to a record $716 million aided by higher metal prices. The top-line figure excludes an approximately $30 million build-up in finished goods and concentrate inventories. Revenues missed the Zacks Consensus Estimate of $741 million.

The average realized silver price increased 28% year over year to $30 per ounce. The average realized gold price increased 28.4% year over year to $2,475 per ounce.

Pan American Silver Corp. Price, Consensus and EPS Surprise

Pan American Silver Corp. price-consensus-eps-surprise-chart | Pan American Silver Corp. Quote

Pan American Silver’s Operational Update

Silver production was around 5.47 million ounces, down 4% year over year. The decline was mainly due to lower production at Cerro Moro attributed to planned mine sequencing into lower grade ore zones.

Production was also down at Dolores due to stacking of a reduced amount of lower grade stockpiled ore following the planned cessation of mining activities in July 2024 and a lower ratio of ounces recovered to ounces stacked due to heap sequencing. This was offset by higher output at La Colorada reflecting enhanced ventilation conditions, which led to improvement in development and mining rates.

Gold production was 225 thousand ounces , reflecting a year-over-year decline of 8%. Lower production at Cerro Moro, Dolores and Minera Florida was offset by improved performance at Shahuindo.

The Silver segment’s cash costs were $15.88 per ounce in the third quarter, up 21% from the year-ago period. The segment’s all-in sustaining costs (AISC) rose 8% year over year to $19.63 per ounce .

The Gold segment’s cash costs were $1,195 per ounce, reflecting a 0.7% increase from the year-ago quarter. The segment’s AISC costs amounted to $1496 per ounce in the July-September period, representing a year-over-year rise of 3%.

Pan American Silver reported mine-operating earnings of $175.7 million compared with the $66.7 million in the prior-year quarter.

PAAS’ Cash & Debt Position

At the end of third-quarter 2024, Pan American Silver had cash and short-term investment balances of $469.9 million. It has $750 million available in its undrawn credit facility. Total debt amounted to $815.2 million. Net cash generated from operations was $226 million compared with $115 million in the prior-year quarter. Free cash flow was a record $151.5 million .

Pan American Silver Maintains 2024 Guidance

PAAS affirmed its production guidance for 2024. The silver production is expected to be between 21 million and 23 million ounces. The company expects gold production to be between 880 thousand ounces and 1000 thousand ounces.

The Silver segment’s AISC per ounce is estimated to be between $16.00 and $18.50 . The Gold segment’s AISC per ounce is forecast between $1,475 and $1,575.

PAAS Receives Canada Regulatory Approval for La Arena Sale

Pan American Silver revealed that the previously announced sale of its 100% interest in La Arena S.A. to Jinteng (Singapore) Mining Pte. Ltd., a subsidiary of Zijin Mining Group Co., Ltd., has received approval from the Government of Canada under the Investment Canada Act.

La Arena owns the La Arena gold mine and the La Arena II project in Peru. The approval is subject to a joint undertaking from Pan American Silver and Zijin to enter into an offtake agreement with respect to the La Arena II project. This will enable PAAS to secure 60% of the future copper concentrate supply from the La Arena II project on commercial terms for sale in North American markets once it starts commercial production.

The transaction, having obtained all required approvals, is set to close by the end of the fourth quarter of 2024. Per the terms of the sale, Zijin will pay $245 million in cash and grant Pan American Silver a life-of-mine gold net smelter return royalty of 1.5% for the La Arena II project. Upon the commencement of commercial production from the La Arena II project, Zijin will make an additional contingent payment of $50 million in cash.

Pan American Silver Stock’s Price Performance

PAAS’ shares have gained 72.3% in the past year compared with the industry’s 67.5% growth.

Fortuna Mining Corp. FSM reported third-quarter 2024 adjusted earnings per share of 16 cents, which beat the Zacks Consensus Estimate of 11 cents. The bottom-line figure marked a 60% improvement from the year-ago quarter, driven by higher gold and silver prices, which offset lower sales volumes.

After adjusting for non-cash and non-recurring items, adjusted attributable net income was $49.9 million compared with $29.6 million in the year-ago quarter. Attributable net income in the third quarter increased 84% year over year to $50.5 million (or 16 cents per share).

Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.

Fortuna Mining’s Revenues Gain on Higher Prices

Fortuna Mining’s revenues improved 13% year over year to $275 million, as higher realized gold and silver prices partially offset the decline in gold sales volume.

Realized gold price was $2,490 per ounce, 29% higher than $1,925 per ounce in the year-ago quarter. Realized silver prices rose 24% year over year to $29.00 per ounce.

Gold equivalent production decreased 14% year over year to 110,820 ounces. Fortuna Mining produced 91,251 ounces of gold, 4% lower than the year-ago quarter. Silver production plunged 51% to 816,187 ounces.

Fortuna Mining Corp. Price, Consensus and EPS Surprise

Fortuna Mining Corp. price-consensus-eps-surprise-chart | Fortuna Mining Corp. Quote

The Séguéla mine contributed 34,998 ounces of gold in the third quarter, up 11% from the year-ago quarter. Lindero Mine produced 24,345 ounces of gold, 16% higher than the third quarter 2023’s output. Gold output at the Yaramoko Mine was down 18% year over year to 28,006 ounces.

In the third quarter of 2024, the San Jose Mine produced 510,741 ounces of silver and 3,771 ounces of gold, which reflected a 63% and 54% decrease, respectively, from the third quarter of 2023. This was per plan as mining continued in areas with increased geologic uncertainty, as the San Jose is operating at the tail end of its reserves. Caylloma’s silver output was down 1% to 305,446 ounces.

All-In Sustaining Cost per gold equivalent ounce was $1,696, up 29% from the year-ago quarter. Cash costs per ounce of gold equivalent sold were $1,059, 30% higher than the third quarter of 2023.

FSM Delivers Improved Profits

FSM reported a mine-operating profit of $87 million, reflecting year-over-year growth of 32%. The company reported an operating income of $72.7 million, marking a 60% jump from the year-ago quarter attributed to improved profits at Lindero, Yaramoko and Caylloma.

Adjusted EBITDA rose 26% year over year to $131 million. The adjusted EBITDA margin was 47.7% compared with 43% in the year-ago quarter.

Fortuna Mining’s Cash Position

Fortuna Mining ended the third quarter with around $180.6 million of cash and cash equivalents compared with $128 million held at the end of 2023. Net cash flow from operating activities was $93 million compared with $106.5 million in the third quarter of 2023.

FSM Stock’s Price Performance

Shares of Fortuna Mining have gained 57.2% in a year against the industry’s 0.8% decline.