$ASM : Avino Silver & Gold Mines — Independent Economic Analysis

Long-Term Price Case$1,700/oz. Au | $24/oz. Ag | $2.72/lb. Cu
ProjectAvino Mine
Mineral Resources50,525,000 AgEq ozs.
Shares Outstanding65,420,000
Market Cap$36,635,200
Average Annual Production2,731,357 AgEq ozs.
Recovery86% (Ag); 67% (Au); 91% (Cu)
LoM15 Years
Payable Product40,970,350 AgEq ozs.
True All-in Cost (TAIC)$12.06/oz.
Gross Revenue$983,288,400
Transportation, Refining & Insurance Costs($15,623,865)
Gross Income$967,664,535
Total Operating Cost($94,068,000)
Operating Profit$873,596,535
Income Taxes($327,598,700)
Total Capital Costs ($56,920,000)
Net Income$489,077,835
Net Profit Margin50%
Absolute Cost Structure (ACS)50%
True Value$7.48/sh.
Cash Flow Multiple10x
Annual Cash Flow$32,612,403
Future Market Cap$326,124,030
Future Market Cap Growth790%
Target$4.99/sh.

Note: All Values in U.S. Dollars

Investment Case
  • Measured & Indicated Resources have grown by 100% over the last 3 years.
  • Mine Life has effectively doubled.
  • Net Profit Margin and Absolute Cost Structure (ACS) are excellent at $24/oz. Ag.