Avino Silver & Gold Mines Ltd

Pan American Silver Corp. expects silver segment all-in sustaining costs of $15.75-$18.25 per ounce for 2026, a 22% year-over-year increase at the midpoint, after first-half 2026 AISC came in at $12.64 per ounce, 24% below the year-ago period and under the company's guidance of $14.87-$17.25. The first-half improvement was driven largely by the Juanicipio mine, acquired in September 2025, which posted AISC of negative $4.50 per ounce in the first half of 2026, though Juanicipio's full-year 2026 AISC is expected between $2.25 and $4.25 per ounce on higher contractor, labor and energy costs. Cerro Moro posted negative $64.87 per ounce in the first half of 2026 and is guided to negative $25.75 to negative $21.75 per ounce for 2026, versus negative $14.04 per ounce in 2025. Offsetting those gains, La Colorada's 2026 silver segment AISC is expected between $33.25 and $35.75 per ounce, above the $24.85 record in 2025, and Huaron is guided to $27.75-$29.75 per ounce, up from $21.55 per ounce in 2025. Among peers, Avino Silver & Gold Mines reported first-half 2026 AISC of $36.52 per silver-equivalent ounce, up 78% year over year, while Hecla Mining reported first-quarter 2026 silver AISC of $7.10 per ounce and guides 2026 silver segment AISC to $12.50-$13.50.

Avino Silver & Gold Mines reported second-quarter Non-GAAP earnings of $0.06 per share and revenue of $26.79 million, missing estimates by $10.24 million. Revenue rose 23% year-over-year to $26.8 million, with 54% of revenues coming from silver production at an average realized price of $68.90 per ounce.