ASM - Avino Silver & Gold: A Better Year Ahead

• Avino Silver & Gold released its Q4 and FY2021 results last month, reporting quarterly production of ~541,400 silver-equivalent ounces, a significant improvement now that operations are ramping up.
• While this still led to a significant decline in production relative to FY2019 levels, the company appears confident that it will produce more than 2.2 million silver-equivalent ounces this year.
• This would represent a return to pre-COVID-19 levels, and the higher silver price should help to offset any margin softness related to sector-wide inflationary pressures.
• After a 25% rally off its lows, I do not see Avino near a low-risk buy point, but I continue to see the stock as a Speculative Buy at US$0.75 as a trading vehicle.

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