ASM - Avino Silver & Gold Mines: Lower Gold Grades Impact Q1 Production

• Avino released its preliminary Q1 results last week, reporting quarterly production of ~457,800 silver-equivalent ounces, a sharp decline on a sequential basis.
• This was related to mine sequencing which led to lower gold production due to much lower gold grades than what were being mined in H2 2021.
• Looking out over the remainder of the year, we should see a steady increase in SEO production, given that the company is targeting production of ~2.4 million SEOs this year.
• At a market cap of ~$120 million or $1.00 per silver-equivalent ounce, Avino is a cheap way to get exposure to silver, but I continue to see more attractive bets elsewhere in the sector.

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