H.C. Wainwright on Monday increased its price target for Avino Silver & Gold (NYSE:ASM) to $12.50 from $7.40 while maintaining a Buy rating on the shares. The brokerage said the uplift reflects a stronger commodity price deck and the effect of rolling its discounted cash flow model forward by one year.
The mining company produced 2.6 million silver equivalent ounces (SEOs) in 2025, a 2% decline compared with the prior year. That output sits within Avino’s annual guidance range of 2.5-2.8 million SEOs. On a metal-by-metal basis, Avino reported a 4% increase in silver production to 1.2 million ounces and a 2% rise in gold output to 7,621 ounces.
Some metrics were weaker year-over-year. Copper production fell 9% to 5.7 million pounds and copper grades retreated to 0.42%, representing a 17% decline. Silver grades were down 4% at 59 grams per tonne and gold grades dropped 14% to 0.44 grams per tonne.
Despite the mixed production profile, Avino registered notable top-line momentum. Data from InvestingPro show the company achieved 58.4% revenue growth over the last twelve months. H.C. Wainwright pointed to the combination of solid production and elevated commodity prices in 2025 as a material factor that should support Avino’s financial performance.
On the balance sheet, Avino held about $100 million in cash, according to the broker. That liquidity is reflected in a healthy current ratio of 2.75. InvestingPro’s analysis is cited as confirming that liquid assets exceed short-term obligations, indicating a favorable near-term liquidity position.
The upgrade to the target price was driven by two modeling changes identified by H.C. Wainwright: an improved price deck for relevant metals and advancing the discounted cash flow projection by one year. The brokerage also highlighted La Preciosa as an expected contributor to the company’s production profile going forward.
Analysts tracked by InvestingPro are forecasting 37% revenue growth for fiscal 2025. InvestingPro is noted as providing more than 20 additional insights and a Pro Research Report on ASM among its coverage of over 1,400 U.S. equities.
In recent corporate results, Avino reported third-quarter 2025 earnings per share of $0.07, beating analysts’ consensus of $0.05. That performance represents a 40% positive surprise on EPS. Revenue for the quarter was $21.04 million, however, missing the forecast of $21.78 million by about 3.4%.
Separately, Energy Fuels Inc. disclosed an agreement to acquire Australian Strategic Materials Limited in a transaction valued at $299 million. Under the terms of that deal, ASM shareholders will receive 0.053 Energy Fuels shares or CHESS Depository Interests, plus an unfranked special dividend of up to A$0.13 per share, which together imply a value of A$1.60 per ASM share.
Taken together, the updated analyst valuation, Avino’s production and revenue trends, and its liquid balance sheet inform H.C. Wainwright’s thesis. The firm’s model adjustments and the anticipated role of La Preciosa underpin the higher target, while recent quarterly results show an EPS beat offset by a modest revenue shortfall.
Summary
- H.C. Wainwright raised its price target on Avino Silver & Gold to $12.50 from $7.40 and retained a Buy rating.
- Avino produced 2.6 million SEOs in 2025, meeting guidance, with silver and gold up modestly but copper production and several grades down.
- The company reported strong revenue growth over the past year and holds roughly $100 million in cash, supporting a current ratio of 2.75.
Key details
- 2025 production: 2.6 million SEOs, down 2% year-over-year; silver 1.2 million ounces (+4%); gold 7,621 ounces (+2%).
- Grade and copper trends: copper pounds 5.7 million (-9%); copper grade 0.42% (-17%); silver grade 59 g/t (-4%); gold grade 0.44 g/t (-14%).
- Financials and modeling: InvestingPro shows 58.4% revenue growth in the last 12 months; H.C. Wainwright increased its metal price assumptions and rolled the DCF forward by one year.
Context on recent results and related transactions
- Third-quarter 2025 EPS was $0.07 versus $0.05 expected, a 40% positive surprise; revenue was $21.04 million versus $21.78 million expected, a 3.4% miss.
- Energy Fuels Inc. agreed to acquire Australian Strategic Materials Limited for $299 million; the deal structure includes stock consideration and an unfranked special dividend, implying A$1.60 per ASM share.