Cover
Cover | 3 Months Ended |
Mar. 31, 2024 | |
Cover [Abstract] | |
Entity Registrant Name | AVINO SILVER & GOLD MINES LTD. |
Entity Central Index Key | 0000316888 |
Document Type | 6-K |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Mar. 31, 2024 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2024 |
Entity File Number | 001-35254 |
Entity Incorporation State Country Code | Z4 |
Entity Address Address Line 1 | Suite 900, 570 Granville Street |
Entity Address Address Line 2 | 570 Granville Street |
Entity Address Address Line 3 | Vancouver |
Entity Address City Or Town | Vancouver |
Entity Address State Or Province | BC |
Entity Address Postal Zip Code | V6C 3P1 |
City Area Code | 604 |
Local Phone Number | 682-3701 |
Security 12b Title | Common Shares, without Par Value |
Trading Symbol | ASM |
Security Exchange Name | NYSE |
Condensed Consolidated Interim
Condensed Consolidated Interim Statements of Financial Position - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash | $ 3,474 | $ 2,688 |
Amounts receivable | 1,856 | 3,303 |
Amounts due from related parties | 194 | 167 |
Taxes recoverable | 6,502 | 6,580 |
Prepaid expenses and other assets | 2,077 | 1,971 |
Inventory | 8,338 | 8,826 |
Total current assets | 22,441 | 23,535 |
Exploration and evaluation assets | 51,911 | 50,111 |
Plant, equipment and mining properties | 52,550 | 53,069 |
Long-term investments | 1,043 | 934 |
Other assets | 699 | 691 |
Total assets | 128,644 | 128,340 |
Current liabilities | ||
Accounts payable and accrued liabilities | 10,713 | 11,867 |
Taxes payable | 189 | 127 |
Current portion of finance lease obligations | 1,590 | 1,650 |
Current portion of equipment loans | 164 | 164 |
Total current liabilities | 12,656 | 13,808 |
Finance lease obligations | 1,159 | 1,445 |
Equipment loans | 151 | 195 |
Reclamation provision | 2,264 | 2,195 |
Deferred income tax liabilities | 4,614 | 4,696 |
Total liabilities | 20,844 | 22,339 |
EQUITY | ||
Share capital | 153,088 | 151,688 |
Equity reserves | 10,952 | 11,041 |
Treasury shares | (97) | (97) |
Accumulated other comprehensive loss | (5,319) | (5,208) |
Accumulated deficit | (50,824) | (51,423) |
Total equity | 107,800 | 106,001 |
Total liabilities and equity | $ 128,644 | $ 128,340 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss) | ||
Revenue from mining operations | $ 12,393 | $ 9,825 |
Cost of sales | 10,054 | 7,974 |
Mine operating income | 2,339 | 1,851 |
Operating expenses | ||
General and administrative expenses | 1,272 | 1,184 |
Share-based payments | 423 | 339 |
Income loss | 644 | 328 |
Other items | ||
Interest and other income | 3 | 209 |
Gain (loss) on long-term investments | 132 | (319) |
Fair value adjustment on warrant liability | 0 | (293) |
Foreign exchange gain (loss) | 80 | (136) |
Finance cost | 2 | 74 |
Accretion of reclamation provision | (51) | (11) |
Interest expense | (90) | (45) |
Income (loss) before income taxes | 716 | (341) |
Income taxes: | ||
Current income tax expense | (199) | (25) |
Deferred income tax recovery | 82 | 14 |
Income tax expense | (117) | (11) |
Net income (loss) | 599 | (352) |
Items that may be reclassified subsequently to profit or loss: | ||
Currency translation differences | (111) | (263) |
Total comprehensive income (loss) | $ 488 | $ (615) |
Earnings (loss) per share | ||
Basic | $ 0 | $ 0 |
Diluted | $ 0 | $ 0 |
Weighted average number of common shares outstanding | ||
Basic | 130,027,962 | 118,572,700 |
Diluted | 133,022,671 | 122,602,929 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Changes in Equity - USD ($) $ in Thousands | Total | Equity Reserve | Number of Common Shares | Accumulated other comprehensive loss | Retained Earnings (Accumulated Deficit) | Treasury shares |
Balance, shares at Dec. 31, 2022 | 118,349,090 | |||||
Balance, amount at Dec. 31, 2022 | $ 98,021 | $ 9,852 | $ 145,515 | $ (5,223) | $ (52,026) | $ (97) |
Statement [Line Items] | ||||||
At the market issuances, shares | 253,700 | |||||
At the market issuances, amount | 207 | 0 | $ 207 | 0 | 0 | 0 |
Carrying value of RSUs exercised, shares | 592,667 | |||||
Carrying value of RSUs exercised, amount | 0 | (512) | $ 512 | 0 | 0 | 0 |
Issuance costs | (5) | 0 | (5) | 0 | 0 | 0 |
Share-based payments | 339 | 339 | 0 | 0 | 0 | 0 |
Net loss for the period | (352) | 0 | 0 | 0 | (352) | 0 |
Currency translation differences | (263) | 0 | 0 | (263) | 0 | 0 |
Balance, amount at Mar. 31, 2023 | 97,947 | 9,679 | $ 146,229 | (5,486) | (52,378) | (97) |
Balance, shares at Mar. 31, 2023 | 119,195,457 | |||||
Balance, shares at Dec. 31, 2023 | 128,728,248 | |||||
Balance, amount at Dec. 31, 2023 | 106,001 | 11,041 | $ 151,688 | (5,208) | (51,423) | (97) |
Statement [Line Items] | ||||||
At the market issuances, shares | 1,886,248 | |||||
Carrying value of RSUs exercised, shares | 585,265 | |||||
Carrying value of RSUs exercised, amount | 0 | (512) | $ 512 | 0 | 0 | 0 |
Issuance costs | (38) | 0 | (38) | 0 | 0 | 0 |
Share-based payments | 423 | 423 | 0 | 0 | 0 | 0 |
Net loss for the period | 599 | 0 | 0 | 0 | 599 | 0 |
Currency translation differences | (111) | 0 | 0 | (111) | 0 | 0 |
At the market issuances, amount | 926 | 0 | 926 | 0 | 0 | 0 |
Balance, amount at Mar. 31, 2024 | $ 107,800 | $ 10,952 | $ 153,088 | $ (5,319) | $ (50,824) | $ (97) |
Balance, shares at Mar. 31, 2024 | 1,256,000 | 131,199,761 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Activities | ||
Net income | $ 599 | $ (352) |
Adjustments for non-cash items: | ||
Deferred income tax expense (recovery) | (82) | (14) |
Depreciation and depletion | 857 | 705 |
Accretion of reclamation provision | 51 | 11 |
(Gain) loss on investments | (132) | 319 |
Unrealized foreign exchange gain | (88) | (161) |
Unwinding of fair value adjustment | 0 | 74 |
Fair value adjustment on warrant liability | 0 | 293 |
Share-based payments | 423 | 339 |
Total adjustments for non cash | 1,628 | 1,214 |
Net change in non-cash working capital items | 719 | (766) |
Cash provided by operating activities | 2,347 | 448 |
Financing Activities | ||
Shares and units issued for cash, net of issuance costs | 888 | 202 |
Lease liability payments | (452) | (280) |
Equipment loan payments | (44) | (88) |
Cash provided by (used in) financing activities | 392 | (166) |
Investing Activities | ||
Exploration and evaluation expenditures | (1,116) | (389) |
Additions to plant, equipment and mining properties | (851) | (3,450) |
Acquisition of La Preciosa | 0 | (5,000) |
Cash provided by (used in) investing activities | (1,967) | (8,839) |
Change in cash | 772 | (8,557) |
Effect of exchange rate changes on cash | 14 | 9 |
Cash, beginning | 2,688 | 11,245 |
Cash, ending | $ 3,474 | $ 2,697 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 3 Months Ended |
Mar. 31, 2024 | |
NATURE OF OPERATIONS | 1. NATURE OF OPERATIONS Avino Silver & Gold Mines Ltd. (the “Company” or “Avino”) was incorporated in 1968 under the laws of the Province of British Columbia, Canada. The Company is engaged in the production and sale of silver, gold, and copper and the acquisition, exploration, and advancement of mineral properties. The Company’s head office and principal place of business is Suite 900, 570 Granville Street, Vancouver, BC, Canada. The Company is a reporting issuer in Canada (except for the province of Quebec) and the United States, and trades on the Toronto Stock Exchange (“TSX”), the NYSE American, and the Frankfurt and Berlin Stock Exchanges. The Company operates the Elena Tolosa Mine (“ET Mine” or “Avino Mine”) which produces copper, silver and gold at the historic Avino property in the state of Durango, Mexico. The Avino property also hosts the San Gonzalo Mine, which is currently on care and maintenance. The Company also holds 100% interest in Proyectos Mineros La Preciosa S.A. de C.V. (“La Preciosa”), a Mexican corporation which owns the La Preciosa Property. The Company also owns interests in mineral properties located in British Columbia and Yukon, Canada. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2024 | |
BASIS OF PRESENTATION | 2. BASIS OF PRESENTATION Statement of Compliance These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 – Interim Financial Reporting under International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”). These unaudited condensed consolidated interim financial statements follow the same accounting policies and methods of application as the most recent annual audited consolidated financial statements of the Company. These unaudited condensed consolidated interim financial statements do not contain all of the information required for full annual consolidated financial statements. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s December 31, 2023, annual consolidated financial statements, which were prepared in accordance with IFRS as issued by the IASB. These unaudited condensed consolidated interim financial statements are expressed in US dollars and have been prepared on a historical cost basis except for financial instruments that have been measured at fair value. In addition, these unaudited condensed consolidated interim financial statements have been prepared using the accrual basis of accounting on a going concern basis. The accounting policies set out in the December 31, 2023 annual consolidated financial statements are applied consistently to all periods presented in these unaudited condensed consolidated interim financial statements as if the policies have always been in effect. Basis of Presentation These unaudited condensed consolidated interim financial statements are expressed in US dollars and have been prepared on a historical cost basis except for financial instruments that have been measured at fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting on a going concern basis. The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements as if the policies have always been in effect. Foreign Currency Translation Foreign currency transactions Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the dates of the transactions. At each financial position reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at the date of the statement of financial position. Non-monetary items that are measured in terms of historical cost in a foreign currency are not re-translated. Foreign operations Subsidiaries that have functional currencies other than the US dollar translate their statement of operations items at the average rate during the year. Assets and liabilities are translated at exchange rates prevailing at the end of each reporting period. Exchange rate variations resulting from the retranslation at the closing rate of the net investment in these subsidiaries, together with differences between their statement of operations items translated at actual and average rates, are recognized in accumulated other comprehensive income (loss). On disposition or partial disposition of a foreign operation, the cumulative amount of related exchange difference is recognized in the statement of operations. Significant Accounting Judgments and Estimates The Company’s management makes judgments in its process of applying the Company’s accounting policies to the preparation of its unaudited condensed consolidated interim financial statements. In addition, the preparation of financial data requires that the Company’s management make assumptions and estimates of the impacts on the carrying amounts of the Company’s assets and liabilities at the end of the reporting period from uncertain future events and on the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates and the resulting impacts on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively. The critical judgments and estimates applied in the preparation of the Company’s unaudited condensed consolidated interim financial statements for the three months ended March 31, 2024, are consistent with those applied and disclosed in Note 2 to the Company’s audited consolidated financial statements for the year ended December 31, 2023. Basis of Consolidation The audited consolidated financial statements include the accounts of the Company and its Mexican subsidiaries as follows: Subsidiary Ownership Interest Jurisdiction Nature of Operations Oniva Silver and Gold Mines S.A. de C.V. 100 % Mexico Mexican administration Nueva Vizcaya Mining, S.A. de C.V. 100 % Mexico Mexican administration Promotora Avino, S.A. de C.V. (“Promotora”) 79.09 % Mexico Holding company Compañía Minera Mexicana de Avino, S.A. de C.V. (“Avino Mexico”) 98.45% direct 1.22% indirect (Promotora) 99.67% effective Mexico Mining and exploration La Luna Silver & Gold Mines Ltd. 100 % Canada Holding company La Preciosa Silver & Gold Mines Ltd. 100 % Canada Holding company Proyectos Mineros La Preciosa S.A. de C.V. 100 % Mexico Mining and exploration Cervantes LLP 100 % U.S. Holding company Intercompany balances and transactions, including unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the consolidated financial statements. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2024 | |
RECENT ACCOUNTING PRONOUNCEMENTS | 3. RECENT ACCOUNTING PRONOUNCEMENTS New and amended IFRS that are effective for the current year: Certain new accounting standards and interpretations have been published that are either applicable in the current year, or are not mandatory for the current period and have not been early adopted. We have assessed these standards, and they are not expected to have a material impact on the Company in the current or future reporting periods. |
TAXES RECOVERABLE
TAXES RECOVERABLE | 3 Months Ended |
Mar. 31, 2024 | |
TAXES RECOVERABLE | 4. TAXES RECOVERABLE The Company’s taxes recoverable consist of the Mexican I.V.A. (“VAT”) and income taxes recoverable and Canadian sales taxes (“GST/HST”) recoverable. March 31, 2024 December 31, 2023 VAT recoverable $ 2,767 $ 3,231 GST recoverable 14 20 Income taxes recoverable 3,721 3,329 $ 6,502 $ 6,580 |
INVENTORY
INVENTORY | 3 Months Ended |
Mar. 31, 2024 | |
INVENTORY | 5. INVENTORY March 31, 2024 December 31, 2023 Process material stockpiles $ 2,944 $ 4,050 Concentrate inventory 3,017 2,448 Materials and supplies 2,377 2,328 $ 8,338 $ 8,826 The amount of inventory recognized as an expense for the three months ended March 31, 2024 totalled $10,054 (2023 – $7,794). See Note 13 for further details. During the three months ended March 31, 2024, the Company wrote down Nil of materials and supplies inventory due to obsolescence (year ended December 31, 2023 – $270). |
LONGTERM INVESTMENTS
LONGTERM INVESTMENTS | 3 Months Ended |
Mar. 31, 2024 | |
LONG-TERM INVESTMENTS | 6. LONG-TERM INVESTMENTS The Company classifies its long-term investments as designated at fair value through profit and loss under IFRS 9. Long-term investments are summarized as follows: For the three months ended March 31, 2024: Fair Value December 31, Net Movements in foreign Fair value adjustments Fair Value March 31, 2023 Additions exchange for the period 2024 Talisker Resources Common Shares $ 782 $ - $ (20 ) $ 141 $ 903 Silver Wolf Exploration Ltd. Common Shares 71 - (2 ) 9 78 Endurance Gold Corp. Common Shares 81 - (1 ) (18 ) 62 $ 934 $ - $ (23 ) $ 132 $ 1,043 |
EXPLORATION AND EVALUATION ASSE
EXPLORATION AND EVALUATION ASSETS | 3 Months Ended |
Mar. 31, 2024 | |
EXPLORATION AND EVALUATION ASSETS | 7. EXPLORATION AND EVALUATION ASSETS The Company has accumulated the following acquisition, exploration and evaluation costs which are not subject to depletion: Avino, Mexico La Preciosa, Mexico British Columbia & Yukon, Canada Total Balance, December 31, 2022 $ 11,828 $ 37,975 $ 1 $ 49,804 La Preciosa non-core concessions transfer 2,946 (2,946 ) - Drilling and exploration 877 435 - 1,312 Assessments and taxes 88 (930 ) - (842 ) Effect of movements in exchange rates 22 (122 ) - (100 ) Option income (63 ) - - (63 ) Balance, December 31, 2023 $ 15,698 $ 34,412 $ 1 $ 50,111 Costs incurred during 2024: Drilling and exploration 81 662 - 743 Assessments and taxes 100 959 - 1,059 Effect of movements in exchange rates (2 ) - - (2 ) Balance, March 31, 2024 $ 15,877 $ 36,033 $ 1 $ 51,911 (a) Avino , Mexico The Company’s subsidiary Avino Mexico owns 42 mineral claims and leases four mineral claims in the state of Durango, Mexico. The Company’s mineral claims in Mexico are divided into the following two groups: (i) Avino Mine area property The Avino Mine area property is situated around the towns of Panuco de Coronado and San Jose de Avino and surrounding the historic Avino mine site. There are four exploration concessions covering 154.4 hectares, 24 exploitation concessions covering 1,284.7 hectares, and one leased exploitation concession covering 98.83 hectares. Within the Avino Mine site area is the Company’s San Gonzalo Mine, which achieved production at levels intended by management as of October 1, 2012, and on this date accumulated exploration and evaluation costs were transferred to mining properties. (ii) Gomez Palacio/Ana Maria property The Ana Maria property is located near the town of Gomez Palacio, and consists of nine exploration concessions covering 2,549 hectares, and is also known as the Ana Maria property. Option Agreement – Silver Wolf Exploration Ltd. (formerly Gray Rock Resources Ltd.) (“Silver Wolf”) On March 11, 2021, the Company entered into an option agreement to grant Silver Wolf the exclusive right to acquire a 100% interest in the Ana Maria and El Laberinto properties in Mexico (the “Option Agreement”). All exploration expenditure requirements on the properties have been met as of March 31, 2024, and Silver Wolf is in compliance with the terms of the Option Agreement. The Option Agreement between the Company and Silver Wolf is considered a related party transaction as the two companies have directors in common. Unification La Platosa properties The Unification La Platosa properties, consisting of three leased concessions in addition to the leased concessions situated within the Avino mine area property near the towns of Panuco de Coronado and San Jose de Avino and surrounding the Avino Mine. In February 2012, the Company’s wholly-owned Mexican subsidiary entered into a new agreement with Minerales de Avino, S.A. de C.V. (“Minerales”) whereby Minerales has indirectly granted to the Company the exclusive right to explore and mine the La Platosa property known as the “ET zone”. The ET zone includes the Avino Mine, where production at levels intended by management was achieved on July 1, 2015. Under the agreement, the Company has obtained the exclusive right to explore and mine the property for an initial period of 15 years, with the option to extend the agreement for another 5 years. In consideration of the granting of these rights, the Company issued 135,189 common shares with a fair value of C$250 during the year ended December 31, 2012.The Company has agreed to pay to Minerales a royalty equal to 3.5% of net smelter returns (“NSR”). In addition, after the start of production, if the minimum monthly processing rate of the mine facilities is less than 15,000 tonnes, then the Company must pay to Minerales a minimum royalty equal to the applicable NSR royalty based on the processing at a monthly rate of 15,000 tonnes. Minerales has also granted to the Company the exclusive right to purchase a 100% interest in the property at any time during the term of the agreement (or any renewal thereof), upon payment of $8 million within 15 days of the Company’s notice of election to acquire the property. The purchase would be subject to a separate purchase agreement for the legal transfer of the property. (b) La Preciosa, Mexico On March 21, 2022, the Company received approval for the closing of the acquisition of the La Preciosa property from Coeur Mining Inc. (c) British Columbia & Yukon, Canada Eagle Property - Yukon The Company has a 100% interest in 14 quartz leases located in the Mayo Mining Division of Yukon, Canada, which collectively comprise the Eagle property. During the year ended December 31, 2023, the Company sold to a subsidiary of Hecla Mining Company (“Hecla”) the Eagle Property for cash consideration of C$250. The gain on sale of the Eagle Property was recorded to “Interest and other income” on the consolidated statements of operations and comprehensive income (loss). Minto and Olympic-Kelvin properties – British Columbia On May 2, 2022, the Company granted Endurance Gold Corporation the right to acquire an option to earn 100% ownership of the former Minto Gold Mine, Olympic and Kelvin gold prospects contained within a parcel of crown grant and mineral claims (the “Olympic Claims”). As of March 31, 2024, Endurance was in compliance with all terms of the Option agreement. |
NONCONTROLLING INTEREST
NONCONTROLLING INTEREST | 3 Months Ended |
Mar. 31, 2024 | |
NON-CONTROLLING INTEREST | 8. NON-CONTROLLING INTEREST At March 31, 2024, the Company had an effective 99.67% (December 31, 2023 - 99.67%) interest in its subsidiary Avino Mexico and the remaining 0.33% (December 31, 2023 - 0.33%) interest represents a non-controlling interest. The accumulated deficit and current period income attributable to the non-controlling interest are insignificant and accordingly have not been presented separately in the consolidated financial statements. |
PLANT EQUIPMENT AND MINING PROP
PLANT EQUIPMENT AND MINING PROPERTIES | 3 Months Ended |
Mar. 31, 2024 | |
PLANT EQUIPMENT AND MINING PROPERTIES | |
PLANT, EQUIPMENT AND MINING PROPERTIES | 9. PLANT, EQUIPMENT AND MINING PROPERTIES Mining properties Office equipment, furniture, and fixtures Computer equipment Mine machinery and transportation equipment Mill machinery and processing equipment Buildings and construction in process Total $ $ $ $ $ $ $ COST Balance at January 1, 2023 14,687 763 774 14,930 23,294 14,693 69,141 Additions / Transfers 3,716 78 1,176 3,270 3,079 701 12,020 Writedowns - (6 ) (22 ) (629 ) (141 ) - (798 ) Effect of movements in exchange rates (28 ) 9 1 2 - (24 ) (40 ) Balance at December 31, 2023 18,375 844 1,929 17,573 26,232 15,370 80,323 Additions / Transfers 187 6 2 138 409 (454 ) 288 Writedowns - (1 ) (1 ) - - - (2 ) Effect of movements in exchange rates 3 (2 ) 1 (1 ) - (21 ) (20 ) Balance at March 31, 2024 18,565 847 1,931 17,710 26,641 14,895 80,589 ACCUMULATED DEPLETION AND DEPRECIATION / IMPAIRMENT Balance at January 1, 2023 9,106 441 598 5,178 6,733 3,029 25,085 Additions / Transfers 367 111 204 676 1,170 294 2,822 Writedowns - (4 ) (21 ) (619 ) (9 ) - (653 ) Balance at December 31, 2023 9,473 548 781 5,235 7,894 3,323 27,254 Additions / Transfers 103 21 100 4 480 77 785 Balance at March 31, 2024 9,576 569 881 5,239 8,374 3,400 28,039 NET BOOK VALUE At March 31, 2024 8,989 278 1,050 12,471 18,267 11,495 52,550 At December 31, 2023 8,902 296 1,148 12,339 18,338 12,047 53,069 Included in Buildings and construction in process above are assets under construction of $3,341 as at March 31, 2024 (December 31, 2023 - $3,166) on which no depreciation was charged in the periods then ended. Once the assets are available for use, they will be transferred to the appropriate class of plant, equipment and mining properties. As of March 31, 2024, the Company performed an evaluation of the property plant and equipment and recorded a write-down of $1 (December 31, 2023 - $144) against the carrying value of mine and mill machinery and transportation equipment due to damage and obsolescence. As at March 31, 2024, plant, equipment and mining properties included a net carrying amount of $5,850 (December 31, 2023 - $5,832) for mining equipment and right of use assets under lease. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 3 Months Ended |
Mar. 31, 2024 | |
RELATED PARTY TRANSACTIONS AND BALANCES | 10. RELATED PARTY TRANSACTIONS AND BALANCES All related party transactions are recorded at the exchange amount which is the amount agreed to by the Company and the related party. (a) Key management personnel The Company has identified its directors and certain senior officers as its key management personnel. The compensation costs for key management personnel is as follows: Three months ended March 31, 2024 2023 Salaries, benefits, and consulting fees $ 293 $ 284 Share-based payments 387 321 $ 680 $ 605 (b) Amounts due to/from related parties In the normal course of operations the Company transacts with companies related to Avino’s directors or officers. All amounts payable and receivable are non-interest bearing, unsecured and due on demand. The following table summarizes the amounts were due to/(from) related parties: March 31, 2024 December 31, 2023 Oniva International Services Corp. $ 100 $ 102 Directors Fees 44 - Silver Wolf Exploration Ltd. (338 ) (269 ) $ (194 ) $ (167 ) For services provided to the Company as President and Chief Executive Officer, the Company pays Intermark Capital Corporation (“ICC”), a company controlled by David Wolfin, the Company’s President and CEO and also a director, for consulting services. For the three months ended March 31, 2024, the Company paid $71 (March 31, 2023 - $71) to ICC. (c) Other related party transactions The Company has a cost sharing agreement with Oniva International Services Corp. (“Oniva”) for office and administration services. Pursuant to the cost sharing agreement, the Company will reimburse Oniva for the Company’s percentage of overhead and corporate expenses and for out-of-pocket expenses incurred on behalf of the Company, with a 2.5% markup. David Wolfin, President & CEO, and a director of the Company, is the sole owner of Oniva. The cost sharing agreement may be terminated with one-month notice by either party without penalty. The transactions with Oniva are summarized below: Three months ended March 31, 2024 2023 Salaries and benefits $ 254 $ 245 Office and miscellaneous 133 133 $ 387 $ 378 |
RECLAMATION PROVISION
RECLAMATION PROVISION | 3 Months Ended |
Mar. 31, 2024 | |
RECLAMATION PROVISION | |
RECLAMATION PROVISION | 11. RECLAMATION PROVISION Management’s estimate of the reclamation provision at March 31, 2024, is $2,264 (December 31, 2023 – $2,195), and the undiscounted value of the obligation is $5,627 (December 31, 2023 – $5,491). The present value of the obligation was calculated using a risk-free interest rate of 9.72% (December 31, 2023 – 9.82%) and an inflation rate of 3.88% (December 31, 2023 – 3.76%). Reclamation activities are estimated to begin in 2025 for the San Gonzalo Mine and in 2042 for the Avino Mine. A reconciliation of the changes in the Company’s reclamation provision is as follows: March 31, 2024 December 31, 2023 Balance at beginning of the period $ 2,195 $ 445 Changes in estimates - 1,615 Unwinding of discount related to continuing operations 51 49 Effect of movements in exchange rates 18 86 Balance at end of the period $ 2,264 $ 2,195 |
SHARE CAPITAL AND SHAREBASED PA
SHARE CAPITAL AND SHAREBASED PAYMENTS | 3 Months Ended |
Mar. 31, 2024 | |
SHARE CAPITAL AND SHAREBASED PAYMENTS | |
SHARE CAPITAL AND SHARE-BASED PAYMENTS | 12. SHARE CAPITAL AND SHARE-BASED PAYMENTS (a) Authorized: (b) Issued: (i) During the three months ended March 31, 2024, the Company issued 1,886,248 common shares in an at-the-market offering under prospectus supplement for gross proceeds of $926. The Company paid a 2.75% cash commission of $25 on gross proceeds, for net proceeds of $901. The Company also incurred $13 in share issuance costs related to its base shelf prospectus and prospectus supplement filings. During the three months ended March 31, 2024, the Company issued 585,265 common shares upon exercise of RSUs. As a result, $512 was recorded to share capital. (ii) During the year ended December 31, 2023, the Company issued 9,373,825 common shares in an at-the-market offering under prospectus supplement for gross proceeds of $5,648. The Company paid a 2.75% cash commission of $155 on gross proceeds, for net proceeds of $5,493. The Company also incurred $339 in share issuance costs related to its base shelf prospectus and prospectus supplement filings. During the year ended December 31, 2023, the Company issued 1,005,333 common shares upon exercise of RSUs. As a result, $1,019 was recorded to share capital. (c) Stock options: The Company has a stock option plan to purchase the Company’s common shares, under which it may grant stock options of up to 10% of the Company’s total number of shares issued and outstanding on a non-diluted basis. The stock option plan provides for the granting of stock options to directors, officers, and employees, and to persons providing investor relations or consulting services, the limits being based on the Company’s total number of issued and outstanding shares per year. The stock options vest on the date of grant, except for those issued to persons providing investor relations services, which vest over a period of one year. The option price must be greater than or equal to the discounted market price on the grant date, and the option term cannot exceed ten years from the grant date. Continuity of stock options is as follows: Underlying Shares Weighted Average Exercise Price (C$) Stock options outstanding, January 1, 2023 4,256,000 $ 1.36 Granted 2,545,000 $ 1.12 Expired (105,000 ) $ 1.30 Cancelled / Forfeited (30,000 ) $ 1.40 Stock options outstanding, December 31, 2023 6,666,000 $ 1.27 Granted 2,500,000 $ 0.78 Cancelled / Forfeited (190,000 ) $ 1.26 Stock options outstanding, March 31, 2024 8,976,000 $ 1.13 Stock options exercisable, March 31, 2024 6,401,000 $ 1.27 The following table summarizes information about the stock options outstanding and exercisable at March 31, 2024: Outstanding Exercisable Expiry Date Price (C$) Number of Options Weighted Average Remaining Contractual Life (Years) Number of Options Weighted Average Remaining Contractual Life (Years) August 21, 2024 $ 0.79 126,000 0.39 126,000 0.39 August 4, 2025 $ 1.64 1,620,000 1.35 1,620,000 1.35 March 25, 2027 $ 1.20 2,255,000 2.98 2,255,000 2.98 May 4, 2027 $ 0.92 25,000 3.09 25,000 3.09 March 29, 2028 $ 1.12 2,300,000 4.00 2,300,000 4.00 July 10, 2028 $ 1.12 150,000 4.26 75,000 4.26 March 25, 2029 $ 0.78 2,500,000 4.99 - 4.99 8,976,000 3.49 6,401,000 2.90 Valuation of stock options requires the use of estimates and assumptions including the expected stock price volatility. The expected volatility used in valuing stock options is based on volatility observed in historical periods. Changes in the underlying assumptions can materially affect the fair value estimates. The fair value of the stock options was calculated using the Black-Scholes model with the following weighted average assumptions and resulting fair values: March 31, 2024 December 31, 2023 Weighted average assumptions: Risk-free interest rate 3.51 % 3.10 % Expected dividend yield 0 % 0 % Expected warrant life (years) 5 5 Expected stock price volatility 60.73 % 61.10 % Expected forfeiture rate 15 % 17 % Weighted average fair value C$ 0.43 C$ 0.60 During the three months ended March 31, 2024, the Company charged $92 (three months ended March 31, 2023 - $62) to operations as share-based payments for the fair value of stock options granted. (d) Restricted Share Units: On April 19, 2018, the Company’s Restricted Share Unit (“RSU”) Plan was approved by its shareholders. The RSU Plan is administered by the Compensation Committee under the supervision of the Board of Directors as compensation to officers, directors, consultants, and employees. The Compensation Committee determines the terms and conditions upon which a grant is made, including any performance criteria or vesting period. Upon vesting, each RSU entitles the participant to receive one common share, provided that the participant is continuously employed with or providing services to the Company. RSUs track the value of the underlying common shares, but do not entitle the recipient to the underlying common shares until such RSUs vest, nor do they entitle a holder to exercise voting rights or any other rights attached to ownership or control of the common shares, until the RSU vests and the RSU participant receives common shares. Continuity of RSUs is as follows: Underlying Shares Weighted Average Price (C$) RSUs outstanding, January 1, 2023 2,190,666 $ 1.27 Granted 1,878,320 $ 1.11 Exercised (1,005,334 ) $ 1.37 Cancelled / Forfeited (68,943 ) $ 1.14 RSUs outstanding, December 31, 2023 2,994,709 $ 1.14 Exercised (585,265 ) $ 1.19 RSUs outstanding, March 31, 2024 2,409,444 $ 1.13 The following table summarizes information about the RSUs outstanding at March 31, 2024: Issuance Date Price (C$) Number of RSUs Outstanding March 25, 2022 $ 1.19 577,000 March 29, 2023 $ 1.12 1,763,124 July 10, 2023 $ 0.94 69,320 2,409,444 During the three months ended March 31, 2024, no RSUs (year ended December 31, 2023 – 1,878,320) were granted. For RSUs granted in 2023, the weighted average fair value at the measurement date was C$1.11, based on the TSX market price of the Company’s shares on the date the RSUs were granted. During the three months ended March 31, 2024, the Company charged $331 (March 31, 2023 - $277) to operations as share-based payments for the fair value of the RSUs vested. The fair value of the RSUs is recognized over the vesting period with reference to vesting conditions and the estimated RSUs expected to vest. (e) Earnings per share: The calculations for basic earnings per share and diluted earnings per share are as follows: Three months ended March 31, 2024 2023 Net income (loss) for the period $ 599 $ (352 ) Basic weighted average number of shares outstanding 130,027,962 118,572,700 Effect of dilutive share options, warrants, and RSUs 2,994,709 4,030,229 Diluted weighted average number of shares outstanding 133,022,671 122,602,929 Basic earnings (loss) per share $ 0.00 $ (0.00 ) Diluted earnings (loss) per share $ 0.00 $ (0.00 ) |
REVENUE AND COST OF SALES
REVENUE AND COST OF SALES | 3 Months Ended |
Mar. 31, 2024 | |
REVENUE AND COST OF SALES | |
REVENUE AND COST OF SALES | 13. REVENUE AND COST OF SALES The Company’s revenues for the three months ended March 31, 2024 and 2023, are all attributable to Mexico, from shipments of concentrate from the Avino Mine. March 31, 2024 March 31, 2023 Concentrate sales $ 12,674 $ 9,992 Provisional pricing adjustments (281 ) (167 ) $ 12,393 $ 9,825 Cost of sales consists of changes in inventories, direct costs including personnel costs, mine site costs, energy costs (principally diesel fuel and electricity), maintenance and repair costs, operating supplies, external services, third party transport fees, depreciation and depletion, and other expenses for the periods. Direct costs include the costs of extracting co-products. Cost of sales is based on the weighted average cost of inventory sold for the periods and consists of the following: March 31, 2024 March 31, 2023 Production costs $ 9,233 $ 7,304 Depreciation and depletion 821 670 $ 10,054 $ 7,974 |
GENERAL AND ADMINISTRATIVE EXPE
GENERAL AND ADMINISTRATIVE EXPENSES | 3 Months Ended |
Mar. 31, 2024 | |
GENERAL AND ADMINISTRATIVE EXPENSES | 14. GENERAL AND ADMINISTRATIVE EXPENSES General and administrative expenses consist of the following: March 31, 2024 March 31, 2023 Salaries and benefits $ 396 $ 395 Office and miscellaneous 381 192 Professional fees 159 239 Management and consulting fees 107 106 Investor relations 73 81 Travel and promotion 35 54 Directors fees 44 44 Regulatory and compliance fees 41 38 Depreciation 36 35 $ 1,272 $ 1,184 |
COMMITMENTS
COMMITMENTS | 3 Months Ended |
Mar. 31, 2024 | |
COMMITMENTS | 15. COMMITMENTS The Company has a cost sharing agreement to reimburse Oniva for a percentage of its overhead expenses, to reimburse 100% of its out-of-pocket expenses incurred on behalf of the Company, and to pay a percentage fee based on Oniva’s total overhead and corporate expenses. The agreement may be terminated with one-month notice by either party. Transactions and balances with Oniva are disclosed in Note 10. The Company and its subsidiaries have various operating lease agreements for their office premises, use of land, and equipment. Commitments in respect of these lease agreements are as follows: March 31, 2024 December 31, 2023 Not later than one year $ 214 $ 714 Later than one year and not later than five years 1,292 1,241 Later than five years 4,146 3,965 $ 5,652 $ 5,920 Office lease payments recognized as an expense during the three months ended March 31, 2024, totalled $10 (March 31, 2023 - $4). |
SUPPLEMENT CASH FLOW INFORMATIO
SUPPLEMENT CASH FLOW INFORMATION | 3 Months Ended |
Mar. 31, 2024 | |
SUPPLEMENTARY CASH FLOW INFORMATION | 16. SUPPLEMENTARY CASH FLOW INFORMATION March 31, 2024 March 31, 2023 Net change in non-cash working capital items: Inventory $ 418 $ (1,419 ) Prepaid expenses and other assets (106 ) (18 ) Taxes recoverable 78 (625 ) Taxes payable 62 (867 ) Accounts payable and accrued liabilities (1,153 ) 1,466 Amounts receivable 1,447 658 Amounts due to related parties (27 ) 39 $ 719 $ (766 ) March 31, 2024 March 31, 2023 Other non-cash supplementary information: Interest paid $ 64 $ 42 Taxes paid 10 5 $ 74 $ 47 March 31, 2024 March 31, 2023 Non-cash investing and financing activities: Shares acquired under terms of option agreements - 41 Transfer of share-based payments reserve upon exercise of RSUs 512 512 Equipment acquired under finance leases and equipment loans 108 1,808 $ 620 $ 2,361 |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2024 | |
FINANCIAL INSTRUMENTS | 17. FINANCIAL INSTRUMENTS The fair values of the Company’s amounts due to related parties and accounts payable approximate their carrying values because of the short-term nature of these instruments. Cash, amounts receivable, long-term investments, and warrant liability are recorded at fair value. The carrying amounts of the Company’s equipment loans, and finance lease obligations are a reasonable approximation of their fair values based on current market rates for similar financial instruments. The Company’s financial instruments are exposed to certain financial risks, including credit risk, liquidity risk, and market risk. (a) Credit Risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company has exposure to credit risk through its cash, long-term investments and amounts receivable. The Company manages credit risk, in respect of cash and short-term investments, by maintaining the majority of cash and short-term investments at highly rated financial institutions. The Company is exposed to a significant concentration of credit risk with respect to its trade accounts receivable balance because all of its concentrate sales are with three (December 31, 2022 – two) counterparties (see Note 18). However, the Company has not recorded any allowance against its trade receivables because to-date all balances owed have been settled in full when due (typically within 60 days of submission) and because of the nature of the counterparties. The Company’s maximum exposure to credit risk at the end of any period is equal to the carrying amount of these financial assets as recorded in the unaudited condensed consolidated interim statement of financial position. At March 31, 2024, no amounts were held as collateral. (b) Liquidity Risk Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due. The Company manages its liquidity risk by forecasting cash flows required by its operating, investing and financing activities. The Company had cash at March 31, 2024, in the amount of $3,474 and current assets exceeded current liabilities by $9,785 in order to meet short-term business requirements. Accounts payable have contractual maturities of approximately 30 to 90 days, or are due on demand and are subject to normal trade terms. The current portions of finance lease obligations are due within 12 months of the consolidated statement of financial position date. Amounts due to related parties are without stated terms of interest or repayment. The maturity profiles of the Company’s contractual obligations and commitments as at March 31, 2024, are summarized as follows: Total Less Than 1 Year 1-5 years More Than 5 Years Accounts payable and accrued liabilities $ 10,713 $ 10,713 $ - $ - Minimum rental and lease payments 5,652 214 1,292 4,146 Equipment loans 341 184 157 - Finance lease obligations 2,962 1,734 1,228 - Total $ 19,668 $ 12,845 $ 2,677 $ 4,146 (c) Market Risk Market risk consists of interest rate risk, foreign currency risk and price risk. These are discussed further below. Interest Rate Risk Interest rate risk consists of two components: (i) To the extent that payments made or received on the Company’s monetary assets and liabilities are affected by changes in the prevailing market interest rates, the Company is exposed to interest rate cash flow risk. (ii) To the extent that changes in prevailing market rates differ from the interest rates on the Company’s monetary assets and liabilities, the Company is exposed to interest rate price risk. In management’s opinion, the Company is not materially exposed to interest rate risk, as any material debt obligations that bear interest are fixed and not subject to floating interest rates. A 10% change in the interest rate would not result in a material impact on the Company’s operations. Foreign Currency Risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company is exposed to foreign currency risk to the extent that the following monetary assets and liabilities are denominated in Mexican pesos and Canadian dollars: March 31, 2024 December 31, 2023 MXN CDN MXN CDN Cash $ 8,108 $ 252 $ 13,338 $ 70 Due from related parties 5,643 - 4,558 - Long-term investments - 1,414 - 1,236 Reclamation bonds - 6 - 6 Amounts receivable 3,042 20 18,644 26 Accounts payable and accrued liabilities (78,884 ) (145 ) (95,662 ) (150 ) Due to related parties - (195 ) - (135 ) Finance lease obligations (800 ) (179 ) (1,129 ) (217 ) Net exposure (62,891 ) 1,173 (60,251 ) 836 US dollar equivalent $ (3,767 ) $ 865 $ (3,567 ) $ 577 Based on the net US dollar denominated asset and liability exposures as at March 31, 2024, a 10% fluctuation in the US/Mexican and Canadian/US exchange rates would impact the Company’s earnings for the three months ended March 31, 2024, by approximately $298. The Company has not entered into any foreign currency contracts to mitigate this risk. Price Risk Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices, other than those arising from interest rate risk or foreign currency risk. The Company is exposed to price risk with respect to its amounts receivable, as certain trade accounts receivable are recorded based on provisional terms that are subsequently adjusted according to quoted metal prices at the date of final settlement. Quoted metal prices are affected by numerous factors beyond the Company’s control and are subject to volatility, and the Company does not employ hedging strategies to limit its exposure to price risk. At March 31, 2024, based on outstanding accounts receivable that were subject to pricing adjustments, a 10% change in metals prices would have an impact on net earnings (loss) of approximately $106. The Company is exposed to price risk with respect to its long-term investments, as these investments are carried at fair value based on quoted market prices. Changes in market prices result in gains or losses being recognized in net income (loss). At March 31, 2024, a 10% change in market prices would have an impact on net earnings (loss) of approximately $105. The Company’s profitability and ability to raise capital to fund exploration, evaluation and production activities is subject to risks associated with fluctuations in mineral prices. Management closely monitors commodity prices, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company. (d) Classification of Financial Instruments IFRS 13 Financial Instruments: Disclosures Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs). The following table sets forth the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as at March 31, 2024: Level 1 Level 2 Level 3 Financial assets Cash $ 3,474 $ - $ - Amounts receivable - 1,856 - Long-term investments 1,043 - - Total financial assets $ 4,517 $ 1,856 $ - The Company uses Black-Scholes model to measure its Level 3 financial instruments. As at March 31, 2024 the Company’s has no Level 3 financial instruments. |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 3 Months Ended |
Mar. 31, 2024 | |
SEGMENTED INFORMATION | 18. SEGMENTED INFORMATION The Company reviews its segment reporting to ensure it reflects the operational structure of the Company and enables the Company's Chief Operating Decision Maker (the Company’s CEO) to review operating segment performance. We have determined that each producing mine represents an operating segment, of which there is one as of March 31, 2024. The Company’s revenues for the three months ended March 31, 2024 of $12,393 (March 31, 2023 - $9,825) are all attributable to Mexico, from shipments of concentrate produced by the Avino Mine, and is considered to be one single reportable operating segment. On the condensed consolidated interim statements of operations, the Company had revenue from the following product mixes: March 31, 2024 March 31, 2023 Silver $ 5,036 $ 3,608 Gold 3,033 3,135 Copper 5,906 4,689 Penalties, treatment costs and refining charges (1,582 ) (1,607 ) Total revenue from mining operations $ 12,393 $ 9,825 For the three months ended March 31, 2024 and 2023, the Company had the following customers that accounted for total revenues as follows: March 31, 2024 March 31, 2023 Customer #1 $ 8,596 $ 9,225 Customer #2 3,784 600 Other customers 13 - Total revenue from mining operations $ 12,393 $ 9,825 Geographical information relating to the Company’s non-current assets (other than financial instruments) is as follows: March 31, 2024 December 31, 2023 Exploration and evaluation assets - Mexico $ 51,910 $ 50,110 Exploration and evaluation assets - Canada 1 1 Total exploration and evaluation assets $ 51,911 $ 50,111 March 31, 2024 December 31, 2023 Plant, equipment, and mining properties - Mexico $ 52,398 $ 52,891 Plant, equipment, and mining properties - Canada 152 178 Total plant, equipment, and mining properties $ 52,550 $ 53,069 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2024 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 19. SUBSEQUENT EVENTS At-The-Market Sales – |
MATERIAL ACCOUNTING POLICIES (P
MATERIAL ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Statement of Compliance | These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 – Interim Financial Reporting under International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”). These unaudited condensed consolidated interim financial statements follow the same accounting policies and methods of application as the most recent annual audited consolidated financial statements of the Company. These unaudited condensed consolidated interim financial statements do not contain all of the information required for full annual consolidated financial statements. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s December 31, 2023, annual consolidated financial statements, which were prepared in accordance with IFRS as issued by the IASB. These unaudited condensed consolidated interim financial statements are expressed in US dollars and have been prepared on a historical cost basis except for financial instruments that have been measured at fair value. In addition, these unaudited condensed consolidated interim financial statements have been prepared using the accrual basis of accounting on a going concern basis. The accounting policies set out in the December 31, 2023 annual consolidated financial statements are applied consistently to all periods presented in these unaudited condensed consolidated interim financial statements as if the policies have always been in effect. |
Basis of Presentation | These unaudited condensed consolidated interim financial statements are expressed in US dollars and have been prepared on a historical cost basis except for financial instruments that have been measured at fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting on a going concern basis. The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements as if the policies have always been in effect. |
Foreign currency translation | Foreign currency transactions Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the dates of the transactions. At each financial position reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at the date of the statement of financial position. Non-monetary items that are measured in terms of historical cost in a foreign currency are not re-translated. Foreign operations Subsidiaries that have functional currencies other than the US dollar translate their statement of operations items at the average rate during the year. Assets and liabilities are translated at exchange rates prevailing at the end of each reporting period. Exchange rate variations resulting from the retranslation at the closing rate of the net investment in these subsidiaries, together with differences between their statement of operations items translated at actual and average rates, are recognized in accumulated other comprehensive income (loss). On disposition or partial disposition of a foreign operation, the cumulative amount of related exchange difference is recognized in the statement of operations. |
Significant accounting judgments and estimates | The Company’s management makes judgments in its process of applying the Company’s accounting policies to the preparation of its unaudited condensed consolidated interim financial statements. In addition, the preparation of financial data requires that the Company’s management make assumptions and estimates of the impacts on the carrying amounts of the Company’s assets and liabilities at the end of the reporting period from uncertain future events and on the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates and the resulting impacts on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively. The critical judgments and estimates applied in the preparation of the Company’s unaudited condensed consolidated interim financial statements for the three months ended March 31, 2024, are consistent with those applied and disclosed in Note 2 to the Company’s audited consolidated financial statements for the year ended December 31, 2023. |
Basis of consolidation | The audited consolidated financial statements include the accounts of the Company and its Mexican subsidiaries as follows: Subsidiary Ownership Interest Jurisdiction Nature of Operations Oniva Silver and Gold Mines S.A. de C.V. 100 % Mexico Mexican administration Nueva Vizcaya Mining, S.A. de C.V. 100 % Mexico Mexican administration Promotora Avino, S.A. de C.V. (“Promotora”) 79.09 % Mexico Holding company Compañía Minera Mexicana de Avino, S.A. de C.V. (“Avino Mexico”) 98.45% direct 1.22% indirect (Promotora) 99.67% effective Mexico Mining and exploration La Luna Silver & Gold Mines Ltd. 100 % Canada Holding company La Preciosa Silver & Gold Mines Ltd. 100 % Canada Holding company Proyectos Mineros La Preciosa S.A. de C.V. 100 % Mexico Mining and exploration Cervantes LLP 100 % U.S. Holding company Intercompany balances and transactions, including unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the consolidated financial statements. |
BASIS OF PRESENTATION (Tables)
BASIS OF PRESENTATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Schedule of Audited Consolidated Financial Statements | Subsidiary Ownership Interest Jurisdiction Nature of Operations Oniva Silver and Gold Mines S.A. de C.V. 100 % Mexico Mexican administration Nueva Vizcaya Mining, S.A. de C.V. 100 % Mexico Mexican administration Promotora Avino, S.A. de C.V. (“Promotora”) 79.09 % Mexico Holding company Compañía Minera Mexicana de Avino, S.A. de C.V. (“Avino Mexico”) 98.45% direct 1.22% indirect (Promotora) 99.67% effective Mexico Mining and exploration La Luna Silver & Gold Mines Ltd. 100 % Canada Holding company La Preciosa Silver & Gold Mines Ltd. 100 % Canada Holding company Proyectos Mineros La Preciosa S.A. de C.V. 100 % Mexico Mining and exploration Cervantes LLP 100 % U.S. Holding company |
TAXES RECEOVERABLE (Tables)
TAXES RECEOVERABLE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Schedule Of Income Taxes Recoverable And Canadian Sales Taxes | March 31, 2024 December 31, 2023 VAT recoverable $ 2,767 $ 3,231 GST recoverable 14 20 Income taxes recoverable 3,721 3,329 $ 6,502 $ 6,580 |
INVENTORY (Tables)
INVENTORY (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Schedule Of Inventory | March 31, 2024 December 31, 2023 Process material stockpiles $ 2,944 $ 4,050 Concentrate inventory 3,017 2,448 Materials and supplies 2,377 2,328 $ 8,338 $ 8,826 |
LONGTERM INVESTMENTS (Tables)
LONGTERM INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Schedule Of Long-term Investments | Fair Value December 31, Net Movements in foreign Fair value adjustments Fair Value March 31, 2023 Additions exchange for the period 2024 Talisker Resources Common Shares $ 782 $ - $ (20 ) $ 141 $ 903 Silver Wolf Exploration Ltd. Common Shares 71 - (2 ) 9 78 Endurance Gold Corp. Common Shares 81 - (1 ) (18 ) 62 $ 934 $ - $ (23 ) $ 132 $ 1,043 |
EXPLORATION AND EVALUATION AS_2
EXPLORATION AND EVALUATION ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Schedule Of Exploration And Evaluation Costs | Avino, Mexico La Preciosa, Mexico British Columbia & Yukon, Canada Total Balance, December 31, 2022 $ 11,828 $ 37,975 $ 1 $ 49,804 La Preciosa non-core concessions transfer 2,946 (2,946 ) - Drilling and exploration 877 435 - 1,312 Assessments and taxes 88 (930 ) - (842 ) Effect of movements in exchange rates 22 (122 ) - (100 ) Option income (63 ) - - (63 ) Balance, December 31, 2023 $ 15,698 $ 34,412 $ 1 $ 50,111 Costs incurred during 2024: Drilling and exploration 81 662 - 743 Assessments and taxes 100 959 - 1,059 Effect of movements in exchange rates (2 ) - - (2 ) Balance, March 31, 2024 $ 15,877 $ 36,033 $ 1 $ 51,911 |
PLANT EQUIPMENT AND MINING PR_2
PLANT EQUIPMENT AND MINING PROPERTIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
PLANT EQUIPMENT AND MINING PROPERTIES | |
Schedule Of Plant, Equipment And Mining Properties | Mining properties Office equipment, furniture, and fixtures Computer equipment Mine machinery and transportation equipment Mill machinery and processing equipment Buildings and construction in process Total $ $ $ $ $ $ $ COST Balance at January 1, 2023 14,687 763 774 14,930 23,294 14,693 69,141 Additions / Transfers 3,716 78 1,176 3,270 3,079 701 12,020 Writedowns - (6 ) (22 ) (629 ) (141 ) - (798 ) Effect of movements in exchange rates (28 ) 9 1 2 - (24 ) (40 ) Balance at December 31, 2023 18,375 844 1,929 17,573 26,232 15,370 80,323 Additions / Transfers 187 6 2 138 409 (454 ) 288 Writedowns - (1 ) (1 ) - - - (2 ) Effect of movements in exchange rates 3 (2 ) 1 (1 ) - (21 ) (20 ) Balance at March 31, 2024 18,565 847 1,931 17,710 26,641 14,895 80,589 ACCUMULATED DEPLETION AND DEPRECIATION / IMPAIRMENT Balance at January 1, 2023 9,106 441 598 5,178 6,733 3,029 25,085 Additions / Transfers 367 111 204 676 1,170 294 2,822 Writedowns - (4 ) (21 ) (619 ) (9 ) - (653 ) Balance at December 31, 2023 9,473 548 781 5,235 7,894 3,323 27,254 Additions / Transfers 103 21 100 4 480 77 785 Balance at March 31, 2024 9,576 569 881 5,239 8,374 3,400 28,039 NET BOOK VALUE At March 31, 2024 8,989 278 1,050 12,471 18,267 11,495 52,550 At December 31, 2023 8,902 296 1,148 12,339 18,338 12,047 53,069 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Schedule Of Related Party Transactions With Oniva | Three months ended March 31, 2024 2023 Salaries, benefits, and consulting fees $ 293 $ 284 Share-based payments 387 321 $ 680 $ 605 |
Schedule Of Related Party Transactions And Balances | March 31, 2024 December 31, 2023 Oniva International Services Corp. $ 100 $ 102 Directors Fees 44 - Silver Wolf Exploration Ltd. (338 ) (269 ) $ (194 ) $ (167 ) |
Schedule Of Due To Related Parties | Three months ended March 31, 2024 2023 Salaries and benefits $ 254 $ 245 Office and miscellaneous 133 133 $ 387 $ 378 |
RECLAMATION PROVISION (Tables)
RECLAMATION PROVISION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
RECLAMATION PROVISION | |
Reconciliation Of The Changes In The Company's Reclamation Provision | March 31, 2024 December 31, 2023 Balance at beginning of the period $ 2,195 $ 445 Changes in estimates - 1,615 Unwinding of discount related to continuing operations 51 49 Effect of movements in exchange rates 18 86 Balance at end of the period $ 2,264 $ 2,195 |
SHARE CAPITAL AND SHAREBASED _2
SHARE CAPITAL AND SHAREBASED PAYMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
SHARE CAPITAL AND SHAREBASED PAYMENTS | |
Schedule Of Stock Options | Underlying Shares Weighted Average Exercise Price (C$) Stock options outstanding, January 1, 2023 4,256,000 $ 1.36 Granted 2,545,000 $ 1.12 Expired (105,000 ) $ 1.30 Cancelled / Forfeited (30,000 ) $ 1.40 Stock options outstanding, December 31, 2023 6,666,000 $ 1.27 Granted 2,500,000 $ 0.78 Cancelled / Forfeited (190,000 ) $ 1.26 Stock options outstanding, March 31, 2024 8,976,000 $ 1.13 Stock options exercisable, March 31, 2024 6,401,000 $ 1.27 |
Schedule Of Stock Options Outsanding And Exercisable | Outstanding Exercisable Expiry Date Price (C$) Number of Options Weighted Average Remaining Contractual Life (Years) Number of Options Weighted Average Remaining Contractual Life (Years) August 21, 2024 $ 0.79 126,000 0.39 126,000 0.39 August 4, 2025 $ 1.64 1,620,000 1.35 1,620,000 1.35 March 25, 2027 $ 1.20 2,255,000 2.98 2,255,000 2.98 May 4, 2027 $ 0.92 25,000 3.09 25,000 3.09 March 29, 2028 $ 1.12 2,300,000 4.00 2,300,000 4.00 July 10, 2028 $ 1.12 150,000 4.26 75,000 4.26 March 25, 2029 $ 0.78 2,500,000 4.99 - 4.99 8,976,000 3.49 6,401,000 2.90 |
Schedule of fair value of the stock options was calculated using the Black-Scholes model | March 31, 2024 December 31, 2023 Weighted average assumptions: Risk-free interest rate 3.51 % 3.10 % Expected dividend yield 0 % 0 % Expected warrant life (years) 5 5 Expected stock price volatility 60.73 % 61.10 % Expected forfeiture rate 15 % 17 % Weighted average fair value C$ 0.43 C$ 0.60 |
Schedule Of Rsu Outstanding | Underlying Shares Weighted Average Price (C$) RSUs outstanding, January 1, 2023 2,190,666 $ 1.27 Granted 1,878,320 $ 1.11 Exercised (1,005,334 ) $ 1.37 Cancelled / Forfeited (68,943 ) $ 1.14 RSUs outstanding, December 31, 2023 2,994,709 $ 1.14 Exercised (585,265 ) $ 1.19 RSUs outstanding, March 31, 2024 2,409,444 $ 1.13 |
Schedule of summarizes information about the RSUs | Issuance Date Price (C$) Number of RSUs Outstanding March 25, 2022 $ 1.19 577,000 March 29, 2023 $ 1.12 1,763,124 July 10, 2023 $ 0.94 69,320 2,409,444 |
Schedule Of Basic Earnings Per Share And Diluted Earnings Per Share | Three months ended March 31, 2024 2023 Net income (loss) for the period $ 599 $ (352 ) Basic weighted average number of shares outstanding 130,027,962 118,572,700 Effect of dilutive share options, warrants, and RSUs 2,994,709 4,030,229 Diluted weighted average number of shares outstanding 133,022,671 122,602,929 Basic earnings (loss) per share $ 0.00 $ (0.00 ) Diluted earnings (loss) per share $ 0.00 $ (0.00 ) |
REVENUE AND COST OF SALES (Tabl
REVENUE AND COST OF SALES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
REVENUE AND COST OF SALES | |
Schedule Of Revenue | March 31, 2024 March 31, 2023 Concentrate sales $ 12,674 $ 9,992 Provisional pricing adjustments (281 ) (167 ) $ 12,393 $ 9,825 |
Schedule Of Cost Of Sales | March 31, 2024 March 31, 2023 Production costs $ 9,233 $ 7,304 Depreciation and depletion 821 670 $ 10,054 $ 7,974 |
GENERAL AND ADMINISTRATIVE EX_2
GENERAL AND ADMINISTRATIVE EXPENSES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Schedule Of General And Administrative Expenses | March 31, 2024 March 31, 2023 Salaries and benefits $ 396 $ 395 Office and miscellaneous 381 192 Professional fees 159 239 Management and consulting fees 107 106 Investor relations 73 81 Travel and promotion 35 54 Directors fees 44 44 Regulatory and compliance fees 41 38 Depreciation 36 35 $ 1,272 $ 1,184 |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Schedule Of Commitments | March 31, 2024 December 31, 2023 Not later than one year $ 214 $ 714 Later than one year and not later than five years 1,292 1,241 Later than five years 4,146 3,965 $ 5,652 $ 5,920 |
SUPPLEMENT CASH FLOW INFORMAT_2
SUPPLEMENT CASH FLOW INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Schedule Of Supplement Cash Flow Information | March 31, 2024 March 31, 2023 Net change in non-cash working capital items: Inventory $ 418 $ (1,419 ) Prepaid expenses and other assets (106 ) (18 ) Taxes recoverable 78 (625 ) Taxes payable 62 (867 ) Accounts payable and accrued liabilities (1,153 ) 1,466 Amounts receivable 1,447 658 Amounts due to related parties (27 ) 39 $ 719 $ (766 ) March 31, 2024 March 31, 2023 Other non-cash supplementary information: Interest paid $ 64 $ 42 Taxes paid 10 5 $ 74 $ 47 March 31, 2024 March 31, 2023 Non-cash investing and financing activities: Shares acquired under terms of option agreements - 41 Transfer of share-based payments reserve upon exercise of RSUs 512 512 Equipment acquired under finance leases and equipment loans 108 1,808 $ 620 $ 2,361 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Schedule Of Contractual Obligations And Commitments | Total Less Than 1 Year 1-5 years More Than 5 Years Accounts payable and accrued liabilities $ 10,713 $ 10,713 $ - $ - Minimum rental and lease payments 5,652 214 1,292 4,146 Equipment loans 341 184 157 - Finance lease obligations 2,962 1,734 1,228 - Total $ 19,668 $ 12,845 $ 2,677 $ 4,146 |
Schedule Of Foreign Currency Risk | March 31, 2024 December 31, 2023 MXN CDN MXN CDN Cash $ 8,108 $ 252 $ 13,338 $ 70 Due from related parties 5,643 - 4,558 - Long-term investments - 1,414 - 1,236 Reclamation bonds - 6 - 6 Amounts receivable 3,042 20 18,644 26 Accounts payable and accrued liabilities (78,884 ) (145 ) (95,662 ) (150 ) Due to related parties - (195 ) - (135 ) Finance lease obligations (800 ) (179 ) (1,129 ) (217 ) Net exposure (62,891 ) 1,173 (60,251 ) 836 US dollar equivalent $ (3,767 ) $ 865 $ (3,567 ) $ 577 |
Schedule Of Fair Value On Recurring Basis | Level 1 Level 2 Level 3 Financial assets Cash $ 3,474 $ - $ - Amounts receivable - 1,856 - Long-term investments 1,043 - - Total financial assets $ 4,517 $ 1,856 $ - |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Schedule Of consolidated statements of operations forrevenue | March 31, 2024 March 31, 2023 Silver $ 5,036 $ 3,608 Gold 3,033 3,135 Copper 5,906 4,689 Penalties, treatment costs and refining charges (1,582 ) (1,607 ) Total revenue from mining operations $ 12,393 $ 9,825 |
Schedule Of customers accounted for total revenues | March 31, 2024 March 31, 2023 Customer #1 $ 8,596 $ 9,225 Customer #2 3,784 600 Other customers 13 - Total revenue from mining operations $ 12,393 $ 9,825 |
Schedule Of Geographical information relating non-current assets | March 31, 2024 December 31, 2023 Exploration and evaluation assets - Mexico $ 51,910 $ 50,110 Exploration and evaluation assets - Canada 1 1 Total exploration and evaluation assets $ 51,911 $ 50,111 March 31, 2024 December 31, 2023 Plant, equipment, and mining properties - Mexico $ 52,398 $ 52,891 Plant, equipment, and mining properties - Canada 152 178 Total plant, equipment, and mining properties $ 52,550 $ 53,069 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Oniva Silver And GoldMines SADeCV [Member] | |
Statement [Line Items] | |
Ownership Interest | 100% |
Jurisdiction | Mexico |
Nueva Vizcaya Mining, S.A. de C.V. (Member) | |
Statement [Line Items] | |
Ownership Interest | 100% |
Jurisdiction | Mexico |
Promotora Avino, S.A. de C.V. (Member) | |
Statement [Line Items] | |
Ownership Interest | 79.09% |
Jurisdiction | Mexico |
La Preciosa Silver & Gold Mines Ltd.(Member) | |
Statement [Line Items] | |
Ownership Interest | 100% |
Jurisdiction | Canada |
La Luna Silver & Gold Mines Ltd. (Member) | |
Statement [Line Items] | |
Ownership Interest | 100% |
Jurisdiction | Canada |
Proyectos Mineros La Preciosa S.A. de C.V. (Member) | |
Statement [Line Items] | |
Ownership Interest | 100% |
Jurisdiction | Mexico |
Cervantes LLP (Member) | |
Statement [Line Items] | |
Ownership Interest | 100% |
Jurisdiction | U.S. |
Compania Minera Mexicana de Avino, S.A. de C.V. (Member) | |
Statement [Line Items] | |
Jurisdiction | Mexico |
Ownership Interest Indirect | 1.22% |
Ownership Interest Direct | 98.45% |
Ownership Interest Effective | 99.67% |
TAXES RECOVERABLE (Details)
TAXES RECOVERABLE (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Vat Recoverable | $ 2,767 | $ 3,231 |
Gst Recoverable | 14 | 20 |
Income Taxes Recoverable | 3,721 | 3,329 |
Total Taxes Recoverable | $ 6,502 | $ 6,580 |
INVENTORY (Details)
INVENTORY (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Process Material Stockpiles | $ 2,944 | $ 4,050 |
Concentrate Inventory | 3,017 | 2,448 |
Materials And Supplies | 2,377 | 2,328 |
Inventories | $ 8,338 | $ 8,826 |
INVENTORY (Details Narrative)
INVENTORY (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Amount of inventory recognized as an expense | $ 10,054,000 | $ 7,794,000 | |
Wrote down material and supplies inventory | $ 0 | $ 270,000 |
LONG TERM INVESTMENTS (Details)
LONG TERM INVESTMENTS (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Statement [Line Items] | |
Fair Value Of Long Term Investments, Beggining Balance | $ 934 |
Net Additions And (warrants Exercised) | 0 |
Movements In Foreign Exchange | (23) |
Fair Value Adjustments For The Period | 132 |
Fair Value Of Long Term Investments, Ending Balance | 1,043 |
Talisker Resources Ltd [Member] | Common Shares [Member] | |
Statement [Line Items] | |
Fair Value Of Long Term Investments, Beggining Balance | 782 |
Net Additions And (warrants Exercised) | 0 |
Movements In Foreign Exchange | 20 |
Fair Value Adjustments For The Period | (141) |
Fair Value Of Long Term Investments, Ending Balance | 903 |
Endurance Gold Corp. Common Shares | |
Statement [Line Items] | |
Fair Value Of Long Term Investments, Beggining Balance | 81 |
Net Additions And (warrants Exercised) | 0 |
Movements In Foreign Exchange | (1) |
Fair Value Adjustments For The Period | (18) |
Fair Value Of Long Term Investments, Ending Balance | 62 |
Silver Wolf Exploration Ltd. [Member] | Common Share [Member] | |
Statement [Line Items] | |
Fair Value Of Long Term Investments, Beggining Balance | 71 |
Net Additions And (warrants Exercised) | 0 |
Movements In Foreign Exchange | (2) |
Fair Value Adjustments For The Period | 9 |
Fair Value Of Long Term Investments, Ending Balance | $ 78 |
EXPLORATION AND EVALUATION AS_3
EXPLORATION AND EVALUATION ASSETS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Statement [Line Items] | ||
Beginning balance | $ 50,111 | $ 49,804 |
Drilling and exploration | 743 | 1,312 |
Assessments and taxes | 1,059 | (842) |
Effect of movements in exchange rates | (2) | (100) |
La preciosa non-core concessions transfer | 0 | |
Option income | (63) | |
Ending balance | 51,911 | 50,111 |
Avino, Mexico City [Member] | ||
Statement [Line Items] | ||
Beginning balance | 15,698 | 11,828 |
Drilling and exploration | 81 | 877 |
Assessments and taxes | 100 | 88 |
Effect of movements in exchange rates | (2) | 22 |
La preciosa non-core concessions transfer | 2,946 | |
Option income | (63) | |
Ending balance | 15,877 | 15,698 |
British Columbia & Yukon, Canada [Member] | ||
Statement [Line Items] | ||
Beginning balance | 1 | 1 |
Drilling and exploration | 0 | 0 |
Assessments and taxes | 0 | 0 |
Effect of movements in exchange rates | 0 | 0 |
Option income | 0 | |
Ending balance | 1 | 1 |
La Preciosa, Mexico [Member] | ||
Statement [Line Items] | ||
Beginning balance | 34,412 | 37,975 |
Drilling and exploration | 662 | 435 |
Assessments and taxes | 959 | (930) |
Effect of movements in exchange rates | 0 | (122) |
La preciosa non-core concessions transfer | (2,946) | |
Option income | 0 | |
Ending balance | $ 36,033 | $ 34,412 |
EXPLORATION AND EVALUATION AS_4
EXPLORATION AND EVALUATION ASSETS (Details Narrative) $ in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) integer | Dec. 31, 2012 CAD ($) shares | Dec. 31, 2023 a integer | |
Durango, Mexico [Member] | Unification La Platosa properties [Member] | |||
Statement [Line Items] | |||
Description For Exploration Period | the Company has obtained the exclusive right to explore and mine the property for an initial period of 15 years, with the option to extend the agreement for another 5 years | ||
Exploration And Mining Rights Acquisition Consideration Transferred, Shares Issued | shares | 135,189 | ||
Exploration And Mining Rights Acquisition Consideration Transferred Shares Issued, Value | $ | $ 250 | ||
Durango, Mexico [Member] | Unification La Platosa properties [Member] | Minerales [Member] | |||
Statement [Line Items] | |||
Description Of Royalty Terms | The Company has agreed to pay to Minerales a royalty equal to 3.5% of net smelter returns (“NSR”). In addition, after the start of production, if the minimum monthly processing rate of the mine facilities is less than 15,000 tonnes, then the Company must pay to Minerales a minimum royalty equal to the applicable NSR royalty based on the processing at a monthly rate of 15,000 tonnes | ||
Description For Exclusive Right Acquisition Under Agreement | Minerales has also granted to the Company the exclusive right to purchase a 100% interest in the property at any time during the term of the agreement (or any renewal thereof), upon payment of $8 million within 15 days of the Company’s notice of election to acquire the property. The purchase would be subject to a separate purchase agreement for the legal transfer of the property | ||
9 Concessions [Member] | Durango, Mexico [Member] | Gomez Palacio property [Member] | |||
Statement [Line Items] | |||
Area Of Exploitation Concessions | 2,549 | ||
Avino Mine Area Property [Member] | 24 Concessions [Member] | Durango, Mexico [Member] | |||
Statement [Line Items] | |||
Area Of Exploitation Concessions | 154.4 | ||
Number Of Exploitation Concessions | integer | 24 | ||
Avino Mine Area Property [Member] | 1 Concessions [Member] | Durango, Mexico [Member] | |||
Statement [Line Items] | |||
Area Of Exploitation Concessions | 98.83 | ||
La Preciosa, Mexico [Member] | |||
Statement [Line Items] | |||
Area Of Exploitation Concessions | 1,284.7 | ||
Avino, Mexico [Member] | |||
Statement [Line Items] | |||
Number Of Mineral Claims Owned By Avino Mexico | integer | 42 | ||
Eagle property option agreement [Member] | Mayo Mining Division [Member] | Yukon, Canada [Member] | |||
Statement [Line Items] | |||
Terms Of Agreement | The Company has a 100% interest in 14 quartz leases located in the Mayo Mining Division of Yukon, Canada, which collectively comprise the Eagle property | ||
Cash Consideration | $ | $ 250 | ||
Silver Wolf Exploration Ltd. [Member] | Option Agreement [Member] | |||
Statement [Line Items] | |||
Ownership Percentage | 100% |
NONCONTROLLING INTEREST (Detail
NONCONTROLLING INTEREST (Details Narrative) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Ownership Interest, Percentage | 99.67% | 99.67% |
Non-controlling Interest | 0.33% | 0.33% |
PLANT EQUIPMENT AND MINING PR_3
PLANT EQUIPMENT AND MINING PROPERTIES (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Statement [Line Items] | ||
Beginning Balance | $ 80,323,000 | $ 69,141,000 |
Additions/ Transfers | 288,000 | 12,020,000 |
Writendowns | (2,000) | (798,000) |
Effect Of Movements In Exchange Rates | (20,000) | (40,000) |
Ending balance | 80,589,000 | 80,323,000 |
Accumulated Depletion And Depreciation, Beginning Balance | 27,254,000 | 25,085,000 |
Accumulated Depletion And Depreciation, Additions / Transfers | 785,000 | 2,822,000 |
Accumulated Depletion And Depreciation, Ending Balance | 28,039,000 | 27,254,000 |
Accumulated Depletion And Depreciation, Writedowns | (653,000) | |
Net book value | 52,550,000 | 53,069,000 |
Office Equipment Furniture And Fixtures [Member] | ||
Statement [Line Items] | ||
Beginning Balance | 844,000 | 763,000 |
Additions/ Transfers | 6,000 | 78,000 |
Writendowns | (1,000) | (6,000) |
Effect Of Movements In Exchange Rates | (2,000) | 9,000 |
Ending balance | 847,000 | 844,000 |
Accumulated Depletion And Depreciation, Beginning Balance | 548,000 | 441,000 |
Accumulated Depletion And Depreciation, Additions / Transfers | 21,000 | 111,000 |
Accumulated Depletion And Depreciation, Ending Balance | 569,000 | 548,000 |
Accumulated Depletion And Depreciation, Writedowns | (4,000) | |
Net book value | 278,000 | 296,000 |
Mine Machinery And Transportation Equipment [Member] | ||
Statement [Line Items] | ||
Beginning Balance | 17,573,000 | 14,930,000 |
Additions/ Transfers | 138,000 | 3,270,000 |
Writendowns | 0 | (629,000) |
Effect Of Movements In Exchange Rates | (1,000) | 2,000 |
Ending balance | 17,710,000 | 17,573,000 |
Accumulated Depletion And Depreciation, Beginning Balance | 5,235,000 | 5,178,000 |
Accumulated Depletion And Depreciation, Additions / Transfers | 4,000 | 676,000 |
Accumulated Depletion And Depreciation, Ending Balance | 5,239,000 | 5,235,000 |
Accumulated Depletion And Depreciation, Writedowns | (619,000) | |
Net book value | 12,471,000 | 12,339,000 |
Mill Machinery And Processing Equipment [Member] | ||
Statement [Line Items] | ||
Beginning Balance | 26,232,000 | 23,294,000 |
Additions/ Transfers | 409,000 | 3,079,000 |
Writendowns | 0 | (141,000) |
Effect Of Movements In Exchange Rates | 0 | 0 |
Ending balance | 26,641,000 | 26,232,000 |
Accumulated Depletion And Depreciation, Beginning Balance | 7,894,000 | 6,733,000 |
Accumulated Depletion And Depreciation, Additions / Transfers | 480,000 | 1,170,000 |
Accumulated Depletion And Depreciation, Ending Balance | 8,374,000 | 7,894,000 |
Accumulated Depletion And Depreciation, Writedowns | (9,000) | |
Net book value | 18,267,000 | 18,338,000 |
Mining Property [Member] | ||
Statement [Line Items] | ||
Beginning Balance | 18,375,000 | 14,687,000 |
Additions/ Transfers | 187,000 | 3,716,000 |
Writendowns | 0 | 0 |
Effect Of Movements In Exchange Rates | 3,000 | (28,000) |
Ending balance | 18,565,000 | 18,375,000 |
Accumulated Depletion And Depreciation, Beginning Balance | 9,473,000 | 9,106,000 |
Accumulated Depletion And Depreciation, Additions / Transfers | 103,000 | 367,000 |
Accumulated Depletion And Depreciation, Ending Balance | 9,576,000 | 9,473,000 |
Accumulated Depletion And Depreciation, Writedowns | 0 | |
Net book value | 8,989,000 | 8,902,000 |
Computer equipment [member] | ||
Statement [Line Items] | ||
Beginning Balance | 1,929,000 | 774,000 |
Additions/ Transfers | 2,000 | 1,176,000 |
Writendowns | (1,000) | (22,000) |
Effect Of Movements In Exchange Rates | 1,000 | 1,000 |
Ending balance | 1,931,000 | 1,929,000 |
Accumulated Depletion And Depreciation, Beginning Balance | 781,000 | 598,000 |
Accumulated Depletion And Depreciation, Additions / Transfers | 100,000 | 204,000 |
Accumulated Depletion And Depreciation, Ending Balance | 881,000 | 781,000 |
Accumulated Depletion And Depreciation, Writedowns | (21,000) | |
Net book value | 1,050,000 | 1,148,000 |
Buildings and construction in process [Member] | ||
Statement [Line Items] | ||
Beginning Balance | 15,370,000 | 14,693,000 |
Additions/ Transfers | (454,000) | 701,000 |
Writendowns | 0 | 0 |
Effect Of Movements In Exchange Rates | (21,000) | (24,000) |
Ending balance | 14,895,000 | 15,370,000 |
Accumulated Depletion And Depreciation, Beginning Balance | 3,323,000 | 3,029,000 |
Accumulated Depletion And Depreciation, Additions / Transfers | 77,000 | 294,000 |
Accumulated Depletion And Depreciation, Ending Balance | 3,400,000 | 3,323,000 |
Accumulated Depletion And Depreciation, Writedowns | 0 | |
Net book value | $ 11,495,000 | $ 12,047,000 |
PLANT EQUIPMENT AND MINING PR_4
PLANT EQUIPMENT AND MINING PROPERTIES (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
PLANT EQUIPMENT AND MINING PROPERTIES | ||
Assets Under Construction | $ 3,341 | $ 3,166 |
Property Plant Equipment, Write down | 1 | 144 |
Property Plant Equipment, Net Carrying Amount | $ 5,850 | $ 5,832 |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND BALANCES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Salaries, Benefits, And Consulting Fees | $ 293 | $ 284 |
Share-based Payments | 387 | 321 |
Total Key Management Personnel Compensation | $ 680 | $ 605 |
RELATED PARTY TRANSACTIONS AN_4
RELATED PARTY TRANSACTIONS AND BALANCES (Details 1) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement [Line Items] | ||
Total amounts due to related parties | $ (194) | $ (167) |
Oniva International Services Corp. [Member] | ||
Statement [Line Items] | ||
Due To Related Parties | 100 | 102 |
Directors Fees [Member] | ||
Statement [Line Items] | ||
Due To Related Parties | 44 | 0 |
Silver Wolf Exploration Ltd. [Member] | ||
Statement [Line Items] | ||
Due To Related Parties | $ (338) | $ (269) |
RELATED PARTY TRANSACTIONS AN_5
RELATED PARTY TRANSACTIONS AND BALANCES (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement [Line Items] | ||
Salaries And Benefits | $ 293 | $ 284 |
Office And Miscellaneous | 381 | 192 |
Oniva International Services Corp. [Member] | ||
Statement [Line Items] | ||
Salaries And Benefits | 254 | 245 |
Office And Miscellaneous | 133 | 133 |
Total Cost | $ 387 | $ 378 |
RELATED PARTY TRANSACTIONS AN_6
RELATED PARTY TRANSACTIONS AND BALANCES (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement [Line Items] | ||
Salaries, Benefits, And Consulting Fees | $ 293 | $ 284 |
ICC [Member] | ||
Statement [Line Items] | ||
Salaries, Benefits, And Consulting Fees | $ 71 | $ 71 |
RECLAMATION PROVISION (Details)
RECLAMATION PROVISION (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
RECLAMATION PROVISION | ||
Balance At Beginning Of The Year | $ 2,195 | $ 445 |
Changes In Estimates | 0 | 1,615 |
Unwinding Of Discount Related To Continuing Operations | 51 | 49 |
Effect Of Movements In Exchange Rates | 18 | 86 |
Balance At End Of The Year | $ 2,264 | $ 2,195 |
RECLAMATION PROVISION (Details
RECLAMATION PROVISION (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Management's estimate one [Member] | ||
Statement [Line Items] | ||
Risk Free Interest Rate | 9.72% | 9.82% |
Inflation Rate | 3.88% | 3.76% |
Management's Estimate [Member] | ||
Statement [Line Items] | ||
Reclamation Provision | $ 2,264 | $ 2,195 |
Reclamation Provision Undiscounted Value | $ 5,627 | $ 5,491 |
SHARE CAPITAL AND SHAREBASED _3
SHARE CAPITAL AND SHAREBASED PAYMENTS (Details) - Stock options [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Statement [Line Items] | ||
Stock Options Outstanding, Beginning | 6,666,000 | 4,256,000 |
Granted | 2,500,000 | 2,545,000 |
Expired | (105,000) | |
Cancelled / Forfeited | (190,000) | (30,000) |
Stock Options Outstanding, Ending | 8,976,000 | 6,666,000 |
Stock Options Exercisable | 6,401,000 | |
Outstanding And Exercisable Weighted Average Exercise Price, Beginning | $ 1.27 | $ 1.36 |
Weighted Average Exercise Price, Granted | 0.78 | 1.12 |
Weighted Average Exercise Price, Expired | 1.30 | |
Weighted Average Exercise Price, Cancelled / Forfeited | 1.26 | 1.40 |
Outstanding And Exercisable Weighted Average Exercise Price, Ending | 1.13 | $ 1.27 |
Weighted Average Exercise Price, Stock Options Exercisable | $ 1.27 |
SHARE CAPITAL AND SHAREBASED _4
SHARE CAPITAL AND SHAREBASED PAYMENTS (Details 1) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Stock options [Member] | |
Statement [Line Items] | |
Stock Options Exercisable | 6,401,000 |
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding | 3 years 5 months 26 days |
Stock Options Outstanding | 8,976,000 |
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable | 2 years 10 months 24 days |
Stock options [Member] | July 10, 2028 [Member] | |
Statement [Line Items] | |
Expiry Date | Jul. 10, 2028 |
Exercise Price | $ / shares | $ 1.12 |
Stock Options Exercisable | 75,000 |
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding | 4 years 3 months 3 days |
Stock Options Outstanding | 150,000 |
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable | 4 years 3 months 3 days |
Stock options [Member] | August 21, 2024 [Member] | |
Statement [Line Items] | |
Expiry Date | Aug. 21, 2024 |
Exercise Price | $ / shares | $ 0.79 |
Stock Options Exercisable | 126,000 |
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding | 4 months 20 days |
Stock Options Outstanding | 126,000 |
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable | 4 months 20 days |
Stock options [Member] | August 4, 2025 [Member] | |
Statement [Line Items] | |
Expiry Date | Aug. 04, 2025 |
Exercise Price | $ / shares | $ 1.64 |
Stock Options Exercisable | 1,620,000 |
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding | 1 year 4 months 6 days |
Stock Options Outstanding | 1,620,000 |
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable | 1 year 4 months 6 days |
Stock options [Member] | March 25, 2027 [Member] | |
Statement [Line Items] | |
Expiry Date | Mar. 25, 2027 |
Exercise Price | $ / shares | $ 1.20 |
Stock Options Exercisable | 2,255,000 |
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding | 2 years 11 months 23 days |
Stock Options Outstanding | 2,255,000 |
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable | 2 years 11 months 23 days |
Stock options [Member] | March 29, 2028 [Member] | |
Statement [Line Items] | |
Expiry Date | Mar. 29, 2028 |
Exercise Price | $ / shares | $ 1.12 |
Stock Options Exercisable | 2,300,000 |
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding | 4 years |
Stock Options Outstanding | 2,300,000 |
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable | 4 years |
Stock options [Member] | March 25, 2029 [Member] | |
Statement [Line Items] | |
Expiry Date | Mar. 25, 2029 |
Exercise Price | $ / shares | $ 0.78 |
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding | 4 years 11 months 26 days |
Stock Options Outstanding | 2,500,000 |
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable | 4 years 11 months 26 days |
Stock Option [Member] | May 4, 2027 [Member] | |
Statement [Line Items] | |
Expiry Date | May 04, 2027 |
Stock Options Exercisable | 25,000 |
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding | 3 years 1 month 2 days |
Stock Options Outstanding | 25,000 |
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable | 3 years 1 month 2 days |
Exercise price | $ / shares | $ 0.92 |
SHARE CAPITAL AND SHAREBASED _5
SHARE CAPITAL AND SHAREBASED PAYMENTS (Details 2) - Stock options [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Statement [Line Items] | ||
Risk-free Interest Rate | 3.51% | 3.10% |
Expected Dividend Yield | 0% | 0% |
Expected warrant life (years) | 5 years | 5 years |
Expected Stock Price Volatility | 60.73% | 61.10% |
Expected Forfeiture Rate | 15% | 17% |
Weighted Average Fair Value | $ 0.43 | $ 0.60 |
SHARE CAPITAL AND SHAREBASED _6
SHARE CAPITAL AND SHAREBASED PAYMENTS (Details 3) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
SHARE CAPITAL AND SHAREBASED PAYMENTS | ||
RSUs outstanding beg | 2,994,709 | 2,190,666 |
Granted | 1,878,320 | |
Exercised | (585,265) | (1,005,334) |
Cancelled and Forfeited | (68,943) | |
RSUs outstanding end | 2,409,444 | 2,994,709 |
RSUs outstanding weighted average price beg | $ 1.14 | $ 1.27 |
RSUs outstanding weighted average price granted | 1.11 | |
RSUs outstanding weighted average price exercised | 1.19 | 1.37 |
RSUs outstanding weighted average price cancelled forfeited | 1.14 | |
RSUs outstanding weighted average price end | $ 1.13 | $ 1.14 |
SHARE CAPITAL AND SHAREBASED _7
SHARE CAPITAL AND SHAREBASED PAYMENTS (Details 4) - Restricted Share Units [Member] | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Statement [Line Items] | |
Stock Options Outstanding | 2,409,444 |
March 29, 2023 [Member] | |
Statement [Line Items] | |
Exercise Price | $ / shares | $ 1.12 |
Stock Options Outstanding | 1,763,124 |
March 25, 2022 [Member] | |
Statement [Line Items] | |
Exercise Price | $ / shares | $ 1.19 |
Stock Options Outstanding | 577,000 |
July 10, 2023 [Member] | |
Statement [Line Items] | |
Exercise Price | $ / shares | $ 0.94 |
Stock Options Outstanding | 69,320 |
SHARE CAPITAL AND SHAREBASED _8
SHARE CAPITAL AND SHAREBASED PAYMENTS (Details 5) - Earning loss Per Share [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement [Line Items] | ||
Net income for the period | $ 599 | $ (352) |
Basic weighted average number of shares outstanding | 130,027,962 | 118,572,700 |
Effect of dilutive share options, warrants, and RSUs ('000) | 2,994,709 | 4,030,229 |
Diluted weighted average number of shares outstanding | 133,022,671 | 122,602,929 |
Basic and diluted earnings per share | $ 0 | $ 0 |
Diluted earnings (loss) per share | $ 0 | $ 0 |
SHARE CAPITAL AND SHAREBASED _9
SHARE CAPITAL AND SHAREBASED PAYMENTS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Statement [Line Items] | |||
Common Shares Issued | 1,886,248 | 9,373,825 | |
Gross Proceeds On Cash Commission | $ 25 | $ 155 | |
Cash commission | 2.75% | 2.75% | |
Issuance shares costs | $ 13 | $ 339 | |
Net proceeds from cash commission | 901 | 5,493 | |
Proceeds from gross prospectus supplement | 926 | $ 5,648 | |
Fair Value Of Stock Options Granted, Share-based Payments | $ 92 | $ 62 | |
Restricted Share Units | 0 | 1,878,320 | |
Weighted Average Fair Value Per Share | $ 1.11 | $ 1.11 | |
Share-based Payments for fair value | $ 331 | $ 277 | |
Share Capital Two [Member] | |||
Statement [Line Items] | |||
Issued common shares upon exercise of RSUs | 585,265 | 1,005,333 | |
Common shares issued carrying value of RSUs exercised | $ 512 | $ 1,019 |
REVENUE AND COST OF SALES (Deta
REVENUE AND COST OF SALES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
REVENUE AND COST OF SALES | ||
Concentrate Sales | $ 12,674 | $ 9,992 |
Provisional Pricing Adjustments | (281) | (167) |
Total Revenue | $ 12,393 | $ 9,825 |
REVENUE AND COST OF SALES (De_2
REVENUE AND COST OF SALES (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
REVENUE AND COST OF SALES | ||
Production costs | $ 9,233 | $ 7,304 |
Depreciation and depletion | 821 | 670 |
Total cost | $ 10,054 | $ 7,974 |
GENERAL AND ADMINISTRATIVE EX_3
GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Salaries and benefits | $ 396 | $ 395 |
Office and miscellaneous | 381 | 192 |
Professional fees | 159 | 239 |
Management and consulting fees | 107 | 106 |
Investor relations | 73 | 81 |
Travel and promotion | 35 | 54 |
Directors fees | 44 | 44 |
Regulatory and compliance fees | 41 | 38 |
Depreciation | 36 | 35 |
General and administrative expenses | $ 1,272 | $ 1,184 |
COMMITMENTS (Details)
COMMITMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Statement [Line Items] | ||
Minimum Rental And Lease Payments | $ 5,652 | $ 5,920 |
Later than five years [member] | ||
Statement [Line Items] | ||
Minimum Rental And Lease Payments | 4,146 | 3,965 |
Not later than one year [member] | ||
Statement [Line Items] | ||
Minimum Rental And Lease Payments | 214 | 714 |
1-5 years [member] | ||
Statement [Line Items] | ||
Minimum Rental And Lease Payments | $ 1,292 | $ 1,241 |
COMMITMENTS (Details Narrative)
COMMITMENTS (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Office lease payments recognized as expense | $ 10 | $ 4 |
SUPPLEMENTARY CASH FLOW INFORMA
SUPPLEMENTARY CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net change in non-cash working capital items: | ||
Inventory | $ 418 | $ (1,419) |
Prepaid expenses and other assets | (106) | (18) |
Taxes recoverable | 78 | (625) |
Taxes payable | 62 | (867) |
Accounts payable and accrued liabilities | (1,153) | 1,466 |
Amounts receivable | 1,447 | 658 |
Amounts due to related parties | (27) | 39 |
Net change in non-cash working capital | $ 719 | $ (766) |
SUPPLEMENTARY CASH FLOW INFOR_2
SUPPLEMENTARY CASH FLOW INFORMATION (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest paid | $ 64 | $ 42 |
Taxes paid | 10 | 5 |
Equipment acquired under finance leases and equipment loans | $ 74 | $ 47 |
SUPPLEMENTARY CASH FLOW INFOR_3
SUPPLEMENTARY CASH FLOW INFORMATION (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Shares acquired under terms of option agreements | $ 0 | $ 41 |
Transfer of share-based payments reserve upon exercise of RSUs | 512 | 512 |
Equipment acquired under finance leases and equipment loans | 108 | 1,808 |
Non-cash investing and financing activities | $ 620 | $ 2,361 |
FINANCIAL INSTRUMENTS (Details)
FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement [Line Items] | ||
Accounts Payable And Accrued Liabilities | $ 10,713 | $ 11,867 |
Equipment Loans | 151 | $ 195 |
1-5 years [member] | ||
Statement [Line Items] | ||
Accounts Payable And Accrued Liabilities | 0 | |
Minimum rental and lease payments | 1,292 | |
Equipment Loans | 157 | |
Finance Lease Obligations | 1,228 | |
Total | 2,677 | |
More Than 5 Years [Member] | ||
Statement [Line Items] | ||
Accounts Payable And Accrued Liabilities | 0 | |
Minimum rental and lease payments | 4,146 | |
Equipment Loans | 0 | |
Finance Lease Obligations | 0 | |
Total | 4,146 | |
Less Than One Year [Member] | ||
Statement [Line Items] | ||
Accounts Payable And Accrued Liabilities | 10,713 | |
Minimum rental and lease payments | 214 | |
Equipment Loans | 184 | |
Finance Lease Obligations | 1,734 | |
Total | 12,845 | |
Financial Instruments [Member] | ||
Statement [Line Items] | ||
Accounts Payable And Accrued Liabilities | 10,713 | |
Minimum rental and lease payments | 5,652 | |
Equipment Loans | 341 | |
Finance Lease Obligations | 2,962 | |
Total | $ 19,668 |
FINANCIAL INSTRUMENTS (Details
FINANCIAL INSTRUMENTS (Details 1) $ in Thousands, $ in Thousands, $ in Thousands | Mar. 31, 2024 USD ($) | Mar. 31, 2024 MXN ($) | Mar. 31, 2024 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 MXN ($) | Dec. 31, 2023 CAD ($) |
Statement [Line Items] | ||||||
Long-term Investments | $ 1,043 | $ 934 | ||||
Amounts Receivable | 1,856 | 3,303 | ||||
Accounts Payable And Accrued Liabilities | $ 10,713 | $ 11,867 | ||||
MXN [Member] | ||||||
Statement [Line Items] | ||||||
Cash | $ 8,108 | $ 13,338 | ||||
Due from related parties | 5,643 | 4,558 | ||||
Long-term Investments | 0 | 0 | ||||
Reclamation Bonds | 0 | 0 | ||||
Amounts Receivable | 3,042 | 18,644 | ||||
Accounts Payable And Accrued Liabilities | (78,884) | (95,662) | ||||
Due To Related Parties | 0 | 0 | ||||
Finance Lease Obligations | (800) | (1,129) | ||||
Net Exposure | (62,891) | (60,251) | ||||
Us Dollar Equivalent | $ (3,767) | $ (3,567) | ||||
CDN [Member] | ||||||
Statement [Line Items] | ||||||
Cash | $ 252 | $ 70 | ||||
Due from related parties | 0 | 0 | ||||
Long-term Investments | 1,414 | 1,236 | ||||
Reclamation Bonds | 6 | 6 | ||||
Amounts Receivable | 20 | 26 | ||||
Accounts Payable And Accrued Liabilities | (145) | (150) | ||||
Due To Related Parties | (195) | (135) | ||||
Finance Lease Obligations | (179) | (217) | ||||
Net Exposure | 1,173 | 836 | ||||
Us Dollar Equivalent | $ 865 | $ 577 |
FINANCIAL INSTRUMENTS (Detail_2
FINANCIAL INSTRUMENTS (Details 2) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement [Line Items] | ||
Amounts Receivable | $ 1,856 | $ 3,303 |
Long-term Investments | 1,043 | $ 934 |
Level 1 of fair value hierarchy [member] | ||
Statement [Line Items] | ||
Cash | 3,474 | |
Amounts Receivable | 0 | |
Long-term Investments | 1,043 | |
Total Financial Assets | 4,517 | |
Level 2 of fair value hierarchy [member] | ||
Statement [Line Items] | ||
Cash | 0 | |
Amounts Receivable | 1,856 | |
Long-term Investments | 0 | |
Total Financial Assets | 1,856 | |
Level 3 of fair value hierarchy [member] | ||
Statement [Line Items] | ||
Cash | 0 | |
Amounts Receivable | 0 | |
Long-term Investments | 0 | |
Total Financial Assets | $ 0 |
FINANCIAL INSTRUMENTS (Detail_3
FINANCIAL INSTRUMENTS (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Statement [Line Items] | ||
Cash | $ 3,474 | $ 2,688 |
Current liabilities | $ 12,656 | 13,808 |
Interest Rate Risk [Member] | ||
Statement [Line Items] | ||
Asset And Liability Exposure, Description | A 10% change in the interest rate would not result in a material impact on the Company’s operations. | |
Liquidity Risk [Member] | ||
Statement [Line Items] | ||
Cash | 3,474 | |
Current liabilities | $ 9,785 | |
Foreign Currency Risk [Member] | ||
Statement [Line Items] | ||
Impact On Net Earning (loss) | $ 298 | |
Price Risk [Member] | ||
Statement [Line Items] | ||
Impact On Net Earning (loss) | 106 | |
Price Risk [Member] | Long-term investments [Member] | ||
Statement [Line Items] | ||
Impact On Net Earning (loss) | $ 105 |
SEGMENTED INFORMATION (Details)
SEGMENTED INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Silver | $ 5,036 | $ 3,608 |
Gold | 3,033 | 3,135 |
Copper | 5,906 | 4,689 |
Penalties, Treatment Costs And Refining Charges | (1,582) | (1,607) |
Total Revenue From Mining Operations | $ 12,393 | $ 9,825 |
SEGMENTED INFORMATION (Details
SEGMENTED INFORMATION (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Customer 1 | $ 8,596 | $ 9,225 |
Customer 2 | 3,784 | 600 |
Other Customer | 13 | 0 |
Total Revenue From Mining Operations | $ 12,393 | $ 9,825 |
SEGMENTED INFORMATION (Detail_2
SEGMENTED INFORMATION (Details 2) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Exploration And Evaluation Assets - Mexico | $ 51,910 | $ 50,110 |
Exploration And Evaluation Assets - Canada | 1 | 1 |
Total Exploration And Evaluation Assets | $ 51,911 | $ 50,111 |
SEGMENTED INFORMATION (Detail_3
SEGMENTED INFORMATION (Details 3) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Plant, Equipment And Mining Properties - Mexico | $ 52,398 | $ 52,891 |
Plant, Equipment And Mining Properties - Canada | 152 | 178 |
Total Plant, Equipment And Mining Properties | $ 52,550 | $ 53,069 |
SEGMENTED INFORMATION (Detail_4
SEGMENTED INFORMATION (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total Revenue From Mining Operations | $ 12,393 | $ 9,825 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) $ in Thousands | 1 Months Ended |
Mar. 31, 2024 USD ($) shares | |
SUBSEQUENT EVENTS | |
Issue of common share | shares | 1,256,000 |
Gross proceeds from issue of share | $ | $ 993 |