Avino Silver & Gold Mines Ltd. (ASM) filed a prospectus supplement on November 25, 2025, re‑establishing its short‑form base shelf prospectus and enabling the distribution of common shares under a sales agreement with Cantor Fitzgerald & Co. The filing, submitted to securities commissions across Canada (excluding Québec) and the U.S. SEC, authorizes ASM to issue shares at its discretion up to $60 million, providing a flexible, debt‑free financing tool.
The activation of the ATM program gives ASM the ability to raise capital on an as‑needed basis to fund ongoing development at its flagship La Preciosa project and other strategic initiatives. La Preciosa, one of Mexico’s largest undeveloped silver deposits, began underground development in January 2025 and is expected to deliver higher‑grade ore than ASM’s current operations. The company’s debt‑free balance sheet and significant cash reserves position it to deploy equity capital without diluting existing shareholders excessively.
Management emphasized that the program is a “strategic source of financial flexibility” that can be used “at the Company’s discretion and subject to regulatory requirements.” CEO David Wolfin noted that the ATM allows ASM to “capture upside in a favorable commodity environment while preserving a strong balance sheet.” The program’s $60 million aggregate sales amount is a substantial increase from previous ATM filings, reflecting the company’s accelerated growth plans.
While the article does not report a specific capital raise yet, the ATM program is expected to support capital needs for La Preciosa’s underground development, which requires significant upfront investment, and for potential acquisitions or other projects that could accelerate ASM’s transition to an intermediate producer. By avoiding debt, ASM maintains interest‑free financing, aligning with its cost‑discipline strategy and reducing financial risk.
The market has responded positively to the filing, with analysts noting the program’s potential to fund growth without compromising leverage. The activation is seen as a prudent move in a capital‑intensive mining sector, where companies often rely on ATM equity programs to preserve flexibility amid commodity price volatility.
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