06:16 AM EDT, 03/21/2024 (MT Newswires) -- Avino Silver & Gold Mines Ltd. ( ASM ) overnight Wednesday reported fourth-quarter 2023 adjusted earnings of US$2.0 million, or US$0.02 per share, down from US$4.0 million, or US$0.03 per share, in the year-ago quarter.

Fourth-quarter 2023 revenues also fell to US$12.5 million from US$14.6 million in the prior-year period.

The company produced 558,460 silver equivalent ounces in the fourth quarter of 2023, down from 770,127 silver equivalent ounces in the year-ago quarter.

Avino said its budgeted exploration and evaluation expenditures for 2024 will be focused on regional exploration and further understanding of the structural geology below the current Avino mine production area, with no drilling planned.

The company noted that its priority is to move the La Preciosa project forward to development and production.