Avino acquires full ownership of La Preciosa silver project in Mexico in $22M deal

[Underground train in mine, carts in gold, silver and copper mine.]
TomasSereda/iStock via Getty Images

Avino Silver & Gold Mines (NYSE:ASM [https://seekingalpha.com/symbol/ASM]) said Monday it acquired 100% ownership [https://seekingalpha.com/pr/20209806-avino-acquires-outstanding-royalties-and-contingent-payments-on-la-preciosa-achieving-100] of its La Preciosa project in Mexico from Deterra Royalties for $22M, including a $13.25M upfront payment followed by an $8.75M payment deferred for one year.

La Preciosa is one of the largest undeveloped silver resources in Mexico, and is located adjacent to Avino's (NYSE:ASM [https://seekingalpha.com/symbol/ASM]) existing mine and infrastructure, the company said.

Avino (ASM [https://seekingalpha.com/symbol/ASM]) said it has made excellent progress advancing La Preciosa, with first production expected by year-end 2025 and significant production growth expected in the following years which will see La Preciosa become a cornerstone asset for the company.

"By eliminating the royalty burden immediately prior to commencing production, we believe we will generate meaningful returns on our investment by lowering La Preciosa's operating cost profile, and ensuring that as much of La Preciosa's value remains with the operator and its stakeholders," President and CEO David Wolfin said.

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