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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth A CLEAR PATH TO TRANSFORMATIONAL GROWTH May 2025 The Avino Mine Property
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 2 CAUTIONARY DISCLAIMER: FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking information” and “forward-looking statements” (together, the “forward looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, including the mineral resource estimate for the Company’s Avino Property, including La Preciosa, located near Durango in west-central Mexico (the “Avino Property”) with an effective date of October 16, 2023, as well as the Prefeasibility Study dated January 16, 2024 and references to Measured, Indicated Resources, and Proven and Probable Mineral Reserves referred to in this presentation. This information and these statements, referred to herein as “forward-looking statements” are made as of the date of this document. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the estimated amount and grade of mineral reserves and mineral resources, including the cut-off grade; (ii) estimates of the capital costs of constructing mine facilities and bringing a mine into production, of operating the mine, of sustaining capital, of strip ratios and the duration of financing payback periods; (iii) the estimated amount of future production, both ore processed and metal recovered and recovery rates; (iv) estimates of operating costs, life of mine costs, net cash flow, net present value (NPV) and economic returns from an operating mine; and (v) the completion of the full Technical Report, including a Preliminary Economic Assessment, and its timing. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “envisages”, “assumes”, “intends”, “strategy”, “goals”, “objectives” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. These forward-looking statements are made as of the date of this news release and the dates of technical reports, as applicable. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. While we have based these forward-looking statements on our expectations about future events as at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, the effects of general economic conditions, the prices of gold, silver, and copper, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgments in the course of preparing forward-looking information. In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in metal prices; title matters; uncertainties and risks related to carrying on business in foreign countries; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain of our officers, directors or promoters with certain other projects; the absence of dividends; currency fluctuations; competition; dilution; the volatility of our common share price and volume; tax consequences to U.S. investors; and other risks and uncertainties. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws. For more detailed information regarding the Company including its risk factors, investors are directed to the Company’s Annual Report on Form 20-F and other periodic reports that it files with the U.S. Securities and Exchange Commission. The Company has not based its production decisions on a feasibility study or mineral reserves demonstrating economic and technical viability, and as a result there is increased uncertainty and there are multiple technical and economic risks of failure, which are associated with these production decisions. These risks, among others, include areas that would be analyzed in more detail in a feasibility study, such as applying economic analysis to resources and reserves, more detailed metallurgy, and a number of specialized studies in areas such as mining and recovery methods, market analysis, and environmental and community impacts. Cautionary note to U.S. Investors concerning estimates of Mineral Reserves and Mineral Resources - All reserve and resource estimates reported by Avino were estimated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards. The U.S. Securities and Exchange Commission (“SEC”) now recognizes estimates of “measured mineral resources,” “indicated mineral resources” and “inferred mineral resources” and uses new definitions of “proven mineral reserves” and “probable mineral reserves” that are substantially similar to the corresponding CIM Definition Standards. However, the CIM Definition Standards differ from the requirements applicable to US domestic issuers. US investors are cautioned not to assume that any “measured mineral resources,” “indicated mineral resources,” or “inferred mineral resources” that the Issuer reports are or will be economically or legally mineable. Further, “inferred mineral resources” are that part of a mineral resource for which quantity and grade are estimated on the basis of limited geologic evidence and sampling. Mineral resources which are not mineral reserves do not have demonstrated economic viability. Peter Latta, VP Technical Services, Avino, a Qualified Persons for the Company as required by NI 43-101, has reviewed the technical information concerning the properties contained in this presentation for accuracy and have authorized its disclosure.
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 3 A PRIMARY SILVER PRODUCER AND EXPLORER IN MEXICO - GROWTH PLAN TO BECOME AN INTERMEDIATE PRODUCER PROJECT PORTFOLIO • Avino Mine - Production 2024 production – 2.6M AgEq ozs 2025 target – 2.5 to 2.8M AgEq ozs • La Preciosa - Development Acquired March 2022, Adjacent to Avino Mine in Durango Underground Development has commenced, following receipt of all required permits for mining operations • Oxide Tailings Project - Development Pre-Feasibility Study Completed Proven and probable mineral reserves of 6.70 Million tonnes at a silver and gold grade of 55 g/t and 0.47 g/t respectively LARGE SILVER EQUIVALENT RESOURCE BASE • 371 million AgEq Oz - Consolidated NI 43-101 Mineral Resources at October 16, 2023 • 60% Silver - Acquisition of La Preciosa shifts resources to primarily silver CATALYSTS FOR GROWTH - FROM 1 TO 3 PRODUCING ASSETS • La Preciosa - Future silver production asset • Avino – Regional Exploration and Resource Expansion for future growth production • Oxide Tailings Project - Future gold and silver production asset TAILINGS PROJECT
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth PRODUCTION PROFILE BY PROJECT – 5 YEAR GROWTH TARGET 4 Transition from Single Production Operation to Three Producing Mines in Central Location Significant Growth by 2029
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth PRODUCTION PROFILE – RETURN TO PRIMARY SILVER 5
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 6 KEY FINANCIAL HIGHLIGHTS Q4 2024 • Record revenues of $24.4 million • Gross profit margin of 43% • Cash operating margin of 49% • Free cash flow generation of $14.1 million • All-in sustaining cash costs of $18.62/oz ASM: TSX/NYSE American www.avino.com FY 2024 • Record revenues of $66.2 million • Net Income of $8.1 million, or $0.06/share • Adj. earnings of $21.3 million or $0.15/share • Mine operating CF before taxes of $27.6 million • All-in sustaining cash costs of $20.57/oz Balance Sheet • $27.3 million in cash at December 31, 2024 • Debt-free excluding operating equipment leases
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 7 KEY OPERATING & FINANCIAL INFORMATION *See Footnotes & Non- IFRS Accounting Standards reconciliations sections in Appendix A Some items may not add up due to rounding ASM: TSX/NYSE American www.avino.com FINANCIAL RESULTS Q4 2024 Q4 2023 Change FY 2024 FY 2023 Change Revenues $24.4 M $12.5 M 95% $66.2 M $43.9 M 51% Gross profit (mine operating income) $10.5 M $2.6 M 308% $23.2 M $7.8 M 197% Net income $5.1 M $0.6 M 804% $8.1 M $0.5 M >1000% Net income – per share (diluted) $0.03 $0.00 804% $0.06 $0.00 >1000% Mine operating cash flows before taxes* $11.9 M $3.6 M 230% $27.6 M $11.0 M 150% EBITDA* $9.1 M $1.1 M 712% $18.0 M $2.5 M 620% Adjusted earnings* $10.0 M $2.0 M 405% $21.3 M $4.6 M 364% Adjusted earnings* – per share (diluted) $0.07 $0.01 405% $0.15 $0.04 364% Cash provided by operating activities (pre w/c)* $6.0 M $2.2 M 173% $15.1 M $6.2 M 141% Cash provided by operating activities (pre w/c) per share* $0.04 $0.02 173% $0.11 $0.05 141% Cash provided by operating activities $15.6 M $0.6 M >1000% $23.1 M $1.5 M >1000% Capital expenditures* $(1.5)M $(1.1)M 33% $(6.6)M $(8.5)M -23% Free cash flow* $14.1M $(0.5)M >1000% $16.5 M $(7.0)M 335%
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 8 COSTS PER OUNCE – Q4 AND FY 2024 *See Footnotes & Non-IFRS Accounting Standards reconciliations sections in Appendix A Cash Costs • Q4 2024 - $13.88 • 8% reduction to Q4 ‘23 • FY 2024 - $14.84 • 5% reduction to FY ‘23 All-in Sustaining Cash Costs • Q4 2024 - $18.62 • 14% reduction to Q4 ‘23 • FY 2024 - $20.57 • 6% reduction to Q4 ‘23 $13.88 $15.04 $14.84 $15.61 $18.62 $21.67 $20.57 $21.87 Q4 2024 Q4 2023 FY 2024 FY 2023 Per Ounce Costs Cash Cost All in Sustaining Cash Cost
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 9 COSTS PER TONNE – Q4 AND FY 2024 *See Footnotes & Non-IFRS Accounting Standards reconciliations sections in Appendix A Cash Costs • Q4 2024 - $51.11 • 17% reduction to Q4 ‘23 • FY 2024 - $55.43 • 2% reduction to FY ‘23 All-in Sustaining Cash Costs • Q4 2024 - $74.29 • 16% reduction to Q4 ‘23 • FY 2024 - $78.06 • 5% reduction to FY ‘23 $51.11 $61.69 $55.43 $56.31 $74.29 $88.62 $78.06 $82.44 Q4 2024 Q4 2023 FY 2024 FY 2023 Costs Per Tonne Processed Cash Cost All in Sustaining Cash Cost
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth Q1 2025 V Q1 2024 PRODUCTION RESULTS 10 Footnotes: 1. 1. In Q1 2025, AgEq was calculated using metal prices of $31.91 per oz Ag, $2,862 per oz Au and $4.24 per lb Cu. In Q1 2024, AgEq was calculated using $23.36 per oz Ag, $2,072 per oz Au and $3.83 per lb Cu. In Q4 2024, AgEq was calculated using metal prices of $31.34 per oz Ag, $2,662 per oz Au and $4.17 per lb Cu. Calculated figures may not add up due to rounding. 10% increase 19% increase 17% increase - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 SILVER EQUIVALENT (OZ) SILVER PRODUCTION (OZ) GOLD PRODUCTION (OZ) COPPER PRODUCTION (LBS) 629,302 250,642 1,778 1,347,110 678,458 265,681 2,225 1,603,343 Q1 2025 v Q1 2024 Q1 2024 Q1 2025 8% 25% 19% 6%
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 11 LA PRECIOSA – PROXIMITY TO AVINO – 19KM The Avino Advantage: • Dedicated powerline – 5MW • Paved road • High water supply • 100% Mexican workforce
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 12 LA PRECIOSA – 1,500 DRILL HOLES HISTORICAL AG DRILLING WITH VEINS
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 13 LA PRECIOSA – RESOURCE TABLE GLORIA ABUNDANCIA MARTHA 2 MARTHA La Preciosa Property – Mineral Resource Summary – Effective Date October 16, 2023 Grade Metal Contents Classification Tonnage Ag Au Cu AgEq Ag Au Cu AgEq Mt g/t g/t % g/t M oz k oz % M oz Total Measured - - - - - - - - - Total Indicated 17.4 176 0.34 - 202 99 189 - 113 Total M&I 17.4 176 0.34 - 202 99 189 - 113 Total Inferred 4.4 151 0.25 - 170 21 35 - 24
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 14 LA PRECIOSA – GLORIA VEIN – INITIAL TARGET • Starting Target – 2025 - Gloria • Haulage ramp to access Abundancia & Martha veins • Higher grade silver • Underground mechanized mining
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth AT LA PRECIOSA: A NEW SANDVIK JUMBO ARRIVES ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 15
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth AT LA PRECIOSA: DEVELOPMENT, EQUIPMENT, AND SURFACE WORKS – HAVE ADVANCED SWIFTLY! 16
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth FIRST BLAST AT LA PRECIOSA 17
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 18 OXIDE TAILINGS PRE-FEASIBILITY STUDY TIMELINE - FROM PEA TO PFS 2017 PEA completed 2018 - 2020 Focus on Avino Mine production 2020 - 2022 Recommended drilling from PEA - 3,854m on the Oxide Tailings completed Comprehensive sampling program started for a metallurgical testing program 2023 Initiated the PFS Favourable metallurgical tests achieved Formed the basis of analysis for a PFS 2024 PFS Delivered Major milestone achieved in our growth plan Potential to significantly enhance the current Avino operation and grow cashflow
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 19 KEY PRE-FEASIBILITY STUDY HIGHLIGHTS US$61M Post-Tax NPV 5% 26% Post-Tax IRR Payback Period 3.5 Years Post-Tax Economic Returns Base Case US$98M Pre-Tax NPV 5% 35% Pre-Tax IRR Payback Period 2.9 Years Pre-Tax Capital Costs - LOM Production Unit Costs US$9.71 per tr oz/AgEq Cash Costs US$10.23 per tr oz/AgEq AISC All-In Sustaining Cost US$49.1 Million Initial Capital Cost Direct Employment 121 Employees in Durango Additional Jobs indirect employment and contractors Over $50 Million In Mexican tax contributions Local Economy to Benefit Over $140 Million Exp. local economy contributions The gold and silver prices for the financial analysis were: Silver price: US$23.45/tr. oz Gold price: US$1,840/tr. oz.
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A Clear Path to Transformational GrowthASM: TSX/NYSE American www.avino.com 20 CONSOLIDATED MINERAL RESOURCES *See Footnotes in Appendix A Area Category Mass (Mt) Average Grade Metal Content AgEQ (g/t) Ag (g/t) Au (g/t) Cu (%) AgEQ Ag Au Cu (million tr oz) (million tr oz) (thousand tr oz) (million lb) Avino Mine MEA 8.5 142 72 0.53 0.32 39 20 144 60 IND 27.2 143 59 0.53 0.41 125 52 466 244 M&I 35.7 143 62 0.53 0.39 164 72 610 304 INF 19.4 112 46 0.34 0.37 70 29 213 158 La Preciosa MEA - - - - - - - - - IND 17.4 202 176 0.34 - 113 99 189 - M&I 17.4 202 176 0.34 - 113 99 189 - INF 4.4 170 151 0.25 - 24 21 35 - TOTALS MEA 8.5 142 72 0.53 0.32 39 20 144 60 IND 44.6 166 105 0.46 0.25 238 151 655 244 M&I 53.1 162 100 0.47 0.26 277 171 799 304 INF 23.8 123 65 0.32 0.30 94 50 248 158
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth CSR INITIATIVES IN THE COMMUNITIES CLOSE TO AVINO AND LA PRECIOSA Avino CSR Initiatives - Focused on Education, Community Support and the Economy of the Family • Avino Follows the ESG and United Nations Sustainable Development Goals that work together to address the most pressing challenges facing the world, and specifically in our communities • Major objective - to make a positive impact on our communities and society • Keeping lines of communication open with local community leaders *The content of this publication has not been approved by the United Nations and does not reflect the views of the United Nations or its officials or Member States https://www.un.org/sustainabledevelopment ESR Designation Received – 3rd consecutive year – For CSR Initiatives and community support 21
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 22 ANALYST AND NEWSLETTER COVERAGE Analyst Coverage Company Analyst H.C. Wainwright & Co. Heiko Ihle Alliance Global Partners (formerly Europac) Jake Sekelsky Roth Capital Partners Joe Reagor Cantor Fitzgerald Canada Matthew O’Keefe Newsletter Coverage Publication Writer What is Chen Buying? Chen Lin Gold Newsletter Brien Lundin Agora Financial/InvestorIntel Byron King The National Investor Chris Temple GoldStockData.com Don Durrett J. Taylor's Gold Energy & Tech Stocks Newsletter Jay Taylor
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 23 TRADING AND CAPITALIZATION SUMMARY ASM: TSX/NYSE AMERICAN CAD USD Market Capitalization $494 M $358 M 52 Week $0.98- $3.54 $0.72 - $2.57 Closing Price, May 6, 2025 $3.41 $2.47 Share Structure – April 30, 2025 Shares Outstanding 145 M Options and RSU’s 12 M Fully Diluted 157 M Major Shareholders – As of May 7, 2025 • Avino Management • Tidal Investments LLC • Renaissance Technologies LLC • Trek Financial LLC • Bard Associates Inc • Perritt Capital Management Inc. • Millenium Management LLC • Merrill Lynch Canada, Inc. • Citadel Securities LLC • Jane Street Capital LLC • Charteris Treasury Portfolio Managers • Sprott Asset Management • CapFinancial Partners • Two Sigma Investments LP Average Daily volume TSX 150k – 300k Average Daily Volume NYSE American 2.75M 8% 5% 87% Institutions/Funds Insiders Retail, other
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 2025 OUTLOOK • 700,000 to 750,000 tonnes to be processed • Avino material - 1st half of 2025 • La Preciosa material - expected 2nd half of 2025 • Production of 2.5M to 2.8M AgEq ounces Production Balance Sheet Capital Budget • $27.3 million in cash • Debt free, excluding operating equipment leases • Free cash flow generation for Q4 2024 of $14.1 • Growth Capital ⚬ US$6M - $8M • Exploration & Evaluation ⚬ US$1M - $2M • Sustaining Capital & Mine Development ⚬ US$6M - $8M • Total Capital Budget ⚬ US$13M - $18M 24
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 25 KEY TAKEAWAYS • A primary silver producer and explorer in Mexico • La Preciosa milestone Achieved - Underground development has commenced following receipt of all required permits for mining operations - Underscores Avino’s firm commitment to transformational production growth • Production of 2.5M – 2.8M AqEq oz from 700,000 – 750,000 tonnes • Cash on hand end of 2024 – $27.3 M and debt free • Pre-Feasibility Study on the Oxide Tailings Project – complete with Inaugural proven and probable mineral reserves for Avino of 6.7 million tonnes • 371 million AgEq mineral resource ounces – decades of mine life • Longevity – 57 years, proven track record • Undervalued relative to our silver peers on P/NAV and EV/oz by many multiples • Strong balance sheet and trading liquidity 5 YEAR GOAL - STRATEGIC PLAN TO GROW ORGANICALLY & ACHIEVE INTERMEDIATE PRODUCER STATUS LARGEST EXPANSION IN COMPANY HISTORY!
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26A Clear Path to Transformational Growth CONTACT INFORMATION: T: 604-682-3701 E: IR@AVINO.COM SUITE 900 – 570 GRANVILLE STREET VANCOUVER, BC V6C 3P1 Thank you! For more information Visit our website at: www.avino.com ASM:TSX/NYSE American
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 27 BOARD OF DIRECTORS Full Bio’s can be viewed on the website
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ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth - 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 SILVER EQUIVALENT (OZ) SILVER PRODUCTION (OZ) GOLD PRODUCTION (OZ) COPPER PRODUCTION (LBS) 2,415,232 928,643 7,335 5,304,808 2,652,498 1,109,214 7,477 6,197,603 FULL YEAR 2024 COMPARED TO FULL YEAR 2023 Full Year 2023 Full Year 2024 FULL YEAR 2024 PRODUCTION RESULTS 28 Footnotes: 1. In Q4 2024, AgEq was calculated using metal prices of $31.34 per oz Ag, $2,662 per oz Au and $4.17 per lb Cu. In Q4 2023, AgEq was calculated using metals prices of $23.23 oz Ag, $1,976 oz Au and $3.71 lb Cu. For FY 2024, AgEq was calculated using metal prices of $28.24 per oz Ag, $2,387 per oz Au and $4.15 per lb Cu. For FY 2023, AgEq was calculated using metal prices of $23.39 oz Ag, $1,976 oz Au and $3.85 lb Cu. Calculated figures may not add up due to rounding. 10% 19% 17%
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A Clear Path to Transformational Growth (US$ Millions, except per share amounts, unless otherwise denoted) Junior Comparable Companies Market Ag Resource TEV/ AgEq. Resource(3) TEV/ Company Price(1) Capitalization(2) TEV M&I M&I M&I M&I Stage Location (Local Curr.) (M US$) (M US$) (K oz Ag) (US$/oz Ag) (K oz AgEq.) (US$/oz AgEq.) Highlander Silver Corp⁽⁴⁾ C$1.81 $173 $151 9,003 $16.82 39,715 $3.81 Developer Peru Santacruz Silver Mining Ltd C$0.40 $99 $97 21,035 $4.62 60,940 $1.59 Producer Bolivia, Mexico Silver Tiger Metals Inc C$0.35 $93 $87 67,900 $1.28 150,500 $0.58 Developer Mexico Sierra Madre Gold and Silver Ltd C$0.55 $66 $69 18,070 $3.81 28,366 $2.43 Producer Mexico Guanajuato Silver Company Ltd C$0.19 $63 $55 5,604 $9.88 12,754 $4.34 Producer Mexico Bear Creek Mining Corp C$0.31 $50 $110 326,620 $0.34 615,855 $0.18 Producer Mexico, Peru Median 19,553 $4.21 50,328 $2.01 Average 95,752 $4.93 194,714 $1.65 Avino Silver & Gold Mines Ltd⁽⁵⁾ US$1.39 $205 $178 170,080 $1.04 295,130 $0.60 Producer Mexico Intermediate Comparable Companies Market Ag Resource TEV/ AgEq. Resource(3) TEV/ Company Price(1) Capitalization(2) TEV M&I M&I M&I M&I Stage Location (Local Curr.) (M US$) (M US$) (K oz Ag) (US$/oz Ag) (K oz AgEq.) (US$/oz AgEq.) Hochschild Mining PLC £1.83 $1,190 $1,465 171,300 $8.55 1,385,594 $1.06 Producer Peru, Argentina Aya Gold & Silver Inc C$12.29 $1,175 $1,225 108,889 $11.25 160,879 $7.61 Producer Morocco Endeavour Silver Corp US$3.83 $1,014 $974 570,527 $1.71 803,442 $1.21 Producer Mexico Discovery Silver Corp⁽⁶⁾ C$1.48 $838 $550 493,000 $1.12 1,582,943 $0.35 Developer Mexico Vizsla Silver Corp US$2.00 $591 $485 127,819 $3.80 233,726 $2.08 Developer Mexico GoGold Resources Inc C$1.57 $373 $297 133,082 $2.23 240,118 $1.24 Producer Mexico Americas Gold and Silver Corp US$0.50 $295 $304 144,011 $2.11 298,658 $1.02 Producer USA, Mexico Andean Precious Metals Corp C$1.58 $171 $144 30,611 $4.71 102,947 $1.40 Producer USA, Bolivia Median 185,071 $2.32 430,177 $1.13 Average 267,839 $3.62 767,904 $1.53 Avino Silver & Gold Mines Ltd⁽⁵⁾ US$1.39 $205 $178 170,080 $1.04 295,130 $0.60 Producer Mexico Junior & Intermediate Comparables – as at February 24, 2025 UNDERVALUED PRODUCER WITH LARGE RESOURCE BASE 29
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A Clear Path to Transformational Growth Sources: Company Materials, Refinitiv Eikon. 1) Pro forma for the acquisition of the Porcupine Complex from Newmont Corp. 2) Historical resource estimate based on SSR Mining’s 2109 annual mineral resource statement 30
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A Clear Path to Transformational Growth (1) Silver equivalent is calculated using the following assumptions: silver price of $25.00/oz, gold price of $2,200/oz, copper price of $4.50/lb, zinc price of $1.20/lb, lead price of $1.00/lb. (2) Pro forma for the acquisition of the Porcupine Complex from Newmont Corp. (3) Historical resource estimate based on SSR Mining’s 2019 annual mineral resource statement. Sources: Company Materials, Refinitiv Eikon. 31
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A Clear Path to Transformational GrowthASM: TSX/NYSE American www.avino.com 32 FOOTNOTES Slides 6 – 9 - Cash Costs and AISC per silver payable ounce and Cost per tonne processed 1. In Q4 2024, AgEq was calculated using metal prices of $31.34 per oz Ag, $2,662 per oz Au and $4.17 per lb Cu. In Q4 2023, AgEq was calculated using metals prices of $23.23 oz Ag, $1,976 oz Au and $3.71 lb Cu. For FY 2024, AgEq was calculated using metal prices of $28.24 per oz Ag, $2,387 per oz Au and $4.15 per lb Cu. For FY 2023, AgEq was calculated using metal prices of $23.39 oz Ag, $1,976 oz Au and $3.85 lb Cu. Calculated figures may not add up due to rounding. 2. “Silver equivalent payable ounces sold” for the purposes of cash costs and all -in sustaining costs consists of the sum of pay able silver ounces, gold ounces and copper tonnes sold, before penalties, treatment charges, and refining charges, multiplied by the ratio of the average spot gold and copper prices to the average spot silver price for the corresponding per iod. 3. The Company reports non-IFRS measures. These measures are widely used in the mining industry as a benchmark for performance b ut do not have a standardized meaning under IFRS and the calculation methods may differ from methods used by other companies with similar reported measures. See Non -IFRS Measures section for further information and detailed recon ciliations. Slide 20 – Updated Mineral Resources 1. Figures may not add to totals shown due to rounding. 2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 3. The Mineral Resource estimate is classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves incorporated by reference into NI 43-101 Standards of Disclosure for Mineral Projects. 4. Mineral Resources are stated inclusive of Mineral Reserves. 5. Based on recent mining costs provided by Tetra Tech, Mineral Resources are reported at cut -off grades 60 g/t, 130 g/t, and 50 g/t AgEQ grade for ET, San Gonzalo, and oxide tailings, respectively. 6. AgEQ or silver equivalent ounces are notational, based on the combined value of metals expressed as silver ounces. 7. Metal price assumptions are US$21/ tr.oz. Ag; US$1800/tr.oz. Au. 8. Metal recovery is based on operational results and column testing, 82% Ag and 78% Au, respectively. 9. The silver equivalent for the mineral resources was back -calculated using the following formulae: a) ET, Guadalupe, La Potosina: AgEq = Ag (g/t) + 71.43 * Au (g/t) + 113.04 * Cu (%) b) San Gonzalo: Ag Eq = Ag (g/t) + 75.39 * Au (g/t) Oxide Tailings: Ag Eq = Ag (g/t) + 81.53 * Au (g/t) Slide 29 - 31 – Sources: Company Material, Refinitiv Eikon (1) Based on fully diluted shares using the treasury stock method. (2) As of February 24, 2025 close. (3) Silver equivalent is calculated using the following assumptions: silver price of $25.0 0/oz, gold price of $2,200/oz, copper price of $4.50/ lb, zinc price of $1.20/lb, lead price of $1.00/lb. (4) Historical resource estimate based on SSR Mining’s 2019 annual mineral resource statement. (5) AgEq. presented herein for Avino may differ from those presented elsewhere in this presentation. (6) Pro forma for the acquisition of the Porcupine Complex from Newmont Corp., including the concurrent financing package and bought deal offering. ASM: TSX/NYSE American www.avino.com
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A Clear Path to Transformational GrowthASM: TSX/NYSE American www.avino.com 33 APPENDIX A IFRS ACCOUNTING STANDARDS TO NON-GAAP MEASURES RECONCILIATIONS ASM: TSX/NYSE American www.avino.com
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A Clear Path to Transformational GrowthASM: TSX/NYSE American www.avino.com 34 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS ASM: TSX/NYSE American www.avino.com EBITDA & ADJUSTED EARNINGS Expressed in 000’s of US$, unless otherwise noted Q4 2024 Q4 2023 YTD 2024 YTD 2023 Net income for the period $ 5,092 $ 563 $ 8,100 $ 542 Depreciation and depletion 882 744 3,386 2,919 Interest income and other (287) (180) (364) (414) Interest expense 139 106 387 381 Finance cost - 1 10 81 Accretion of reclamation provision 46 13 197 49 Current income tax expense (recovery) 4,255 118 6,288 (527) Deferred income tax expense (recovery) (1,028) (245) 33 (525) EBITDA $ 9,099 $ 1,120 $ 18,037 $ 2,506 Fair value adjustment on warrant liability - 1 - (478) Unrealized loss on derivatives 475 - 475 - Share-based payments 434 460 2,035 2,269 Write-down of uncollectible asset - - 621 - Write down of equipment and supplies and materials inventory 578 319 1,144 414 Foreign exchange (gain) loss (636) $ 72 (979) (110) Adjusted earnings $ 9,950 $ 1,972 $ 21,333 $ 4,601 Shares outstanding (diluted) 146,635,008 127,763,043 141,331,864 125,346,674 Adjusted earnings per share $0.07 $0.02 $0.15 $0.04
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A Clear Path to Transformational GrowthASM: TSX/NYSE American www.avino.com 35 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS ASM: TSX/NYSE American www.avino.com CASH COST & ALL-IN SUSTAINING CASH COST PER SILVER EQUIVALENT PAYABLE OUNCE Expressed in 000’s of US$, unless otherwise noted Avino Q4 2024 Q4 2023 2024 2023 Cost of sales $ 13,926 $ 9,969 $ 42,977 $ 36,070 Exploration expenses (158) (148) (567) (311) Write down of equipment (578) (319) (1,144) (414) Depletion and depreciation (843) (717) (3,233) (2,784) Cash production cost 12,347 $ 8,785 38,033 32,561 Payable silver equivalent ounces sold 889,294 584,061 2,562,211 2,086,485 Cash cost per silver equivalent ounce $ 13.88 $ 15.04 $ 14.84 $ 15.61 General and administrative expenses 2,141 2,080 8,261 7,889 Treatment & refining charges 1,087 978 3,527 3,339 Penalties 745 834 2,978 2,900 Sustaining capital expenditures 555 318 1,533 1,041 Exploration expenses 158 148 567 311 Share-based payments and G&A depreciation (473) (487) (2,188) (2,404) Cash operating cost $ 16,560 $ 12,655 $ 52,711 $ 48,637 AISC per silver equivalent ounce $ 18.62 $ 21.67 $ 20.57 $ 21.87
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A Clear Path to Transformational GrowthASM: TSX/NYSE American www.avino.com 36 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS ASM: TSX/NYSE American www.avino.com CASH COST & ALL-IN SUSTAINING CASH COST PER TONNE PROCESSED Expressed in 000’s of US$, unless otherwise noted Avino Q4 2024 Q4 2023 2024 2023 Cost of sales $ 13,926 $ 9,969 $ 42,977 $ 36,070 Exploration expenses (158) (148) (567) (311) Write down of equipment (578) (319) (1,144) (414) Inventory Adjustment (3,057) 82 (2,068) 2,093 Depletion and depreciation (843) (717) (3,233) (2,784) Cash production cost 9,290 8,867 35,965 34,454 Tonnes Processed 181,733 143,738 648,774 615,373 Cash cost per tonne processed $ 51.11 $ 61.69 $ 55.43 $ 56.31 General and administrative expenses 2,141 2,080 8,261 7,889 Treatment & refining charges 1,087 978 3,527 3,339 Penalties 745 834 2,978 2,900 Sustaining capital expenditures 555 318 1,533 1,041 Exploration expenses 158 148 567 311 Share-based payments and G&A depreciation (473) (487) (2,188) (2,404) All-in sustaining cash operating cost $ 13,503 $ 12,738 $ 50,643 $ 50,730 Per tonne processed $ 74.29 $ 88.62 $ 78.06 $ 82.44
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A Clear Path to Transformational GrowthASM: TSX/NYSE American www.avino.com 37 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS ASM: TSX/NYSE American www.avino.com FREE-CASH FLOW Q4 2024 Q4 2023 FY 2024 FY 2023 Cash flow statement – cash provided by operating activities $15.6 M $0.6 M $23.1 M $1.5 M Cash flow statement – exploration and evaluation expenditures $(0.2)M $(0.3)M $(2.1)M $(1.2)M Cash flow statement – additions to plant, equipment and mining properties $(1.3)M $(0.8)M $(4.5)M $(7.4)M Free cash flow $14.1 M $(0.5)M $16.5 M $(7.0)M OPERATING CASH GENERATED PRE-WORKING CAPITAL MOVEMENTS Q4 2024 Q4 2023 FY 2024 FY 2023 Cash flow statement – cash provided by operating activities $15.6 M $0.6 M $23.1 M $1.5 M Add back: Cash flow statement – net change in non-cash working capital items $(9.6)M $1.6 M $(8.0)M $4.8 M Operating cash generated pre-working capital movements $6.0 M $2.2 M $15.1 M $6.3 M Diluted shares outstanding 146.6 M 127.8 M 141.3 M 125.3 M Operating cash generated pre-working capital movements per share $0.04 $0.02 $0.11 $0.05
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A Clear Path to Transformational GrowthASM: TSX/NYSE American www.avino.com 38 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS ASM: TSX/NYSE American www.avino.com MINE OPERATING CASH FLOW BEFORE TAXES Q4 2024 Q4 2023 FY 2024 FY 2023 Statement of comprehensive income - mine operating income (gross profit) $10.5 M $2.6 M $23.2 M $7.8 M Depreciation and depletion included in cost of sales $0.8 M $0.7 M $3.2 M $2.8 M Write down of equipment and supplies and material inventory $0.6 M $0.3 M $1.1 M $0.4 M Mine operating cash flow before taxes $11.9 M $3.6 M $27.5 M $11.0 M