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February 2026 TSX: ASM NYSE American: ASM A Clear Path To Transformational Growth www.avino.com
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TSX: ASM NYSE American: ASM 2 A Clear Path to Transformational Growth Cautionary Note 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 and can be viewed within Avino’s latest technical report dated February 5, 2024 for the Pre-feasibility Study 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 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. 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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TSX: ASM NYSE American: ASM 3 A Clear Path to Transformational Growth A Primary Silver Producer and Explorer in Mexico PROJECT PORTFOLIO Avino Mine - Production Producer and Explorer 2,500 tonnes per day with 4 circuits La Preciosa - Development Goal to achieve 500 tpd Close to the Avino mill Oxide Tailings Project - Development Pre-Feasibility Study Completed in 2024 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 277 million AgEq Oz of measured and indicated mineral resources NI 43-101 effective date October 16, 2023 94 million AgEq ounces of inferred mineral resources NI 43-101 effective date October 16, 2023 60% Silver - Acquisition of La Preciosa shifts resources to primarily silver CATALYSTS FOR GROWTH – TRANSITIONING TO A MULTI ASSET MEXICAN MID-TIER PRODUCER 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 A growth strategy that positions Avino to intermediate-producer scale
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TSX: ASM NYSE American: ASM 4 A Clear Path to Transformational Growth 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 2025 2026 2027 2028 2029 Avino La Preciosa Oxide Tailings Production Profile by Project - 5 Year Growth Target Transition from Single Production Operation to a Multi-asset Mid-tier Producer in Mexico
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TSX: ASM NYSE American: ASM 5 A Clear Path to Transformational Growth Production Profile – Return to Primary Silver 49% 58% 68% 64% 67% 19% 24% 17% 20% 24%31% 17% 15% 16% 9% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2025 2026 2027 2028 2029 Production by Metal Silver Gold Copper
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TSX: ASM NYSE American: ASM 6 A Clear Path to Transformational Growth Key Financial Highlights – Q3 2025 Financial and Operating Results • Revenues of $21 million • Gross profit of $9.9 million • 47% gross profit margin, 53% excluding depreciation, depletion & non-cash write-downs • Net income after taxes - $7.7 million, $0.05 per share • Adjusted earnings - $11.6 million, $0.07 per share • Cash flow from operations - $8.3 million, $0.05 per share • Free cash flow - $4.5 million, $5.4 million excluding La Preciosa development costs • Cash costs and all-in sustaining costs of $17.09 and $24.06, respectively, per silver equivalent ounce sold Balance Sheet • $57.3 million in cash and $50.8 million in working capital at September 30, 2025 • $100 million in cash as of December 31, 2025 • Debt-free excluding operating equipment leases Q4/YE 2025 Earnings to be released Mid-March
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TSX: ASM NYSE American: ASM 7 A Clear Path to Transformational Growth Key Operating & Financial Information Q3 2025 Financial Results Q3 2025 Q3 2024 Change YTD 2025 YTD 2024 Change Revenues $21.0 M $14.6 M 44% $61.7 M $41.8 M 48% Gross profit (mine operating income) $9.9 M $5.7 M 73% $30.7 M $12.8 M 141% Net income $7.7 M $1.2 M 559% $16.2 M $3.0 M 438% Net income – per share (diluted) $0.05 $0.01 400% $0.10 $0.02 400% Mine operating cash flows before taxes* $11.1 M $6.7 M 66% $33.8 M $15.8 M 115% EBITDA* $11.5 M $3.8 M 200% $28.6 M $8.9 M 220% Adjusted earnings* $11.6 M $5.0 M 134% $30.3 M $11.4 M 166% Adjusted earnings* - per share diluted $0.07 $0.04 75% $0.20 $0.08 150% Cash provided by operating activities $8.3 M $4.1 M 101% $17.4 M $7.6 M 130% Cash provided by operating activities – per share (diluted)* $0.05 $0.03 67% $0.11 $0.06 83% Cash provided by operating activities (pre w/c)* $7.3 M $5.6 M 30% $20.9 M $10.8 M 94% Free cash flow* $4.5 M $2.4 m 89% $7.9 m $2.6 M 209% Free cash flow excluding La Preciosa capital expenditures $5.4 M $2.4 M 127% $9.8 M $2.6 M 286%
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TSX: ASM NYSE American: ASM 8 A Clear Path to Transformational Growth 2026 Key Goals and 2025 Milestones La Preciosa • 15,000 metres budgeted - Exploration for 2026 • Increased production – Goal of 500 tonnes per day • Updated Mineral Reserve and Resource estimate - H1 2026 • AI Integration of all data for resource/reserve expansion and new exploration discoveries Avino Mine • 15,000 metres budgeted - Exploration for 2026 • Updated Mineral Reserve and Resource estimate - H1 2026 • AI Integration of all data for resource/reserve expansion and new exploration discoveries Corporate • Avino acquired outstanding royalties and payment on La Preciosa – achieving 100% ownership • Index Inclusion: S&P/TSX Global Gold Mining Index, Solactive Global Silver Miners Index, Market Vectors Junior Gold Miners • Major ETF inclusion: VanEck Junior Gold Miners ETF (GDXJ), Amplify Junior Silver Miners ETF (SILJ), Global X Silver Miners (SIL), • Recognized for Outstanding Performance – Avino ranked #5 in the TSX30 2025 - 3 years ended June 30, 2025, Avino’s share price performance has increased 610% and market capitalization has increased 778%.
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TSX: ASM NYSE American: ASM 9 A Clear Path to Transformational Growth Costs per Ounce COSTS PER OUNCE *See Footnotes & Non-IFRS Accounting Standards reconciliations sections in Appendix A Cash Costs • Q3 2025 - $17.09 • 14% higher vs. Q3 ’24 • Using budget prices - $15.88 • YTD 2025 - $14.95 • 3% lower vs. YTD ’24 • Using budget prices - $14.56 All-in Sustaining Costs • Q3 2025 - $24.06 • 9% higher vs. Q3 ’24 • Using budget prices - $22.36 • YTD 2025 - $21.64 • Flat vs. YTD ’24 • Using budget prices - $21.08 $17.09 $14.94 $14.95 $15.35 $24.06 $22.06 $21.64 $21.61 Q3 2025 Q3 2024 YTD 2025 YTD 2024 Per Ounce Costs Cash Cost All in Sustaining Cash Cost
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TSX: ASM NYSE American: ASM 10 A Clear Path to Transformational Growth Costs per Tonne COSTS PER TONNE *See Footnotes & Non-IFRS Accounting Standards reconciliations sections in Appendix A Cash Costs • Q3 2025 - $53.18 • 2% lower vs. Q3 ‘24 • YTD 2025 - $52.60 • 8% lower vs. YTD ‘24 All-in Sustaining Costs • Q3 2025 - $73.97 • 3% lower vs. Q3 ‘24 • YTD 2025 - $74.69 • 7% lower vs. YTD ‘24 $53.18 $54.02 $52.60 $57.12 $73.97 $76.47 $74.69 $79.52 Q3 2025 Q3 2024 YTD 2025 YTD 2024 Costs Per Tonne Processed Cash Cost All in Sustaining Cash Cost
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TSX: ASM NYSE American: ASM 11 A Clear Path to Transformational Growth - 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) 735,557 283,794 2,560 1,773,694 671,583 345,298 1,687 1,295,244 Q4 2024 V Q4 2025 Q4 2024 Q4 2025 Q4 2025 V Q4 2024 Production Results Footnotes: 1. In Q4 2025 and FY 2025, silver equivalent or “AgEq” was calculated using metal prices of $30.00 per oz Ag, $2,600 per oz Au and $4.17 per lb Cu. In Q4 2024, AgEq was calculated using $31.34 per oz Ag, $2,662 per oz Au and $4.17 per 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. Calculated figures may not add up due to rounding. Q4 2025 Silver Production Increased 22% Over Q4 2024
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TSX: ASM NYSE American: ASM 12 A Clear Path to Transformational Growth Full Year Production 2024 V 2025 - 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) 2,652,498 1,109,214 7,477 6,197,603 2,606,155 1,157,828 7,621 5,667,996 FULL YEAR 2025 COMPARED TO FULL YEAR 2024 Full Year 2024 Full Year 2025 2025 Silver Production Increased 4% Over 2024 1. In Q4 2025 and FY 2025, silver equivalent or “AgEq” was calculated using metal prices of $30.00 per oz Ag, $2,600 per oz Au and $4.17 per lb Cu. In Q4 2024, AgEq was calculated using $31.34 per oz Ag, $2,662 per oz Au and $4.17 per 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. Calculated figures may not add up due to rounding.
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TSX: ASM NYSE American: ASM 13 A Clear Path to Transformational Growth Key Goal: Integrating AI and A Proven Exploration Process AI integration of all data for resource/reserve expansion and new exploration discoveries With the support of VRIFY’s AI software, 5.94 Gb of data was ingested: • 194,277 drill assays • 3,550 rock samples • 5,960 soil samples • 52 Geophysics layers (including IP , airborne magnetics, ground magnetics) • 12 bands of Sentinel 2 imagery • 934 Geological point structures Using this data, Vrify generated 211 additional feature engineered data layers including rock and soil geochemistry maps, vein and fault distance grids, strike field maps, lineament density and complexity maps.
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TSX: ASM NYSE American: ASM 14 A Clear Path to Transformational Growth La Preciosa: Proximity to Avino - 19 km The Avino Advantage - Infrastructure • Close to Avino’s operating 2,500 tpd mill • Paved road • High water supply • 100% Mexican workforce with local labor supply • Surrounded by local communities • Safe jurisdiction – farmland • Dedicated powerline – 7.3MW • Current excess capacity of 2 MW
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TSX: ASM NYSE American: ASM 15 A Clear Path to Transformational Growth AT LA PRECIOSA: • BLASTING AND CONSTRUCTION UNDERWAY • EQUIPMENT MOBILIZATION HAS ADVANCED RAPIDLY • NEW JUMBO DRILL IS WORKING ON THIS RAMP La Preciosa Mine Development • Blasting and construction ongoing • Gloria and Abundancia veins have been intercepted on the San Fernando ramp • La Preciosa contributes 11,995 tonnes of material in Q4 2025
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TSX: ASM NYSE American: ASM 16 A Clear Path to Transformational Growth La Preciosa – 1,500 Drill Holes HISTORICAL AG DRILLING WITH VEINS
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TSX: ASM NYSE American: ASM 17 A Clear Path to Transformational Growth 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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TSX: ASM NYSE American: ASM 18 A Clear Path to Transformational Growth La Preciosa: What We Have Learned • Recent drilling intercepts suggest wider veins structure on Gloria • Original mine plan evolving to reflect improved geological understanding • Optimization opportunities are being identified that could reduce mining costs • Independent Engineers engaged to deliver a strategic plan that looks beyond the original project scope
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TSX: ASM NYSE American: ASM 19 A Clear Path to Transformational Growth La Preciosa Drill Results Hole Number Ag (g/t) Au (g/t) True Width (metres) PLMP 25-03 1,638 1.92 7.90 Including 15,352 1.55 0.37 PLMP 25-04 544 0.46 6.42 Including 1,739 0.74 0.66 PLMP 25-06 785 0.51 5.22 Including 3,206 1.02 0.77 PLMP 25-08 306 1.15 3.98 Including 699 5.80 0.63 PLMP 25-08 463 0.61 4.00 Including 642 0.60 0.95 PLMP 25-12 585 0.65 4.90 Including 2,218 1.92 0.51 PLMP 25-14 694 0.63 4.52 Including 2,275 1.28 0.61 The intercept grades are significantly higher than the average grades outlined in the current resource, highlighting the potential we aim to capture by using underground mining methods – Selected Intercepts Shown* *See Appendix Page 30 for links to news releases containing complete drill results data
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TSX: ASM NYSE American: ASM 20 A Clear Path to Transformational Growth The gold and silver prices for the financial analysis in 2024 were: Silver price: US$23.45/tr oz, Gold price US$1,840/tr oz Economic Returns Base Case US$61 M 25% Payback Period Post-Tax NPV 5% Post Tax IRR 3.5 Years Post-Tax US$98 M 35% Payback Period Pre-Tax NPV 5% Pre-Tax IRR 2.9 Years Pre-Tax Capital Costs – LOM Production Unit Costs US$49.1 M Initial Capital Cost US$9.71 per tr oz/AgEq Cash Costs US$10.23 per tr oz/AgEq All-In-Sustaining Costs Direct Employment 121 Employees in Durango Additional Jobs Indirect employment and contractors Local Economy to Benefit Over $50 Million In Mexican tax contributions Over $140 Million Expected local economy contributions Key Pre-Feasibility Study Highlights – Oxide Tailings Project
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TSX: ASM NYSE American: ASM 21 A Clear Path to Transformational Growth Consolidated Mineral Resources Prepared in Accordance with NI43-101, Under the supervision of a Qualified Person – full technical report available on www.avino.com, Sedar+, and Edgar • 277 Million AgEq Ounces - Measured & Indicated Mineral Resource • 94 Million AgEq Ounces - Inferred Mineral Resource Avino Property (including La Preciosa area) – Mineral Resources (inclusive of Oxide Tailings Mineral Reserves) Effective Date: October 16, 2023 *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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TSX: ASM NYSE American: ASM 22 A Clear Path to Transformational Growth TSX30 – 2025 Avino Ranks 5th – A Top Performer Recognized for Outstanding Performance • Avino reached the 5th position of the TSX30 2025 ranking • ASM share performance increased 610%* • ASM market capitalization increased 778%* * For the 3 years ended June 30, 2025
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TSX: ASM NYSE American: ASM 23 A Clear Path to Transformational Growth Committed to Responsible Mining 1,668 Safety and Health Training Hours 2.24 AgEq Oz/m3 Water Usage Intensity by AgEq $43.8 M Direct Economic Impact 63% Local Mexican Procurement on Goods and Services 76.7 l/s Recycled Water from tailings 80% Percentage of Water Recycled Avino’s CSR Initiatives – Focused on making a positive impact on our communities and society • Safety • Environment • Economic Impact • Dry Stack Tailings *Stats on this page were taken from Avino’s 2023 Inaugural Sustainability Report
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TSX: ASM NYSE American: ASM 24 A Clear Path to Transformational Growth 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 Silver Advisor Peter Krauth Agora Financial/InvestorIntel Byron King The National Investor Chris Temple GoldStockData.com Don Durrett J. Taylor's Gold Energy & Tech Stocks Newsletter Jay Taylor Analyst and Newsletter Coverage
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TSX: ASM NYSE American: ASM 25 A Clear Path to Transformational Growth Capital Structure Share Price closing price February 18, 2026 CAD $12.60 USD $9.22 Shares issued and outstanding1 167 M Market Capitalization1 CAD $2.1B USD $1.5B Options and RSU’s1 7 M Fully Diluted Shares1 174 M 52 Week (low, high) CAD $1.65 - $16.11 USD $1.15 - $11.99 Cash on Hand2 US$100M Average Daily Volume TSX: 600 – 700K NYSE American: 5M – 6M 101 institutional holders, predominantly ‘long only’ Capital Structure and Shareholder Foundation 1 – As at January 31, 2026 2 – As at December 31, 2025 Institutional/ ETF, 32% Retail/Other 62% Insiders, 6% Top 5 Shareholders: As of Feb 18, 2026 Avino Management Tidal Investments LLC BlackRock Fund Advisors 1832 Asset Management (Bank of Nova Scotia Group) AIFM Capital AB Top 5 ETFs holding ASM: As of Feb 18, 2026 Amplify Junior Silver Miners ETF – SILJ Global X Silver Miners ETF – SIL Van Eck Junior Gold Miners ETD – GDXJ iShares MSCI Global Silver Miners – SLVP Sprott Critical Materials ETF – SETM
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TSX: ASM NYSE American: ASM 26 A Clear Path to Transformational Growth Why Invest in Avino? Silver Weighted Exposure • Silver-focused producer & explorer in Mexico • 2.4 –2.7 M AgEq oz annual production • Meaningful leverage to silver prices • Growing silver contribution through organic expansion Growth with Execution • Clear roadmap to 8- 10 Moz Eq by 2029 • Transition toward an intermediate producer • Largest expansion in company history • Strong track record of delivery Milestones Delivered • La Preciosa added → transition to multi- asset producer • 100% ownership restored (royalties eliminated) • Oxide Tailings PFS completed • TSX30 2025 – Ranked 5th Financial Strength & Longevity • $100M cash (as at January 31, 2025) • 277M AgEq M&I + 94M inferred resources • Decades of mine life • Strong balance sheet & liquidity A Disciplined Silver Producer with scale, growth and financial strength
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February 2026 TSX: ASM NYSE American: ASM A Clear Path To Transformational Growth Thank you! For more information Visit our website at: www.avino.com
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TSX: ASM NYSE American: ASM 28 A Clear Path to Transformational Growth Board of Directors Ronald Andrews, Chairman & Independent Director Mr. Andrews is the President of West Wind Property Inc., which is a property management and holding company. Mr. Andrews is the former owner and operator of Andrews Orchards; and was a former Director of Coral Gold Resources Ltd. from January 2010 to November 2020. He has acted as director and chairman of the audit committee of several public mining companies. Mr. Andrews has a Bachelor of Science degree from Washington State University and a Masters in Political Science. He served as a helicopter pilot in Vietnam and is retired from the United States Army Reserves. David Wolfin President, CEO & Director Mr. Wolfin brings 30 years of experience in mining and finance. He learned the business from the ground up, starting as a geologist’s assistant in Nevada, a metallurgist’s assistant at the Avino mine in Mexico and later in a number of mining and exploration-related capacities. In the late 1980s, Mr. Wolfin worked on the floor of the Vancouver Stock Exchange and also for several brokerage houses, gaining a solid foundation in the finance side of the industry. Since 1990, Mr. Wolfin has worked for the Oniva Group of Resource companies, including Avino Silver & Gold Mines Ltd. (CEO, President & Director); Bralorne Gold Mines Ltd. (Former CEO, President & Director); Coral Gold Resources Ltd. (CEO, President & Director); and Levon Resources Ltd. (Former Director). In his various roles with these firms, he has helped raise over C$100 million. He serves as the Chairman and CEO of Silver Wolf Exploration Ltd. Peter Bojtos, P.Eng. Independent Director Mr. Bojtos is a Professional Engineer with over 50 years of worldwide experience in the mining industry. He has an extensive background in corporate management and financing, as well as in all facets of the industry from exploration through the feasibility study stage to mine construction, operations and decommissioning. Mr. Bojtos graduated from the University of Leicester, England in 1972, following which he worked at open-pit iron-ore and underground base-metal and uranium mines in West Africa, the United States and Canada. Following that, he worked in Toronto for Kerr Addison Mines Ltd., a Noranda Group company, in increasingly senior management and officer positions for 12 years. From 1990 to 1992 he was the President & CEO of RFC Resource Finance Corp. developing a zinc mine in Washington State. From 1992 to 1993 Mr. Bojtos was the President & CEO of Consolidated Nevada Goldfields Corp. which operated precious metal mines in the United States. From 1993 to 1995 he was Chairman & CEO of Greenstone Resources Ltd, constructing and operating several gold mines in Central America. Carolina Ordoñez Independent Director Carolina Ordoñez is the recipient of the Top 10 Most Influential Hispanics in Canada, has over 15 years of experience in the resource sector as a liaison between Governments, Corporations, Mining subsidiaries, Communities, and Investors, with extensive experience in different regions around the world, including Durango, Mexico. Former roles include Executive Member of the Vancouver branch of Women in Mining. Native Spanish speaker, Carolina is actively dedicated to promoting Latin-American culture and an influential member of the community. She has led the Board of various not-for-profit organizations and sits on the board of The Karina LeBlanc Foundation. Carolina holds a global designation in International Trade Business and International Commerce from the British Columbia Institute of Technology and a Diploma in Global Business and Politics from the Yale School of Management. Michael Clark Independent Director Mr. Clark serves as Executive Vice President, Chief Financial Officer & Corporate Secretary of Contango ORE, Inc. He previously served as Chief Financial Officer and Corporate Secretary for Alexco Resource Corp. (“Alexco”) from December 2014 to September 2022 at which time Alexco was acquired by Hecla Mining Company. Between 2010 and 2014, Mr. Clark served as Chief Financial Officer of Goldgroup Mining Inc. and from 2007 to 2010 Mr. Clark served as Chief Financial Officer for the Grosso Group and its member companies. Mr. Clark is a Chartered Professional Accountant and holds a Bachelor of Technology in Accounting degree from the British Columbia Institute of Technology. Between 2016 and 2020, Mr. Clark also served on the Board of Trustees for the Burnaby Hospital Foundation as Chair of the Finance Committee. Linda Broughton Independent Director Ms. Broughton is an accomplished mining executive with over 35 years of experience in corporate and operations roles in North and South America. She brings strong expertise in environmental geochemistry, water and tailings management, risk management, and mine reclamation. Ms. Broughton is currently a non-executive director of OceanaGold Corporation (TSX:OGC) and serves on industry review boards. From 2014 to 2023, Ms. Broughton was Vice President Technical Services for Alexco Resource Corp. as well as President of their subsidiary ERDC where she was responsible for the reclamation of an historical mining district in northern Canada. Prior to that, she held various senior environmental and engineering roles with BHP Billiton from 2005 to 2014, Compañia Mineral Antamina in Peru from 1999 to 2002, and SRK Consulting in Canada and the UK. Ms. Broughton holds a Bachelor of Science (Mining Engineering) from Queen’s University and a Master of Applied Science from the University of British Columbia. She is also a graduate of the ICD-Rotman Directors Education Program in Canada.
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TSX: ASM NYSE American: ASM 29 A Clear Path to Transformational Growth Management David Wolfin President, CEO & Director Mr. Wolfin brings 30 years of experience in mining and finance. He learned the business from the ground up, starting as a geologist’s assistant in Nevada, a metallurgist’s assistant at the Avino mine in Mexico and later in a number of mining and exploration-related capacities. In the late 1980s, Mr. Wolfin worked on the floor of the Vancouver Stock Exchange and also for several brokerage houses, gaining a solid foundation in the finance side of the industry. Since 1990, Mr. Wolfin has worked for the Oniva Group of Resource companies, including Avino Silver & Gold Mines Ltd. (CEO, President & Director); Bralorne Gold Mines Ltd. (Former CEO, President & Director); Coral Gold Resources Ltd. (CEO, President & Director); and Levon Resources Ltd. (Former Director). In his various roles with these firms, he has helped raise over C$100 million. He serves as the Chairman and CEO of Silver Wolf Exploration Ltd. Carlos Rodriguez COO Mr. Rodriguez Moreno is a professional geologist with over 34 years of experience in underground mines and regional exploration in Mexico. Mr. Rodriguez Moreno graduated in 1984 from the University of Sonora in Hermosillo, Mexico in geology. He graduated from the Colorado School of Mines in 1998 with a degree in mineral exploration. His expertise has helped strengthen Avino’s Mexican operations and leadership at the Mines. Nathan Harte, CPA CFO Mr. Harte is a Canadian Chartered Professional Accountant (CPA) who has been working in the finance and mining industry since 2013, having worked with numerous public mining companies listed in both Canada and the US, with operations in North America, South America and Africa. He joined the Avino team in 2016, coming from Deloitte LLP where he specialized in working with public mining companies, and was promoted in 2018 to CFO. Jennifer Trevitt Corporate Secretary Ms. Trevitt was appointed Corporate Secretary of Avino Silver and Gold Mines Ltd. in December 2021. Prior to joining the Company, Ms. Trevitt served as the Corporate Secretary and Vice President Corporate Affairs of Minco Silver Corporation and Minco Capital Corp. for 13 years. She is a Capilano College certified Paralegal working in the Securities/Corporate finance industry for over 25 years. In 2019, she obtained her Certificate in Mining Law and in November 2021 she completed the Fundamentals of U.S. Securities Law with Osgoode Hall Law School. She was also appointed Corporate Secretary of Silver Wolf Exploration Ltd. in December 2021. Peter Latta, BASc, P. E n g (BC) VP Technical Services Mr. Latta, P.Eng, MBA, is a Professional engineer and a 2008 graduate of the University of British Columbia with a degree in Metals and Materials engineering and a 2017 graduate of Simon Frasers’ Beedie school of business with a Master of Business Administration. He has over 10 years of operational, flowsheet design, engineering, and commercial experience in the mining industry. He has commissioned, troubleshooted and optimized mineral processing circuits having worked at sites world-wide including Asia, Europe, North America, and South America. Jennifer North Head of Investor Relations Ms. North has over 26 years experience working with publicly traded mining companies in Canada. She joined Avino Silver & Gold Mines in 2016, and worked for Aurizon Mines Ltd. from 1996 to 2013, when it was acquired by Hecla Mining. Prior to joining Avino Silver & Gold Mines in 2016, Ms. North spent 3 years working in London, UK, specifically providing best practice and communication advise for Annual reports and Capital Market events for a variety of FTSE publicly listed companies. Jennifer completed the Canadian Securities Course through the Canadian Securities Institute in 2009 and has been a member of the Woman in Mining UK and BC chapters. She is also a member of CIRI. Andrew Kaplan Consultant Mr. Kaplan is a graduate of the University of Hartford having a major in Finance and Insurance. He is a founder of A to B Capital Management, and manages the A to B Capital Special Situations Fund, LP which was launched on January 1, 2009. The fund invests in the small cap sector through private, pre-public and publicly traded companies. In addition, he has been a Vice President of Barry Kaplan Associates (“BKA”) for the past 20 years, a leading financial public relations firm for both public and private companies in the US, Canada and abroad. Prior to working at BKA, he had six years experience working at Lehman Brothers and Merrill Lynch involved in deal structure, mergers and acquisitions and trading.
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TSX: ASM NYSE American: ASM 30 A Clear Path to Transformational Growth • As of September 5th, Avino is the #6th performing silver investment over the past 12 months • Avino has outperformed its peer group and the price of silver bullion by a significant margin as a result of positive developments at La Preciosa, strong operational execution and robust financial performance
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TSX: ASM NYSE American: ASM 31 A Clear Path to Transformational Growth Avino is currently trading at an intermediate-senior P/NAV multiple but at a junior-intermediate EV/Resources Values Silver Producers and Developers Comparable Companies
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TSX: ASM NYSE American: ASM 32 A Clear Path to Transformational Growth Footnotes Slides 9 – 10 - Cash Costs and AISC per silver payable ounce and Cost per tonne processed 1. In Q3 2025, AgEq was calculated using metal prices of $39.38 per oz Ag, $3,454 per oz Au and $4.45 per lb Cu. In Q3 2024, AgEq was calculated using metals prices of $29.42 oz Ag, $2,476 oz Au and $4.18 lb Cu. For YTD 2025, AgEq was calculated using metal prices of $34.98 per oz Ag, $3,199 per oz Au and $4.34 per lb Cu. For YTD 2024, AgEq was calculated using metal prices of $27.21 oz Ag, $2,295 oz Au and $4.15 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 correspo nding period. 3. Non-IFRS Accounting Standard measure. These measures are widely used in the mining industry as a benchmark for performance, b ut do not have a standardized meaning under IFRS Accounting Standards and the calculation methods may differ from methods used by other companies with similar reported measures. See Non -IFRS Accounting Standards Measures section for further information and detailed reconciliations. Slide 21 – 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 30-31 - Sources: Company Material, LSEG Workspace. Sources: Company Materials, LSEG Workspace. Silver Producers and Developers Comparable Companies (1) As of May 20, 2025 close, slide 31 is as of September 5, 2025 (2) Fully-diluted market capitalization based on the treasury stock method. (3) AgEq. calculated based on Cantor’s Equity Research long-term price assumptions US$3,000/oz Au, US$33.00/oz Ag, US$4.50/lb Cu, US$1.00/lb Pb, and US$1.20/lb Zn. (4) Based on available analyst consensus. FOOTNOTES (5) Pro forma for the acquisition of the Porcupine Complex from Newmont Corporation, including the concurrent financing package and bought deal offering. (6) Excludes multiples greater than $35.00/oz Ag. (7) Pro forma of the acquisition of MAG Silver Corp. by Pan American Silver Corp
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TSX: ASM NYSE American: ASM 33 A Clear Path to Transformational Growth APPENDIX A IFRS ACCOUNTING STANDARDS TO NON- GAAP MEASURES RECONCILIATIONS
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TSX: ASM NYSE American: ASM 34 A Clear Path to Transformational Growth Non-IFRS Accounting Standards Measures - Reconciliations EBITDA & ADJUSTED EARNINGS Expressed in 000’s of US$, unless otherwise noted Q3 2025 Q3 2024 YTD 2025 YTD 2024 Net income for the period $7,702 $1,169 $16,183 $3,008 Depreciation and depletion 940 812 2,736 2,504 Interest income and other (342) 77 (675) (77) Interest expense 27 77 218 24 Finance cost 69 5 78 10 Accretion of reclamation provision 56 49 156 151 Current income tax expense 3,333 1,258 8,426 2,033 Deferred income tax expense (329) 369 1,464 1,061 EBITDA $11,456 $3,816 $28,586 $8,938 Unrealized gain on derivatives (86) - (2,000) - Share-based payments 1,165 531 2,847 1,601 Write down of equipment and supplies and materials inventory 249 182 413 566 Write down of uncollectible asset - 621 - 621 Foreign exchange (gain) loss (1,139) (170) 391 (342) Adjusted earnings $11,645 $4,980 $30,237 $11,384 Shares outstanding (diluted) 157,140,213 140,429,861 154,716,640 138,723,903 Adjusted earnings per share $0.07 $0.04 $0.20 $0.08
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TSX: ASM NYSE American: ASM 35 A Clear Path to Transformational Growth Non-IFRS Accounting Standards Measures - Reconciliations CASH COST & ALL-IN SUSTAINING COST PER SILVER EQUIVALENT PAYABLE OUNCE Expressed in 000’s of US$, unless otherwise noted Avino Q3 2025 Q3 2024 YTD 2025 YTD 2024 Cost of sales $11,137 $8,907 $30,992 $29,051 Exploration expenses (378) (111) (959) (409) Write down of equipment (249) (182) (413) (566) Depletion and depreciation (896) (773) (2,616) (2,390) Cash production cost $9,615 $7,841 $27,005 $25,686 Payable silver equivalent ounces sold 562,604 525,003 1,806,939 1,672,917 Cash cost per silver equivalent ounce $17.09 $14.94 $14.95 $15.35 General and administrative expenses 2,927 1,986 8,610 6,120 Treatment & refining charges 595 787 1,859 2,440 Penalties 386 915 1,881 2,223 Sustaining capital expenditures 848 510 1,752 978 Exploration expenses 378 111 959 409 Share-based payments and G&A depreciation (1,210) (570) (2,968) (1,715) Cash operating cost $13,539 $11,580 $39,098 $36,151 AISC per silver equivalent ounce $24.06 $22.06 $21.64 $21.61
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TSX: ASM NYSE American: ASM 36 A Clear Path to Transformational Growth Non-IFRS Accounting Standards Measures - Reconciliations CASH COST & ALL-IN SUSTAINING COST PER TONNE PROCESSED Expressed in 000’s of US$, unless otherwise noted Avino Q3 2025 Q3 2024 YTD 2025 YTD 2024 Cost of sales $11,137 $8,907 $30,992 $29,051 Exploration expenses (378) (111) (959) (409) Write down of equipment (249) (182) (413) (566) Inventory Adjustment 424 1,150 1,800 989 Depletion and depreciation (896) (773) (2,616) (2,390) Cash production cost $10,038 $8,991 $28,804 $26,975 Tonnes processed 188,757 166,463 547,597 467,041 Cash cost per silver equivalent ounce $53.18 $54.02 $52.60 $57.12 General and administrative expenses 2,927 1,986 8,610 6,120 Treatment & refining charges 595 787 1,859 2,440 Penalties 386 915 1,881 2,223 Sustaining capital expenditures 848 510 1,752 978 Exploration expenses 378 111 959 409 Share-based payments and G&A depreciation (1,210) (570) (2,968) (1,715) Cash operating cost $13,962 $12,730 $40,897 $37,140 AISC per tonne processed $73.97 $76.47 $74.69 $79.52
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TSX: ASM NYSE American: ASM 37 A Clear Path to Transformational Growth Non-IFRS Accounting Standards Measures - Reconciliations FREE-CASH FLOW Q3 2025 Q3 2024 YTD 2025 YTD 2024 Cash flow statement – cash provided by operating activities $8.3 M $4.2 M $17.4 M $7.6 M Cash flow statement – exploration and evaluation expenditures $(0.1)M $(0.4)M $(0.6)M $(1.9)M Cash flow statement – additions to plant, equipment and mining properties $(17.0)M $(1.4)M $(22.3)M $(3.1)M Acquisition of La Preciosa royalties & obligations $13.3 M $ - M $13.3 M $ - M Free cash flow - consolidated $4.5 M $2.4M $7.9 M $2.6 M Add Back – La Preciosa capital expenditures $0.9 M $ - M $1.9 M $ - M Free cash flow – excluding La Preciosa capital expenditures $5.4 M $2.4M $9.8 M $2.6 M
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TSX: ASM NYSE American: ASM 38 A Clear Path to Transformational Growth Non-IFRS Accounting Standards Measures - Reconciliations NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS MINE OPERATING CASH FLOW BEFORE TAXES Q3 2025 Q3 2024 YTD 2025 YTD 2024 Statement of comprehensive income - mine operating income (gross profit) $9.9 M $5.7 M $30.7 M $12.7 M Depreciation and depletion included in cost of sales $0.9 M $0.8 M $2.6 M $2.4 M Write down of equipment and supplies and material inventory $0.2 M $0.2 M $0.4 M $0.6 M Mine operating cash flow before taxes $11.0 M $6.7 M $33.7 M $15.7 M Q3 2025 Q3 2024 YTD 2025 YTD 2024 Cash flow statement – cash provided by operating activities $8.3 M $4.1 M $17.4 M $7.6 M Diluted shares outstanding 157.1 M 140.4 M 154.7 M 138.7 M Operating cash generated per share $0.05 $0.03 $0.11 $0.05 OPERATING CASH FLOW PER SHARE