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Analogies for Avino Silver & Gold Mines (ASM):

• A smaller **Barrick Gold**, also producing silver.
• A smaller **Fresnillo**, mining both silver and gold.

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• Silver: This precious metal is a primary product, widely used in industrial applications, jewelry, and investment.
• Gold: Another primary precious metal, gold is highly valued for investment, jewelry, and various industrial uses.
• Lead: Often recovered as a by-product of their mining operations, lead is a base metal primarily used in batteries and as a protective barrier.
• Zinc: Also typically a by-product, zinc is a non-ferrous metal mainly utilized for galvanizing steel to prevent corrosion.

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Avino Silver & Gold Mines (ASM) sells primarily to other companies rather than individuals. As a mining company, Avino extracts and produces silver, gold, and copper concentrates and dore, which are then sold to smelters, refiners, and trading companies for further processing and distribution.

Based on their recent financial filings (e.g., Annual Information Form for 2023), Avino's major customers that generated revenue in 2022 and 2023 include:

• Samsung C&T Corporation (KRX: 028260) - A global trading and investment company based in South Korea, part of the Samsung Group.
• Ocean Partners Holdings Limited (Private) - A privately held global trading company specializing in base and precious metal concentrates, ores, and refined metals.

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David Wolfin, President & CEO, Director

Mr. Wolfin has over 30 years of public company experience in mineral exploration, development, construction, and operations in precious metals in North America. He successfully developed Avino Silver & Gold Mines Ltd. from a minority owner of the closed Avino mine in 2001 to 100% ownership in 2006, and into commercial production in 2012. He learned the business from working in the field at mines in Mexico and Nevada, and in the finance industry on the floor of the Vancouver Stock Exchange in the 1980s, also learning under the mentorship of his late father, Louis Wolfin, a legendary mining financier. For the last 15 years, Mr. Wolfin has managed the Oniva International Services Group, which includes Avino Silver & Gold Mines Ltd. (CEO, President & Director), Bralorne Gold Mines Ltd. (Former CEO, President & Director), Coral Gold Resources Ltd. (Former CEO, President & Director), and Levon Resources Ltd. (Former Director). He currently serves as Chairman and Director of Silver Wolf Exploration Ltd.

Nathan Harte, CFO

Mr. Harte is a Canadian Chartered Professional Accountant (CPA) with experience in the finance and mining industry since 2013. He joined the Avino team in 2016, coming from Deloitte LLP where he specialized in working with public mining companies, and was promoted to CFO in 2018. As CFO, Mr. Harte has been instrumental in strengthening Avino's balance sheet through strategic initiatives. He has successfully negotiated over $100M in financing and M&A transactions within the Oniva International Services Group, including the sale of Bralorne Gold Mines Ltd. to Talisker Resources in 2018 and the sale of Coral Gold to Nomad Royalty Company in 2020. Since 2018, he has also served as CFO for other companies within Oniva.

Carlos Rodriguez Moreno, COO

Mr. Rodriguez Moreno is a professional geologist with over 34 years of experience in underground mines and regional exploration in Mexico. He graduated from the University of Sonora in 1984 with a degree in geology and from the Colorado School of Mines in 1998 with a degree in mineral exploration. Mr. Rodriguez Moreno is very familiar with the Avino Mine, having been the last chief geologist there before operations ceased in 2001. He rejoined Avino in 2006 as mine exploration and general manager and was instrumental in the discovery of the San Gonzalo deposit in 2007. Prior to rejoining Avino, he worked for Luzon Minerals Ltd. and Kings Minerals Ltd., an Australian mining company.

Peter Latta, VP, Technical Services

Mr. Latta is a Professional Engineer (P.Eng) with a Metals and Materials engineering degree from the University of British Columbia and a Master of Business Administration degree from Simon Fraser's Beedie School of Business. He has over 15 years of operational, engineering, and commercial experience in the mining industry, working on precious and base metals projects across six continents. Prior to joining Avino in 2018, Mr. Latta held senior positions with Gekko Systems and Takraf Canada, and assisted in the startup, operation, and shutdown of Alexco's Keno Hill operation where he was the only metallurgist on site. He has also been the President of Silver Wolf Exploration Ltd. for 4 years.

Jasveer Singh, Corporate Secretary

Ms. Singh was appointed Corporate Secretary of Avino Silver & Gold Mines Ltd. in December 2021. Before joining Avino, she served as the Corporate Secretary and Vice President Corporate Affairs for Minco Silver Corporation and Minco Capital Corp. for 13 years. She is a Capilano College certified Paralegal with over 25 years of experience in the Securities/Corporate finance industry. Ms. Singh obtained a Certificate in Mining Law in 2019 and completed the Fundamentals of U.S. Securities Law with Osgoode Hall Law School in November 2021.

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The key risks to Avino Silver & Gold Mines (ASM) primarily revolve around the inherent volatility of the mining sector and its specific operational and geographical exposures.

1. Metal Price Volatility: As a pure-play precious metals producer, Avino Silver & Gold Mines is highly susceptible to fluctuations in the market prices of silver, gold, and copper. The company's production is currently unhedged, leaving it fully exposed to the price swings of these metals, which directly impacts its profitability, cash flows, and the overall value of its mining properties.
2. Operational Execution and Project Development Risks: Avino faces significant operational challenges, including managing head grades (the concentration of metal in the ore) and controlling rising production costs. The company's growth strategy is heavily reliant on the successful development and ramp-up of key projects, particularly La Preciosa. The timely and cost-effective execution of these projects is a critical near-term risk, especially given that some production decisions have not been based on a feasibility study demonstrating economic and technical viability, which introduces increased uncertainty and potential for technical and economic failure.
3. Foreign Exchange and Political/Regulatory Risks: Operating primarily in Mexico, Avino is exposed to foreign exchange risks, particularly relating to the relative value of the U.S. dollar against the Canadian dollar and the Mexican peso. A decline in the U.S. dollar could decrease revenues. Additionally, the company is subject to uncertainties and risks associated with carrying on business in foreign countries, including potential changes in government regulations and tariff discussions in Mexico.

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Avino Silver & Gold Mines (ASM) primarily operates in the precious metals sector, with its main products being silver and gold, and also producing copper as a byproduct.

Addressable Markets:

• Gold: The global gold market size was valued at approximately USD 291.68 billion in 2024. This market is projected to grow to about USD 457.91 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.80% from 2024 to 2032. Another estimate indicates the global gold market is expected to reach USD 400 billion by the end of 2030.
• Silver: The global silver market size was valued at USD 87.12 billion in 2024. It is projected to increase to USD 95.20 billion in 2025 and is expected to reach USD 202.07 billion by 2033, demonstrating a CAGR of 9.86% during the forecast period from 2025 to 2033. The silver market is estimated at 36.08 kilotons in 2025, with a forecast to reach 45.26 kilotons by 2030.

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Avino Silver & Gold Mines (ASM) is poised for future revenue growth over the next 2-3 years, driven by several key factors:

1. Increased Production Volume and Mill Throughput from the Avino Mine: The company has demonstrated a consistent focus on optimizing its existing Avino Mine operations, leading to higher production. In Q4 2024, Avino saw a 32% increase in silver equivalent production and a 76% rise in gold production, achieving its highest quarterly mill throughput in history. This momentum continued into Q2 2025, with record mill throughput of 190,987 tonnes, a 36% increase from Q2 2024, contributing to higher gold and copper production. The company expects to maintain production levels around 2.5 to 2.8 million silver equivalent ounces for 2025.
2. Commencement of Production and Higher Grades from the La Preciosa Mine: The development and upcoming production from the La Preciosa project are anticipated to be a significant revenue driver. Management has frequently referred to La Preciosa as a "game changer". Initial production from La Preciosa is slated to begin ramping up in Q4 2025 and is expected to contribute to 20-30% growth in the following year due to its higher-grade ore. The plan involves transporting the material to the existing Avino mill for processing, providing a cost-effective expansion. Full ownership of La Preciosa is also expected to significantly contribute to Avino's goal of becoming an intermediate silver producer.
3. Favorable Metal Prices (Silver, Gold, and Copper): Fluctuations in commodity prices directly impact Avino's revenue, as the company's silver, gold, and copper production remains unhedged. Increases in realized metal prices have positively impacted revenues, such as in Q1 2024 due to higher realized silver prices. More recently, increased metal prices were a primary reason for the 47% revenue increase in Q2 2025 and a 44% increase in Q3 2025. Avino is well-positioned to capitalize on positive market trends in the precious metals sector, with expectations from management and analysts for higher gold, silver, and copper prices over time.
4. Expansion of Mineral Reserves and Resources through Exploration: Ongoing exploration programs across the Avino Property are aimed at significantly expanding mineral reserves and resources, which will extend the mine life and future production capacity. This strategic focus on expanding its resource base through exploration and potential strategic acquisitions is a core component of Avino's long-term vision to enhance financial performance.
5. Improved Operational Efficiency and Cost Management: While not a direct driver of top-line revenue, enhanced operational efficiency and stringent cost management contribute to a stronger financial position, allowing Avino to allocate more capital to growth initiatives and improve overall profitability. The company has demonstrated meaningful improvements in cash costs and all-in sustaining costs per silver equivalent ounce, positioning it in the lower quartile among junior producers. These efficiencies enable Avino to maintain profitability even with lower grades and support its transformational growth strategy.

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Share Issuance

• The number of outstanding shares increased from 87.09 million in 2020 to 144.11 million in 2025.
• In 2022, 100,000 common shares were issued as part of the option and royalty agreement with Endurance Gold Corp. for the Olympic Claims.

Inbound Investments

• Total shares owned by institutions increased by 89.69% to 32,075,000 shares in the three months prior to November 3, 2025.
• Several institutional investors, including Amplify ETF Trust, Arrowstreet Capital, Limited Partnership, MIRAE ASSET GLOBAL ETFS HOLDINGS, and Toroso Investments, significantly increased their portfolio allocations in Avino Silver & Gold Mines.

Outbound Investments

• The company acquired the La Preciosa silver project from Coeur Mining Inc. in Q1 2022, involving an upfront cash payment of $15.3 million and a $5 million note payable.
• Avino secured 100% ownership of La Preciosa by acquiring outstanding royalties and contingent payments.
• In 2022, Avino granted Endurance Gold Corp. the right to acquire the Olympic Claims, involving a total cash consideration of $100,000, issuance of up to 1,500,000 common shares, and exploration expenditures of $300,000 to be incurred by December 31, 2024.

Capital Expenditures

• Capital expenditures were $6.6 million in 2024 and $8.5 million in 2023.
• Expected capital expenditures for 2025 include approximately $5.0 million to $6.0 million allocated for equipment and mine development at La Preciosa.
• In 2022, capital expenditures primarily focused on exploration drilling at the Avino property and Oxide Tailings project, construction of a dry-stack tailings facility, and $1.3 million for leased capital equipment.