Avino Silver & Gold Mines (ASM) investor relations material

Strategic growth and project portfolio

• Transitioning from a single operation to a multi-asset mid-tier producer in Mexico, targeting significant production growth by 2029 with the addition of La Preciosa and Oxide Tailings projects.

• La Preciosa aims for 500 tpd production, close to the Avino mill, and is now 100% owned after royalty acquisitions.

• Large resource base with 277 million AgEq oz measured & indicated and 94 million AgEq oz inferred resources as of October 2023.

• Exploration budgets for 2026 include 15,000 metres each at Avino and La Preciosa, with updated resource estimates planned for H1 2026.

• Infrastructure advantages include proximity to existing mill, paved roads, dedicated power, and strong local workforce.

Financial and operating performance

• Record annual revenue of $92.2M in 2025, up 39% year-over-year, with Q4 revenue at $30.5M.

• Net income for 2025 reached $26.6M, a 229% increase from 2024, and adjusted earnings were $46.5M.

• Gross profit margin was 58% (62% on a cash basis), and operating cash flow before non-cash changes was $35.3M.

• Ended 2025 with $102M in cash, $99M in working capital, and no debt except for equipment leases.

• Free cash flow excluding La Preciosa development was $24.3M for 2025.

Production and cost profile

• Production profile targets a return to primary silver, with silver's share of output increasing annually through 2029.

• Cash cost per AgEq oz was $16.13 in 2025, with all-in sustaining cost (AISC) at $23.75 per AgEq oz.

• Cash cost per tonne processed was $53.69, and AISC per tonne processed was $78.10 in 2025.

• Mine operating margin improved to 53% in 2025.