Avino Silver & Gold Mines (ASM) investor relations material

Executive summary

• Achieved record Q1 2026 financial and operational results, with revenues up 109% year-over-year and 29% sequentially, driven by improved mill performance, strong metal prices, and transformational growth initiatives.

• Advanced from a single-mine operator to a diversified, multi-asset mid-tier producer in Mexico, supported by a five-year growth plan and strategic initiatives.

• Completed the 2025 drill program at La Preciosa and launched a 30,000-meter drill campaign across key assets, with 2,600 meters completed by Q1 end.

• Announced inaugural mineral reserve and updated resource estimates for Avino and La Preciosa, reinforcing long-term growth with 127 million silver equivalent ounces in proven and probable reserves.

• Welcomed new board member Linda Broughton, strengthening sustainability expertise, and received ESR designation for corporate social responsibility for the third consecutive year.

Financial highlights

• Record Q1 revenue of $39.4 million, up 109% year-over-year, with 60% from silver sales at an average realized price of $86.42/oz.

• Net income reached $15.9 million ($0.09/diluted share), up 183% year-over-year and 52% sequentially.

• Adjusted earnings were $24.3 million ($0.14/share), up 150% year-over-year.

• Operating cash flow before working capital adjustments was $18.7 million ($0.11/share), up 154% year-over-year.

• Free cash flow (excluding La Preciosa development) was $17.2 million, a quarterly record and up 209% year-over-year.

Outlook and guidance

• Targeting 15,000 meters of drilling at both La Preciosa and Avino for the remainder of 2026, with updated mineral reserve and resource estimates planned for April 2026.

• Aiming to increase La Preciosa production to 500 tons per day by year-end.

• Expecting higher silver revenue contribution in H2 2026 as La Preciosa ramps up.

• 2026 guidance for cash cost per AgEq oz is $19.00–$21.00; AISC guidance is $25.00–$27.00 per AgEq oz.

• Five-year growth plan aims to transition to a multi-asset mid-tier producer with significant production increases by 2029.