ASM · Avino Silver & Gold Mines Ltd.

Avino Silver & Gold Mines Ltd. delivered a record-breaking first quarter in 2026, with revenue of $39.4 million, a 109% increase from $18.8 million in Q1 2025. This growth was primarily driven by a 173% increase in the average realized silver price per ounce sold to $86.42, partially offset by a 15% decline in silver equivalent payable ounces sold. Mine operating income more than doubled to $23.4 million, reflecting strong operational leverage. Net income rose to $15.9 million ($0.09 per diluted share) from $5.6 million ($0.04 per diluted share) in the prior year. Adjusted earnings, a non-GAAP measure, reached $24.3 million, up 150% year-over-year. Cash flow from operations improved dramatically to $13.6 million from $0.8 million, driven by higher earnings and working capital changes. The company ended the quarter with $138.6 million in cash and a working capital surplus of $139.7 million, providing a strong foundation for its growth plans. Operational highlights include an 11% increase in mill throughput year-over-year and ongoing development at La Preciosa. Subsequent to quarter end, Avino announced a Normal Course Issuer Bid to repurchase up to 5% of its outstanding shares and released an inaugural mineral reserve estimate totaling 127 million silver equivalent ounces. The company remains debt-free excluding equipment leases and a deferred royalty payment.