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.

• Net income after taxes reached a record $15.9 million ($0.09/diluted share), up 183% year-over-year, with EBITDA at $25.5 million, up 163% year-over-year.

• Adjusted earnings were $24.3 million ($0.14/share), more than double Q1 2025.

• 60% of revenues generated from silver production at an average realized price of $86.42/oz, reflecting a strategic return to primary silver.

• Maintained a strong balance sheet with $139 million in cash and $140 million in working capital; debt-free except for equipment leases.

Financial highlights

• Record Q1 revenue of $39.4 million, up 109% year-over-year and 29% sequentially.

• Net income reached $15.9 million, up 183% year-over-year and 52% sequentially.

• EBITDA rose 163% year-over-year to $25.5 million.

• 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, up 209% year-over-year.

• Gross profit margin was 59% (inclusive of non-cash items), 68% on a cash basis.

• Cash cost per silver equivalent ounce was $24.46; all-in sustaining cost was $34.72, both above 2026 guidance.

• Cash cost per ton was $64.04; all-in cost per ton was ~$90.

• Working capital at quarter-end was $140 million.

Outlook and guidance

• Targeting 15,000 meters of drilling at both La Preciosa and Avino for the remainder of 2026, with 2,600 meters completed by Q1 end.

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

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

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

• Updated mineral reserve and resource estimates planned for April 2026.

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

• Sufficient free cash flow in 2026 to support share repurchases and ongoing capital expenditures.