Avino’S Q3 2023 Production Results
October 19, 2023
AVINO’S Q3 2023 PRODUCTION RESULTS
Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American, GV6: FSE, “Avino” or “the Company”) a growing silver
producer in Mexico , achieved production results of 591,208 silver equivalent ounces , bringing the 12-month
trailing total to 2.63 million silver equivalent ounces from the Avino Mine.
Production Highlights – Q3 2023
• Silver equivalent production was 591,208 oz
• Silver production was 237,165 oz
• Copper production was 1.14 million lbs
• Gold production increased 73% to 2,077 oz
• Mill throughput was 154,507 tonnes
Avino Mine Production – Three and Nine Months Ended September 30, 2023
“The Avino Mine continued to provide consistent production results in the third quarter of 2023, albeit impacted
by mining in lower copper grade areas, and lower recovery rates,” said David Wolfin, President and CEO of Avino.
“Although we had lower copper grades, we did see an increase in gold grade that managed to offset some of the
production shortfall. We have made improvements in the mechanical equipment of the mill and expect recovery
rates to improve along with grades as we move into higher grade zones inline with the projected sequence. On
the exploration side, we are thrilled with the additional and outstanding drill results from below Level 17 released
in mid-September. The drill results continue to demonstrate that the Avino Vein continues at depth. We remain
focused on the execution of our 5-year growth plan with the Oxide Tailings PFS due by early Q1 2024. Additionally,
the Company has stepped up its community relations activities around the mine area.”
Q3
2023
Q3
2022 Change YTD
2023
YTD
2022 Change
154,507 162,169 -5% Total Mill Feed (dry tonnes) 471,635 391,531 20%
56 59 -6% Feed Grade Silver (g/t) 53 58 -9%
0.58 0.31 86% Feed Grade Gold (g/t) 0.53 0.35 53%
0.42 0.66 -36% Feed Grade Copper (%) 0.46 0.64 -28%
86% 92% -7% Recovery Silver (%) 87% 92% -5%
72% 74% -2% Recovery Gold (%) 73% 76% -5%
80% 89% -11% Recovery Copper (%) 83% 90% -8%
237,165 285,444 -17% Total Silver Produced (oz) 703,920 675,339 4%
2,077 1,201 73% Total Gold Produced (oz) 5,883 3,352 76%
1,143,827 2,101,635 -46% Total Copper Produced (Lbs) 3,987,016 4,963,327 -20%
591,208 778,008 -24% Total Silver Equivalent Produced (oz)1 1,856,772 1,885,375 -2%
N E W S R E L E A S E
October 19, 2023 – Avino Silver & Gold Mines Ltd. – News Release
Avino’s Q3 2023 Production Results
Page 2
2023 Third Quarter Highlights
• Consistent Production at Avino: The silver equivalent production was steady albeit lower compared to Q3
2022 and decreased by 24% to 591,208 ounces.
• Avino Announced Continuing Exceptional Drill Results : On September 14, 2023, the Company released the
results of a further four holes from below Level 17, the current deepest workings at the Elena Tolosa (“ET”)
area of the Avino system. These latest deep step -out holes test the SW extent of the robust Avino vein, and
one infill hole was drilled to confirm local continuity. This drilling follows the continuity of the steeply dipping
mineralization and aids in understanding the deep source of the mineralization. The Company is looking at
the potential geometry and controls of the mineralization to come up with a model. Avino has completed its
planned and budgeted drilling program for the yea r by drilling 7,545 metres in 13 drill holes. Our geologists
on site are working through the recommendations made by our consulting geologists to study the potential
of the entire ore body. The 2023 results will be reviewed to determine exploration plans and budget for 2024.
• Avino Announced Best Drill Intercept in Company History: On July 5, 2023, the Company released the results
of three holes from below Level 17, the current deepest workings at the ET area of the Avino system. Drill Hole
ET-23-09 showed 57 metres true width of mineralization and is a step -out 50 metres to the west of Avino’s
most westerly drill hole at 200 metres downdip below Level 17. This mineralized intercept is exceptionally wide
and has very high silver, gold and copper grades . The vein system continues to be open along strike and at
depth.
• Oxide Tailings Project: The metallurgical results from the testwork program were completed in April and is
forming the basis of the metallurgical analysis in a n ongoing Pre-Feasibility Study (“PFS”) on the project. This
Project has been in our portfolio for many years and factors prominently into our 5-year growth plan to become
an intermediate silver producer in Mexico. These results also build on the studies in the 2017 Preliminary
Economic Assess ment (“PEA”) and increase the level of confidence in the Project through the extensive
testwork completed. In the February 2023 mineral resource estimate update, the Oxide Tailings mineral
resource was increased by 407% in the measured and indicated catego ries to total 5.7 million tonnes, and an
increase of 287% to the silver equivalent ounces resulting in 17.4 million.
• Dry Stack Tailings Facility: The facility has been fully operational for a year. The conveyor system is installed
and is currently transporting the pressed dry residues to the Avino open pit area. A tab is now available on our
website that provides further information on our tailings management system, along with a video (in English
and Spanish) from the mine site that can be viewed. In addition, a selection of short videos of the facility in
operation can be viewed under Videos and Media.
• La Preciosa Update: The Company continues to conduct community engagement in the nearby towns adjacent
to the property. Avino is fully committed to moving this project forward as it factors prominently in the
Company's 5-year growth strategy.
Adjusting Internal Production Estimate
Based on year-to-date production and the current timeline associated with processing the previously-mentioned
surface material from La Preciosa, the Company is adjusting its internal production estimate to 2.4 – 2.7 million
silver equivalent ounces for 2023.
Quality Assurance/Quality Control
Mill assays are performed at the Avino property’s on -site lab. Check samples were submitted to SGS Labs in
Durango, Mexico for verification. Gold and silver assays are performed by the fire assay method with a gravimetric
finish for concentrates and AAS (Atomic Absorption Spectrometry) methods for copper, lead, zinc and silver for
feed and tail grade samples. All concentrate shipments are assayed by one of the following independent third-
party labs: Inspectorate in the UK, LSI in the Netherlands, and AHK.
October 19, 2023 – Avino Silver & Gold Mines Ltd. – News Release
Avino’s Q3 2023 Production Results
Page 3
Qualified Person(s)
Peter Latta, P. Eng , MBA, Avino’s VP T echnical Services, is a qualified perso n within the context of National
Instrument 43-101 who has reviewed and approved the technical data in this news release.
About Avino
Avino is a silver producer from its wholly owned Avino Mine near Durango, Mexico. The Company’s silver, gold
and copper production remains unhedged. The Company’s mission and strategy is to create shareholder value
through its focus on profitable organic growth at the historic Avino Property and the strategic acquisition of the
La Preciosa property. Avino currently controls mineral resources, as per NI 43 -101, that total 368 million silver
equivalent ounces, within our district-scale land package. We are committed to managing all business activities in
a safe, environmentally responsible, and cost -effective manner, while contributing to the well -being of the
communities in which we operate. We encourage you to connect with us on X (formerly
Twitter) at @Avino_ASM and on LinkedIn at Avino Silver & Gold Mines. To view the Avino Mine VRIFY tour, please
click here.
ON BEHALF OF THE BOARD
“David Wolfin”
David Wolfin
President & Chief Executive Officer
This news release contains “forward -looking information” and “forward -looking statements” (together, the “forward looking statements”) within the meaning of
applicable securities laws and the United States Private Secu rities Litigation Reform Act of 1995, including the mineral resource estimate for the Company’s Avino
Property, including La Preciosa, located near Durango in west-central Mexico (the “Avino Property”) with an effective date of November 30, 2022, prepared for the
Company, and references to Measured, Indicated, Inferred Resources referred to in this press release. These forward-looking statements are made as of the date of
this news release and the dates of technical reports, as applicable. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be
no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward -looking statements will occur or that plans, intentions or
expectations upon which the forward -looking statements are based will occur. While we have based these forward -looking statements on our expectati ons about
future events as at the date that such statements were prepared, the statements are not a guarantee that such future events w ill occur and are subject to risks,
uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward -looking
statements. No assurance can be given that the Company’s Avino Property has the amount of mineral resources indicated in their reports or that such mineral resources
may be economically extracted. Such factors and assumptions include, among others, the effects of general economic conditions, the price of gold, silver and copper,
changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgments in the
course of preparing forward -looking information. In addition, there are known and unknown risk factors which could cause our actual results, performance or
achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors
include risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; the COVID-19
pandemic; volatility in the global financial markets; fluctuations in metal prices; title matters; uncertainties and risks related to carrying on business in foreign countries;
environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain of our officers, directors or promoters with
certain other projects; the absence of dividends; currency fluctuations; competition; dilution; the volatility of the our com mon share price and volume; tax
consequences to U.S. investors; and other risks and uncertainties. Although we have attempted to identify important factors t hat could cause actual actions, events
or results to differ materially from those described in forward -looking statements, there may be other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that forward -looking statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward -looking statements. We are under no
obligation to update or alter any forward-looking statements except as required under applicable securities laws. For more detailed information regarding the Company
including its risk factors, investors are directed to the Company’s Annual Report on Form 40-F and other periodic reports that it files with the U.S. Securities and
Exchange Commission.
Footnotes:
In Q3 2023, AgEq was calculated using metals prices of $23.57 oz Ag, $1,929 oz Au and $3.79 lb Cu. In Q3 2022, AgEq was calculated using metals prices of $19.22 oz
Ag, $1,720 oz Au and $3.51 lb Cu. For YTD 2023, AgEq was calculated using metals prices of $23.44 oz Ag, $1,932 oz Au and $3.90 lb Cu. For YTD 2022, AgEq was
calculated using metal prices of $21.94 oz Ag, $1,825 oz Au and $4.12 lb Cu.