Avino Achieves Another Quarter of Record Financial Performance FOR Q1 2025
May 13, 2025
AVINO ACHIEVES ANOTHER QUARTER OF RECORD FINANCIAL PERFORMANCE FOR Q1 2025
Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American; FSE: GV6) a long-standing silver producer in Mexico, announces its
audited consolidated financial results for the first quarter of 2025. All amounts are in U.S. dollars unless stated otherwise.
“Avino started off 2025 the same way we ended 2024, achieving another quarter of record financial results and strong
operational execution,” said David Wolfin, President and CEO. “The Company posted record earnings and continues to
demonstrate strength across key financial metrics, as our operating margins further strengthened our debt-free balance sheet
with record highs in working capital. Our operating costs decreased for another consecutive quarter and further increased
margins, where we delivered record quarterly earnings. Looking forward to growth, I am thrilled with the development progress
at La Preciosa, as we continue to work towards being a multi- asset producer. I would like to thank our operations team for
continuing to deliver positive cost improvements, your dedication to the entire operation does not go unnoticed. With strong
operational performance, a healthy cash position, and record working capital of over $31 million, Avino is well -positioned to
capitalize on positive market trends in the precious metals sector. We remain disciplined and committed to our organic growth
strategy. Backed by our financial strength, management is actively exploring opportunities to accelerate our expansion plans.
We are focused and on track to deliver sustainable growth and long-term value for all stakeholders and shareholders
First Quarter 2025 Financial Highlights (compared to Q1 2024)
• Record Quarterly Net Income: Net income after taxes was $5.6 million, or $0.04 per share, a meaningful increase from
$0.6 million, or $0.00 per share. Net income was also 10% higher than the $5.1 million realized in Q4 2024.
• Robust Revenues: Avino realized revenues of $18.8 revenue, representing a 52% increase from Q1 2024, primarily as
a result of increased metal prices and consistent production. At the end of the quarter, there was $5.6 million in
concentrate sales receivable, that was settled subsequent to quarter end.
• Record Quarterly Gross Profit: Gross profit, or mine operating income, was $10.6 million and represented an increase
of 352%. The significant improvement was a result of meaningful unit cost reductions and currency movements
between the US dollar and Mexican Peso and builds off the $10.5 million generated in Q4 2024.
• Strong EBITDA and Adjusted Earnings : The Company realized earnings before interest, taxes, depreciation and
amortization, or EBITDA, of $9.7 million, up 466% and 7%, from Q1 2024 and Q4 2024, respectively. Adjusted earnings3
was $9.8 million, or $0.07 per share, an increase of 374% from Q1 2024 and a decrease of 2% from Q4 2024.
• Improved Costs per Ounce Metrics: Cash costs per silver equivalent payable ounce sold1,2,3 was $12.62, and all-in
sustaining cash costs per silver equivalent payable ounce sold1,2,3 was $20.08, a reduction of 15% and 1%, respectively.
• Increased Working Capital from Cash Flow Prior to Working Capital Movements: The Company’s balance sheet
continued to strengthen with working capital1 increasing to $31.3 million, up $6.1 million, or 24% from $25.2 million at
the end of 2024, as a result of another quarter of cash generation. Cash provided by operating activities of $0.8 million
was impacted by working capital movements, with $6.6 million in working capital movements, primarily in increases to
amounts receivable from sales, concentrate and stockpile inventory, as well as income tax payments in Mexico during
the quarter. Prior to working capital movements, cash generated from operating activities was $7.4 million, or $0.05
per share.
ASM: TSX/NYSE American
Avino Silver & Gold Mines Ltd. T (604) 682 3701
Suite 900-570 Granville Street F (604) 682 3600
Vancouver, BC V6C 3P1 www.avino.com
NEWS RELEASE
Avino Silver & Gold Mines Ltd. – May 13, 2025
AVINO ACHIEVES ANOTHER QUARTER OF RECORD FINANCIAL PERFORMANCE FOR Q1 2025
Page 2
Financial Highlights
HIGHLIGHTS
(Expressed in 000’s of US$)
First Quarter
2025
First Quarter
2024
Change
First Quarter
2025
Fourth Quarter
2024
Change
Financial Operating Performance
Revenues $ 18,836 $ 12,393 52% $ 18,836 $ 24,382 -23%
Mine operating income $ 10,562 $ 2,339 352% $ 10,562 $ 10,456 1%
Net income $ 5,617 $ 599 838% $ 5,617 $ 5,092 10%
Earnings before interest, taxes and amortization
(“EBITDA”)1 $
9,694 $
1,713 466% $
9,694 $ 9,099
7%
Adjusted earnings1 $ 9,751 $ 2,057 374% $ 9,751 $ 9,950 -2%
Cash provided by operating activities $ 758 $ 2,347 -68% $ 758 $ 15,551 -95%
Mine operating cash flow before taxes1 $ 11,397 $ 3,160 261% $ 11,397 $ 11,878 -4%
Per Share Amounts
Earnings per share – basic $ 0.04 $ 0.00 100% $ 0.04 $ 0.04 0%
Earnings per share – diluted $ 0.04 $ 0.00 100% $ 0.04 $ 0.03 33%
Adjusted earnings per share1 $ 0.07 $ 0.02 250% $ 0.07 $ 0.07 0%
HIGHLIGHTS
(Expressed in 000’s of US$)
March 31,
2025
March 31,
2024 Change
March 31,
2025
December 31,
2024
Change
Liquidity & Working Capital
Cash $ 26,627 $ 3,474 666% $ 26,627 $ 27,317 -3%
Working capital1 $ 31,339 $ 9,785 220% $ 31,339 $ 25,235 24%
Operating Highlights and Overview
HIGHLIGHTS
(Expressed in US$, unless otherwise noted)
First Quarter
2025
First Quarter
2024
Change
First Quarter
2025
Fourth Quarter
2024
Change
Operating
Tonnes Milled 167,853 169,575 -1% 167,853 181,733 -8%
Silver Ounces Produced 265,681 250,642 6% 265,681 283,794 -6%
Gold Ounces Produced 2,225 1,778 25% 2,225 2,560 -13%
Copper Pounds Produced 1,604,343 1,347,110 19% 1,604,343 1,773,694 -10%
Silver Equivalent Ounces1 Produced 678,458 629,302 8% 678,458 735,557 -8%
Concentrate Sales and Cash Costs
Silver Equivalent Payable Ounces Sold2 567,811 610,877 -7% 567,811 889,294 -36%
Cash Cost per Silver Equivalent Payable Ounce1,2,3 $ 12.62 $ 14.89 -15% $ 12.62 $ 13.88 -9%
All-in Sustaining Cash Cost per Silver Equivalent
Payable Ounce1,2,3 $ 20.08 $ 20.23 -1% $ 20.08 $ 18.62 8%
1st Quarter Operating Highlights (Compared to Q1 2024)
• Silver Equivalent Production Increased 8%: Avino produced 678,458 silver equivalent ounces in Q1 2025,
representing an 8% increase from Q1 of 2024. The increase was driven by improved grades in all three metals
(silver, gold and copper) and offset by slightly lower mill throughput. All three metals saw increased production
compared to Q1 of 2024.
• Gold Production Increased 25%: Q1 2025 production of 2,225 gold ounces represented a 25% increase compared
to Q1 2024. Improved feed grade of 17% accounted for the majority of the increase, alongside significant
improvements in recoveries to 75% from 70% in Q1 of 2024.
Avino Silver & Gold Mines Ltd. – May 13, 2025
AVINO ACHIEVES ANOTHER QUARTER OF RECORD FINANCIAL PERFORMANCE FOR Q1 2025
Page 3
• Copper Production Increased 19%: Avino produced 1.6 million pounds of copper in Q1 2025, a 19% increase
compared to Q1 2024. The increase was driven by improved copper feed grade of 17%, as well as an increase in
recoveries to 87% from 84% in Q1 of 2024.
• Silver Production Increased 6%: Silver production for Q1 2025 was 265,681 ounces, representing a 6% increase
compared to Q1 2024, with feed grade increases of 10% driving the improvement overall. The increase was offset
by a slight decrease in silver recoveries.
• Jaw Crusher Upgrades Completed: In Q1 2025, replacement of the main jaw crusher was completed with limited
down time.
La Preciosa Update
• Significant progress continues at La Preciosa mine. Blasting and construction of the relatively short 360 metre
decline is underway, and equipment mobilization has been swift, allowing development to advance on plan. The
new jumbo drill is working on the San Fernando haulage ramp as it progresses toward intercepting the Gloria and
Abundancia veins. Recent photos showcasing the work at La Preciosa are available on the Avino website — click
here to view them.
• As previously announced on January 15, 2025, Avino started underground development work at La Preciosa after
receiving all required permits for mining operations.
2025 Capital Expenditures
Capital expenditures, including lease and loan payments on equipment, in Q1 2025 were $2.3 million, compared to $2.5
million in 2024, on track for our capital expenditure guidance previously disclosed in our 2025 outlook news release.
ESG Initiatives
Avino follows the ESG Standards and the United Nations Sustainable Development goals . There are 17 Sustainable
Development Goals (SDGs), which were developed as a call to action by all countries developed and developing in a global
partnership.
We have two dedicated Corporate Social Responsibility (CSR) teams —one at each of our mine sites —ensuring that
community engagement and social initiatives are tailored to the unique needs of each region. This localized approach
allows each team to build strong relationships with local stakeholders, respond to community priorities in a timely and
meaningful way, and implement programs that generate lasting social value.
Mexican nationals account for 100% of our mine work force. Currently, we have approximately 483 direct jobs which
includes the workers at the mine site and in our Durango offices. This translates to approximately 3 times the number of
indirect jobs for services, consultants and suppliers in the surrounding communities and the Durango area.
Avino Silver & Gold Mines Ltd. – May 13, 2025
AVINO ACHIEVES ANOTHER QUARTER OF RECORD FINANCIAL PERFORMANCE FOR Q1 2025
Page 4
The earnings should be read in conjunction with the Company’s Financial Statements and Management’s Discussion and
Analysis (“MD&A”) for the corresponding period, which can be viewed on the Company’s website at www.avino.com, or
on SEDAR+ at www.sedarplus.ca or on EDGAR at www.sec.gov.
Qualified Person
Peter Latta, P. Eng, MBA, VP Technical Services, Avino, who is a qualified person within the context of National Instrument
43-101 has reviewed and approved the technical data in this news release.
Non-IFRS Accounting Standards Measures
The financial results in this news release include references to non-IFRS Accounting Standards measures. These measures
are used by the Company to manage and evaluate the operating performance of the Company’s mining operations and
are widely reported in the silver and gold mining industry as benchmarks for performance, but do not have standardized
meanings prescribed by IFRS . For a reconciliation of non -GAAP and GAAP measures, please refer to the “Non -IFRS
Accounting Standards Measures” section of the Company’s MD&A dated May 13, 2025 for the three months ended March
31, 2025, which is incorporated by reference within this news release and available on SEDAR+ at www.sedarplus.ca.
Conference Call and Webcast
The Company’s unaudited condensed consolidated interim financial statements for the First Quarter 2025, will be released
after the market closes on Tuesday, May 13, 2025.
A conference call to discuss the Company’s Q1 2025 operational and financial results will be held on Wednesday, May 14,
2025, at 8:00 a.m. PT / 11:00 a.m. ET. To participate in the conference call or follow the webcast, please see the details
below.
Shareholders, analysts, investors, and media are invited to join the webcast and conference call by logging in here Avino’s
Q1 2025 Financial Results or by dialing the following numbers five to ten minutes prior to the start time.
Toll Free: 888-506-0062
International: +1 973-528-0011
Participant Access Code: 480429
Participants will be greeted by an operator and asked for the access code. If a caller does not have the code, they can
reference the company name. Participants will have the opportunity to ask questions during the Q&A portion.
The conference call and webcast will be recorded, and the replay will be available on the Company’s website later that
day.
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 intends to maintain long-term sustainable and profitable mining operations
to reward shareholde rs and the community alike through our growth at the historic Avino Property and the strategic
acquisition of the adjacent La Preciosa which was finalized in Q1 2022. Avino currently controls mineral resources, as per
NI 43-101, with a total mineral content of 371 million silver equivalent ounces, within our district-scale land package. Early
in 2024, the pre-feasibility Study on the Oxide Tailings Project was completed. This study is a key milestone in our growth
trajectory. As part of Avino’s commitment to adopting sustainable practices, we have been operating a dry stack tailings
facility for more than one year now with excellent results. 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.
Avino Silver & Gold Mines Ltd. – March 11, 2025
AVINO ACHIEVES ANOTHER QUARTER OF RECORD FINANCIAL PERFORMANCE FOR Q1 2025
Page 5
For Further Information, Please Contact:
Investor Relations
Tel: 604-682-3701
Email: [email protected]
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 Securities 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 October 16, 2023 as well as the Pre-feasibility Study dated January 16, 2024
and references to Measured, Indicated Resources, and Proven and Probable Mineral Reserves referred to in this press release. This information and these statements, referred to
herein as “forward-looking statements” are made as of the date of thi s document. Forward-looking statements relate to future events or future performance and reflect current
estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the estimated amount and grade of mineral
reserves and mineral resources, including the cut-off grade; (ii) estimates of the capital costs of constructing mine facilities and bringing a mine into production, of operat ing the
mine, of sustaining capital, of strip ratios and the duration of financing payback periods; (iii) the estimated amount of future production, both ore processed and metal recovered
and recovery rates; (iv) estimates of operating costs, life of mine costs, net cash flow, net present value (NPV) and economic returns from an operating mine; and (v) the completion
of the full Technical Report, including a Preliminary Economic Assessment, and its timing. Any statements that express or inv olve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”,
“projects”, “estimates”, “envisages”, “assumes”, “intends”, “strategy”, “goals”, “objectives” or variations thereof or stating that certain actions, events or results “may”, “could”,
“would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-
looking statements. 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 expectations about future events at the date that such statements were prepared, the statements are not a guarantee that such future events will 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.
Cautionary note to U.S. Investors concerning estimates of Mineral Reserves and Mineral Resources
All reserve and resource estimates reported by Avino were estimated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining,
Metallurgy and Petroleum (“CIM”) Definition Standards. The U.S. Securities and Exchange Com mission (“SEC”) now recognizes estimates of “measured mineral
resources,” “indicated mineral resources” and “inferred mineral resources” and uses new definitions of “proven mineral reserves” and “probable mineral reserves” that
are substantially similar to the corresponding CIM Definition Standards. However, the CIM Definition Standards differ from the requirements applicable to US domestic
issuers. US investors are cautioned not to assume that any “measured mineral resources,” “indicated mineral resources,” or “inferred mineral resources” that the Issuer
reports are or will be economically or legally mineable. Further, “inferred mineral resources” are that part of a mineral res ource for which quantity and grade are
estimated on the basis of limited geologic evidence and sampling. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
Footnotes:
1. In Q1 2025, AgEq was calculated using metal prices of $31.67 per oz Ag, $2,866 per oz Au and $4.17 per lb Cu. In Q4 2024, AgEq was calculated using metals
prices of $31.34 oz Ag, $2,662 oz Au and $4.17 lb Cu. In Q1 2024, AgEq was calculated using metal prices of $23.36 per oz Ag, $2,072 per oz Au and $3.83 per lb
Cu. Calculated figures may not add up due to rounding.
2. “Silver equivalent payable ounces sold” for the purposes of cash costs and all-in sustaining costs consists of the sum of payable silver ounces, gold ounces and
copper tonnes sold, before penalties, treatment charges, and refining charges, multiplied by the ratio of the average spot gold and copper prices to the average
spot silver price for the corresponding period.
3. Non-IFRS Accounting Standard measure. These measures are widely used in the mining industry as a benchmark for performance, but d o not have a
standardized meaning under IFRS and the calculation methods may differ from methods used by other companies with similar reported measures. See Non-IFRS
Accounting Standards Measures section of the Company’s Management’s Discussion & Analysis for further information and detailed reconciliations.