Avino Achieves Strong Production IN Q1 2024
April 17, 2024
AVINO ACHIEVES STRONG PRODUCTION IN Q1 2024
Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American, GV6: FSE) a long-standing silver producer in Mexico,
reports a strong first quarter start to the year with 629,302 silver equivalent ounces being produced.
Production Highlights – Q1 2024 (compared to Q4 2023)
• Silver equivalent production increased 13% to 629,302 oz
• Silver production increased 12% to 250,642 oz
• Copper production increased 2% to 1.35 million lbs
• Gold production increased 22% to 1,778 oz
• Mill throughput increased 18% to 169,595 tonnes
Avino Mine Production – Quarterly Tables
“2024 is off to a solid start with quarterly production of 629,302 ounces, tracking our production target for the
year. With noted improvement to mill throughput of 18% in the quarter compared to Q4 2023, the operations
team was instrumental in achieving an overall silver equivalent production increase of 13%. We have started
milling an old stockpile from La Preciosa for metallurgical compatibility testing.” said David Wolfin, President and
CEO of Avino. “We also look forward to receiving approval of the environmental permits for La Preciosa and being
able to commence construction of the portal, haulage ramp, leading to mining of the Gloria and Abundancia veins.
La Preciosa factors prominently into our 5-year growth plan and will deliver economic growth and benefit to the
local communities in Durango. With the recent move up in silver price, the outlook for Avino looks more robust.”
Q1
2024
Q1
2023 Change Q1
2024
Q4
2023 Change
169,595 159,757 6% Total Mill Feed (dry tonnes) 169,595 143,798 18%
52 51 2% Feed Grade Silver (g/t) 52 56 -7%
0.47 0.58 -19% Feed Grade Gold (g/t) 0.47 0.45 4%
0.43 0.47 -9% Feed Grade Copper (%) 0.43 0.49 -12%
88% 89% -1% Recovery Silver (%) 88% 87% 1%
70% 77% -9% Recovery Gold (%) 70% 70% -%
84% 84% -% Recovery Copper (%) 84% 84% -%
250,642 234,338 7% Total Silver Produced (oz) 250,642 224,723 12%
1,778 2,286 -22% Total Gold Produced (oz) 1,778 1,452 22%
1,347,110 1,397,637 -4% Total Copper Produced (lbs) 1,347,110 1,317,793 2%
629,302 678,247 -7% Total Silver Equivalent Produced (oz)1 629,302 558,460 13%
N E W S R E L E A S E
April 17, 2024 – Avino Silver & Gold Mines Ltd. – News Release
Avino Achieves Strong Production in Q1 2024
Page 2
2024 First Quarter Highlights
• Production In line with Expectations : Silver equivalent production of 629,302 ounces is within our
guidance range and the Company remains on track with our targeted full year production of 2.5M to 2.8M
silver equivalent ounces.
• La Preciosa: On February 28, 2024, the Company provided an update on recently completed and ongoing
work in connection with La Preciosa. Capital costs for 2024 are expected to be between US$3.0 – US$4.0
million and will include surface works and equipment procurement intended for the firs t phase of mine
development for the Gloria and Abundancia veins. Avino already has the mining equipment necessary to
commence operations at La Preciosa. The application for the Environmental Permit has been submitted
by the Company to the relevant authorities. A further permit application will be submitted shortly after
receipt of the Environmental Permit, which is required to commence the construction of the portal,
haulage ramp, and the mining of the Gloria and Abundancia veins. Recent photos from the La Preciosa
property can be viewed on our website by clicking here.
• Pre-Feasibility Study – Oxide Tailings Project : On February 5, 2024 , the Company announced the
completion of the Pre -Feasibility Study (“PFS”) for its Oxide Tailings Project (“OTP”) at the Avino Mine
Operations. The completion of the PFS is a key milestone in our growth trajectory.
o The study highlighted inaugural proven and probable Mineral Reserves, a first in Avino’s long
history, 6.7 million tonnes at a silver and gold grade of 55 g/t and 0.47 g/t, respectively.
o The OTP is one of our 3 catalysts for gold and silver production growth.
• Avino Signed Community Agreement for La Preciosa: On January 9, 2024, Avino signed a long-term land-
use agreement with a local community for the development of La Preciosa in Durango, Mexico. This
achievement signaled the start of a new era for Avino and the communities adjacent to the mine as it
meant another step closer to putting La Preciosa into production.
• Dry-Stack Tailing s Facility Completed and Operational: With the rearrangement of our handling of
tailings as a result of the completed dry-stack tailings facility, which has been in use for over a year, the
prior method of wet tailings deposition is no longer in use. A tab is available on our website that provides
further information on our tailings management system along with videos (in English and Spanish) that
can be viewed. In addition, a selection of short videos of the facility in operation can be viewed on our
Company website, under Videos and Media.
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.
Qualified Person(s)
Peter Latta, P. Eng, MBA, Avino’s VP Technical 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.
April 17, 2024 – Avino Silver & Gold Mines Ltd. – News Release
Avino Achieves Strong Production in Q1 2024
Page 3
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 shareholders and the community alike throu gh 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. 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 Twitter at @Avino_ASM and on LinkedIn at Avino
Silver & Gold Mines. To view the Avino Mine VRIFY tour, please click here.
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 November 30, 2022, prepared for the
Company, and references to Measured, Indicated, Inferred Resources dated October 16, 2023 as well as the Prefeasibility Study dated January 16, 2024 and references
to Measured, Indicated Resources, and Proven and Probable Mineral Reserves referred to in this press release. This informa tion and these statements, referred to
herein as “forward-looking statements” are made as of the date of this 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 operating 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 recov ery 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 involve 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 “wi ll” 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 as 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 Commission (“SEC”) now recognizes estimates of “measured mineral
resources,” “indicated mineral resources” and “inferred mineral resources” and uses new definitions of “proven mineral reserv es” 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 resource s,” 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 resource 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 the 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 2024, AgEq was calculated using metal prices of $23.36 per oz Ag, $2,072 per oz Au and $3.83 per lb Cu. In Q4 2023, AgEq was calculated using metals prices
of $23.23 oz Ag, $1,977 oz Au and $3.71 lb Cu. In Q1 2023, AgEq was calculated using metal prices of $22.56 per oz Ag, $1,888 per oz Au and $4.05 per lb Cu