Avino Beats Yearly Silver Equivalent Production Estimate with over 2.6 Million Ozs IN 2022 - an Increase of 215% over 2021
January 17, 2023
AVINO BEATS YEARLY SILVER EQUIVALENT PRODUCTION ESTIMATE WITH OVER
2.6 MILLION OZS IN 2022 - AN INCREASE OF 215% OVER 2021
Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American, GV6: FSE, “Avino” or “the Company”) is pleased to
report full year 2022 production results of 2,655,502 silver equivalent ounces. Fourth quarter production totaled
770,127 silver equivalent ounces which outperformed expectations.
Production Highlights – Q4 2022 (Compared to Q4 2021)
• Silver equivalent production increased 42% to 770,127 oz2
• Silver production increased by 89% to 309,856 oz
• Copper production increased by 37% to 1.5 million lbs
• Gold production increased by 12% to 2,426 oz
• Mill throughput increased by 45% to 150,292 tonnes
Avino Mine Production – Three Months and Full Year Ended December 31, 2022 compared to Q4 2021 & 2021
“The Avino Mine continued to outperform in the final quarter of 2022, building on our record third quarter
production results,” said David Wolfin, President and CEO of Avino. “We had an internal production estimate
between 2.2 and 2.4 million silver equivalent ounces, and we beat the high end of that by over 250,000 silver
equivalent ounces. This steady production reflects the quality of the Avino Mine asset as well as the mine site
team’s ability to continually improve operations. We continue optimizing underground mining processes, growing
and training a local workforce, and practicing sound financial responsibility at the mine site and at the corporate
level. The dry -stack tailings facility has been completed along with the start -up testing and we are pleased to
report that it is now fully operational. We have a 5 -year goal to achieve intermediate producer status and the
strategy in place to accomplish strong production growth over the next 5 years. We look forward to continuing
improvement on our operational successes in 2023.”
Q4
2022
Q4
2021 Change 2022 20211 Change
150,292 103,513 45% Total Mill Feed (dry tonnes) 541,823 165,304 228%
70 56 26% Feed Grade Silver (g/t) 62 53 16%
0.62 0.86 -28% Feed Grade Gold (g/t) 0.42 0.84 -50%
0.53 0.55 -4% Feed Grade Copper (%) 0.61 0.57 7%
92% 89% 3% Recovery Silver (%) 92% 87% 6%
81% 75% 8% Recovery Gold (%) 78% 75% 4%
88% 90% -2% Recovery Copper (%) 89% 88% 1%
309,856 163,933 89% Total Silver Produced (oz) 985,195 245,372 302%
2,426 2,158 12% Total Gold Produced (oz) 5,778 3,386 71%
1,540,851 1,128,728 37% Total Copper Produced (Lbs) 6,504,177 1,869,306 248%
770,127 541,432 42% Total Silver Equivalent Produced (oz)2 2,655,502 842,373 215%
N E W S R E L E A S E
January 17, 2023 – Avino Silver & Gold Mines Ltd. – News Release
Avino Beats Yearly Silver Equivalent Production Estimate With Over 2.6 Million Ozs In 2022 - An Increase Of 215% Over 2021
Page 2
2022 Fourth Quarter Highlights
• Production at Avino Continues to Deliver : Silver equivalent production of 770,127 ounces represents
Avino’s second highest production quarter in recent times , building on our record setting third quarter
results.
• Dry-Stack Tailing s Facility Commissioned: The installation and commissioning of the dry -stack tailings
project has been completed as well as the start-up testing, and the facility is now fully operational. Avino
chose dry-stack tailings for its environmental, safety and economic advantages. Dry-stack tailings improve
the overall tailings facility safety and stability and reduces the need to extract water from local sources by
recycling the water removed from tailings. In addition, dry -stack tailings require less storage area which
results in a smaller environmental footprint.
• Announced ET Area Drilling Results: On October 11, 2022, Avino announced further drill results from the
most recent six holes at the Avino Elena Tolosa (“ET”) area below our deepest Level 17 mining area. These
drill results confirmed the downdip continuity of widths and grades of the Avino vein extending significant
potential to a depth of at least 290 metres down dip below the current deepest development. Avino is
advancing geological modelling to determine the potential geometry and controls of the mineralization.
All three of Avino’s drills are currently working aimed at identifying the extent of the mineralization below
the current production operations. At the end of Q4 2022, a total of 3,430 metres had been drilled bringing
the total for the year to 15,582.
Further drilling near the end of Q4 2022 resulted in assays received and reported on January 5, 2023
showing the Avino Vein now extending 315 metres below the deepest Level 17 mining area , as well as
demonstrating the Avino vein is getting richer in copper at depth with a grade of 1.63% copper over 16.66
metres in Hole #ET 22-12.
La Preciosa Update
The Company is conducting community engagement in the nearby towns adjacent to the property and will provide
further updates as plans develop. Avino is fully committed to moving this project forward as it factors prominently
in the Company's 5-year growth strategy.
Non-Core Asset Update
During the fourth quarter, Avino finalized the option agreement with Endurance Gold (“Endurance”) on the
Olympic Claims located in the Bridge River Valley in British Colum bia, Canada (see news release here). Further,
Avino has received the 2nd milestone payment in c ash and shares that was due on or before on December 31,
2022, confirming that the option agreement remains in effect.
2023 Outlook & 2022 Year in Review
The Company will release its plans for 2023 and a review of accomplishments and milestones achieved in 2022 in
the coming weeks.
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, and LSI in the Netherlands and AHK.
January 17, 2023 – Avino Silver & Gold Mines Ltd. – News Release
Avino Beats Yearly Silver Equivalent Production Estimate With Over 2.6 Million Ozs In 2022 - An Increase Of 215% Over 2021
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 g rowth 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 290 million silver
equivalent ounces, within our district scaled 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.
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 Securities Litigation Reform Act of 1995, including the amended mineral resource estimate for the Company’s
Avino Property located near Durango in west -central Mexico (the “Avino Property”) with an effective date of January 13, 2021, and as amended on December 21,
2021, and the Company’s updated mineral resource estimate for La Preciosa with an effective date of October 27, 2021, prepared for the Company, and references
to Measured, Indicated, Inferred Resources referred to in this press release. These forwa rd-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 o r 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 nor the La Preciosa Property have the amount of the mineral resources indicated in th eir 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 a uthorities, 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; operati onal 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 common share price
and volume; tax consequences to U.S. investors; and other risks and uncertainties. Although we have attempted to identify imp ortant factors that 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 20-F and other periodic reports that it files with the U.S. Securities
and Exchange Commission.
References to Measured & Indicated Mineral Resources and Inferred Mineral Resources in this press release are terms that are defined under Canadian rules by
National Instrument 43-101 (“NI 43-101”). On October 31 , 2018, the US Securities and Exchange Commission adopted Item 1300 of Regulation S -K (“Regulation SK-
1300”) to modernize the property disclosure requirements for mining registrants, and related guidance, under the Securities A ct of 1933 and the Securities Exchange
Act of 1934. All registrants are required to comply with Regulation SK -1300 for fiscal years ending after January 1, 2021. Regulation SK -1300 uses the Committee for
Mineral Reserves International Reporting Standards (“CRIRSCO”) based classification scheme for mineral resources and mineral reserves, that includes definitions for
inferred, indicated, and measured mineral resources. U.S. Investors are cautioned not to assume that any part of the mineral resources in these categories will ever
be converted into probable or proven mineral reserves within the meaning of Regulation S-K 1300.
Footnotes:
1After a period of operational closure, the Avino Mine restarted production during Q3 2021.
2In Q4 2022, AgEq was calculated using metal prices of $21.18 per oz Ag, $1,729 per oz Au and $3.63 per lb Cu. In Q4 2021, AgEq was calculated using metal prices of
$23.32 per oz Ag, $1,783 per oz Au and $4.39 per lb Cu. In 2022, AgEq was calculated using metal prices of $ 21.75 per oz Ag, $1,801 per oz Au and $4.00 per lb Cu. In
2021, AgEq was calculated using metal prices of $23.84 per oz Ag, $1,786 per oz Au and $4.32 per lb Cu.