Avino Highlights Strong Q4 and Full Year 2024 Production Results
January 21, 2025
AVINO HIGHLIGHTS STRONG Q4 AND FULL YEAR 2024 PRODUCTION RESULTS
Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American, GV6: FSE) a long-standing silver producer in Mexico,
achieved fourth quarter production totaled 735,557 silver equivalent ounces, and full year 2024 production results
of 2.65 million silver equivalent ounces.
PRODUCTION HIGHLIGHTS – Q4 2024 (COMPARED TO Q4 2023)
• Silver Equivalent Production Increased 32%: Avino produced 735,557 silver equivalent ounces in Q4
2024, representing a 32% increase from Q4 of 2023 and a 10% increase compared to the previous quarter.
The increase was driven by improved gold grades and increased mill throughput.
• Mill Throughput Increased 26%: The Company processed 181,733 tonnes in Q4 2024, a 26% increase
compared to Q4 2023, and the highest quarter in the Company’s history. Mill availability and performance
is a result of considerable efforts from our operations team in Durango, allowing for meaningful
improvements in operational metrics, as wel l as improving the Company’s cash and working capital
positions.
• Gold Production Increased 76%: Q4 2024 production of 2,560 gold ounces represented a 76% increase
compared to Q4 2023 and was our highest quarter of gold production in 2024. I mproved feed grade
accounted for the majority of the increase, alongside the mill availability noted above.
PRODUCTION HIGHLIGHTS – FULL YEAR 2024 (COMPARED TO 2023)
• Silver equivalent production increased 10%: Avino produced 2,652,498 silver equivalent ounces in 2024,
representing a 10% increase from 2023. The positive movement was primarily due to improved copper
and silver grades, improved copper recoveries, and higher mill feed compared to 2023. Full year
production results were within our production estimate of 2.5 to 2.8 million silver equivalent ounces, even
after adjusting for changes in metal prices throughout 2024. Silver equivalent production for the year
would have been 2.73 million silve r equivalent ounces using original budget metal prices, at the upper
end of our production estimate range.
• Health and Safety Performance Improvements: The Company achieved a reduction in Lost Time Incident
Frequency Rate (“LTIFR”) of 32% for 2024 to 3.39 per 1,000,000 hours worked , while seeing an increase
in hours worked by 47% at the Avino operations. Reportable lost time incident frequency rate also
decreased to 0.07, down over 90% from 2023.
N E W S R E L E A S E
January 21, 2025 - Avino Silver & Gold Mines Ltd. - News Release
Avino Highlights Strong Q4 and Full Year 2024 Production Results
Page 2
Avino Mine Production – Q4 and FY2024 compared to 2023
“Our team closed out the fourth quarter with our highest quarter of production this year , capping off an
impressive performance in the second half of 2024,” said David Wolfin, President and CEO of Avino. “In the final
quarter of the year, all mill circuits operated exceptionally well, overcoming the crusher challenges faced earlier
in Q2, with mill availability and throughput at an all-time quarterly high. Our focus on cost management continues
to yield results, with mining costs notably decreasing. Improved mill availability, higher feed grades and better
copper recoveries all contributed to meeting our production estimate of 2.5 to 2.8 million silver equivalent ounces.
We ended the year on a high note, with final quarter results surpassing our goals by a significant margin. Looking
ahead, our operations team will be in expansion mode, as La Preciosa development is now underway."
Balance Sheet Update
Avino had approximately $26 million in cash at the end of 2024 and remains debt -free, excluding operating
equipment leases, demonstrating significant cash flow generation throughout Q4 2024. Our strong balance sheet
and working capital will provide the foundation to support our transformational growth plans, which will be
further outlined in our 2025 Outlook.
La Preciosa Update
As previously announced on January 15, 2025, Avino has started underground development work at La Preciosa
after receiving all required permits.
2025 Outlook & 2024 Year in Review
The Company will release its plans for 2025, and a review of accomplishments and milestones achieved in 2024 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, LSI in the Netherlands, and AHK.
Q4
2024
Q4
2023 Change FY 2024 FY 2023 Change
181,733 143,798 26% Total Mill Feed (dry tonnes) 648,774 615,373 5%
56 56 0% Feed Grade Silver (g/t) 61 54 13%
0.59 0.45 33% Feed Grade Gold (g/t) 0.51 0.51 0%
0.52 0.49 6% Feed Grade Copper (%) 0.51 0.47 8%
87% 87% 0% Recovery Silver (%) 88% 87% 1%
74% 70% 5% Recovery Gold (%) 71% 72% -1%
86% 84% 2% Recovery Copper (%) 87% 83% 4%
283,794 224,723 26% Total Silver Produced (oz) 1,109,214 928,643 19%
2,560 1,452 76% Total Gold Produced (oz) 7,477 7,335 2%
1,773,694 1,317,793 35% Total Copper Produced (Lbs) 6,197,603 5,304,808 17%
735,557 558,460 32% Total Silver Equivalent Produced (oz)1 2,652,498 2,415,232 10%
January 21, 2025 - Avino Silver & Gold Mines Ltd. - News Release
Avino Highlights Strong Q4 and Full Year 2024 Production Results
Page 3
Qualified Person(s)
Peter Latta, P. Eng, MBA, Avino’s VP Technical Services, is a qualified person 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 intends to maintain long term sustainable and profitable
mining operations to reward shareholders 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.
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 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 Q4 2024, AgEq was calculated using metal prices of $ 31.34 per oz Ag, $2,662 per oz Au and $4.17 per lb Cu. In Q4 2023, AgEq was calculated using metals prices of $23. 23 oz
Ag, $1,976 oz Au and $3.71 lb Cu. For FY 2024, AgEq was calculated using metal prices of $28.24 per oz Ag, $2,387 per oz Au and $4.15 per lb Cu. For FY 2023, AgEq was calculated
using metal prices of $23.39 oz Ag, $1,976 oz Au and $3.85 lb Cu. Calculated figures may not add up due to rounding .