Avino Reports Q2 2024 Production; Announces Date of Q2 Earnings Call
July 16, 2024
AVINO REPORTS Q2 2024 PRODUCTION;
ANNOUNCES DATE OF Q2 EARNINGS CALL
Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American, GV6: FSE) a long-standing silver producer in Mexico,
reports second quarter production of 616,571 silver equivalent ounces.
Production Highlights – Q2 2024 (compared to Q2 2023)
• Silver equivalent production increased 5% to 616,571 oz
• Silver production increased 26% to 292,946 oz
• Copper production decreased 10% to 1.3 million lbs
• Gold production was flat at 1,514 oz
• Mill throughput decreased by 10% to 140,934 tonnes
Consolidated Production – Three and Six Months Ended June 30, 2024
Production by Location – Q2 2024
Tonnes
Processed
Grade
Ag g/t
Grade
Au g/t
Grade
Cu %
Recovery
Ag %
Recovery
Au %
Recovery
Cu %
Silver oz
produced
Gold oz
produced
Copper
lbs
produced
Avino 130,983 71 0.49 0.51 88% 70% 88% 262,861 1,456 1,305,549
La Preciosa 9,951 133 0.28 - 71% 63% - 30,085 58 -
Total 140,934 75 0.48 0.51 87% 70% 88% 292,946 1,514 1,305,549
Q2
2024
Q2
2023 Change YTD
2024
YTD
2023 Change
140,934 157,371 -10% Total Mill Feed (dry tonnes) 310,529 317,128 -2%
75 53 42% Feed Grade Silver (g/t) 63 52 21%
0.48 0.44 9% Feed Grade Gold (g/t) 0.47 0.51 8%
0.51 0.49 4% Feed Grade Copper (%) 0.46 0.48 -4%
87% 87% 0% Recovery Silver (%) 87% 88% -1%
70% 68% 3% Recovery Gold (%) 70% 73% -4%
88% 84% 5% Recovery Copper (%) 86% 84% 2%
292,946 232,417 26% Total Silver Produced (oz) 543,589 466,755 16%
1,514 1,520 0% Total Gold Produced (oz) 3,292 3,805 -14%
1,305,549 1,445,552 -10% Total Copper Produced (lbs) 2,652,659 2,843,189 -7%
616,571 587,317 5% Total Silver Equivalent Produced (oz)1 1,246,053 1,265,564 -2%
N E W S R E L E A S E
July 16, 2024 – Avino Silver & Gold Mines Ltd. – News Release
Avino Reports Q2 Production Results; Announces Date of Q2 Earnings Call
Page 2
“Our second quarter production remained consistent with 616,571 silver equivalent ounces produced, up 5% over
the second quarter of last year and tracking our production target for the year. We were able to start processing
La Preciosa surface stockpile material through our mill with excellent recovery results, particularly silver , which
exceeded our expectations. This contributed to the 26% increase in silver ounces produced this quarter, which we
expect to grow significantly when we are able to commence mining and processing underground material from
La Preciosa .” said David Wolfin, President and CEO of Avino. “We are eagerly anticipating the rece ipt of the
environmental permits for La Preciosa. La Preciosa is an integral piece of our 5-year plan and will deliver economic
growth and benefit to the local communities in Durango. With the price of silver gaining momentum, we remain
focused on delivering organic growth for all stakeholders.”
2024 Second Quarter Highlights
• Production: During the quarter, production remained steady overall, The Company remains on track with
our targeted full year production of 2.5M to 2.8M silver equivalent ounces. The last two weeks of
production for the quarter were somewhat impacted due to repairs being carried out on one of our cone
crushers. A smaller crusher has been utilized to minimize downtime in the mill and the expectation is to
be back to full mill capacity very soon.
• La Preciosa Stockpiles: During the quarter, almost 10,000 tonnes were processed from the La Preciosa
surface stockpiles in Circuits 1 and 2, which produced a saleable high-grade concentrate.
• La Preciosa Progress: Following the signing of the long-term land use agreement with a local community
on January 9th, 2024, the application for the Environmental Permit was submitted by the Company to the
relevant authorities . Following feedback received in Q2 2024 , the Company’s response has been re -
submitted with minor modifications. 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 Pre ciosa property can be
viewed on our website by clicking here.
Earnings Announcement
The Company’s unaudited condensed consolidated interim financial statements for the three and six months
ended June 30, 2024, will be released after market on August 13, 2024.
A conference call to discuss the Company’s Q2 2024 operational and financial results will be held Wednesday,
August 14, 2024, 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 Q2 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: 933119
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.
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.
July 16, 2024 – Avino Silver & Gold Mines Ltd. – News Release
Avino Reports Q2 Production Results; Announces Date of Q2 Earnings Call
Page 3
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.
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 p re-feasibility Study on the Oxide Tailings Project was
completed. This study is a k ey 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 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 Q2 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 Q2 2023, AgEq was calculated using metals prices of $24.18 oz
Ag, $1,978 oz Au and $3.85 lb Cu. In Q2 2023, For YTD 2024 AgEq was calculated using metal prices of $22.56 per oz Ag, $1,888 per oz Au and $4.05 per lb Cu. For YTD 2023 AgEq
was calculated using metal prices of $23.37 oz Ag, $1,933 oz Au and $3.95 lb Cu. Calculated figures may not add up due to rou nding.