ASM.TO · 2026-08-12 12:00:00

Avino Reports Q2 2026 Financial Results

Financials

VANCOUVER, BC / ACCESS Newswire / August 12, 2026 / Avino Silver & Gold Mines Ltd.

(TSX:ASM)(NYSE American:ASM)(FSE:GV6) a long-standing silver producer in Mexico, announces its

unaudited condensed interim consolidated ﬁnancial results for the second quarter of 2026. All amounts

are in U.S. dollars unless stated otherwise.

Second Quarter 2026 Financial Highlights

 Revenues: The Company achieved $26.8 million in revenues for Q2 2026, an increase of 23% from

Q2 2025. 54% of revenues were derived from silver production at an average realized price of

$68.90 per ounce.

 Mine Operating Income: Mine operating income was $13.0 million, an increase of 27% from Q2

2025.

 Net Income: Earnings, or net income after taxes, was $10.9million, or $0.06 per diluted share, an

increase of 281% and 200%, respectively, from Q2 2025.

 Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")3 and Adjusted

Earnings3: EBITDA was $12.6 million, an increase of 69% from Q2 2025. Adjusted earnings were

$11.1 million, or $0.06 per share, an increase of 26% and unchanged, respectively, from Q2 2025.

 Strong Cash Provided by Operating Activities and Operating Cash Before Working Capital

Adjustments3: Cash provided by operating activities was $13.3 million, an increase of 59% from

Q2 2025. The Company generated operating cash before working capital adjustments of $8.3

million, an increase of 32% compared to Q2 2025.

 MineOperating Cash Flow Before Taxes: Mine operating cash ﬂows before taxes was $14.4

million, an increase of 28% from Q2 2025.

"During the second quarter, the Company continued its main focus of advancing La Preciosa while free

cash ﬂow from Avino further adds to the balance sheet quarter after quarter, " said David Wolﬁn,

President and CEO. "With La Preciosa development material doubling in mine and mill throughput during

the quarter, our transformational growth plan toward becoming a Mexico-focused mid-tier primary silver

producer remains on track, and we continue working on delivering long-term value for our shareholders. "

Second Quarter 2026 Operating and Financial Highlights

Highlights (In US$, unless

otherwise noted)

2026

Q2 2025

Change

YTD 2026

YTD 2025

Change

Operating

Tonnes Milled

184,293

190,987

-4 %

369,790

358,840

3 %

Silver Ounces Produced

267,305

283,619

-6 %

530,632

549,300

-3 %

Gold Ounces Produced

2,178

1,774

23 %

4,029

3,999

1 %

Copper Pounds Produced

729,929

1,461,980

-50 %

2,073,583

3,065,323

-32 %

Silver Equivalent

Ounces1 Produced

534,945

645,602

-17 %

1,103,057

1,324,060

-17 %

Concentrate Sales And Costs

Silver Equivalent Payable

Ounces Sold2

387,142

676,453

-43 %

870,866

1,244,334

-30 %

Average Realized Silver Price per

Ounce Sold

$ 68.90

$ 33.85

104 %

$ 74.62

$ 33.30

124 %

Cash Cost per Silver Equivalent

Payable Ounce2,3

$ 28.62

$ 15.11

89 %

$ 26.31

$ 13.97

88 %

All-in Sustaining Cost per Silver

Equivalent Payable Ounce2,3

$ 38.75

$ 20.93

85 %

$ 36.52

$ 20.54

78 %

Cash Cost per Tonne Processed3

$ 74.72

$ 52.61

42 %

$ 69.36

$ 52.29

33 %

All-in Sustaining Cost per Tonne

Processed3

$ 96.01

$ 73.70

30 %

$ 93.40

$ 75.33

24 %

Financial Operating

Performance

(in 000's)

Revenues

$ 26,787

$ 21,805

23 %

$ 66,220

$ 40,641

63 %

Mine operating income

$ 12,971

$ 10,224

27 %

$ 36,389

$ 20,786

75 %

Net income

$ 10,899

$ 2,864

281 %

$ 26,812

$ 8,481

216 %

Earnings before interest, taxes

and amortization ("EBITDA")3

$ 12,559

$ 7,432

69 %

$ 38,090

$ 17,130

122 %

Adjusted earnings3

$ 11,125

$ 8,837

26 %

$ 35,462

$ 18,592

91 %

Cash provided by operating

activities

$ 13,260

$ 8,350

59 %

$ 26,892

$ 9,108

195 %

Operating cash ﬂow before

working capital adjustments3

$ 8,254

$ 6,269

32 %

$ 26,943

$ 13,630

98 %

Mine operating cash ﬂow before

taxes3

$ 14,419

$ 11,273

28 %

$ 41,132

$ 22,670

81 %

Per Share Amounts

Earnings per share - diluted

$ 0.06

$ 0.02

200 %

$ 0.15

$ 0.06

150 %

Adjusted earnings per share3

$ 0.06

- %

$ 0.20

$ 0.12

67 %

Liquidity & Working Capital (in

000's)

June 30,

2026

March

31, 2026 Change

June 30,

2026

December

31, 2025 Change

Cash $ 144,183 $ 138,646 4 % $ 144,183 $ 101,724 42 %

Working capital3 $ 140,774 $ 139,724 1 % $ 140,774 $ 99,562 41 %

La Preciosa Milestones

 Steady Progress & Increased Development Production: Ongoing extraction, haulage, and

processing of mineralized development material from La Preciosa was above plan in Q2 2026,

primarily due to Mill Circuit 2 becoming available. This increased throughput was oƯset by

intentional processing of lower-grade development ore during elevated metal prices, that would

have otherwise been stockpiled. Development production increased 59% from Q1 2026,

contributing 100,658 AgEq1 ounces, and consisting of 84,806 silver oz and 182 gold oz.

 2026 Drill Program: There are two drills currently turning at La Preciosa, with 6,591 meters of

drilling completed at the end of Q2 as part of the planned 15,000 metres of exploration for 2026.

Drilling has now shifted from inﬁll holes to exploration and step-out holes at high-priority targets at

vein intersections and projections. It is important to note that none of the inﬁll drilling holes

completed to date were included in the mineral reserve update mentioned below. Furthermore,

most of the exploration holes are in areas outside the current resource model.

 Consistent Mill Throughput: In Q2 2026, mill throughput remained on plan with 184,293 tonnes

processed from both Avino and La Preciosa. Continued steady mill performance and availability

reﬂects the impact of targeted upgrades and automation initiatives led by our operations and

maintenance teams over recent years.

Operating Highlights

 Primary Silver Revenues: 54% of the Company's Q2 2026 revenues came from the sales of silver

processed from the production material from the Avino Mine and development material from La

Preciosa at an average realized price of $68.90 per silver ounce.

 Inaugural Mineral Reserve Estimate at Avino and La Preciosa: On April 16, 2026, Avino

announced the completion of a new Mineral Reserve Estimate and updated Mineral Resource

Estimate which includes La Preciosa, the Avino Mine (consisting of the Elena Tolosa ("ET") deposit,

Guadelupe, and La Potosina). Collectively, the Company's assets host proven and probable

mineral reserves of 27 million tonnes for 127 million silver equivalent ounces at a grade of 145 g/t.

In mineral resources, collectively the Company holds measured and indicated mineral resources

totaling 67.7 million tonnes and 301 million silver equivalent ounces at a grade of 162 g/t, as well

as inferred mineral resources totaling 24.8 million tonnes and 87.6 million silver equivalent

ounces at a grade of 123 g/t.

 2026 Drill Program at Avino: Drilling remains ongoing in the same locations as in Q1 as we

continue to understand the nature of the veining. The ﬁrst drill was focused in the upper area in

the eastern portion of the system. The second drill at Avino was focused on extension drilling in

the footwall breccia area in the upper east portion. During the second quarter, Avino has been

hosting geological consultants that are helping identify key geological features to target areas for

resource expansion.

 Health and Safety Performance: For Q2 2026, the Company achieved a Lost Time Incident

Frequency Rate ("LTIFR") of 4.82 per 1,000,000 hours worked. Total reportable lost time incident

rate was 0.10.

Corporate

 Normal Course Issuer Bid Approval: Early in the 2nd quarter, Avino announced that the TSX had

accepted the Company's notice of Intention to repurchase for cancellation up to an aggregate of

8,423,566 common shares, or approximately 5% of the Company's issued and outstanding

shares. Avino is in a strong ﬁnancial position, and at current silver prices and enough free cash

ﬂow generation in 2026 to support the repurchase of common shares, bringing additional value to

shareholders and further underscoring our commitment to delivering strong shareholder returns.

 Senior Leadership Appointments: The Company strengthened its senior leadership team with

the appointment of Marc Turcotte as Senior Vice President, Corporate Development, and the

promotion of Peter Latta to Senior Vice President, Technical Services. The June 8, 2026 news

release can be viewed here.

2026 Capital Expenditures

Capital expenditures in the ﬁrst six months of 2026 totaled $6.5 million, compared to $5.8 million in the

ﬁrst half of 2025. The increased amount is in line with our capital budget for 2026 and was primarily spent

on mine development and equipment for future production mining operations at La Preciosa.

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.

ESG Initiatives

The United Nations Sustainable Development Goals provide the foundation for Avino's sustainability

approach, helping us prioritize initiatives that deliver meaningful environmental, social, and economic

beneﬁts.

Our operations continue to make a meaningful contribution to the regional economy through local

employment, training, procurement, and community-based initiatives. We remain committed to

supporting the long-term social and economic development of the communities where we operate while

fostering sustainable growth for all stakeholders.

Avino has completed its second annual Sustainability Report, which has now been published on our

website. The report is intended to provide transparency on how responsible mining practices, strong

governance, and community engagement support Avino's operational performance and long-term

growth.

Qualiﬁed Person

Peter Latta, P . Eng, MBA, Senior Vice President 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 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, 2026, for the three months ended June 30,

2026, which is incorporated by reference within this news release and is available on SEDAR+

at www.sedarplus.ca.

Earnings Call Information

The Company's Q2 2026 ﬁnancial statements and results were released today, Wednesday, August 12,

2026, prior to the market open.

A conference call to discuss the Company's Q2 2026 operational and ﬁnancial results will be held today,

Wednesday, August 12, 2026 at 10:00 a.m. PT / 1:00 PM. 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 2026 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: 531035

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 today.

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. Early in 2024, the Pre-feasibility Study on the Oxide Tailings Project was completed. This

study is a key milestone in our growth trajectory. Avino has been included in the Toronto Stock Exchange's

2025 TSX30™. Avino has distinguished itself by reaching the 5th position on the TSX30 2025 ranking. As

part of Avino's commitment to adopting sustainable practices, we have been operating a dry-stack

tailings facility for more than two years with excellent results. We are committed to managing all business

activities in a safe, environmentally responsible, and cost-eƯective 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]

Cautionary Note Regarding Forward-Looking Statements

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 reserve estimate and mineral

resource estimate for the Company's Avino properties, including La Preciosa, located near Durango in

west-central Mexico (the "Avino Property") with an eƯective date of October 31, 2025 (consisting of the

Elena Tolosa ("ET") deposit, Guadalupe, and La Potosina). The Oxide Tailings Deposit mineral reserve

estimate has an eƯective date of January 16, 2024.

This news release includes certain "forward-looking information" and "forward-looking statements"

(collectively "forward-looking statements") within the meaning of applicable Canadian and United States

securities legislation including the United States Private Securities Litigation Reform Act of 1995.These

forward-looking statements are made as of the date of this news release. Forward-looking statements

are frequently, but not always, identiﬁed by words such as "expects" , "anticipates" , "believes" , "plans" ,

"projects" , "intends" , "estimates" , "envisages" , "potential" , "possible" , "strategy" , "goals" , "opportunities" ,

"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.

Forward-looking statements in this news release relate to future events or future performance and reﬂect

current estimates, predictions, expectations or beliefs regarding future events. All forward-looking

statements are based on the Company or its consultants' current beliefs as well as various assumptions

made by them and information currently available to them. There can be no assurance that such

statements will prove to be accurate, and actual results and future events could diƯer materially from

those anticipated in such statements. Forward-looking statements in this news release include, but are

not limited to, statements with respect to: the Company's business strategy; future planning processes;

the timing and amount of estimated future exploration and development; costs and timing of the

development of deposits; capital projects and exploration activities and the possible results thereof;

completion and ﬁling of the updated Mineral Resource Estimate; future operating procedures;

infrastructure development and economic enhancement projects. Statements concerning proven and

probable mineral reserves and mineral resource estimates may also be deemed to constitute forward-

looking statements to the extent that they involve estimates of the mineralization that will be

encountered as and if our property is developed, and in the case of measured and indicated mineral

resources or proven and probable mineral reserves, such statements reﬂect the conclusion based on

certain assumptions that the mineral deposit can be economically exploited.

Forward-looking statements reﬂect the beliefs, opinions and projections of management on the date the

statements are made and are based upon a number of assumptions and estimates that, while

considered reasonable by the respective parties, are inherently subject to signiﬁcant business,

economic, competitive, political and social uncertainties and contingencies. Such factors include,

without limitation the Company's business, operations and ﬁnancial condition potentially being

materially adversely aƯected by the outbreak of epidemics, pandemics or other health crises, and by

reactions by government and private actors to such outbreaks; ﬂuctuations in the spot and forward price

of gold, silver, copper, base metals or certain other commodities; ﬂuctuations in the currency markets

(such as the Mexican Peso versus the U.S. dollar); changes in national and local government, legislation,

taxation, controls, regulations and political or economic developments; requirements for additional

capital to support expansion projects; changes in project parameters as plans continue to be reﬁned;

variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes

relative to speciﬁcations and expectations; risks and hazards associated with the business of mineral

exploration, development and mining (including environmental hazards, industrial accidents, unusual or

unexpected formations, pressures, cave-ins and ﬂooding); eƯectiveness of environmental mitigations

and strategies including production of tailings and mine rock and water management strategies, the

presence of laws and regulations that may impose restrictions on mining; employee relations;

relationships with and claims by local communities, indigenous populations and other stakeholders;

availability and increasing costs associated with mining inputs and labour; the speculative nature of

mineral exploration and development; title to properties.; and the additional risks described in the

Company's Annual Information Form for the year ended December 31, 2025 ﬁled with the Canadian

securities regulatory authorities under the Company's SEDAR+ proﬁle at www.sedarplus.ca, and in the

Company's Annual Report on Form 40-F ﬁled with the SEC on EDGAR.

The Company cautions that the foregoing list of factors that may aƯect future results is not exhaustive.

When relying on our forward-looking statements to make decisions with respect to the Company,

investors and others should carefully consider the foregoing factors and other uncertainties and potential

events. The Company does not undertake to update any forward-looking statement, whether written or

oral, that may be made from time to time by the Company or on our behalf, except as required by law.

Cautionary Note to United States Investors

The Company is formed under the laws of British Columbia, Canada and qualiﬁes as a "foreign private

issuer" as deﬁned in Rule 3b-4 under the United States Securities Exchange Act of 1934, as amended,

and is eligible to rely upon the Canada-U.S. Multi-Jurisdictional Disclosure System, and is therefore

permitted to prepare the technical information contained herein in accordance with the requirements of

the securities laws in eƯect in Canada, which diƯer from the requirements of the securities laws

currently in eƯect in the United States. Accordingly, information concerning mineral deposits set forth

herein may not be comparable with information made public by companies that report in accordance

with U.S. standards.

Technical disclosure contained in this news release has not been prepared in accordance with the

requirements of United States securities laws and uses terms that comply with reporting standards in

Canada with certain estimates prepared in accordance with NI 43-101.

NI43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all

public disclosure an issuer makes of scientiﬁc and technical information concerning the issuer's material

mineral projects.

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. Silver equivalent or "AgEq" was calculated using metal prices of $45.30 per oz Ag, $3,929 per oz Au

and $4.85 per lb Cu. These metal prices are based on the Company's 2026 budget as approved by

the Board of Directors, and previous periods have been recalculated using these prices for

comparability purposes. Calculated ﬁgures may not add up due to rounding.

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