Avino Reports Q3 2024 Production; Announces Date of Q3 Earnings Call
October 17, 2024
AVINO REPORTS Q3 2024 PRODUCTION;
ANNOUNCES DATE OF Q3 EARNINGS CALL
Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American, GV6: FSE) a long-standing silver producer in Mexico,
reports third quarter production of 670,887 silver equivalent1 ounces.
Production Highlights – Q3 2024 (compared to Q3 2023)
• Silver equivalent1 production increased 13% to 670,887 oz
• Silver production increased 19% to 281,831 oz
• Copper production increased 55% to 1.8 million lbs
• Gold production decreased to 1,625 oz
• Mill throughput increased by 1% to 156,512 tonnes
Consolidated Production – Three and Nine Months Ended September 30, 2024
Q3
2024
Q3
2023 Change YTD
2024
YTD
2023 Change
156,512 154,507 1% Total Mill Feed (dry tonnes) 467,041 471,635 -1%
63 56 13% Feed Grade Silver (g/t) 63 53 19%
0.46 0.58 -20% Feed Grade Gold (g/t) 0.47 0.53 -11%
0.58 0.42 37% Feed Grade Copper (%) 0.50 0.46 9%
89% 86% 3% Recovery Silver (%) 88% 87% 1%
69% 72% -4% Recovery Gold (%) 70% 73% -4%
88% 80% 11% Recovery Copper (%) 87% 83% 5%
281,831 237,165 19% Total Silver Produced (oz) 825,420 703,920 17%
1,625 2,077 -22% Total Gold Produced (oz) 4,917 5,883 -16%
1,771,250 1,143,827 55% Total Copper Produced (lbs) 4,423,909 3,987,016 11%
670,887 591,208 13% Total Silver Equivalent Produced (oz)1 1,916,940 1,856,772 3%
N E W S R E L E A S E
October 17, 2024 – Avino Silver & Gold Mines Ltd. – News Release
Avino Reports Q3 Production Results; Announces Date of Q3 Earnings Call
Page 2
“Our team delivered a strong third quarter, with production increasing by an impressive 13%, as we have managed
to overcome ore crushing challenges in June and July. Mill availability, coupled with higher grades and recoveries
in silver and copper, respectively, put us back on track for our pro duction guidance of 2.5 to 2.8 million silver
equivalent ounces in 2024” said David Wolfin, President and CEO of Avino. “Our operations team is ready to begin
underground development as soon as necessary approvals are received 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 continuing to gather strength , we remain focused on delivering organic growth for all
stakeholders.”
2024 Third Quarter Highlights
• Production: Production during the quarter significantly increased due to overall mill performance and
availability. The Company remains on track with our targeted full year production of 2.5M to 2.8M silver
equivalent ounces.
• La Preciosa: Following the signing of the long-term land use agreement with a local community on January
9th, 2024, our operations team is in the final stages for approval to move forward with underground
development at La Preciosa. Recent photos from the La Preciosa 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 nine months
ended September 30, 2024, will be released after market on Tuesday, November 12, 2024.
A conference call to discuss the Company’s Q3 2024 operational and financial results will be held Wednesday,
November 13, 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 Q3 Financial Results or by dialing the following numbers five to ten minutes prior to the start time.
Toll Free: 877-545-0523
International: 973-528-0016
Participant Access Code: 976130
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.
October 17, 2024 – Avino Silver & Gold Mines Ltd. – News Release
Avino Reports Q3 Production Results; Announces Date of Q3 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, a pre-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 reso urce estimate for the Company’s Avi no
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 informatio n 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 recovery rates; (iv) estimates of operating costs, life of mine co sts, 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”, “assu mes”, “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 th at 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 Q3 2024, AgEq was calculated using metal prices of $2 9.42 per oz Ag, $2,476 per oz Au and $4.18 per lb Cu. In Q3 2023, AgEq was calculated using metals prices of $2 3.57 oz
Ag, $1,929 oz Au and $3. 79 lb Cu. For YTD 2024 , AgEq was calculated using metal prices of $2 7.21 per oz Ag, $ 2,295 per oz Au and $4. 15 per lb Cu. For YTD 2023 , AgEq was
calculated using metal prices of $23.44 oz Ag, $1,932 oz Au and $3.90 lb Cu. Calculated figures may not add up due to rounding.