Avino Silver & Gold Mines Ltd. · TSX:ASM
Avino Silver & Gold Mines — Investor Presentation (October 2026)
40 slides from Avino Silver & Gold Mines's investor presentation, October 2026
Slide 1: A Clear Path To Transformational Growth
A Clear Path To Transformational Growth www.avino.com October 2026 TSX: ASM NYSE American: ASM
Slide 2: Cautionary Note
TSX: ASM NYSE American: ASM 2 Cautionary Note This presentation 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
Slide 3: A Primary Silver Producer and Explorer in Mexico
TSX: ASM NYSE American: ASM 3 A Primary Silver Producer and Explorer in Mexico A growth strategy that positions Avino to intermediate-producer scale PROJECT PORTFOLIO Avino Mine - Production Disciplined Producer generating free cash flow 500 year history & decades of mine life ahead 2,500 tonnes per
Slide 4: Medium-Term Outlook: 8–10 Moz AgEq Producer
TSX: ASM NYSE American: ASM 4 Medium-Term PRODUCTION Outlook: PROFILE BY 8PROJECT – 10Moz AgEq Producer – 5 YEAR GROWTH TARGET Building a platform for sustained silver production growth 9,000,000 8,000,000 Pathway to 10+ Million Silver Equivalent Ounces • 2026 Production Guidance: 2.4M–2.7M AgEq oz
Slide 5: Production Profile – Return to Primary Silver
TSX: ASM NYSE American: ASM 5 Production Profile – Return to Primary Silver Revenue Mix by Metal 100% 15% 16% 9% 90% 18% 31% 80% 24% 17% 20% 70% 24% 60% 20% 50% 40% 30% 68% 64% 67% 58% 49% 20% 10% 0% 2025 2026 2027 2028 2029 Silver Gold Copper A Clear Path to Transformational Growth
Slide 6: Long Reserve Lives
TSX: ASM NYSE American: ASM 6 Long Reserve Lives Avino’s Avg Reserve Mine Life: 13 years Industry Peers Avg Reserve Mine Life: 8 years Sources: Company materials, LSEG workspace Peers include: Americas Gold & Silver, Andean Precious Metals, Coeur Mining, Endeavour Silver, First Majestic, Hecla Minin
Slide 7: Silver price from January 2022 until June 2026
$120 $100 $80 $60 $40 $20 $0 *The silver price from January 2022 until June 2026
Slide 8: Financial Highlights – Q2 2026
TSX: ASM NYSE American: ASM 8 Financial Highlights – Q2 2026 Financial and Operating Results • Quarterly revenues of $26.8M • 54% of revenues generated from silver ounces sold, over 90% from precious metals • 48% gross profit margin, 54% on a cash basis • Net income after taxes – $10.9M ($0.06/share
Slide 9: The Avino Mine – 500 years of history
TSX: ASM NYSE American: ASM 9 The Avino Mine – 500 years of history • Mine type: Underground • ~ 12 years of Mineral Reserves • Metals Mined: Ag, Au, Cu • Large Mineral Resource inventory • 2,500 tpd flotation plant • ~ 2-3 M AgEq ozs annually since 2015 A Clear Path to Transformational Growth
Slide 10: Avino Mine Reserves and Resources
TSX: ASM NYSE American: ASM 10 Avino Mine Reserves and Resources 1 KM 100 m 200 m 300 m 400 m 500 m 600 m 650 m NI 43-101 effective date of October 31, 2025. A Clear Path to Transformational Growth
Slide 11: La Preciosa
TSX: ASM NYSE American: ASM 11 La Preciosa • Acquired in 2022 • Metals : ~90% Ag, ~10% Au • One of the largest permitted silver assets in Mexico • 3,000 metres development completed to date The Avino Advantage - Infrastructure • 19 km to Avino’s 2,500 tpd mill • Paved road • High water supply • 100%
Slide 12: La Preciosa Reserves and Resources
12 La Preciosa Reserves and Resources 2 KM 100 m 300 m 500 m Reserves Proven & Probable
Slide 13: La Preciosa: 14+ Months of Progress
TSX: ASM NYSE American: ASM 13 La Preciosa: 14+ Months of Progress ✓ Decline to Level 4 underway (3,000m advanced) What We’ve learned • Recent drilling suggests wider Gloria vein structures • Original mine plan continues to evolve • Optimization opportunities are being identified • Independent Engin
Slide 14: Financial Results
TSX: ASM NYSE American: ASM 14 Financial Results FINANCIAL RESULTS Q2 2026 Q2 2025 Change YTD 2026 Q4 2025 Change Revenues $26.8 M $21.8 M 23% $66.2 M $40.6 M 63% Gross profit (mine operating income) $13.0 M $10.2 M 27% $36.4 M $20.8 M 75% Net income $10.9 M $2.9 M 281% $26.8 M $8.5 M 216% Net incom
Slide 15: Operating Metrics
TSX: ASM NYSE American: ASM 15 Operating Metrics FINANCIAL RESULTS Q2 2026 Q2 2025 Change Avino La Preciosa Cash cost per AgEq oz* $28.62 $15.11 89% $28.04 $32.29 All-in sustaining cash cost (“AISC”) per AgEq oz* $38.75 $20.93 85% $37.44 $47.06 Cash cost per tonne processed* $74.72 $52.61 42% $64.17
Slide 16: Q3 2026 Consolidated Production Results
TSX: ASM NYSE American: ASM 16 Q3 2026 Consolidated Production Results Three months ended September 30, Nine months ended September 30, 2026 2026 Avino La Preciosa Total Avino La Preciosa Total 160,140 30,239 190,379 Total Mill Feed (dry tonnes) 487,189 72,980 560,169 58 147 72 Feed Grade Silver (g/
Slide 17: 2026 Key Goals and 2025 Milestones
TSX: ASM NYSE American: ASM 17 2026 Key Goals and 2025 Milestones La Preciosa • 15,000 metres budgeted - Exploration for 2026 (10,675 metres completed at end of Q3) • Increased production – Goal of 500 tonnes per day • Updated Mineral Reserve and Resource estimate – April 2026 • AI Integration of al
Slide 18: La Preciosa – 1,500 Drill Holes Well Defined
TSX: ASM NYSE American: ASM 18 La Preciosa – 1,500 Drill Holes Well Defined HISTORICAL AG DRILLING WITH VEINS A Clear Path to Transformational Growth
Slide 19: La Preciosa – Resource Table
TSX: ASM NYSE American: ASM 19 La Preciosa – Resource Table MARTHA 2 MARTHA GLORIA ABUNDANCIA La Preciosa Property – Inclusive of Mineral Reserves Summary – Effective Date October 31, 2025 Grade Metal contents Classification Tonnage Ag Au Cu AgEq Ag Au Cu AgEq Mt g/t g/t % g/t M oz K oz % M oz Total
Slide 20: La Preciosa Drill Results
TSX: ASM NYSE American: ASM 20 La Preciosa Drill Results The intercept grades are significantly higher than the average grades outlined in the current resource, highlighting the potential we aim to capture by using underground mining methods – Selected Intercepts Shown* Hole Number True Width Ag Au
Slide 21: Consolidated Proven and Probable Mineral Reserves and Mineral Resources
TSX: ASM NYSE American: ASM 21 Consolidated Proven and Probable Mineral Reserves and Mineral Resources The full technical report is available on www.avino.com, SEDAR+ and Edgar. 127 million AgEq oz of proven and probable mineral reserves NI 43-101 effective date October 31, 2025 301 million AgEq oz
Slide 22: Capital Structure and Shareholder Foundation
TSX: ASM NYSE American: ASM 22 Capital Structure and Shareholder Foundation Capital Structure Top 5 Shareholders: Share Price Avino Management closing price October 15, 2026 CAD $7.35 USD $5.19 Tidal/Toroso Investments LLC Shares issued and outstanding1 170 M BlackRock Fund Advisors Market Capitaliz
Slide 23: A Disciplined Silver Producer with scale, growth and financial strength
TSX: ASM NYSE American: ASM 23 A Disciplined Silver Producer with scale, growth and financial strength Silver Weighted Growth with Milestones Financial Strength Exposure Execution Delivered & Longevity • Silver-focused • Clear roadmap to 8- • La Preciosa → • $145M cash (as at producer & explorer 10+
Slide 24: Thank you!
Thank you! For more information Visit our website at: www.avino.com A Clear Path To Transformational Growth October 2026 TSX: ASM NYSE American: ASM
Slide 25: Analyst and Newsletter Coverage
TSX: ASM NYSE American: ASM 25 Analyst and Newsletter Coverage Analyst Coverage Company Analyst H.C. Wainwright & Co. Heiko Ihle Alliance Global Partners Jake Sekelsky Roth Capital Partners Joe Reagor Cantor Fitzgerald Canada Matthew O’Keefe National Bank of Canada NBCCM Alex Terentiew Newsletter Co
Slide 26: Board of Directors
TSX: ASM NYSE American: ASM 26 Board of Directors Ronald Andrews, Mr. Andrews is the President of West Wind Property Inc., which is a property management and holding company. Mr. Andrews is the former owner and operator of Andrews Chairman & Independent Orchards; and was a former Director of Coral G
Slide 27: Avino Management
27 Avino Management David Wolfin Mr. Wolfin has over 35 years of public company experience in mineral resources, including exploration, development, construction, and operations in precious metals across North America.He currently serves as President, CEO, and Director of Avino Silver & Gold Preside
Slide 28: Q2 2026 Key Drivers Guiding our Success
TSX: ASM NYSE American: ASM 28 Q2 2026 Key Drivers Guiding our Success 1. Disciplined approach to financial Management and Capital Allocation – Significant Improvements across key financial metrics • Cash of $145 million • Working capital of $141 million 2. Normal Course Issuer Bid • Repurchased and
Slide 29: Proven and Probable Mineral Reserves
TSX: ASM NYSE American: ASM 29 Proven and Probable Mineral Reserves NI 43-101 effective date October 31, 2025 *Notes for UG Reserves, Oxide Tailings Reserves and Resources can be found in the appendix of this slide presentation. A Clear Path to Transformational Growth
Slide 30: Mineral Resources Inclusive of Mineral Reserves
TSX: ASM NYSE American: ASM 30 Mineral Resources Inclusive of Mineral Reserves NI 43-101 effective date October 31, 2025 *Notes for UG Reserves, Oxide Tailings Reserves and Resources can be found in the appendix of this slide presentation. A Clear Path to Transformational Growth
Slide 31: Appendix A: IFRS Accounting Standards to Non-GAAP Measures Reconciliations
TSX: ASM NYSE American: ASM 31 APPENDIX A IFRS ACCOUNTING STANDARDS TO NON- GAAP MEASURES RECONCILIATIONS A Clear Path to Transformational Growth
Slide 32: Reconciliations: EBITDA & Adjusted Earnings
TSX: ASM NYSE American: ASM 32 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS EBITDA & ADJUSTED EARNINGS Expressed in 000’s of US$, unless otherwise noted Q2 2026 Q2 2025 YTD 2026 YTD 2025 Net income for the period $10,899 $2,864 $26,812 $8,481 Depreciation and depletion 1,471 925 4,808 1,
Slide 33: Reconciliations: Cash Cost & AISC per Payable AgEq Oz
TSX: ASM NYSE American: ASM 33 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS CASH COST & AISC PER PAYABLE AgEq Oz Expressed in 000’s of US$, unless otherwise noted Consolidated Q2 2026 Q2 2025 YTD 2026 YTD 2025 Cost of sales $13,816 $11,851 $29,831 $19,855 Exploration expenses (1,288) (30
Slide 34: Reconciliations: Cash Cost & AISC per Payable AgEq Oz
TSX: ASM NYSE American: ASM 34 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS CASH COST & AISC PER PAYABLE AgEq Oz Expressed in 000’s of US$, unless otherwise noted Q2 2026 Q2 2025 Avino La Preciosa Total Avino La Preciosa Total Cost of sales $11,184 $2,632 $13,816 $11,851 $- $11,851 Explo
Slide 35: Reconciliations: Cash Cost & AISC per Payable AgEq Oz (2026 Guidance)
TSX: ASM NYSE American: ASM 35 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS CASH COST & AISC PER PAYABLE AgEq Oz (2026 GUIDANCE AgEq RATIOS) Expressed in 000’s of US$, unless otherwise noted Q2 2026 Q2 2025 Avino La Preciosa Total Avino La Preciosa Total Cost of sales $11,184 $2,632 $13,
Slide 36: Reconciliations: Cash Cost & AISC per Tonne
TSX: ASM NYSE American: ASM 36 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS CASH COST & AISC PER TONNE Expressed in 000’s of US$, unless otherwise noted Consolidated Q2 2026 Q2 2025 YTD 2026 YTD 2025 Cost of sales $13,816 $11,851 $29,831 $19,855 Exploration expenses (1,288) (307) (2,176)
Slide 37: Reconciliations: Cash Cost & AISC per Tonne
TSX: ASM NYSE American: ASM 37 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS CASH COST & AISC PER TONNE Expressed in 000’s of US$ Q2 2026 Q2 2025 Avino La Preciosa Total Avino La Preciosa Total Cost of sales $11,184 $2,632 $13,816 $11,851 $- $11,851 Exploration expenses (584) (704) (1,288
Slide 38: Reconciliations: Free Cash Flow
TSX: ASM NYSE American: ASM 38 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS FREE-CASH FLOW Q2 2026 Q2 2025 YTD 2026 YTD 2025 Cash flow statement – cash provided by operating activities $13.3 M $8.4 M $26.9 M $9.1 M Cash flow statement – net changes in non-cash working capital items $(5.0
Slide 39: Reconciliations: Mine Operating Cash Flow Before Taxes
TSX: ASM NYSE American: ASM 39 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS NON-IFRS MINE ACCOUNTING STANDARDS OPERATING MEASURES CASH FLOW BEFORE -TAXES RECONCILIATIONS Q2 2026 Q2 2025 YTD 2026 YTD 2025 Statement of comprehensive income - mine operating income (gross $13.0 M $10.2 M $36
Slide 40: Footnotes
TSX: ASM NYSE American: ASM 40 Footnotes Slide 4 1. “AgEq” production forecasts were made using long-term metal price forecasts at the time and material changes to these prices will impact AgEq production totals in future periods. Slide 5, 8 - 11 1. “AgEq” was calculated using metal prices of $45.30
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