Avino Silver & Gold Mines Ltd. · TSX:ASM
Avino Silver & Gold Mines — Q3 2025 Earnings Presentation
41 slides from Avino Silver & Gold Mines's earnings presentation, Nov 7, 2025
Slide 1: A Clear Path to Transformational Growth
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth November 2025 A CLEAR PATH TO TRANSFORMATIONAL GROWTH The Avino Mine Property
Slide 2: Cautionary Disclaimer: Forward-Looking Statements
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 2 CAUTIONARY DISCLAIMER: FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking information” and “forward-looking statements” (together, the “forward looking statements”) within the meaning of applicable sec
Slide 3: A Primary Silver Producer and Explorer in Mexico
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 3 A PRIMARY SILVER PRODUCER AND EXPLORER IN MEXICO - GROWTH PLAN TO BECOME AN INTERMEDIATE PRODUCER PROJECT PORTFOLIO • Avino Mine - Production 2024 production – 2.6M AgEq ozs 2025 target – 2.5 to 2.8M AgEq ozs • La Precios
Slide 4: Production Profile by Project - 5 Year Growth Target
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 4 PRODUCTION PROFILE BY PROJECT – 5 YEAR GROWTH TARGET Transition from Single Production Operation to Three Producing Mines in Central Location y 2 029 th b t G row ifican Sign
Slide 5: Production Profile – Return to Primary Silver
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 5 PRODUCTION PROFILE – RETURN TO PRIMARY SILVER
Slide 6: Key Financial Highlights – Q2 2025
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 6 KEY FINANCIAL HIGHLIGHTS – Q2 2025 Financial and Operating Results • Revenues of $21.8 million • Gross profit / mine operating earnings of $10.2 million • Net income after taxes - $2.9 million, $0.02 per share • Adjusted
Slide 7: Key Operating & Financial Information – Q2 2025
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 7 KEY OPERATING & FINANCIAL INFORMATION – Q2 2025 FINANCIAL RESULTS Q2 2025 Q2 2024 Change YTD 2025 YTD 2024 Change Revenues $21.8 M $14.8 M 47% $40.6 M $27.2 M 50% Gross profit (mine operating income) $10.2 M $4.7 M 118% $
Slide 8: Costs per Ounce
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 8 COSTS PER OUNCE Per Ounce Costs Cash Costs $22.74 • Q2 2025 - $15.11 $20.93 $21.40 $20.54 • 7% lower vs. Q2 ‘24 • YTD 2025 - $13.97 $16.29 $15.55 • 10% lower vs. YTD ‘24 $15.11 $13.97 All-in Sustaining Cash Costs • Q2 202
Slide 9: Costs per Tonne
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 9 COSTS PER TONNE Costs Per Tonne Processed Cash Costs • Q2 2025 - $52.61 $96.12 • 24% lower vs. Q2 ‘24 $81.21 • YTD 2025 - $52.29 $73.20 $69.66 $75.06 • 7% lower vs. YTD ‘24 $56.30 $52.61 $52.29 All-in Sustaining Cash Cost
Slide 10: Q3 2025 v Q3 2024 Production Results
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 10 Q3 2025 V Q3 2024 PRODUCTION RESULTS 1 771 2 0 26% 1 07 42 70 887 13% 80 780 7% 281 8 1 19% 2 2 1 1 2 1 Continued elevated mill throughput in Q3 2025 – 21% higher than Q3 2024 Footnotes: 1. In Q3 2025, AgEq was calculate
Slide 11: Recent Updates
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 11 RECENT UPDATES TSX30 Inclusion • Avino Achieves TSX30 2025 Inclusion, Recognized for Outstanding Performance • 5th place ranking on TSX30 2025, 3 year share price performance increased 610%, market capitalization increas
Slide 12: Integrating AI and a Proven Exploration Process
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 12 INTEGRATING AI AND A PROVEN EXPLORATION PROCESS With the support of VRIFY’s AI software, 5.94 Gb of data was ingested: • 194,277 drill assays • 3,550 rock samples • 5,960 soil samples • 52 Geophysics layers (including IP
Slide 13: La Preciosa – Proximity to Avino – 19km
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 13 LA PRECIOSA – PROXIMITY TO AVINO – 19KM The Avino Advantage: • Dedicated powerline – 7.3MW • Current excess capacity of 2 MW • Paved road • High water supply • 100% Mexican workforce
Slide 14: La Preciosa – 1,500 Drill Holes
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 14 LA PRECIOSA – 1,500 DRILL HOLES HISTORICAL AG DRILLING WITH VEINS
Slide 15: La Preciosa – Resource Table
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 15 LA PRECIOSA – RESOURCE TABLE MARTHA 2 MARTHA GLORIA ABUNDANCIA La Preciosa Property – Mineral Resource Summary – Effective Date October 16, 2023 Grade Metal Contents Classification Tonnage Ag Au Cu AgEq Ag Au Cu AgEq Mt
Slide 16: La Preciosa – Gloria Vein – Initial Target
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 16 LA PRECIOSA – GLORIA VEIN – INITIAL TARGET • Starting Target – 2025 - Gloria • Haulage ramp to access Abundancia & Martha veins • Higher grade silver • Underground mechanized mining
Slide 17: Avino Continues to Intersect High-Grade Silver at La Preciosa
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 17 AVINO CONTINUES TO INTERSECT HIGH-GRADE SILVER AT LA PRECIOSA – OCTOBER 27, 2025 Selected Intercept Highlights: Hole PMLP 25-06: 787 g/t Ag and 0.51 g/t Au over 5.22 metres true width including 3,206 g/t Ag and 1.02 g/t
Slide 18: August 18, 2025 – Selection of Assay Results from Intercepts
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 18 August 18, 2025 – A selection of assay results from intercepts of the La Gloria and Abundancia veins PMLP 25-03 1,638 g/t Ag and 1.92 g/t Au over 7.90 metres true width including 15,352 g/t Ag and 1.55 g/t Au over 0.37 m
Slide 19: At La Preciosa: A New Sandvik Jumbo Arrives
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 19 AT LA PRECIOSA: A NEW SANDVIK JUMBO ARRIVES
Slide 20: At La Preciosa: Blasting and Construction Underway
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth AT LA PRECIOSA: • BLASTING AND CONSTRUCTION UNDERWAY • EQUIPMENT MOBILIZATION HAS ADVANCED RAPIDLY • NEW JUMBO DRILL IS WORKING ON THIS RAMP
Slide 21: First Blast at La Preciosa
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 21 FIRST BLAST AT LA PRECIOSA
Slide 22: Oxide Tailings Pre-Feasibility Study Timeline
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 22 OXIDE TAILINGS PRE-FEASIBILITY STUDY TIMELINE - FROM PEA TO PFS 2024 PFS Delivered 2023 Major milestone Initiated the PFS achieved in our growth plan 2020 - 2022 Favourable metallurgical tests Potential to Recommended dr
Slide 23: Key Pre-Feasibility Study Highlights
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 23 KEY PRE-FEASIBILITY STUDY HIGHLIGHTS US$61M 26% Payback Period Economic Post-Tax NPV 5% Post-Tax IRR 3.5 Years Post-Tax Returns Base Case US$98M 35% Payback Period Pre-Tax NPV 5% Pre-Tax IRR 2.9 Years Pre-Tax The gold an
Slide 24: Consolidated Mineral Resources
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 24 CONSOLIDATED MINERAL RESOURCES - Prepared in accordance with NI 43-101, under the supervision of a Qualified Person – full technical report available on www.avino.com, Sedar+, and Edgar Area Category Mass (Mt) Average Gr
Slide 25: 2025/2026 Key Milestones and Goals
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 25 2025/2026 KEY MILESTONES AND GOALS La Preciosa – All required permits for mining operations received • Development ongoing • Drill program underway, first 8 holes assayed with excellent grades • First production in 2025
Slide 26: CSR Initiatives
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 26 CSR INITIATIVES IN THE COMMUNITIES CLOSE TO AVINO AND LA PRECIOSA Avino CSR Initiatives - Focused on Education, Community Support and the Economy of the Family • Avino is committed to using the United Nations Sustainable
Slide 27: Analyst and Newsletter Coverage
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 27 ANALYST AND NEWSLETTER COVERAGE Analyst Coverage Company Analyst H.C. Wainwright & Co. Heiko Ihle Alliance Global Partners (formerly Europac) Jake Sekelsky Roth Capital Partners Joe Reagor Cantor Fitzgerald Canada Matthe
Slide 28: Trading and Capitalization Summary
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 28 TRADING AND CAPITALIZATION SUMMARY ASM: TSX/NYSE AMERICAN Major Shareholders – As of October 31, 2025 CAD USD • Avino Management • Tidal Investments LLC Market Capitalization $1 B $736 M • Arrowstreet Capital LP • 1832 A
Slide 29: Key Takeaways
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 29 KEY TAKEAWAYS • A primary silver producer and explorer in Mexico • Strategic growth plan – increase production over 5 years – achieve intermediate producer status • TSX30 2025 Inclusion, Recognized for Outstanding Perfor
Slide 30: Thank you! Contact Information
30 A Clear Path to Transformational Growth Thank you! CONTACT INFORMATION: For more information T: 604-682-3701 Visit our website at: E: IR@AVINO.COM ASM:TSX/NYSE American www.avino.com SUITE 900 – 570 GRANVILLE STREET VANCOUVER, BC V6C 3P1
Slide 31: Board of Directors
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 31 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 Orchards; and was a
Slide 32: Management
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 32 MANAGEMENT David Wolfin Mr. Wolfin brings 30 years of experience in mining and finance. He learned the business from the ground up, starting as a geologist’s assistant in Nevada, a metallurgist’s assistant at the Avino m
Slide 33: ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 33 • As of September 5th, Avino is the #6th performing silver investment over the past 12 months • Avino has outperformed its peer group and the price of silver bullion by a significant margin as a result of positive develo
Slide 34: Trading at Intermediate-Senior P/NAV
A Clear Path to Transformational Growth 34 Avino is currently trading at an intermediate-senior P/NAV multiple but at a junior-intermediate EV/Resources Values
Slide 35: Footnotes
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 35 FOOTNOTES Slides 7-9 - Cash Costs and AISC per silver payable ounce and Cost per tonne processed 1. In Q2 2025, AgEq was calculated using metal prices of $33.64 per oz Ag, $3,280 per oz Au and $4.32 per lb Cu. In Q2 2024
Slide 36: Appendix A: IFRS to Non-GAAP Measures Reconciliations
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 36 APPENDIX A IFRS ACCOUNTING STANDARDS TO NON-GAAP MEASURES RECONCILIATIONS
Slide 37: Reconciliations: EBITDA & Adjusted Earnings
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 37 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS EBITDA & ADJUSTED EARNINGS Expressed in 000’s of US$ unless otherwise noted Q2 2025 Q2 2024 YTD 2025 YTD 2024 Net income for the period $2,864 $1,240 $8,481 $1,839
Slide 38: Reconciliations: Cash Cost & AISC per Silver Equivalent Ounce
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 38 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS CASH COST & ALL-IN SUSTAINING CASH COST PER SILVER EQUIVALENT PAYABLE OUNCE Expressed in 000’s of US$ unless otherwise noted Avino Q2 2025 Q2 2024 YTD 2025 YTD 202
Slide 39: Reconciliations: Cash Cost & AISC per Tonne Processed
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 39 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS CASH COST & ALL-IN SUSTAINING CASH COST PER TONNE PROCESSED Expressed in 000’s of US$ unless otherwise noted Avino Q2 2025 Q2 2024 YTD 2025 YTD 2024 Cost of sales
Slide 40: Reconciliations: Free Cash Flow, Operating Cash Flow per Share
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 40 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS FREE-CASH FLOW Q2 2025 Q2 2024 YTD 2025 YTD 2024 Cash flow statement – cash provided by operating activities $8.5 M $1.1 M $9.3 M $3.4 M Cash flow statement – expl
Slide 41: Reconciliations: Mine Operating Cash Flow Before Taxes
ASM: TSX/NYSE American www.avino.com A Clear Path to Transformational Growth 41 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS MINE OPERATING CASH FLOW BEFORE TAXES Q2 2025 Q2 2024 YTD 2025 YTD 2024 Statement of comprehensive income - mine operating income (gross $10.2 M $4.7 M $20.8 M $7.
Avino Silver & Gold Mines — Q3 2025 Earnings Presentation on 6ix