Q1 2025 Avino Silver & Gold Mines Ltd Earnings Call

Operator: Good day and welcome to the Avino Silver and Gold Mines first quarter 2025 Financial Results Conference call and webinar. As a reminder, all participants are in a listen-only mode and the conference is being recorded.

Good day, and welcome to the Avino Silver and gold Mines' first quarter 2025 financial results conference call and webcast.

As a reminder, all participants are in a listen only mode.

The conference is being recorded.

Operator: After the presentation, there will be an opportunity to ask questions. To join the question queue you may press star then 1 on your telephone key. Should you need assistance during the conference call, you may signal an operator by pressing star and zero.

After the presentation, there will be an opportunity to ask questions.

To join the question queue you May Press Star then one on your telephone keypad.

Should you need assistance during the conference call you may signal, an operator by pressing star zero.

Jennifer North: I would now like to turn the conference over to Jennifer North, Head of Investor Relations. Mom, please go ahead. Thank you operator.

Speaker Change: I would now like to turn the conference over to Jennifer North head of Investor Relations Ma'am. Please go ahead.

Jennifer North: Thank you operator, good morning, everyone and welcome to the Avino Silver and gold mines Limited first quarter financial results conference call and webcast to join this webcast and call. There is a link in our news release dated April 16th 2025, and in our news release of yesterday's date, which can be found on our website under news 2025.

Jennifer North: Good morning everyone and welcome to the Avino Silver and Gold Lines Limited first quarter financial results conference call and webcast. To join this webcast and call there is a link in our news release dated April 16, 2025 and in our news release of yesterday's date which can be found on our website under News 2025. In addition, a link can be found on the homepage of the Avino website.

Speaker Change: In addition, a link can be found on the homepage of the Avino website.

David Wolfin: On the call today we have the company's President and CEO David Wolfin, our Chief Financial Officer Nathan Harte, our Chief Operating Officer Carlos Rodriguez and our VP Technical Services Peter Latta.

Speaker Change: On the call today, we have the Companys, President and CEO, David Wilson, Our Chief Financial Officer, Nathan Harte, Our Chief operating Officer, Carlos Rodriguez, and our VP Technical services, Peter Latta before we get started please note that certain statements made today on this call by the management team May include forward looking information.

David Wolfin: Before we get started, please note that certain statements made today on this call by the management team may include forward-looking information within the meaning of applicable securities laws. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different than those expressed by or implied by such forward-looking statements. The company does not intend to and does not assume any obligation to update such forward-looking statements or information other than is required by applicable law. For more information, we refer you to our detailed cautionary note in the presentation related to this call or on our press release of yesterday's date.

Speaker Change: And within the meaning of applicable securities laws forward looking statements are subject to known and unknown risks uncertainties and other factors that may cause the actual results to be materially different than those expressed by or implied by such forward looking statements. The company does not intend to and does not assume any obligation to update such forward looking statements or information.

Speaker Change: Other than as required by applicable law.

Speaker Change: For more information, we refer you to our detailed cautionary note in the presentation related to this call or on our press release of yesterday's state the full financial statements and MD&A are now available on our website under the investors tab and then click on financial statements. In addition, the full statements are available on our venous profile on SEDAR class.

Jennifer North: The full financial statements in MD&A are now available on our website under the Investors tab and then click on Financial Statements. In addition, the full statements are available on Avino's profile on CDARplus and on EDGAR.

Jennifer North: I would like to remind everyone that this conference call is being recorded and will be available for replay later today. Replay information and the presentation slides from this conference call and webcast will be available on our website. Also, please note that all figures stated are in US dollars unless otherwise noted. Thank you.

Speaker Change: And on that car I would like to remind everyone that this conference call is being recorded and will be available for replay later today replay information and the presentation slides from this conference call and webcast will be available on our website. Also please note that all figures stated are in U S dollars unless otherwise noted. Thank you I will now hand.

David Wolfin: I will now hand the call over to Avino's President and CEO, David Wolfin. Thanks, Jen. Good morning, everyone. And welcome to Avino's first quarter 2025 Financial Results Conference call and webcast. We will cover the highlights of our financial and operating performance, and then we'll go over the work that we are currently doing, followed by a Q&A.

Speaker Change: On the call over to <unk>, President and CEO David Wilson.

Speaker Change: Thanks, Jen good morning, everyone and welcome to <unk> first quarter 2025 financial results conference call and webcast.

Speaker Change: We will cover the highlights of our financial and operating performance and then we'll go over the work that we're currently doing followed by a Q&A.

David Wolfin: I will start with the discussion on operations, and then I will turn it over to Nathan Harte, Avino CFO, to discuss the financial performance for this period.

Speaker Change: I will start with the discussion on operations and then I'll turn it over to Nathan Harte <unk> CFO to discuss the financial performance for this period and then Jennifer North our head of Investor Relations will present, an overview of Q1 CSR ESG initiatives. Please.

Jennifer North: And then Jennifer North, our Head of Investor Relations, will present an overview of Q1 CSR ESG initiatives.

David Wolfin: Please turn to slide 5 for Q1 2025 highlights. Avino has delivered another strong quarter, posting record earnings and continuing to demonstrate strength across key financial metrics, with improvements in unit costs leading the way in the first quarter of 2025. Nathan will provide a detailed overview of the financials later in the call.

Speaker Change: Please turn to slide five for Q1 2025 highlights.

Speaker Change: So as you know has delivered another strong quarter posting record earnings and continuing to demonstrate strength across key financial metrics with improvements in unit costs, leading the way in the first quarter of 2025 Nathan.

Speaker Change: Nathan will provide a detailed overview of the financials later in the call.

David Wolfin: I do want to take a moment to reiterate a key point we've emphasized over the years, and that is our clear strategy for growth. We have remained fully committed to advancing Avino, and our collective efforts continue to drive us forward. The first quarter of 2025 builds on the exceptional year we had in 2024, and we're looking ahead with confidence to continue momentum and even greater achievements. Our balance sheet remains strong with just over $26 million in cash, record-breaking high working capital of over $31 million at the end of the quarter. Our operations teams continue to deliver meaningful cost improvements.

Speaker Change: Do you want to take a moment to reiterate a key point, we've emphasized over the years and that is our clear strategy for growth, we remain fully committed to advancing avino and our collective efforts continue to drive us forward.

Speaker Change: The first quarter of 2025 builds on the exceptional year, we had in 2024 and we're looking ahead with confidence to continue momentum in even greater achievements.

Speaker Change: Our balance sheet remains strong with just over $26 million in cash record breaking high working capital of over 31 million at the end of the quarter.

Speaker Change: Our operations teams continued to deliver meaningful cost improvements.

David Wolfin: Development at La Preciosa is progressing well. With strong operational performance, Avino remains on track to generate growth for all stakeholders and shareholders.

Speaker Change: Development at La <unk> is progressing well with strong operational performance Avino remains on track to generate growth for all stakeholders and shareholders.

David Wolfin: Moving on to slide six, we turn to our Q1 2025 production results that were released in mid April. Compared to Q1 2024, the results were as follows. Silver equivalent production increased 8%. Avino produced 678,000 silver equivalent ounces in Q1. The increase was driven by improved grades in silver, gold and copper and offset by slightly lower mil throughput. Gold production increased 25% to 2,225 oz. Improved feed grade of 17% accounted for the majority of the increase alongside significant improvements in recoveries which were up 75% from 70% in Q1 2024. Copper production increased 19%. Avino produced 1.6 million pounds of copper in Q1.

Speaker Change: Moving on to slide six.

Speaker Change: We turn to our Q1 2025 production results that were released in mid April compared to Q1 2024. The results were as follows silver equivalent production increased 8% avino produce 678000 silver equivalent ounces in Q1.

Speaker Change: The increase was driven by improved grades in silver gold and copper and offset by slightly lower mill throughput.

Speaker Change: Gold production increased 25% to 2225 ounces.

Speaker Change: Improved feed grade of 17% accounted for the majority of the increase along side, our significant improvements in recoveries, which were up 75% from 70% in Q1 2020 for copper production increased 19% avino produce one 6 million pounds of copper in Q1.

David Wolfin: The increase was due to improved copper feed grade of 17% as well as an increase in recoveries to 87% from 84%. Silver production increased 6%. Silver production for the quarter was 265,681 ounces with feed grade increasing of 10% driving the improvement overall. Quarter over quarter the feed grade for the silver increased 10% and both gold and copper saw an increased grade of 17%. Gold recovery is up 8%, copper increased 3%, while silver recovery decreased slightly by 3%.

Speaker Change: The increase was due to improved copper feed grade of 17% as well as an increase in recoveries to 87% from 84%.

Speaker Change: Silver production increased 6% silver production for the quarter was 265000, and 681 ounces with feed grade increasing.

Speaker Change: 10% driving the improvement overall.

Speaker Change: Quarter over quarter, the feed grade for the silver increased 10% in both gold and copper saw an increase grade of 17%.

Speaker Change: Gold recovery is up 8% copper increased 3%, while silver recovery decreased slightly by 3%.

David Wolfin: Please turn to slide 7 where I'll run through the Q1 updates. Firstly, we have an exceptional operations team who, during the quarter, successfully executed a jaw crusher replacement, all while maintaining regular mill operations. I'm extremely proud of their diligence, skill, and commitment. Thanks to the excellent work of our team, the Avino mine is operating smoothly with increased production across all three metals, silver, gold, and copper. With the year off to a solid start, Avino is on track to meet our 2025 annual production guidance of 2.5 to 2.8 million ounces of silver equivalent. Higher realized metal prices and excellent unit cost drove strong financial performance.

Speaker Change: Please turn to slide seven where I'll run through the Q1 updates.

Speaker Change: Firstly, we have an exceptional operations team who during the quarter successfully executed a jaw crusher replacement all while maintaining regular mill operations I'm extremely proud of their diligence skill and commitment.

Thanks to the excellent work of our team. The Avino mine is operating smoothly with increased production across all three metals silver gold and copper.

Speaker Change: With the year off to a solid start avino is on track to meet our 2025 annual production guidance of two five to $2 8 million ounces of silver equivalent.

Speaker Change: Realized metal prices and excellent unit costs drove strong financial performance with your operating costs decreasing for another consecutive quarter. At this further increased margins 2025 has begun positively with consistent production in first months of the year.

David Wolfin: With the operating cost decreasing for another consecutive quarter, this further increased margins.

David Wolfin: 2025 has begun positively with consistent production in first month of the year.

David Wolfin: Moving on to La Preciosa. As we reported at the beginning of the year, underground development at La This was a significant step forward in our growth plans and a clear demonstration of our commitment to delivering on our goals. During the quarter, we have made significant progress in La Preciosa blasting and construction of the relatively short 360-meter decline is underway, and equipment mobilization has been swift, allowing development to advance on plan. The new jumbo drill is working on the San Fernando haulage ramp as it progresses towards intercepting Gloria and Abundancia veins.

Speaker Change: Moving onto the Prince he owes him as we reported at the beginning of the year underground development at La <unk> has commenced following the receipt of all necessary permits for mining operations. This was a significant step forward in our growth plans and a clear demonstration of our commitment to delivering on our goals.

During the quarter, we have made significant progress in la Presse, Yosef blasting and construction of the relatively short 360 meter decline is underway and equipment mobilization has been swift, allowing development to advance on plan.

Speaker Change: The new Jumbo drill is working on the San Fernando haulage ramp.

Speaker Change: As it progresses towards intercepting Gloria now been dancy of veins.

David Wolfin: I recently returned from a site visit to La Preciosa and the Avino mine where I saw firsthand the solid advancements being made. Development at La Preciosa is advancing well, and the new mining equipment is already having a positive impact on operational efficiencies. At the Avino mine, the new crusher is contributing to the improved milling efficiencies and drilling activities are progressing well at Elena Tolosa.

Speaker Change: I recently returned from a site visit to <unk> and the Avino mine, where I saw firsthand the solid advancements being made.

Speaker Change: Development at La <unk> is advancing well and the new mining equipment is already having a positive impact on operational efficiencies.

Speaker Change: At the Avino mine, the new Crusher is contributing to the improved milling efficiencies.

Speaker Change: And drilling activities are progressing well at Atlanta to looser.

David Wolfin: We encourage you to visit Avino's website to view all the recent photos highlighting the work at La Preciosa and the Avino mine. Please turn to slide 8, where we have photos of recent development activities, surface works and delivery of equipment. We are pleased with the progress we are making at La Preciosa with the operations at Avino.

Speaker Change: We encourage you to visit <unk> website to view all the recent photos highlighting the work at La <unk> and the Avino mine.

Speaker Change: Please turn to slide eight where I'll hub, we have photos of recent development activities surface works and in delivery of equipment.

Speaker Change: We are pleased with the progress we are making at <unk> with the operations at Avino.

Nathan Harte: At this time, I now hand it over to Nathan Harte, Avino CFO, to present a record financial performance for Q1 2025. Nathan Thank you, David. It's my pleasure to be presenting our financial and operating results for the first quarter of 2025 to everyone who has joined us and is viewing our presentation today. Here on slide nine, you can see a snapshot of another quarter with record-breaking financial highlights with the full table on the following slide. Our first quarter results continue to right where we left off in Q4 of 2024. We generated $18.8 million in revenues, up 52% from Q1 of last year, and was our second highest in company history following the previous quarter.

Nathan Harte: At this time and now hand, it over to Nathan Harte Avino CFO to present, our record financial performance for Q1, 'twenty 'twenty five.

Speaker Change: Nathan.

Nathan Harte: Thank you David it's my pleasure to be presenting our financial and operating results for the first quarter of 2025 to everyone, who has joined US and is viewing our presentation today.

Nathan Harte: Here on slide nine you can see a snapshot of another quarter with record breaking financial highlights with a full table on the following slides.

Nathan Harte: Our first quarter results continue to right, where we left off in Q4 of 2024, we generated $18 8 million in revenues up 52% from Q1 of last year and was our second highest in company history following the previous quarter.

Nathan Harte: Gross profit was a record $10.6 million, with our gross profit margin increasing to 56%, including non-cash depreciation and depletion. This was significantly improved from the 90% margin in Q1 of last year, and even the 45% from last quarter. On a cash basis, our gross profit margin was 61%, highest in the Avino Mines underground production history. Avino achieved a record $5.6 million in net income in the first quarter, which translated to earnings per share of $0.04. This was up significantly compared to Q1 of last year where we earned just over half a million and was also increased from last quarter's previous record of 5.1 million.

Gross profit was a record $10 6 million with our gross profit margin, increasing to 56%, including noncash depreciation and depletion.

Nathan Harte: This was significantly improved from the 19% margin in Q1 of last year and even the 45% from last quarter on.

Nathan Harte: On a cash basis, our gross profit margin was 61% highest in the Avino mine underground production history.

Nathan Harte: Avino achieved a record $5 6 million and net income in the first quarter, which translated to earnings per share of <unk>.

Nathan Harte: This was up significantly compared to Q1 of last year. We earned just over half a million dollars and was also increased from last quarters previous record of $5 1 million.

Nathan Harte: Cash flow from operating activities and free cash flow were impacted by working capital movements of $6.6 million in Q1. These movements were primarily a result of an increase in inventory of 2.2 million, as well as an increase in concentrate sales receivable of 2.5 million. Further, we made $3 million in income tax payments in Q1 in Mexico as a result of profits generated in 2024. Before these working capital movements, we generated $7.4 million from operating activities or $0.05 per share. Our cash costs per silver equivalent ounce was $12.62, our lowest since 2022. On an all-in cash cost basis, we came in right around $20 per silver equivalent ounce below our 2024 average.

Nathan Harte: Cash flow from operating activities and free cash flow were impacted by working capital movements of $6 6 million in Q1.

Nathan Harte: Different movements were primarily result of an increase in inventory of $2 2 million as well as an increase in concentrate sales receivable of two and a half million dollars.

Nathan Harte: Further we made $3 million of income tax payments in Q1 in Mexico as a result of profit generated in 2024.

Nathan Harte: These working capital movements, we generated $7 4 million from operating activities or <unk> <unk> per share.

Nathan Harte: Our cash cost per silver equivalent ounce was $12 62, our lowest since 2022.

Nathan Harte: On an all in cash cost basis, we came in right around $20 per silver equivalent ounce below our 2024 average.

Nathan Harte: As mentioned last quarter, this puts us in the lower quartile of junior producing peers and in the mid range with the other intermediate producers in Mexico.

As mentioned last quarter. This puts us in the lower quartile of junior producing peers and in the mid range with the other intermediate producers in Mexico.

Nathan Harte: Now on to the balance sheet. Our cash position was $26.6 million at the end of the quarter, consistent with levels at the end of the year, as we were impacted by working capital movements in the quarter. Albeit the flat cash balance, working capital did increase by over $6 million as a result of decreases to income taxes payable and increases to inventory and concentrate sales Subsequent to Core End, we did realize a significant portion of this work in Capital and converted it to CAD. As discussed on our last call, we have also begun deploying capital at La Preciosa as we move forward with development.

Now onto the balance sheet, our cash position was $26 6 million at the end of the quarter consistent with levels at the end of the year as we were impacted by working capital movements in the quarter.

Nathan Harte: The flat cash balance working capital did increase by over $6 million as a result of decreases to income taxes payable and increases to inventory and concentrates sales receivable.

Subsequent to quarter end, we did realize a significant portion of this working capital and converted into cash.

Nathan Harte: As discussed on our last call. We've also begin deploying capital at La <unk> as we move forward with development.

Nathan Harte: With no debt excluding the operating equipment, we continue to be well positioned to execute on our five-year organic growth plan and are undergoing internal reviews on acceleration and increases to the current plan.

Nathan Harte: With no debt, excluding operating equipment, we continue to be well positioned to execute on our five year organic growth plan and are undergoing internal reviews on acceleration and increases to the current plan.

Nathan Harte: Coming to slide 10, we see all other financial metrics and the significant increase compared to Q1 of 2024 and another strong quarter even compared to Q4 of 2024. Capital expenditures in Q1 were just under $2 million and deposits on equipment in La Preciosa were not included in this figure, were about half a million. As mentioned on the previous slide, working capital movements had a considerable impact on operating cash flow generation and free cash flow generation. We expect to see some reversals in Q2 and normalization for the rest of the year. Here on slide 11, you can see our cash cost per ounce figures for the first quarter improved from last year, with the first quarter coming in at $12.62 per silver equivalent ounce.

Nathan Harte: Coming to slide 10, we see all other financial metrics and a significant increase compared to Q1 of 2024 and another strong quarter, even compared to Q4 of 2024.

Nathan Harte: Capital expenditures in Q1 were just under $2 million in deposits on equipment and <unk> were not included in this figure were about half a million.

Nathan Harte: As mentioned on the previous slide working capital movements had a considerable impact on operating cash flow generation and free cash flow generation.

Nathan Harte: We expect to see some reversals in Q2 and normalization for the rest of the year.

Nathan Harte: Here on Slide 11, you can see our cash cost per ounce figures for the first quarter improved from last year with the first quarter coming in at $12 62 per silver equivalent ounce.

Nathan Harte: This represents an improvement of 15% from Q1 2024 and a 9% improvement from last quarter. On an all-in sustaining cash basis, our first quarter costs were $20.08 per silver equivalent ounce, slightly down from Q1 of 2024 and 8% up from last quarter. Increases in all-in sustaining cash costs per ounce, compared to last quarter, were a result of lower ounces sold by 36%. As discussed on our year-end call, we did clear out concentrate inventory at the end of the year, which did impact our ounces sold in the first quarter, as we re-established our concentrate inventory balance.

Nathan Harte: This represents an improvement of 15% from Q1, 2024, and a 9% improvement from last quarter.

Nathan Harte: On an all in sustaining cash basis, our first quarter costs were $20 eight per silver equivalent ounce slightly down from Q1 of 2024 and 8% up from last quarter.

Nathan Harte: Increases in all in sustaining cash cost per ounce compared to last quarter, a result of lower ounces sold by 36%.

Nathan Harte: As discussed on our year end call, we did clear out concentrate inventory at the end of the year, which did impact our ounces sold in the first quarter as we reestablished our concentrate inventory balances.

Nathan Harte: Coming to slide 12, you can see our cost per ton process for the quarter. We're fairly consistent from a quarter over quarter perspective. Cost per ton processed on a cash basis was just under $52 with minor increases compared to Q1 and Q4 of 2024. On the all-in cost side for the quarter, there was a bit of an increase. However, our cost per ton remains extremely competitive for an underground operator. As shown by our profit margins, our cost structure remains intact, and we are poised to take advantage of the increased metal price environment as we transition to being a multi-asset producer.

Coming to slide 12, you can see our cost per ton processed for the quarter were fairly consistent from a quarter over quarter perspective.

Nathan Harte: Cost per tonne processed on a cash basis was just under $52 with minor increases compared to Q1 and Q4 of 2024.

Nathan Harte: On the all in cost side for the quarter. There was a bit of an increase however, our cost per ton remains extremely competitive for an underground operation.

Nathan Harte: As shown by our profit margins our cost structure remains intact and we are poised to take advantage of the increased metal price environment, as we transition to being a multi asset producer.

Nathan Harte: Tariff discussions continue to put uncertainty in the currencies in which we operate in and reducing our risk associated with costs will be key throughout the year. Our hedging program for the Mexican peso has started to bear fruit in Q1 and with the recent strength of the peso compared to the U.S. dollar, we are seeing more benefits in the second quarter.

Nathan Harte: Tariff discussions, but can you continue to put uncertainty in the currencies in which we operate in and reducing our risk associated with costs will be key throughout the year.

Nathan Harte: Our hedging program for the Mexican peso has started to bear fruit in Q1 and with the recent strength of the peso compared to the U S. Dollar we are seeing more benefits in the second quarter.

Jennifer North: At this point, I will turn it over to Jennifer North, Head of Investor Relations, for an overview of our recent ESG and CSR initiatives. Thank you, Nathan. Moving on to slide 13, we have listed the ESG CSR initiatives that were completed in the first quarter of 2025.

Speaker Change: At this point I will turn it over to Jennifer North head of Investor Relations for an overview of our recent ESG and CSR initiatives.

Jennifer North: Thank you Nathan moving on to Slide 13, we enlisted the ESG CSR initiatives that were completed in the first quarter of 2025.

Jennifer North: Avino follows the ESG standards and aligns with the United Nations Sustainable Development Goals, or the SDGs, which are a set of 17 interlinked global goals designed to be a blueprint for achieving a better and more sustainable future for all. First quarter activities were focused on SDG number 3, good health and well-being, SDG number 6, environment, clean water and sanitation, number 7, affordable and clean energy, number 11, sustainable cities and communities, and number 13, climate action. During the quarter, the following initiatives were carried out. Avino partnered with several major construction and service companies within the state of Durango to sponsor and provide medical services to the communities, with over 180 instances of health care support and procedures provided, further supporting the well-being of community members.

Jennifer North: Dana follows ESG standards, and aligns with the United Nations Sustainable development goals, and DST genes, which are a set of 17 interlinked global goals designed to be a blueprint for achieving a better and more sustainable future for all.

Jennifer North: First quarter activities were focused on S. T gene and Mercury, good health, and wellbeing, and CGM or six environment clean water and sanitation number seven affordable and clean energy number 11, sustainable cities and communities and number 13 climate action.

Jennifer North: During the quarter. The following initiatives are carried out.

Jennifer North: Havana partnered with several major construction and service companies within the state of Durango to sponsor and provide medical services to the communities with over 180 insistence of health care support and procedures provided further supporting the wellbeing of community members.

Jennifer North: As part of our health and safety commitments to our a training course was given by the CAT training group for our equipment operators, mines supervisors and maintenance mechanics, which contributed significantly to improving their skills and competencies. The Avino CSR team, together in partnership with the state government and the Mariana Trinitarian Congregation, a non-profit civil association, helped improve quality of life in local communities by supporting access to clean energy. Together, they enabled 67 families to obtain solar boilers at subsidized prices. These boilers harness free, renewable energy from the sun, helping households reduce utility costs while promoting environmental sustainability.

Part of our health and safety commitments to our employees a training course was given by the Cat training group for our equipment operators mine supervisors, and maintenance mechanics, which contributed significantly to improving their skills and competencies.

Speaker Change: The Avino CSR team together in partnership with the state government and the Marianna Trinitarian congregation and nonprofit Civil Association helped improve quality of life in local communities by supporting access to clean energy.

Speaker Change: Together, they enabled 67 families to obtain solar boilers at subsidized prices. These boilers harness free renewable energy from the Sun, helping households, reduce utility costs, while promoting environmental sustainability.

Jennifer North: A Father and Sons Tour was held at the Avino Mine facilities with our employees. Many other donations and services were provided to the communities and included a donation of PVC pipes was made to the community of San Jose de Avino to connect them to the community sanitation network, which will help in eliminating rainwater and wastewater runoff. This initiative supports public health and helps to preserve the community's hydrological balance.

Speaker Change: A father and tons chiller with talented Danvy, new mine facilities with our employees.

Speaker Change: Any other donations and services were provided to the communities and included a donation of PVC pipes was made to the community in San Jose do you know to connect them to the community sanitation network, which will help and eliminating rain water and wastewater runoff. This initiatives supports public health and helps to preserve the community.

Speaker Change: He is hydrological balance we have added a dedicated CSR team to the patio set ensuring that community engagement and social initiatives are tailored to the unique needs of each region.

Jennifer North: We have added a dedicated CSR team to La Preciosa, ensuring that community engagement and social initiatives are tailored to the unique needs of each region. We are finalizing our inaugural sustainability report, which reflects our commitment to transparency, accountability and responsible business practices. By sharing our environmental, social and government efforts, we aim to build trust with our stakeholders, demonstrate our positive impact and continuously improve our sustainability performance. We look forward to making it available on our website very soon.

Speaker Change: We are finalizing our inaugural sustainability report, which reflects our commitment to transparency accountability and responsible business practices by sharing our environmental social and governance efforts. We aim to build trust with our stakeholders demonstrate a positive impact and continuously improve our sustainability performance, we look forward to.

Speaker Change: <unk> and available on our website very soon I will now turn it back over to David to continue with the presentation, providing our activities for the coming quarter David.

David Wolfin: I will now turn it back over to David to continue with the presentation, providing our activities for the coming quarter. David. Thanks, Jen. Moving to slide 14. We're pleased to see metal prices continue their rally into the first quarter and maintain their strength. Silver showed a clear upward trend, while gold moved rapidly, reflecting strong market dynamics. Combined with our solid Q1 production results, we continue to be positioned favorably as we advance towards our transformational growth objectives, particularly with the development of La Preciosa. We are currently hauling from level 14 and mining at levels 11 and 12 at Elena Tolosa, and exploration drilling is ongoing on the Avino vein below the ET mine, where we previously hit the highest grade hole in company history.

David Wilson: Thanks, Jan moving to slide 14.

David Wilson: We were pleased to see metal prices continue their rally into the first quarter and maintained their strength silver showed a clear upward trend while gold move rapidly reflecting strong market dynamics combined with our solid Q1 production results. We continue to be positioned favorably as we advance towards our transformational.

David Wilson: Growth objectives, particularly with the development of <unk>. We are currently hauling from level 14, and mining at levels 11, and 12 at Atlanta to Llosa and exploration drilling is ongoing on the avino vein below the T mine, where we previously had the highest grade hole in the <unk>.

David Wolfin: This vein is open to long strike and at depth following previous successful drill programs. As outlined on slide 15, we want to reemphasize the company's growth plans. We have three assets within a 20 kilometer footprint, totaling 371 million silver equivalent mineral resources. In the same area, we have an operating mill complex, which is currently producing from our Avino mine, additional access to water, power and tailing storage. As you can see on this slide, our goal is to scale up by 2029 through production of these three assets. By capitalizing on our existing assets and resources, we can execute our growth plan efficiently and effectively.

David Wilson: Company history. This vein is open along strike and at depth following previous successful drill program.

David Wilson: As outlined on slide 15, we want to reemphasize the company's growth plans.

David Wilson: We have three assets within a 20 kilometer footprint totaling 371 million silver equivalent mineral resources in the same area. We have an operating mill complex, which is currently producing from our avino mine additional access to water power and tailing storage.

David Wilson: As you can see on this slide our goal is to scale up by 2029.

David Wilson: Through production of these three assets by capitalizing on our existing assets and resources, we can execute our growth plan efficiently and effectively.

David Wolfin: This approach not only mitigates risk associated with new project development, but also positions us for the long term success and value creation.

David Wilson: This approach not only mitigates risks associated with new project development, but also positions us for the long term success and value creation.

David Wolfin: In conclusion, another record-breaking quarter has been successfully completed, reflecting the strength of our strategy and the dedication of our team. Their expertise, hard work, and commitment continue to drive our success as we pursue the next phase of growth. On behalf of our leadership, thank you for your efforts and contributions. We would also like to thank our shareholders for their continued support. Those who have stayed the course are now seeing the tangible results of our long term strategy as Avino continues to deliver strong performance and growth. With a solid financial foundation, strong operational performance, and positive market trends, Avino is well positioned for continued growth and value creation in 2025 and beyond.

In conclusion, another record breaking quarter has been successfully completed reflecting the strength of our strategy and the dedication of our team their expertise hard work and commitment continue to drive our success as we pursue the next phase of growth on behalf of our leadership. Thank you for your efforts.

David Wilson: <unk> contributions.

David Wilson: I'd also like to thank our shareholders for their continued support those who've stayed the course are now seeing the tangible results of our long term strategy.

David Wilson: As avino continues to deliver strong performance and growth.

David Wilson: With a solid financial foundation strong operational performance and positive market trends Zeno is well positioned for continued growth and value creation in 2025 and beyond.

Operator: We'd now like to move the call to the question and answer portion, operator. Thank you.

Speaker Change: We'd now like to move the call to the question and answer portion operator.

Operator: At this time we will be conducting our question and answer session. As a reminder, if you would like to ask a question, please press star 1 on your telephone keyboard. Confirmation tone will indicate your line is in the question queue and you may press star 2 if you would like to remove your question from the queue.

David Wilson: Thank you.

Speaker Change: This time, we will be conducting our question and answer session.

Speaker Change: As a reminder, if you'd like to ask a question. Please press star one on your telephone keypad.

Speaker Change: A confirmation tone will indicate your line is in the question queue. You May Press Star two if you would like to remove your question from the queue.

Operator: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the start button. 111 please while we pull for Thank you.

Speaker Change: Participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Speaker Change: One moment, please while we poll for questions.

Speaker Change: Thank you.

Jacob Sekelsky: Our first question is coming from Jake Sekelsky with Alliance Global Partners. Your line is live. Hey David, Nathan, and team. Thanks for taking my question.

Speaker Change: Our first question is coming from Jake Schakowsky with Alliance Global Partners. Your line is live.

Jake Schakowsky: Hey, David Thanks for taking my questions.

Speaker Change: J J.

David Wolfin: So just touching on La Preciosa development in your strong balance sheet that you mentioned, can you touch on any specific levers that you think you may be able to pull over the next quarter or so to accelerate development plans there? In our recent visit, we were talking with our engineering team about increasing ramp development and potentially adding another portal. So these are the things we're looking into right now. Got it. Okay.

Speaker Change: So just touching on <unk> development.

Speaker Change: And your strong balance sheet that you mentioned can you touch on any specific levers that you think might be a.

Speaker Change: Paul over the next quarter or so to accelerate development plans there.

Speaker Change: In a recent visit we were talking with our engineering team are about.

Speaker Change: Increasing ramp development and.

Speaker Change: Potentially adding another portal. So these are the things we're looking into right now.

Speaker Change: Got it okay.

David Wolfin: In that same vein, you know, do you have any plans to expand on the current exploration program, just given the strong working capital position? Yeah, we're continuing to drill at ET below level 17. We're looking at drilling to the west along the fault, up higher in the system and over at La Preciosa, but we're just waiting for one of our drills to be upgraded. Okay, that's helpful.

Speaker Change: In that same vein do you have any plans to expand on the current.

Exploration program.

Speaker Change: Just given the strong working capital position.

Speaker Change: Yeah, we're continuing to drill.

S E T below levels of <unk> were looking at drilling to the west along the fault up higher in the system and over at La <unk>, but we're just waiting for one of our drills to be.

Speaker Change: Upgraded.

Speaker Change: Okay. That's helpful.

David Wolfin: All for me. Thanks again. Thanks Jake. Thank you.

Speaker Change: All for me Thanks, Scott.

Speaker Change: Thanks, Nick.

Speaker Change: Okay.

Joseph Reagor: Our next question is coming from Joseph Reagor with Rothkappel Partners. Your line is live. David and team, thanks for taking the questions and congrats on a strong start to the year. Thanks, Joe. So I guess first thing, you know, given the current metals price environment, have you guys given any thought to potentially hedging gold or silver forward? Or, you know, is the plan to just kind of leave it open to MarketVolatility.

Speaker Change: Thank you. Our next question is coming from Joseph Reagor with Roth Capital Partners. Your line is life.

Speaker Change: David and team thanks for taking the questions and congrats on a strong start to the year.

David Wilson: Thanks, Joe.

David Wilson: So I guess first things are you know given.

David Wilson: Given the current metals price environment have you guys, given any thought to potentially hedge.

David Wilson: <unk> gold or silver forward or I mean, what is the plan to just kind of leave it open to <unk>.

David Wilson: Market volatility.

Speaker Change: Ah Thanks, Joe Nathan here, So obviously the age old question of hedging.

Nathan Harte: Thanks Joe, Nathan here. So obviously the age-old question of hedging. At this time obviously we've considered it, but it's not something we're looking at doing as of now, especially on gold. Okay, fair enough. We're not looking at that at this stage, we're just focused on our internal growth plan. We feel that will be the easiest and fastest approach and remain disciplined in our approach. So our shareholders have certainty on the capital structure of the company. Yeah, just echoing that, too.

Speaker Change: At this time, obviously, we've considered it but it's not something we're looking at doing as of now, especially on gold and silver.

Speaker Change: Okay.

Speaker Change: Fair enough yeah.

And then kind of a big picture thing and there's been a lot of M&A in your sector of late.

Speaker Change: Given the success you guys have had in and getting the avino mine to profitability. The prestige doses on the cusp of production do you guys think you're in a position now or maybe in the near term to look at you know rolling up additional assets and are in Mexico or elsewhere.

Speaker Change: We're not looking at that at this stage, we're just focused on our internal growth plan, we feel that it will be the easiest and fastest approach and remain disciplined in our approach so shareholders have certainty on the on the <unk>.

Speaker Change: Capital structure of the company, Yeah, just echoing that too I think the lowest cost of capital to doing what we already have versus going out and spending it on something else.

Nathan Harte: I think the lowest cost of capital is doing what we already have versus going out and spending it on Okay, thanks a lot guys, I'll turn it over. Thank you.

Speaker Change: Yes.

Speaker Change: Okay. Thanks, a lot guys I'll turn it over.

Speaker Change: Thank you.

Speaker Change: Yes.

Heiko Ihle: Our next question is coming from Heiko Ihle with HC Wainwright.

Thank you. Our next question is coming from Heiko.

Speaker Change: With H C. Wainwright your line is life.

Nathan Harte: Your line is Hey David, Nate, and team, I assume you can hear me okay? Yes, sir. Perfect. You had a fairly in-line mine operating income, you know, $10.6 million, $10.5 million the previous quarter. Two things building on that. First of all, where should we expect Q2? Can we just sort of trendline this? And more importantly, with La Preciosa, at what point do you think there will be meaningful sums of mine income coming from that site?

Heiko: Hey, David Native I assume you can hear me okay.

Speaker Change: Yes.

Speaker Change: Perfect.

Speaker Change: Yeah.

Speaker Change: Fairly in line with operating income of about $10 6 million up one 5 million the previous quarter.

Speaker Change: Two things building on that first of all where should we expect Q2 can we just sort of trend line this and more importantly, with la <unk>.

Speaker Change: At what point do you think there will be meaningful sums of mine income coming from that side.

Nathan Harte: Hey Heiko, Nathan here. So to the first question, I think, you know, we we've obviously been a bit, I wouldn't say surprised, but happily impressed with with our cost structure in the first, you know, first quarter, and even before, just some some good work by the operations team. And it's very efficient with both mining and milling. So we do expect some of that to continue. Having said that there will be some fluctuations up and down in grade. So I don't want to say exactly what Q2 and the rest and the rest of the year should look like.

Nathan Harte: Hey, Nathan here so the first question.

Speaker Change: I think we we've obviously been in a bit I wouldn't say surprised but happily impressed with with our cost structure in the first first quarter than even before.

Speaker Change: Some good work by the operations team in a very efficient with both mining and milling.

Speaker Change: So we do expect some of that to continue having said that there will be some fluctuations up and down and grades. So I don't want to say exactly what Q2 and the rest in the rest of the year should look like but in the other side of that as you can tell me what the metal prices. They can probably tell you what our mine operating income will be for the rest of the year.

Nathan Harte: But on the other side, that is if you tell me what the metal price is, I can probably tell you what our mine operating income will be for the rest of So we're happy with the upside we've been getting and we do hope that continues with metal prices But you know, if everything holds constant, yes, we would expect to continue where we are And then switching over to I guess part two of the question with La Preciosa, we don't really see anything coming in till potentially the end of the year, but You know, we've been kind of messaging any meaningful income coming in 2020 If it comes earlier, it'll be surprised to the upside and just given the advancement of the team with development.

Speaker Change: So we're happy with the upside we've been getting and we do hope that continues with metal prices.

Speaker Change: But if everything holds constant yes, we would expect to continue where we are.

Speaker Change: And then switching over to I guess part two of the question.

Speaker Change: With <unk>, we don't really see anything coming until potentially the end of the year, but.

Speaker Change: We've been kind of messaging any meaningful income coming into 2026.

Speaker Change: If it comes earlier it'll be surprised to the upside and just given the advancement of the team of development.

Nathan Harte: But I think at this time, it's good to model anything meaningful. Okay, that's essentially what we were so that that works well.

Speaker Change: But I think at this time, it's good it's good to model anything meaningful in 2026.

Speaker Change: Okay, and that's essentially where we were so that that works well and then with the jaw Crusher I mean, obviously that's been done building.

Peter Latta: And then with the jaw crusher, I mean, obviously, that's been done. Building on all of that, you know, is there any other components, anything in the plans? Random tunnels on the ground. I have no idea. Anything that might take a couple of days of downtime to fix, replace, reinstate, whatever?

Speaker Change: Building on that you know is there any other components anything in the plan.

Speaker Change: Random tunnels underground I have no idea.

Speaker Change: The thing that might take a couple of days of downtime to fix replace reinstate whatever.

Peter Latta: Hi Heiko, this is Peter here. Nothing that we haven't planned. I mean, we are ordering equipment and, you know, we've upgraded one of our mill circuits, Mill Circuit 3, with some additional automation. You know, we're always running different upgrade and improvement projects, but nothing that's going to require a significant amount of downtime, like a crusher installation. and the same thing holds true for next year as well. As of as of now, yes. Good enough. I appreciate it. Thank you.

Oh, Hi, Hi, Heiko. This is Peter here nothing that we haven't planned I mean, we are we are ordering equipment.

And we've upgraded one of our mill circuits Mill circuit three with some additional automation and you know, we're always running different upgrade and improvement projects, but nothing that's going to require a significant amount of downtime like a crusher installation.

Speaker Change: Fair enough. That's helpful. And then the same thing holds true for next year as well next caller here.

As of as of now yes.

Speaker Change: Good enough I appreciate it thank you.

Speaker Change: Thank you.

Speaker Change: Thank you. Our next question is coming from Matthew O'keefe with Cantor Fitzgerald Your line is life.

Matthew O'Keefe: Our next question is coming from Matthew O'Keefe with Cantor Fitzgerald. Your line is Thanks, operator. Congratulations, team. Nicely done. Just most of my questions have been answered. I was just wanted to focus or just ask on your, your cash, which has been building up very nicely. Nice to be in a comfortable position.

Speaker Change: Thanks, operator, congratulations team nicely done.

Speaker Change: Most of my questions have been answered I was just wanted to focus or just ask on your your cash Watson has been building up very nicely and it used to be in a comfortable position.

Speaker Change: With respect to that I mean, obviously uses are going towards the development of.

Speaker Change: <unk>, which like you said he is going to be meaningful towards the end of the year and then.

Speaker Change: Exploration drilling that youre doing as more sort of mind related.

Speaker Change: Where else might we see a uses of that cash I mean is there are we looking are we doing any work on the oxide tailings. This year are there any other exploration programs that you might accelerate that we can look forward to.

Nathan Harte: Hey Matt, Nathan here. Yeah, that's a good question. I think part of our visit a couple weeks ago was really to talk about exploration and acceleration of development. I mean, at La Preciosa, those are kind of the two focus for capital allocation. We've got a lot of regional exploration targets as well on the property, well, properties with La Preciosa that we just haven't had the resources to really go after and go look at. So we're taking another look at some of those and prioritizing. So obviously, we are looking to allocate a few extra million dollars towards exploration, and that's key to either replacing future resources or reserves or just finding another mind picture.

We're thinking about Hey, Matt Hey, Matt Nathan here, Yeah. That's a good question I think were part of our visit a couple of weeks ago was really to talk about exploration and acceleration of development and then I'll. FERC also those are kind of the two focus for capital allocation. We've got a lot of regional exploration targets as well on the property or properties with low price.

Speaker Change: Oh, so that.

Speaker Change: We just haven't had the resources to really go after and go look at so where we're taking another look at some of those on prioritizing.

Speaker Change: So obviously, we are looking to allocate.

Speaker Change: Extra million dollars towards exploration and that's that's Peter.

Speaker Change: Either replacing future resources or reserves or just.

Speaker Change: Finding finding another mine potentially yeah, and also look Gloria and other than that we want to go in and twin some holes because some of the core is not available anymore. It's been sampled so many times by the previous operators.

Nathan Harte: Yeah, and also La Gloria and Abundancia. We want to go in and twin some holes, because some of the core is not available anymore. It's been sampled so many times by the previous operators. And also extend the knowledge on those two veins because they spent a lot of time drilling for an open pit style mine, not just focusing on these veins. And there's really high grade material in there we want to go after. Okay, so, and I would, if you do do some drilling lab SEO, so will you, will you release those results as part of an exploration release?

Speaker Change: And also extend.

Speaker Change: The knowledge on those two veins because they spend a lot of time drilling for open pit style mine not just focusing on these veins and there's really high grade material in there and we want to go after.

Speaker Change: Okay.

Speaker Change: And if you do do some drilling LAPIS Yasir will you.

Speaker Change: Will you release those results as part of our exploration lease.

Matthew O'Keefe: Absolutely. That's great. Well, thanks. That's all for me. Congrats on a nice, nice financial quarter. Thank you.

Speaker Change: Absolutely.

Speaker Change: Okay.

Speaker Change: That's great well. Thanks, that's all for me congrats on a.

Speaker Change: <unk> Financial Corp.

Speaker Change: Thank you.

Speaker Change: Thank you. Our next question is coming from Brendan how who is a private investor Your line is live.

Brennan Howe: Our next question is coming from Brennan Howe, who is a private investor. Your line is Thanks, guys. I just wanted to congratulate you again on an outstanding quarter, and I wanted to talk a little bit about recovery rates. You say of a 5% increase in recovery rates in gold, a 3% increase in copper, but a negative 3% decrease in recovery rates for silver. I was wondering if you wanted to give us more technical details. Feel free to geek out as much as you want as to what you're doing differently to get better recovery rates with the kind of tonnage you guys are moving, I mean, a 5% increase in a recovery rate is.

Speaker Change: Hey, Thanks, guys just.

Speaker Change: I just wanted to congratulate you got them outstand.

Outstanding quarter, and I wanted to talk a little bit about our recovery rates. If they have a a 5% increase in recovery rates and goal of a 3% increase in copper.

Speaker Change: The negative 3%.

Speaker Change: Decrease in recoveries for silver I was wonder if you wanted to give us more technical details feel free to geek out as much as you want as to what Youre doing differently.

Speaker Change: To get.

Speaker Change: Better recovery rates with the kind of tonnage you guys are moving I mean.

Speaker Change: A 5% increase in our recovery rate is.

Brennan Howe: Pretty huge.

Speaker Change: Huge so if you'd like to elaborate please do so.

Brennan Howe: So if you'd like to elaborate, please do so. Yeah, thanks for the question, Bren. Yeah, no, happy to geek out on this. This is my area of expertise, but it really comes down to mineralogy. And, you know, we get into these sometimes these high gold lenses, and that's going to be a lot of free gold. So we do have some recovery devices that really focus on free gold recovery. And then once again, you know, sometimes you see the decrease in silver recovery, just depends on the mineralogy and the breakdown between where the silver is, in terms of which mineral it is, and what is more likely to be recovered by a flotation.

Brian: Yes, thanks for the question Brian.

Brian: Yeah, I know happy to Geek out on this is that my area of expertise, but it really comes down to mineralogy and we get into these sometimes these high gold lenses and that's going to be a lot of free gold. So we do have some recovery devices that really focus on free gold recovery.

Brian: And then once again, sometimes you see the decrease in silver recovery just depends on the mineralogy and the breakdown between where the silver is.

Brian: In terms of which mineral it is and what is more likely to be recovered by our floatation. So that really explains the the gold and the silver recovery are the higher the higher gravity recoverable component or the free gold component and then a different mineralogy that we see the silver and.

Brennan Howe: So that really explains the gold and the silver recovery, the higher gravity recoverable component or the free gold component, and then the different mineralogy that we see the silver in.

Brennan Howe: Okay, great.

Speaker Change: Okay. Great you guys looking at any new technologies that are coming out for increase in recovery rates.

Brennan Howe: You guys looking at any new technologies that are coming out for increase in recovery rates? Yeah, absolutely. You know, that's something that we really pride ourselves on is that, you know, staying up to date on the developments and making sure we're doing test work at all times. We have a great metallurgy team on site with a lot of expertise, and we're always running test work and doing different things just to be really careful with when we're going to make a capital allocation to spend on upgrading. But it's something that we're doing all the time and testing all the latest technology that comes out.

Speaker Change: Yeah, absolutely you know that's something that we really pride ourselves on is that staying up to date on on the developments and making sure. We're doing test work at all times, we have a great metallurgy team at site.

Speaker Change: With a lot of expertise and we're always running tests working and doing different things just to be really careful with when we're going to make a capital allocation to spend on upgrading but it's something that we're doing all the time and testing all of the latest technology that comes out as a big passion of ours.

Brennan Howe: It's a big passion of ours. I expect recovery rates to go up with La Preciosa because of the higher rate. Yeah, I mean, it's completely different mineralogy once again, but, you know, the recovery rates there look, from the test work that we've done, look to be improved.

Speaker Change: We expect recoveries to go up with Loopnet deals such as the higher grade.

Speaker Change: Yeah, I mean, it's completely different mineralogy once again, but you know the recovery rates there look from from the test work that we've done that look to be improved.

Brennan Howe: Great.

Brennan Howe: That's it for me. I'll let the next question run through. Thank you.

Speaker Change: Oh great.

Speaker Change: That's it for me.

Speaker Change: The next question run through.

Speaker Change: Thank you.

Speaker Change: Thank you. Our next question is coming from David Gonzales, who is a private investor Your line is live.

David Gonzalez: Our next question is coming from David Gonzalez, who is a private investor.

David Gonzalez: Your line is Hi. years ago.

Speaker Change: Hi.

Speaker Change: On a years ago.

David Gonzalez: I'm 87 so bear with me. But years ago, I bought 1000s of shares of a company called Crocodile Silver and Gold. and it was much like your company. I bought it at 25 cents it went down to seven cents turned around and was bought out by Kirkland Gold and with dividends and it hit $50. Now that is Angino Gold, A-G-N-I-C-O and it's worth about $117 a share. So far, I've done pretty nicely, but I'm curious about dividends. Is there a possibility of dividends? in two, three, five, 10 years, or do you have any idea?

Speaker Change: I'm 87, so bear with me, but years ago I Blogged at thousands of shares of a company called crocodile silver and gold.

Speaker Change: And it was much like your company.

Speaker Change: Bought it at 25 cents. It went down to seven cents turned around and was bought out by Kirkland gold.

Speaker Change: And.

With the dividends and it hit $50 now that is and Gino.

Speaker Change: Gold a D N I C L and that's worth about $117 a share.

Speaker Change: So far I've done pretty nicely, but.

Speaker Change: I'm curious about dividends. So is there a possibility of dividends and 235 10 years or do you have any idea.

Speaker Change: And that's a it's a fair question here.

Speaker Change: This time, there's no policy plans for dividends in the short term I'm talking a couple of years out we want to execute on the growth plans and any cash we want to.

Speaker Change: Redeploy back into increasing production up to a level, where we're happy and feel a lot better at.

Speaker Change: At that point, we will assess again, our dividend policy, but for right now no. There is no policy.

David Gonzalez: And congratulations on doing so well on the pick and winners. No kidding. Well, so far so good.

Speaker Change: But.

Speaker Change: The question and congratulations on doing so well on the on picking winners.

Speaker Change: Well so far so good.

David Gonzalez: Now, thank you. Thank you. Appreciate it. Thank you.

Speaker Change: Thank you.

Speaker Change: Thank you.

Speaker Change: Okay.

Speaker Change: Thank you.

Operator: As we have no further questions on the lines at this time, I would like to turn it back over to management for any closing remarks. Strong operational performance, a healthy cast position, and record working capital of over $31 million, Avino is well positioned to capitalize Thank you, ladies and gentlemen, this concludes today's call, you may disconnect your lines at this time and we thank you for your participation.

Speaker Change: As we have no further questions on the lines at this time I would like to turn it back over to management for any closing remarks.

Speaker Change: Yes.

Speaker Change: With strong operational performance, a healthy cash position and record working capital of over $31 million Avino is well positioned to capitalize on.

Speaker Change: On positive market trends and precious metals sector.

Speaker Change: We remain disciplined and committed to our organic growth strategy.

Speaker Change: By continued financial strength management is actively exploring opportunities to accelerate our expansion plans, we are focused on and on and on track to deliver sustainable growth and long term value for our stakeholders and shareholders. Thank you for joining <unk> Q1 call today have a nice day.

Speaker Change: Yeah.

Speaker Change: Thank you ladies and gentlemen. This concludes today's call you may disconnect. Your lines at this time and we thank you for your participation.

Speaker Change: Okay.