Q1 2026 Avino Silver & Gold Mines Ltd Earnings Call

May 14, 2026

Speaker #1: A reminder: all participants are in a listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions.

Speaker #1: To join the question queue, you may press star, then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and 0.

Speaker #1: I would now like to turn the conference over to Jennifer North, Head of Investor Relations. Please go ahead.

Speaker #2: Thank you, Operator. Good morning, everyone, and welcome to our Q1 2026 earnings call and webcast. To join this webcast and conference call, there is a link in our news release of yesterday's date, which can be found on our new website, under Investor Center, then News and Media.

Speaker #2: In addition, a link can be found on the homepage of the AVINO website. The full financial statements and MD&A are now available on our website under the Investor Center tab, then Reports and Financials.

Speaker #1: Welcome

Speaker #1: to the AVINO SILVER & recorded.

Speaker #1: GOLD MINES first

Speaker #1: quarter 2026 questions.

Speaker #1: financial results conference call and

Speaker #2: In addition, the full statements are available on AVINO's profile on Cedar Plus and on EDGAR. Before we get started, I remind you to view our precautionary language regarding forward-looking statements and the risk factors pertaining to these statements, and 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.

Speaker #1: webcast. As a telephone keypad.

Speaker #1: reminder, all participants are

Speaker #1: conference is being

Speaker #1: recorded. After the presentation, there zero.

Speaker #1: will be an opportunity to ask

Speaker #1: To join the question North, head of investor relations,

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Speaker #1: one on your telephone ahead. Thank you, operator. Good morning, everyone, and welcome to our keypad. Should you need assistance during the Q1 2026 earnings call conference call, you may signal an operator and webcast.

Speaker #2: 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.

Speaker #2: Thank you, operator. Good morning, everyone, and welcome to

Speaker #2: our Q1 2026

Speaker #2: For additional 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 #2: earnings call and webcast. To join financial statements and MD&A are now

Speaker #2: this webcast and conference call, there is a available on our website under the

Speaker #2: link in our news release of yesterday's investor center tab, then reports,

Speaker #2: Date, which can be found on our financials.

Speaker #2: new website under investor

Speaker #2: 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 #2: In

Speaker #2: addition, a link can be found on the homepage of Plus and on

Speaker #2: the AVINO website. EDGAR.

Speaker #2: The full financial statements and MD&A are now available on our website under the investor center tab, then reports and financials.

Speaker #2: 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 call and webcast will be available on our website.

Speaker #2: Also, please note that all figures stated are in US dollars unless otherwise noted. Thank you. I will now hand over the call to AVINO's president and CEO, David Wolfin.

Speaker #2: David?

Speaker #3: Thanks, Jen. Good morning, everyone, and welcome to AVINO's first quarter 2026 earnings call and webcast. We will cover the highlights of our financial and operating results and then provide an overview of what's coming up in the next quarter, followed by a Q&A session.

Jennifer North: Implied by such forward-looking statements. For additional 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. 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. 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 call and webcast will be available on our website. Please note that all figures stated are in US dollars unless otherwise noted. Thank you. I will now hand over the call to Avino's President and CEO, David Wolfin. David?

Speaker #3: Once I've gone through the operational highlights and overall progress during the quarter, I will turn it over to Nathan Harte, AVINO CFO, to discuss the financial results for the period.

Speaker #3: Please turn to slide 5. We continue advancing along our clear path for transformational growth, evolving AVINO from a single-mind operator to a diversified, multi-asset, mid-tier producer in Mexico.

on the call today, we have the company's president and CEO David wolfin, our Chief Financial Officer Nathan Hart, our chief operating officer, Carlos Rodriguez and our VP Technical Services, Peter Le

Speaker #3: We've had a very active first quarter, achieving progress across operations, development, and corporate initiatives, including the completion of the 2025 drill program at La Preciosa and welcoming Linda Broughton to our board.

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 call, and webcast will be available on our website.

Speaker #3: Who has a track record in operations, sustainability, and the environment. In addition, we launched an ambitious 30,000-meter drill program across La Preciosa and AVINO, we have currently drilled 2,600 meters at La Preciosa, and 3,000 meters at AVINO.

David Wolfin: Thanks, Jen. Good morning, everyone. Welcome to Avino's Q1 2026 Earnings Call and Webcast. We'll cover the highlights of our financial and operating results and then provide an overview of what's coming up in the next quarter, followed by a Q&A session. Once I've gone through the operational highlights and overall progress during the quarter, I will turn it over to Nathan Harte, Avino's CFO, to discuss the financial results for the period. Please turn to slide 5. We continue advancing along our clear path for transformational growth, evolving Avino from a single mine operator to a diversified multi-asset mid-tier producer in Mexico.

also, please note that all figures stated are in US Dollars unless otherwise noted, thank you, I will now hand over the call to avino's president and CEO, David wolven, David

Speaker #3: Early in the second quarter, on April 16th, we announced our inaugural mineral reserve and updated mineral resource estimates. We began 2026 with a positive momentum which is reflected in our quarterly production of just over 568,000 ounces.

Thanks, Jen. Good morning, everyone and welcome to avino's first quarter 2026 earnings, call and webcast. We'll cover the highlights of our financial and operating results. And then provide an overview of what's coming up in the next quarter, followed by a Q&A session.

Once I've gone through the operational highlights and overall progress during the quarter, I will turn it over to Nathan Harte, our CFO, to discuss the financial results for the period.

Please turn to slide 5.

Speaker #3: Providing a strong foundation to deliver on our annual production target. Mill performance remained solid during the quarter, with tons milled exceeding expectations, our teams continued to actively manage throughput across all four circuits.

David Wolfin: We've had a very active Q1, achieving progress across operations, development, and corporate initiatives, including the completion of the 2025 drill program at La Preciosa and welcoming Linda Broughton to our board, who has a track record in operations, sustainability, and the environment. In addition, we launched an ambitious 30,000 meter drill program across La Preciosa and Avino. We have currently drilled 2,600 meters at La Preciosa and 3,000 meters at Avino. Early in Q2, on 16 April, we announced our inaugural mineral reserve and updated mineral resource estimates. We began 2026 with a positive momentum, which is reflected in our quarterly production of just over 568,000 ounces, providing a strong foundation to deliver on our annual production target. Mill performance remained solid during the quarter, with tonnes milled exceeding expectations.

We continue advancing along our clear path for transformational growth. Evolving, a venal from a single mine, operator to a diversified multi-asset mid-tier producer in Mexico.

Speaker #3: Contributions from La Preciosa development exceeded plan, and we are seeing encouraging progress in great improvements, particularly towards the end of the quarter. The key drivers guiding success achieved in Q1 are as follows.

We've had a very active first quarter achieving progress across operations development and corporate initiatives including the completion of the 2025 drill program at La preciosa and welcoming Linda Breton to our board, who has a track record in operations, sustainability, and the environment.

Speaker #3: Firstly, financial discipline and strategic capital allocation played an important role driving meaningful improvement across key financial metrics. Record revenue of $39.4 million, cash of $139 million, and working capital position of $140 million.

In addition we launched an ambitious, 30,000 metre drill program across LA preso and Nino. We have currently drilled 2600 meters at La preciosa and 3,000 meters and iknow.

Early in the second quarter, on April 16th, we announced our inaugural mineral reserve and updated mineral resource estimates.

Speaker #3: Our financial strength enables us to carry out our organic growth plan with a bulletproof balance sheet. Next, continued advancing La Preciosa with increased tonnage processed during Q1 2026.

We began 2026 with the Positive momentum which is reflected in our quarterly production of just over 568,000 Oz.

Providing a strong Foundation to deliver on our annual production Target.

Speaker #3: Throughput averaged approximately 200 to 230 tons per day during the quarter, resulting in more than 14,000 tons of material processed. The next key driver was the completion of a new mineral reserve estimate and updated mineral resource estimate.

David Wolfin: Our teams continued to actively manage throughput across all 4 circuits. Contributions from La Preciosa development exceeded plan, and we are seeing encouraging progress in great improvements, particularly towards the end of the quarter. The key drivers guiding success achieved in Q1 are as follows. Firstly, financial discipline and strategic capital allocation played an important role, driving meaningful improvement across key financial metrics. Record revenue of $39.4 million, cash of $139 million, and working capital position of $140 million. Our financial strength enables us to carry out our organic growth plan with a bulletproof balance sheet. Next, continued advancing La Preciosa with increased tonnage processed during Q1 2026. Throughput averaged approximately 200 to 230 tonnes per day during the quarter, resulting in more than 14,000 tonnes of material processed.

Mil performance remained solid during the quarter with tons, Mills exceeding expectations. Our teams continue to actively manage throughput across all 4 circuits.

Speaker #3: This was released on April 16th. Establishing mineral reserves across all of our properties is a transformational milestone for AVINO. For the first time, we have defined reserves that demonstrate the underlying quality scale and economic potential at our asset base.

Contributions from the Preciosa development exceeded plan, and we are seeing encouraging progress in grade improvements, particularly towards the end of the quarter.

The key drivers guiding success achieved in. Q1 are as follows, firstly, Financial discipline and strategic Capital allocation played an important role driving meaningful Improvement across key financial metrics.

Speaker #3: Further advancing the company towards a multi-asset, mid-tier producer. We are very pleased to report an inaugural mineral reserve estimate of $127 million silver equivalent ounces across all three assets.

Record revenue of $39.4 million, cash of $13.9 million, and a working capital position of $14.0 million.

Our financial strength enables us to carry out or organic growth plan with a bulletproof balance sheet.

Speaker #3: The milestone is complemented by growth in our mineral resource base. The growth was achieved after accounting for depletion from ongoing mining activities, underscoring the strength and continuity of our ore bodies and mineralized systems.

Speaker #3: Together, these results reinforce the depth of our organic pipeline and position AVINO for continued growth and long-term value creation for shareholders. Next, La Preciosa was an important contributor to our operational progress this quarter with strategic exploration efforts continuing successfully.

David Wolfin: The next key driver was the completion of a new mineral reserve estimate and updated mineral resource estimate. This was released on 16 April. Establishing mineral reserves across all of our properties is a transformational milestone for Avino. For the first time, we have defined reserves that demonstrate the underlying quality, scale, and economic potential at our asset base, further advancing the company towards a multi-asset mid-tier producer. We are very pleased to report an inaugural mineral reserve estimate of 127 million silver equivalent ounces across all three assets. The milestone is co-complemented by growth in our mineral resource base. The growth was achieved after accounting for depletion from ongoing mining activities, underscoring the strength and continuity of our ore bodies and mineralized systems. Together, these results reinforce the depth of our organic pipeline and position Avino for continued growth and long-term value creation for shareholders.

Next continued advancing Le preciosa with increased tenants, processed during q1 2026. Throughput averaged approximately 2,000 to 230 tons per day during the quarter resulting in more than 14,000 tons of material process.

The next key driver was the completion of a new mineral Reserve estimate and updated mineral resource estimate. This was released on April 16th.

Establishing mineral reserves across. All of our properties, is a transformational milestone for a vaino.

Speaker #3: The planned 2025 drill program was completed and results were released in late January. We reported excellent silver grades from the remaining six holes, which totaled 1,400 meters drilled.

For the first time we've defined reserves that demonstrate the underlying quality scale and economic potential at our asset base.

Further advancing the company towards a multi-asset mid-tier producer.

Speaker #3: The entire 2025 program consisted of 14 holes for approximately 3,500 meters of drilling. The silver grade continues to surprise us with significantly higher silver grades compared to the average grade in the current mineral resource.

We are very pleased to report. An inaugural mineral Reserve estimate of 127 million, silver equivalent ounces, across all 3 assets.

The milestone is complemented by growth in our mineral resource base.

Speaker #3: These latest holes were outside of our recent mineral resource update, as the data was not received until after the cutoff period. However, we expect to encounter similar high grades as we continue with development mining on each phase of the vein to the north and south of the main San Fernando ramp.

The growth was achieved after accounting for depletion from ongoing mining activities, underscoring the strength and continuity of our ore bodies and mineralized systems.

David Wolfin: Next, La Preciosa was an important contributor to our operational progress this quarter, with strategic exploration efforts continuing successfully. The planned 2025 drill program was completed, and results were released in late January. We reported excellent silver grades from the remaining six holes, which totaled 1,400 meters drilled. The entire 2025 program consisted of 14 holes for approximately 3,500 meters of drilling. The silver grade continues to surprise us with significantly higher silver grades compared to the average grade in the current mineral resource. These latest holes were outside of our recent mineral resource update as the data was not received until after the cutoff period.

Continued growth and long-term value creation for shareholders.

Speaker #3: The Preciosa also contributed positively to our first quarter performance through ongoing extraction, haulage, and processing of development material supporting elevated mill throughput and operational flexibility.

Next Le precioso was an important contributor to our operational programs. This quarter with strategic exploration, efforts, continuing successfully,

The plan 2025 drill program was completed and results for released in late January.

Speaker #3: Next, silver revenues have increased with 60% revenue from silver production in Q1 2026, record revenues and free cash flow generation. Also, during Q1, precious metal prices remained strong, supporting our operations and contributing positively to our overall financial results.

We reported Excellence over grades from the remaining 6 holes, which totaled 1,400 metres, drilled the entire 2025 program consisted of 14 holes for approximately 3500 meters of drilling.

Speaker #3: Another important contributor to our continued progress is the growing recognition AVINO is receiving within the institutional investment community. As we continue to execute on our transformational growth strategy, additional funds and ETFs are becoming shareholders of the company, broadening our investor base and enhancing overall market visibility.

The silver grade continues to surprise us with significantly higher silver, grades compared to the average grade in the current mineral resource.

David Wolfin: However, we expect to encounter similar high grades as we continue with development mining on each face of the vein to the north and south of the main San Fernando ramp. The press seals also contributed positively to our Q1 performance through ongoing extraction, haulage, and processing of development materials, supporting elevated mill throughput and operational flexibility. Silver revenues have increased with 60% revenue from silver production in Q1 2026, record revenues and free cash flow generation. During Q1, precious metal prices remained strong, supporting our operations and contributing positively to our overall financial results. Another important contributor to our continued progress is the growing recognition Avino is receiving within the institutional investment community. As we continue to execute on our transformational growth strategy, additional funds and ETFs are becoming shareholders of the company, broadening our investor base and enhancing overall market visibility.

These latest holes were outside of our recent mineral resource update as the data was not received until after the cutoff period. However, we expect to encounter similar High grades as we continue with development, mining on each face of the vein to the north and south of the main San Fernando ramp.

Speaker #3: These achievements demonstrate the meaningful progress made in advancing AVINO's transformational growth strategy while reinforcing the company's investment case. In addition, a key contributor of our continued success is the quality of the jurisdiction and communities in which we operate.

The Precio also contributed positively to our first quarter of performance through ongoing extraction, haulage, and processing of development materials, supporting elevated mill throughput and operational flexibility.

Speaker #3: Mexico remains an important and established mining jurisdiction, and we believe our long operating history in Durango continues to demonstrate the strength of the region in which we operate.

Next silver revenues have increased with 60% revenue from Silver production in q1 2026 record, revenues and free, cash flow generation.

Speaker #3: We have built strong relationships with our local communities and workforce over the decades, which is reflected in our low labor turnover and growing base of skilled employees.

Also, during q1 precious metal prices remain strong supporting our operations and contributing positively to our overall Financial results.

Another important contributor to our continued program is the growing recognition Avino is receiving within the institutional investment community.

Speaker #3: Our operations contribute meaningfully to the local economy through employment, training, procurement, and community initiatives. At the same time, we remain focused on responsible mining practices and continually work to reduce our environmental footprint through initiatives such as water recycling, backfilling underground workings, where appropriate, and reclaiming historic open pit areas.

David Wolfin: These achievements demonstrate the meaningful progress made in advancing Avino's transformational growth strategy while reinforcing the company's investment case. In addition, a key contributor of our continued success is the quality of the jurisdiction and communities in which we operate. Mexico remains an important and established mining jurisdiction, and we believe our long operating history in Durango continues to demonstrate the strength of the region in which we operate. We have built strong relationships with our local communities and workforce over the decades, which is reflected in our low labor turnover and growing base of skilled employees. Our operations contribute meaningfully to the local economy through employment, training, procurement, and community initiatives. At the same time, we remain focused on responsible mining practices and continually work to reduce our environmental footprint through initiatives such as water recycling, backfilling underground workings where appropriate, and reclaiming historic open pit areas.

As we continue to execute on our transformational growth strategy, additional funds and ETFs are becoming shareholders of the company. Broadening our investor base and enhancing overall Market visibility

These achievements demonstrate the meaningful progress made in advancing Venus's transformational growth strategy, while reinforcing the company's investment case.

Speaker #3: We believe this balanced approach to operational excellence, community engagement, and environmental stewardship supports the long-term sustainability of our operations and future growth plans. Moving to slide six, we turn to our Q1 production results, which were released on April 23rd and reflect steady operational performance.

In addition, a key contributor of our continued success is the quality of the jurisdiction and communities in which we operate, Mexico remains an important and established mining jurisdiction. And we believe our long, operating history in Durango continues to demonstrate the strength of the region in which we operate.

Speaker #3: On this slide, we show our production results compared to Q1 2025 and Q4 2024, with production of 568,000 silver equivalent ounces and 185,000 tons of total mill feed, which is 11% higher than Q1 of last year.

We have built strong relationships with our local communities and Workforce over the decades.

Which is reflected in our low labor, turnover and growing base of skilled employees.

Our operations contribute meaningfully to the local economy through employment, training, procurement, and community initiatives.

Speaker #3: On slide seven, we highlight production by operation, showing contributions from both AVINO and La Preciosa for the year. We continue to see contribution from La Preciosa delivering just over 14,000 tons during the quarter.

David Wolfin: We believe this balanced approach to operational excellence, community engagement, and environmental stewardship supports the long-term sustainability of our operations and future growth plans. Moving to slide 6, we turn to our Q1 production results, which were released on 23 April 2025 and reflect steady operational performance. On this slide, we show our production results compared to Q1 2025 and Q4 2024, with production of 568,000 silver equivalent ounces and 185,000 tons of total mill feed, which is 11% higher than Q1 of last year. On slide 7, we highlight production by operation, showing contributions from both Avino and La Preciosa for the year. We continue to see contribution from La Preciosa delivering just over 14,000 tons during the quarter.

Speaker #3: At this time, I'll hand it over to Nathan Harte, AVINO CFO, to present our record financial performance for the first quarter. Nathan?

At the same time, we remain focused on responsible mining practices and continually work to reduce our environmental footprint through initiatives. Such as water recycling backfilling underground workings were appropriate and reclaiming historic open pit areas.

Speaker #4: Thank you, David. And thank you to all of you for taking the time to join us as we recap our record financial and operating results for the first quarter.

We believe this balanced approach to operational excellence, community engagement, and environmental stewardship.

Supports the long-term sustainability of our operations and future growth plans.

Speaker #4: Here on slide eight, we have an overview of some key financial and operating highlights, as well as our improved balance sheet, with the full table on the next slide.

Moving to slide 6, we turn to our q1 production results which were released on April 23rd and reflect steady operational performance.

Speaker #4: In the first quarter, we generated record revenues of 39.4 million, with 60% of our revenues coming from the sale of silver production, at an average realized price of $86.42 per silver ounce.

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Speaker #4: Gross profit margins were 59% inclusive of non-cash items and 68% on a cash basis, excluding depreciation and depletion. AVINO recorded its highest-ever earnings for Q1, with 15.9 million in net income, or 9 cents per diluted share, beating Q1 of last year's totals of 5.6 million or 4 cents per share, as well as the previous record from the prior quarter of 10.5 million or 6 cents per share.

Speaker #2: Should you need assistance during the conference

On this slide, we show our production results compared to q1 2025 and Q4 2024, with production of 568,000 silver, equivalent ounces and 185,000 tons of total milk feed, which is 11% higher than q1 of last year.

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Speaker #2: I would now like to turn the conference over to Jennifer

On site 7. We highlight production by operation showing contributions from both of Veno and la preciosa for the year.

David Wolfin: At this time, I'll hand it over to Nathan Harte, Avino CFO, to present our record financial performance for Q1. Nathan?

We continue to see contribution from La Preciosa, delivering just over 14,000 tons during the quarter.

Speaker #1: To join this webcast and conference call, there is a link in and zero. I would now like our news release of yesterday's date, which to turn the conference over to can be found on our new Jennifer North, head of investor website under investor center, then relations, please go news and media.

Speaker #4: First quarter adjusted earnings were a record 24.3 million or 14 cents per share, compared to just under 10 million or 7 cents per share in Q1 of last year, and 16.3 million or 10 cents per share last quarter.

Nathan Harte: Thank you, David Wolfin, and thank you to all of you for taking the time to join us as we recap our record financial and operating results for Q1. Here on slide 8, we have an overview of some key financial and operating highlights, as well as our improved balance sheet with the full table on the next slide. In Q1, we generated record revenues of $39.4 million, with 60% of our revenues coming from the sale of silver production at an average realized price of $86.42 per silver ounce. Gross profit margins were 59% inclusive of non-cash items and 68% on a cash basis, excluding depreciation and depletion.

At this time, I'll hand it over to Nathan Harte, Avino CFO, to present our record financial performance for the first quarter. Nathan,

Speaker #1: In addition, a

Speaker #1: link can be found on the homepage of the AVINO website. The full

Thank you, David. And thank you to all of you for taking the time to join us as we recap our record financial and operating results for the first quarter.

Speaker #4: Operating cash flows and free cash flow both improved compared to Q1 of last year. We generated operating cash flows before working capital adjustments of 18.7 million or 11 cents per was 17.2 million, excluding La Preciosa's development costs, which was a quarterly record.

Here on slide 8, we have an overview of some key financial and operating highlights, as well as our improved balance sheet, with the full table on the next slide.

Speaker #1: In addition, the full statements are available.

Speaker #1: on AVINO's profile on Cedar center, then news and media.

Speaker #1: Before we get started, I remind you to view our precautionary language

Speaker #1: regarding forward-looking statements and the risk factors pertaining to these statements and note that certain. Or apply by such forward-looking statements. For additional 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.

Of 39.4 million with 60% of our revenues coming from the sale of silver production, at an average realized price of $86.42 per solar Oz.

Speaker #4: Moving to liquidity and treasury, our cash position was a record 139 million dollars at the end of the quarter and working capital was 140 million.

Nathan Harte: Avino recorded its highest ever earnings for Q1, with $15.9 million in net income, or $0.09 per diluted share, beating Q1 of last year's totals of $5.6 million or $0.04 per share, as well as the previous record from the prior quarter of ten and a half million or $0.06 per share. First quarter adjusted earnings were a record $24.3 million or $0.14 per share, compared to just under $10 million or $0.07 per share in Q1 of last year and $16.3 million or $0.10 per share last quarter. Operating cash flows and free cash flow both improved compared to Q1 of last year. We generated operating cash flows before working capital adjustments of $18.7 million or $0.11 per share.

Gross profit. Margins, were 40, 59% inclusive of non-cash items and 68% on a cash basis, excluding depreciation, and depletion.

Speaker #4: AVINO has no secured debt other than leased leases on operating equipment at both the AVINO and La Preciosa mining operation sites, and we are well positioned to execute on all growth options in front of us.

Speaker #4: Coming to slide nine, we see all other financial metrics for the first quarter, as well as changes from this past quarter. As everyone can see, almost all categories saw meaningful increases.

Aino recorded, its highest ever earnings for q1 with 15.9 million in net income or 9 cents per diluted. Share beating q1 of last year's totals of 5.6 million or 4 cents per share, as well as the previous record from the prior quarter of 10 and a half million or 6 cents per share.

Speaker #4: Highlighting again the per-share metrics for the quarter, where we see 9 cents earning per share and 14 cents on an adjusted earnings basis. Here on slide 10, we have an overview of operating results on a per ounce and per ton basis, as well as margins at our operation.

First quarter adjusted, earnings were a record 24.3 million or 14 cents per share, compared to just under 10 million or 7 cents per share in q1 of last year and 16.3 million or 10 cents per share last quarter.

Operating cash flows and free cash flow both improved compared to Q1 of last year.

Speaker #4: Cash costs per payable silver equivalent ounce for Q1 was $24.46, a 16% increase compared to 2110 in last quarter. All in sustaining cash costs were $34.72 for the quarter, a 10% increase from 3159 last quarter.

Nathan Harte: Free cash flow generation was $17.2 million, excluding La Preciosa's development cost, which was a quarterly record. Moving to liquidity and treasury, our cash position was a record $139 million at the end of the quarter, and working capital was $140 million. Avino has no secured debt other than leases on operating equipment at both the Avino and La Preciosa mining operation site, and we are well-positioned to execute on all growth options in front of us. Coming to slide 9, we see all other financial metrics for Q1 as well as changes from this past quarter. As everyone can see, almost all categories saw meaningful increases. Highlighting again the per share metrics for the quarter where we see $0.09 earning per share and $0.14 on an adjusted earnings basis.

We generated operating cash flows before working capital adjustments of 18.7 million or 11 cents per share.

Free cash flow generation was 17.2 Million. Excluding leprosy development costs, which was a quarterly record.

Speaker #4: On a per ton basis, cash costs of $64.04 were up 7% compared to $60 per ton last quarter. And all in costs per ton were flat compared to Q4 of 2025, with both periods being right around $90.

Moving to liquidity and treasury. Our cash position was a record 139 million at the end of the quarter and working capital was 140 million.

Aino has no secured debt other than least leases on operating equipment at both the aino and leprosa Mining operations sites and we are well positioned to execute on all growth options in front of us.

Speaker #4: Our mine operating cash flows before taxes and margins for the quarter were significantly improved, with margins at 68% on the quarter and 26.7 million was generated.

Coming to slide 9 we see all other Financial metrics for the first quarter as well as changes from this past quarter.

Speaker #4: Once again current price environment. In the quarter, we did see some increases in cost per ounce for a few different reasons. The main reason being the addition of processing La Preciosa development material, and I do want to remind everyone that this is development material running through the mill.

As everyone can see almost all categories on meaningful increase.

Nathan Harte: Here on slide 10, we have an overview of operating results on a per-ounce and per-ton basis, as well as margins at our operations. Cash costs per payable silver equivalent ounce for Q1 was $24.46, a 16% increase compared to $21.10 in last quarter. All-in sustaining cash costs were $34.72 for the quarter, a 10% increase from $31.59 last quarter. On a per ton basis, cash costs of $64.04 were up 7% compared to $60 per ton last quarter. All-in costs per ton were flat compared to Q4 of 2025, with both periods being right around $90.

Highlighting, again, the per share metrics for the quarter where we see 9 cents earning per share and 14 cents on an adjusted earnings basis.

Here on slide 10, we have an overview of operating results on a per-ounce and per-ton basis, as well as margins at our operation.

Speaker #4: We are in a unique position that a lot of the development from La Preciosa is in ore, and it allowed us to offset some of the costs associated with development work, which we would have to do regardless.

Cash costs per payable silver equivalent ounce for Q1 was $44.46, a 16% increase compared to 2021 and last quarter.

Speaker #4: These costs for La Preciosa are not indicative of long-term cost per ounce and per ton expectations. However, at current metal prices, each ton of development material mined and processed is being done so at a meaningful profit.

All in sustaining cash costs. Were 3472 for the quarter. A 10% increase from 3159 last quarter.

Speaker #4: Another significant item to highlight is the movement in silver price, which did have an impact on our silver equivalent payable ounce sold calculation. Which also has an impact on our cash cost and all in sustaining cost per ounce figures.

Nathan Harte: Our mine operating cash flows before taxes and margins for the quarter were significantly improved, with margins at 68% on the quarter and $26.7 million was generated, once again demonstrating the leverage that producers have in this current price environment. In the quarter, we did see some increases in cost per ounce for a few different reasons. The main reason being the addition of processing La Preciosa development material, and I do want to remind everyone that this is development material running through the mill. We are in a unique position that a lot of the development from La Preciosa is in ore, and it allowed us to offset some of the costs associated with development work, which we would have to do regardless. These costs for La Preciosa are not indicative of long-term cost per ounce and per ton expectations.

On a per 10 basis. Cash costs of 64.4 were up 7% compared to the $60 per ton last quarter and all-in cost per ton were flat, compared to Q4, or plus 2025, with both periods being right around $90.

Speaker #4: Using the prices from our cost and production guidance, we put out at the beginning of 2026, our cash cost per ounce for the first quarter would have come in at $19.82, which is in line with our cost guidance of between $19 and $21 per ounce.

Our mind operating cash flow for taxes. And margins for the quarter were significantly improved with margins at 68% on the quarter and 26.7 million was generated.

Once again, demonstrating The Leverage that producers have in this current price environment.

In the quarter, we did see some increases in cost per ounce for a few different reasons.

Speaker #4: On an all in sustaining cost basis, silver price had a larger impact. Using the same budget prices, our all in sustaining cost per silver equivalent payable ounce was $28.14, slightly above our cost guidance range.

Speaker #4: We do expect this to normalize back into the range as grade improves in our mine sequence in subsequent quarters. Our consolidated cash cost per ton figure of $64.04 came in below our cost guidance range for 2026.

The main reason being the addition of processing leprosy, Osa development material and I do want to remind everyone that this is development material running through the mill, we are in a unique position that a lot of the development from leprosy, Osa is in, or and it allowed us to offset some of the costs associated with development work, which we would have to do regarding

Nathan Harte: However, at current metal prices, each ton of development material mined and processed is being done so at a meaningful profit. Another significant item to highlight is the movement in silver price, which did have an impact on our silver equivalent payable ounce sold calculation, which also has an impact on our cash cost and all-in sustaining cost per ounce figures. Using the prices from our cost and production guidance we put out at the beginning of 2026, our cash cost per ounce for Q1 would have come in at $19.82, which is in line with our cost guidance of between $19 and $21 per ounce. On an all-in sustaining cost basis, silver price had a larger impact.

Speaker #4: And on an all in basis, we were just above our range at $90.80. Flipping back to the revenue side, here are the expectations for production and revenues by metal moving forward.

these costs for leprosy. Osa are not indicative of long-term cost, per ounce and proton expectations. However, a current metal prices, each ton of development material, mind and process is being done. So at a meaningful profit.

Speaker #4: Given the recent price movement in silver, we do expect that the silver portion as it relates to revenue will be higher than the estimated graph shown in front of you, especially as La Preciosa contributes more in the second half of the year.

Another significant item to highlight is the movement in silver price, which did have an impact on our silver equivalent. Payable Oz, sold calculation.

Which also has an impact on our cash cost and all-in sustaining costs per ounce figures.

Speaker #4: At this point, I will now turn it back over to David to run through our upcoming activities.

Speaker #5: Thanks, Nathan. Moving to slide 12. As we summarize our key goals for the remainder of 2026, our focus is on strategic exploration and drilling with 15,000 meters of drilling budgeted for both La Preciosa and AVINO, as mentioned earlier on this call.

Using the prices from our cost and production guidance we put out at the beginning of 2026, our cash cost per ounce for the first quarter would have come in at $19.82, which is in line with our cost guidance of between $19 and $21 per ounce.

Nathan Harte: Using the same budget prices, our all-in sustaining cost per silver equivalent payable ounce was $28.14, slightly above our cost guidance range. We do expect this to normalize back into the range as grade improves in our mine sequence in subsequent quarters. Our consolidated cash cost per ton figure of $64.04 came in below our cost guidance range for 2026, and on an all-in basis, we were just above our range at $90.80. Flipping back to the revenue side, here are the expectations for production and revenues by metal moving forward. Given the recent price movement in silver, we do expect that the silver portion as it relates to revenue will be higher than the estimated graph shown in front of you, especially as La Preciosa contributes more in H2 of the year.

On an all-in sustaining cost basis. Silver price had a larger impact.

Using the same budget prices are all in sustaining costs per silver. Equivalent payable Oz with $8.14 slightly above our cost guidance range.

Speaker #5: We also look forward to increased production of La Preciosa with the goal of 500 tons per day. As mentioned earlier, we completed an inaugural mineral reserve and updated mineral resource estimate collectively.

We do expect this to normalize back into the range as great improves in our mind sequence, in subsequent quarters.

our Consolidated cash cost per ton figure of $44 came in below our cost guidance range for

Speaker #5: Our assets host proven and probable mineral reserves of 27 million tons, for 127 million silver equivalent ounces, at a grade of 145 grams per ton.

And on an all-in basis, we were just above our range at night.

To the revenue side.

Here are the expectations for production and revenues by metal moving forward.

Speaker #5: As well, as measured and indicated mineral resource totaling 67.7 million tons, and 301 million silver equivalent ounces at a grade of 162 grams a ton, with inferred mineral resource totaling 24.8 million tons, and 87.6 million silver equivalent ounces at a grade of 123 grams a ton.

Nathan Harte: At this point, I will now turn it back over to David to run through our upcoming activities.

Given the recent price movement in silver, we do expect that the silver portion as it relates to revenue will be higher than the estimated graph. Shown in front of you, especially as love, for Cosa contributes more in the second half of the year.

David Wolfin: Thanks, Nathan. Moving to slide 12. As we summarize our key goals for the remainder of 2026, our focus is on strategic exploration and drilling, with 15,000 meters of drilling budgeted for both La Preciosa and Avino, as mentioned earlier on this call. We also look forward to increased production of La Preciosa with a goal of 500 tons per day. As mentioned earlier, we completed an inaugural mineral reserve and updated mineral resource estimate. Collectively, our assets host proven and probable mineral reserves of 27 million tons for 127 million silver equivalent ounces at a grade of 145 grams per ton.

At this point, I will now turn it back over to David, to run through our upcoming activities.

Speaker #5: And finally, AVINO is achieving market recognition. Institutional buying and ETF inclusion broadening our investor base. As outlined on slide 13, I'd like to highlight again the company's growth strategy, with a 20-kilometer footprint.

Nathan moving to slide 12 as we summarize. Our key goals for the remainder of 2026. Our focus is on strategic exploration, and drilling with 15,000 meters of drilling. Budgeted for both the preciosa and amino as mentioned earlier on this call. We also look forward to increased production of the precio with the goal of 500 tons per day.

Speaker #5: We have three key assets, including our operating mill complex, which currently processes material from AVINO and La Preciosa. We have access to water, power, and tailing storage, critical infrastructure that supports our ability to expand production efficiently.

David Wolfin: As well as measured and indicated mineral resource totaling 67.7 million tons and 301 million silver equivalent ounces at a grade of 162 grams a ton, with inferred mineral resource totaling 24.8 million tons and 87.6 million silver equivalent ounces at a grade of 123 grams a ton. Finally, Avino is achieving market recognition, institutional buying, and ETF inclusion, broadening our investor base. As outlined on slide 13, I'd like to highlight again the company's growth strategy. With a 20-kilometer footprint, we have 3 key assets, including our operating mill complex, which currently processes material from Avino and La Preciosa. We have access to water, power, and tailing storage, critical infrastructure that supports our ability to expand production efficiently.

As mentioned earlier, we completed an inaugural mineral reserve and updated mineral resource estimate. Collectively, our assets hosts, proven and probable mineral reserves of 27 million tons for 127 million, Subaru, equivalent ounces at a grade of 145 grams per ton,

Speaker #5: As you can see on this slide, our goal is to scale up production by 2029 through the contributions from our three key assets. By leveraging our existing infrastructure, assets and resource base, we believe we are well positioned to execute our growth plan efficiently and effectively.

Speaker #5: We rounded out the quarter with more record-breaking financial metrics which reflect the strength of our strategy and the dedication of our team, both which drive the success as we pursue the next phase of growth.

As well as measured and indicated mineral resource totaling 67.7 million tons and 301 million. Silver equivalent ounces at a grade of 162 grams a ton with inferred mineral resource totaling 24.8 million tons, and 87.6 million. Silver equivalent ounces at a grade of 123 grams a ton

And finally aino is achieving Market recognition institutional buying and ETF inclusion. Broadening our investor base.

Speaker #5: We are focused on the future and advancing our path to transformational growth with decades of work behind us to build this foundation. We remain disciplined in how we manage our financial strength, making thoughtful and strategic decisions to support long-term value creation.

As outlined on slide 13, I'd like to highlight again the company's growth strategy with the 20 mm footprint. We have three key assets, including our operating mill complex, which currently processes material from Avino and La Preciosa.

Speaker #5: On behalf of our leadership, thank you to our entire team for your efforts and contributions. We would now like to move the call to the question-and-answer portion.

David Wolfin: As you can see on this slide, our goal is to scale up production by 2029 through the contributions from our three key assets. By leveraging our existing infrastructure, assets, and resource base, we believe we are well-positioned to execute our growth plan efficiently and effectively. We rounded out the quarter with more record-breaking financial metrics, which reflects the strength of our strategy and the dedication of our team, both which drive the success as we pursue the next phase of growth. We are focused on the future and advancing our path to transformational growth. With decades of work behind us to build this foundation, we remain disciplined in how we manage our financial strength, making thoughtful and strategic decisions to support long-term value creation. On behalf of our leadership, thank you to our entire team for your efforts and contributions.

We have access to water power and tailing storage. Critical information that supports our ability to expand production efficiently.

Speaker #5: Operator?

Speaker #6: Thank you very much. We will now begin the question-and-answer session. To join the question queue, you may press Start, then One on your telephone keypad.

As you can see on this slide, our goal is to scale up production by 2029 through the contributions from our three key assets.

Speaker #6: You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your then Two.

By leveraging, our existing, infrastructure assets and resource base. We believe we are well positioned to execute our growth plan, efficiently and effectively.

We rounded out the quarter with more record-breaking Financial metrics.

Speaker #6: We will pause a moment as callers join the queue. Thank you very much. Our first question is coming from Jake Sekelsky, of Alliance Global.

Which reflects the strength of our strategy and the dedication of our team?

Both which Drive the success as we pursue the next phase of growth.

Speaker #6: Jake, your line is live.

We are focused on the future and advancing our path to transformational growth.

Speaker #7: Hi, David Nathan and team. Thanks for taking my questions.

Speaker #5: No problem, Jake.

Speaker #7: So just looking at cost, I mean, obviously we saw a record realized silver price during the quarter and Nathan, you touched on this a bit, but the entire prices trigger any cost pressures outside of that silver equivalent ounce calculation that you mentioned?

With Decades of work behind us, to build this Foundation. We remain disciplined and how we manage our financial strength, making thoughtful, and strategic decisions to support long-term value creation.

David Wolfin: We'd now like to move the call to the question and answer portion. Operator?

Speaker #8: Hey, Jake, good question. Nathan here. Yeah, I guess you might be referencing some of the pressures that are coming from maybe royalties or other items, that some other producers are facing.

Operator: Thank you very much. We will now begin the question and answer session. Thank you very much. Our first question is coming from Jake Sekelsky of Alliance Global Partners. Jake, your line is live.

On behalf of our leadership, thank you to our entire team for your efforts and contributions. We'd now like to move the call to the question-and-answer portion. Operator.

Thank you very much. We will now begin the question and answer session.

Speaker #7: Yeah, that's correct.

Speaker #8: Yeah. So obviously, La Preciosa is royalty-free. We repurchased that last year. So no impact there. And then an AVINO, there's the long-standing royalty which we've been able to manage and it doesn't impact us too bad.

To join the question queue, you may press star, then 1 on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star, then 2. We will pause for a moment as callers join the queue.

Speaker #8: Pretty minimal overall. I think the change maybe on a quarter basis about 20 cents a ton or sorry, 20 cents an ounce. So not overly material to our costs.

Jake Sekelsky: Hi, David, Nathan, and team. Thanks for taking my questions.

Thank you very much. Our first question is coming from Jake Sakowski of Alliance, Global Jake. Your line is live.

Speaker #8: And then on the other side, obviously, there is profit sharing in Mexico where we insured all the workers are compensated fairly. And obviously, additional compensation comes with making money.

David Wolfin: No problem, Jake.

Hi, David, Nathan and team. Thanks for taking my questions.

Jake Sekelsky: Just looking at costs, I mean, obviously, we saw a record realized silver price during the quarter. Nathan, you touched on this a bit, but did higher prices trigger any cost pressures outside of that silver equivalent ounce calculation that you mentioned?

No problem.

Speaker #8: So there's a bit of impact there. But again, nothing outside normal course for us.

Speaker #7: Okay. That's helpful. And then just on the La Preciosa ramp, any additional color on that transition from development tonnage to the higher-grade material? Do you have any targeted throughput in mind that you'd like to be at by, let's call it, year-end?

Nathan Harte: Hey, Jake. Good question. Nathan here. Yeah, I guess you might be referencing some of the pressures that are coming from maybe royalties or other items that some other producers are facing.

So just just looking at Cost. I mean, obviously we saw a record realized overpriced during the quarter and and Nathan you touched on this a bit. But the higher prices trigger any cost pressures outside of that silver equivalent Oz calculation that you mentioned.

Jake Sekelsky: Yeah, that's correct.

Hey Jake, good question. Uh, Nathan here. Yeah, I guess you might be referencing um some of the pressures that are coming from maybe royalties or other items uh that some other producers are facing

Nathan Harte: Obviously La Preciosa is royalty-free. We repurchased that last year, so no impact there. Then in Avino, there's the long-standing royalty which we've been able to manage, and it doesn't impact us too bad. Pretty minimal overall. I think the change maybe on a quarter basis about $0.20 a ton or sorry, $0.20 an ounce. Not overly material to our costs. Then on the other side, obviously, you know, there is profit sharing in Mexico where we ensure that all the workers are compensated fairly. Obviously, additional compensation comes with making money. There's a bit of impact there. Again, nothing outside normal course for us.

Yeah, that's correct.

Speaker #8: Yeah. Thanks, Jake. Peter here. Great question. We are still targeting that 500 tons per day. So really, it's about doing the development to look at bringing our cost down when it comes to the production mining.

Speaker #8: Just setting ourselves up for long holding in these particular areas. So that goal is still 500 tons per day to fill those two circuits.

Yeah. Uh so is royalty-free we repurchase that last year so no impact there. Um and then a Nino. There's there's a long-standing royalty which we've been able to manage and it doesn't impact us too bad. Um,

Pretty minimal overall. I think the change

Speaker #8: Of course, the way our mill is set up, each circuit one and two do 250 tons more or less each with circuit three and four doing 1,000 tons.

maybe on a quarter basis about 20 cents a ton or sorry, 200 cents an ounce. Um so not overly material to our costs.

Speaker #8: So then the next step up after 500 tons would have to be 1,000 tons in order to fill one of those circuits.

um and then on the other side, obviously you know, um there is profit sharing in Mexico that where we we ensured all the workers are compensated fairly, um, and

Speaker #7: Makes sense. Okay. That's all for me. Congrats on the strong quarter again.

Jake Sekelsky: Okay, that's helpful. Just on the La Preciosa ramp, any additional color on that transition from development tonnage to the higher grade material? Do you have any targeted throughput in mind that you'd like to be at by, let's call it year-end?

Um, obviously additional compensation comes with making money. So there's a bit of impact there. But again, nothing outside normal course for us.

Speaker #5: Thank you, Jake.

Speaker #6: Thank you very much. Our next question is coming from Heiko Ihle of HT Wainwright. Heiko, your line is live.

Speaker #5: Hey, David and team. Nice to once again be able to raise my target price this morning.

Speaker #9: Thanks very much.

And then just on the lock, press your ramp any additional color on on that transition from development page to the to the higher grade material. Um, do you have any targeted throughput in mind that you'd like to be at by? Let's call it year, end.

Peter Latta: Yeah. Thanks, Jake. Peter here. Great question. We are still targeting that 500 tons per day. You know, really it's about doing the development to look at bringing our costs down when it comes to the production mining, just setting ourselves up for long hauling in these particular areas. That goal is still 500 tons per day to fill those two circuits. Of course, you know, the way our mill is set up, each circuit 1 and 2 do 250 tons more or less each, with circuit 3 and 4 doing 1,000 tons. The next step up after 500 tons would have to be 1,000 tons in order to fill one of those circuits.

Speaker #7: There was a little paragraph in the press release where you talk about the ongoing extraction haulage and processing of the development material. And there was a little sentence in there that you were slightly below plan early in the quarter.

Speaker #7: Obviously, we're going to be halfway through Q2 tomorrow. I just want to see the actual financial impact I mean, I assume transportation expenses are slightly higher given that you have to unload and load at one extra time, I would assume.

Speaker #7: You want to just maybe give us an idea of what we should use in our model once that's no longer a factor?

Yeah, thanks. Jake. Peter here uh great question. We are still targeting that 500 tons per day. So, you know, really it's about uh doing the development to uh, uh, look at bringing our cost down when it comes to the production mining. Uh, just setting ourselves up for long holding in these particular areas. So, uh, that goal is still 500 tons per day to fill those 2 circuits. Uh, of course, you know, the way our Mill is set up, uh, each circuit 1 and 2 do 250, tons, more or less each, uh, with Circuit 3 and 4 doing a thousand tons. So, then the next step up after 500 tons, I would have to be a thousand tons in order to fill 1 of those circuits.

Jake Sekelsky: Makes sense. Okay, that's all for me. Congrats on the strong quarter again.

David Wolfin: Thank you.

Nathan Harte: Thanks, Jake.

Speaker #8: Yeah, Heiko, fair question. I think what you're referencing too is when silver prices did shoot up, we did process some lower-grade material. So well, obviously, the grade is a bit lower.

Makes sense. Okay, that's all for me. Congrats on the strong quarter again.

Operator: Thank you very much. Our next question is coming from Heiko Ihle of H.C. Wainwright. Heiko, your line is live.

Thank you.

Heiko Ihle: Hey, David and team. Nice to once again be able to raise my target price this morning.

Speaker #8: We're still making it at quite a significant profit. So yes, you will see a transition back to kind of what the grade expectations that we're looking at internally.

Thank you very much. Our next question is coming from Hico Ela of HT Wayne Wright, Hico your line is live.

David Wolfin: Thank you very much.

Hey, David and team nice to once again, be able to raise my Target price this morning.

Heiko Ihle: There was a little paragraph in the press release, where you're talking about the ongoing extraction, haulage, and processing of the development material. There was a little sentence in there that you were slightly below plan early in the quarter. Obviously, we're gonna be halfway through Q2 tomorrow. I just want to see the actual financial impact. I mean, I assume transportation expenses are slightly higher given that you have to, you know, unload and load it 1 extra time, I would assume. You wanna just maybe give us an idea of what we should use in our model once that's no longer a factor?

Thank you very much.

Speaker #8: But then the big transition is going to be once we switch to production mining, which should be coming in subsequent months. And the grade will significantly improve.

Speaker #5: Fair enough. And then also the drill program for the year. So you're calling for 50,000 meters of drilling. You did 2,600 in Q3?

There was a uh a little paragraph in the press release, uh where you're talking about the the ongoing extraction Hall which and processing of the development material. And there was a little sentence in there that you were, um, slightly below plan early in the quarter. Um, obviously we're going to be

halfway through Q2 tomorrow.

Speaker #8: 30,000 meters.

Speaker #6: 30,000.

Speaker #8: 30,000.

Speaker #7: Sorry. I'm talking about just La Preciosa at this point.

Speaker #8: Got it. Got it.

Speaker #5: 15,000.

Speaker #8: Yeah. Okay.

Speaker #7: Your call for 50,000, you did 2,600 at the end of Q1. So just the run rate to get up to the 15,000 is 4,130 a quarter.

Nathan Harte: Yeah, Heiko, fair question. I think what you're referencing to is, you know, when silver prices did shoot up, we did process some lower grade material. Well, obviously the grade is a bit lower. We're still making at a quite a significant profit. Yes, you will see a transition back to kind of what the, you know, the grade expectations that we're looking at internally. The big transition is gonna be once we switch to production mining, which should be coming in subsequent months, and the grade will significantly improve.

Um, I just want to see the the actual Financial impact. I mean I assume Transportation expenses are slightly higher given that you have to, you know, unload and load at 1 extra time, I would assume. Um, you want to just maybe give us an idea of what we should use in our model, once that's no longer a factor.

Speaker #7: What did you do in Q2? And should this just essentially be a second half type of thing in our models?

Speaker #8: Yeah. Thanks, Heiko. No, I think we're going to be able to hit the 15,000. We didn't get started for the drilling until kind of midway through Q1.

Speaker #8: So we don't see the full quarter there. And we are hiring other extra geologists and bringing an increasing our staff there to log all the core that's required.

Yeah, Hico a fair question. Um, I think what you're referencing too is, you know, when silver prices did shoot up, we did process some lower grade material. Um, so it, well, obviously, the grade is a bit lower. We're still making it quite a significant profit. Um, so yes, you will see, uh, transition back to kind of what the, you know, the Great Expectations, uh, that we're looking at internally, but then the big transition is going to be. Once we switch to production mining, which should be coming in subsequent months. Um, and the grade will significantly improve

Heiko Ihle: Fair enough. Also the drill program for the year. You're calling for 50,000 meters of drilling. You did 2,600 in Q3?

Speaker #8: So we do think that we're going to hit the required metrics.

Speaker #5: Yeah. Sourcing a bit drill.

Speaker #8: We're adding a fifth drill as well. So there's currently four drills turning. As we said in the last press release and we are adding a fifth.

Fair enough. Um, and then also the drill program for the year. So you're calling for 50,000 meters of drilling. You did 2,600 in Q1.

Peter Latta: 30,000 meters.

David Wolfin: $30,000.

Peter Latta: 30,000.

Speaker #7: All right. I'll build on this question. You want to give me a best guess for your Q2 meters?

Heiko Ihle: Sorry, I'm talking about just La Preciosa at this point.

30. 30,000 meters, 30,000

Peter Latta: Got it.

David Wolfin: 15,000.

Peter Latta: Yeah.

Heiko Ihle: Okay. You're calling for 50,000. You used 2,600 at the end of Q1. Just the run rate to get up to the 15,000 is 4,130 a quarter. What did you do in Q2 and should this just essentially be a H2 type of thing in our models?

Speaker #8: Not at this time. We're still going through it. And the rock changes every day, right? So some days you get to plow through it and other days you have issues.

Speaker #8: So that's life on a drill rig.

Speaker #7: All right. Fair enough. I tried. I'll get back to you. Thanks, guys.

Speaker #9: Thank you.

Speaker #8: Thanks, Heiko.

Speaker #6: Thank you very much. And our next question is coming from Joseph Reager of Roth Capital Partners. Joseph, your line is live.

Peter Latta: Yeah, thanks, Heiko. No, I think we're gonna be able to hit the 15,000. We didn't get started for the drilling until kind of midway through Q1, so we don't see the full quarter there. You know, we are hiring other extra geologists and bringing in and increasing our staff there to log all the core that's required. We do think that we're gonna hit the required metrics.

Sorry, I'm talking about just at this point, got it. Got it 15,000. Yeah. Um, okay, your call for 15,000 you 2600 at the end of q1. Um, so so just the Run rate to get up to the 15,000 is 4130 a quarter. Um, what did you do in Q2 and should be just essentially the second pass type of thing in in our models.

Speaker #10: Hey, guys. Thanks for taking my questions. And congrats on a strong start to the year. Two kind of accounting questions. One is depreciation, specifically for AVINO, jumped Q4 to Q1.

David Wolfin: Yeah.

Peter Latta: And we-

David Wolfin: We're sourcing a fifth drill.

Peter Latta: We're adding a fifth drill as well. There's currently four drills turning, as we said in the last press release, and we are adding a fifth.

Speaker #10: Is that a reflection of the reserves and now accounting for depreciation over the reserve life? Or is there something else in there?

Heiko Ihle: I'll build on this question. You wanna give me a best guess for your Q2 metrics?

Speaker #8: Joe, yeah, that's a fair question. It is more of a one-time thing. The significant jump, but we will have a bit higher than what kind of quarterly you saw in 2025.

Peter Latta: Not at this time. We're still going through it. You know, the rock changes every day, right? Some days you get to plow through it and other days you have issues. That's life on a drill rig.

Um, yeah, thanks. Hico know, I I think we're going to be able to hit the 15,000. We didn't get started for the drilling until kind of Midway through q1. So we don't see the full full quarter there. Um, and you know, we are hiring other uh, extra geologists and bringing it it, it increasing our staff there uh, to, to log all the core that's required. So we do think that we're going to hit the the required metrics. Yeah, sourcing of this drill. We're adding a fifth drill as well. So there's currently 4 drills turning. Uh, as we said in the last press release and, and we are adding a fifth. All right, I'll I'll, I'll build on this question. You want to give me a best guess for your Q2 meters?

Speaker #8: But yeah, there's definitely a one-time jump there from just an accounting adjustment. That's all.

Speaker #10: Okay. Okay. And then looking at your treatment charges, they declined again as a percent of revenue. In the quarter, is there anything specific in there?

Heiko Ihle: Fair enough. I tried. I'll get back in queue. Thank you, guys.

David Wolfin: Thank you.

Operator: Thank you very much. Our next question is coming from Joseph Reagor of Roth Capital Partners. Joseph, your line is live.

Uh not at this time we're still we're still going through it and you know the rock changes every day, right? So some days you you you get the plow through it and other days you have issues. So that's life on a drill rig. Uh fair enough I tried I'll get back to you. Thank you guys. Thank you.

Speaker #10: One-time or is this just high demand for silver or from smelters leads to lower charge issues, you guys?

Joseph Reagor: Hey, guys. Thanks for taking my questions, and congrats on a strong start to the year. Two kind of like accounting questions. One is, depreciation specifically for Avino jumped Q4 to Q1. Is that a reflection of the reserves and now accounting for depreciation over the reserve life, or is there something else in there?

Thank you very much. And our next question is coming from Joseph, Ria of Roth Capital Partners Joseph. Your line is live.

Speaker #8: Sorry, you said they declined, right? I had that correctly?

Hey guys. Uh, thanks for taking my questions and congrats on a strong start to the year. Um,

Speaker #10: Yeah. Yeah. They went. Yeah, it went down both in a total dollar number and in a percentage of revenue.

Speaker #8: Yeah. So we had some improvements and changes in contract terms. And obviously, the it's a seller's market right now. So our team Peter and everyone did a great job negotiating just some better terms for us for the short, medium, and long term.

Two kind of like counting questions. One is, uh, depreciation specifically for Avino jumped Q4 to Q1.

Nathan Harte: Joe, yeah, that's a fair question. It is more of a one-time thing, the significant jump, but we will have a bit higher than what kind of quarterly you saw in 2025. Yeah, there's definitely a one-time jump there from just an accounting adjustment. That's all.

Uh, is that a reflection of the reserves and now accounting for depreciation? Over The the Reserve Life? Or is there something else in there?

Speaker #8: So yeah, that's probably more reflective of what you'll see moving forward. And long term, probably potential improvements as La Preciosa is great and improves.

Speaker #8: As a percentage.

Joseph Reagor: Okay. Okay. Looking at your treatment charges, they declined again as a % of revenue in the Q. Is there anything specific in there one time, or is this just, you know, high demand for silver ore from smelters that leads to lower charges for you guys?

We will have a bit higher than, than—uh, what kind of quarterly you saw in 2025. But yeah, there’s definitely a one-time jump there from, um, just an accounting adjustment, that’s all.

Speaker #10: Okay. All right. That's helpful. My other questions were covered by the prior callers. So I'll turn it over.

Speaker #8: Thanks, Joe.

Speaker #6: Thank you very much. Our next question is coming from Matt O'Keefe of Canter Fitzgerald. Matt, your line is live.

Okay, okay. And then, looking at your treatment charges, they declined again as a percent of revenue in the quarter.

Speaker #7: Thanks, Heiko. Good morning. Guys, great, great quarter. Nice to hit some records. Most of my questions were answered, but I just had a sort of a longer-term one.

Nathan Harte: Sorry, you said they declined, right? I have that correctly.

Is there anything specific in their 1 time or is this just you know high demand for silver ore from from smelters leads to lower charges for you guys.

Joseph Reagor: Yeah, it went down both in a total dollar number and in a percentage of revenue.

Speaker #7: The last chart you kind of referred to showing your growth profile over the next five years. Obviously, a big contribution from La Preciosa. You do have the oxide tailings in there starting in '28.

Nathan Harte: Yeah. We had some improvements and changes in contract terms and obviously it's a seller's market right now. Our team, Peter and everyone did a great job negotiating just some better terms for us for the short, medium, and long term. Yeah, that's probably more reflective of what you'll see moving forward. You know, long term, probably potential improvements as La Preciosa's grade improves as a percentage.

Sorry. You said they declined right? I had that correctly. Yeah yeah it went yeah. It went down both in a total dollar number and in a percentage of Revenue,

Speaker #7: Just wondering if you could talk A, about the oxide tailings, if that's still kind of being pushed forward, or any plans there. And also, given the success that Preciosa and the change in metal price environment, are we looking at some accelerating or even more growth potential from La Preciosa?

um, yeah, so we had some improvements and changes in contract terms and obviously,

So um, our team Peter and everyone did a great job negotiating. Um, just some better terms for us for the short medium, and long term. So yeah, that's probably more reflective of what you'll see moving forward. Um and you know long term probably potential improvements as leprosy was great improves.

Joseph Reagor: Okay. All right. That's helpful. My other questions were covered by the prior caller, so I'll turn it over.

Speaker #5: Oxide tailings? We're doing community engagement. We need the blessing before we can apply for permits. So that's ongoing. With La Preciosa, we've engaged an outside engineering firm to look at other alternatives, hire throughput at AVINO.

As a percentage.

Nathan Harte: Thanks, Joe.

Okay, all right. That's helpful. Um my other question is for covered by the prior caller so I'll turn it over.

Operator: Thank you very much. Our next question is coming from Matthew O'Keefe of Cantor Fitzgerald. Matt, your line is live.

Thank you. Thank you very much.

Speaker #5: Or possibly a standalone operation at La Preciosa. But we don't have that information yet.

Matthew O'Keefe: Thanks, operator. Good morning. Guys, great quarter. Nice to hit some records. Most of my questions were answered. I just had a sort of a longer term one. The last chart you kind of referred to showing your growth profile over the next 5 years, obviously a big contribution from La Preciosa. You do have the oxide tailings in there starting in 2028. Just wondering if you could talk, A, about the oxide tailings, if that's still kind of being pushed forward, or any plans there. Also, given the success at La Preciosa and the change in metal price environment, are we looking at some accelerating or even more growth potential from La Preciosa?

Our next question is coming from Matt O'Keefe of Cantor Fitzgerald. Matt your line is live.

Speaker #7: Right. Okay. But that's clearly something to be looked at at this juncture. Okay. Great. That's really it for me. Thanks.

Speaker #5: Thank you.

Speaker #8: Thanks, Matt.

Speaker #6: Thank you very much. Our next question is coming from Brendan Hoff, who's a private investor. Brendan, your line is live.

Thanks operator. Good morning, uh, guys, great, great quarter, nice to hit some records. Uh most of my questions were answered but I just had a sort of a longer term 1. Uh the last chart you kind of referred to showing your growth profile over the next 5 years. Um obviously a big contribution from last press yossa. You do have the oxide tailings in their starting in 28. Just wondering if you could, um,

Speaker #11: Thank you very much. Kudos on a great quarter, by the way.

Speaker #5: Thank you.

Speaker #8: Thank you.

Speaker #11: My question is kind of like almost well, I think it was more of a silly question than I was thinking. I ruminate more about it.

Talk a about the oxide tailings, if that's still kind of being pushed forward or any plans there and also given the success that preciosa and the change in metal price environment. Um, are we looking at some

Speaker #11: It seems more apropos. You talk about becoming a mid-tier producer. In Mexico. And I can look up definition of that. But what does that definition mean to you guys?

David Wolfin: Oxide tailings, we're doing community engagement. We need the blessing before we can apply for permits, so that's ongoing. With La Preciosa, we've engaged an outside engineering firm to look at other alternatives, higher throughput at Avino or possibly a standalone operation at La Preciosa, but we don't have that information yet.

Accelerating or or even more growth uh Potential from leprosy, Osa.

uh,

Speaker #11: What is it that you are actually what metrics are you going to hit that you say, "We have made it. We're the mid-tier producer"?

Oxide tailings—we're doing community engagement. We need the blessing before we can apply for permits, so that's ongoing. With La Preciosa, we've engaged an outside engineering firm to look at—

Matthew O'Keefe: Right. Okay. That's clearly something to be looked at at this juncture. Okay, great. That's really it for me. Thanks.

Other Alternatives hired, throughput at aino or possibly a standalone operation at the preciosa. But we don't have that information yet.

Speaker #5: Well, when we acquired La Preciosa, we looked at that time. What a mid-tier producer looked like. And it was between 8 to 10 million ounces of silver equivalent on an annual basis.

David Wolfin: Thank you.

Nathan Harte: Thanks, Matt.

Right, okay, but that's clearly something to, uh, to be looked at—at this structure. Okay. Great. Um, that's really it for me. Thanks.

Operator: Thank you very much. Our next question is coming from Brendan Hoff, who's a private investor. Brendan, your line is live.

Thank you, exactly.

Thank you very much.

Speaker #5: So that's where we developed the thought idea to get to. Yeah.

Brendan Hoff: Thank you very much. Kudos on a great quarter, by the way.

[Analyst]: Thank you very much. Kudos on a great quarter, by the way.

Is coming from Brendan Hof who's a private investor, Brendan your line is life.

Speaker #11: But to your point, there is no clear definition. There is no clear line. The goal with our five-year program was to get to that 8 to 10 million ounces.

David Wolfin: Thank you.

Nathan Harte: Thank you.

Uh thank you very much. Uh, Kudos on a uh, a great quarter, by the way.

Brendan Hoff: My question is kind of like, almost, well, I think of it as more of the silly questions. As I ruminate more about it seems more, more apropos. You talk about becoming a mid-tier producer in Mexico. I can look up definition of that, but what does that definition mean to you guys? What is it that you are actually, what metrics are you gonna hit that you say, We've made it. We're the mid-tier producer?

[Analyst]: My question is kind of like, almost, well, I think of it as more of the silly questions. As I ruminate more about it seems more, more apropos. You talk about becoming a mid-tier producer in Mexico. I can look up definition of that, but what does that definition mean to you guys? What is it that you are actually, what metrics are you gonna hit that you say, We've made it. We're the mid-tier producer?

Thank you.

Speaker #11: But even falling short of that 8 to 10 million ounces, we could still categorize ourselves as a mid-tier and going above that as well.

Uh, my question is kind of like almost. Well, I think it was more of a silly question though. Like I ruminate more about it. It seems more, uh, more above, um,

Speaker #11: So there isn't a clear definition. It's just to deliver on our growth plans there.

You talked about becoming a mid-year producer in in Mexico and I can look up definition of that.

Speaker #5: And the thing is with the higher metal prices, we are delivering financially almost like a mid-tier at this time. So imagine what's going to happen with higher throughput.

But what is that? Definition mean to you guys. What is it that you are actually?

Where, what metrics you going to hit that? You say we have made it. We're the mid-air producer.

David Wolfin: Well, when we acquired La Preciosa, we looked at that time, what a mid-tier producer looked like, and it was between 8 to 10 million ounces of Silver Equivalent on an annual basis. That's where we developed the idea to get to. Yeah.

Speaker #7: Good way to put it. Yeah. I was wondering if you were looking at specific metrics. If it was, yeah, if it was ounces per year.

Speaker #7: If it was revenue. If it was profit. And imagine you've got I'm sure I assume some metrics along the way of like, "Oh, when we hit we want to hit this for tons of profits per day." Or, "We want to hit this metric for revenue per quarter." And so forth to say that, "Yes, we've made it."

Uh well when we acquired the precio, we looked at uh, at that time. Uh, what a mid-tier producer looked like and it was between 8 to 10 million oz of silver equivalent on an annual basis. So that's where we developed the, uh, the thought idea to get to

Nathan Harte: But, but-

Yeah.

David Wolfin: But next-

Nathan Harte: To your point, there is no clear definition. There is no clear line. The goal with our 5-year program was to get to that 8 to 10 million ounces. Even falling short of that 8 to 10 million ounces, we could still categorize ourselves as a mid-tier and going above that as well. There isn't a clear definition. It's just, you know, to deliver on our growth plans there.

Speaker #8: No, that's fair. I think we'd evaluate all of those. But I think the number one target was production. And obviously, you're going to if we hit the production targets, our revenue is going to go up even more significantly with the rise in metal prices too, so.

David Wolfin: The thing is, with the higher metal prices, we are delivering financially almost like a mid-tier at this time. Imagine what's going to happen with higher throughput.

Speaker #5: Another metric you could look at is price to net asset value. The three mid-tiers that were taken out last year, mag, silver, crisp, and gallows were all well over two.

But, but to your point, there is no clear definition, there is no clear line. Um, the goal with our five-year program was to get to that 8 to 10 million ounces. Um, but even falling short of that 8 to 10 million ounces, we could still categorize ourselves as a mid-tier, and going above that as well. So there isn't a clear definition—it's just, uh, you know, to, uh, develop, to deliver on our growth plans there. And the thing is, with the higher metal prices, we are delivering financial aid.

Almost like a mid-tier at this time.

Speaker #5: We're sitting around one. So that's another target of ours.

So imagine what's going to happen with higher throughput.

Brendan Hoff: Good way to put it. I was wondering if you were looking at specific metrics, if it was ounces per year, if it was revenue, if it was profit? Imagine you've got, I'm sure, I assume some metrics along the way of like, Oh, when we hit, we wanna hit this for tons processed per day, or, we wanna hit this metric for revenue per quarter, and so forth to say that, Yes, we've made it.

[Analyst]: Good way to put it. I was wondering if you were looking at specific metrics, if it was ounces per year, if it was revenue, if it was profit? Imagine you've got, I'm sure, I assume some metrics along the way of like, Oh, when we hit, we wanna hit this for tons processed per day, or, we wanna hit this metric for revenue per quarter, and so forth to say that, Yes, we've made it.

Speaker #11: Okay. Great. Thanks a lot, guys.

Speaker #8: Thank you.

Good way for that. Yeah. I I was wondering if you were

Speaker #6: Thank you very much. And our next question is coming from Atul Bagger of Abbott. Atul, your line is live.

Looking at specific metrics that was, yeah, it was balances per year, if it was uh Revenue if it was uh profit.

Um,

Speaker #12: Hi. It's actually Carl. Thanks operator. Great quarter as everyone has said. Guys, congratulations on that. Two questions that people haven't mentioned so far. First one is, I wonder if given the high price environment we've had, whether there have been any further discussions internally on the possibility of hedging a portion of production?

Nathan Harte: No, that's fair. I think, you know, we'd evaluate all of those. I think the number one target was production. Obviously you're gonna, you know, if we hit the production targets, our revenue is gonna go up even more significantly with the rise in metal prices too.

It's kind of like, oh, when we get there, we want to hit this for tons of process per day, or we want to hit this metric for revenue per quarter, and then so forth to say that, yes, we've made it.

Speaker #12: I know previously you guys have not been keen on that. But obviously, the price dynamic has changed considerably. And secondly, you continue to use the ATM facility during Q1.

David Wolfin: Another metric you can look at is price to net asset value. The three mid-tiers that were taken out last year, MAG, SilverCrest, and Gatos, were all well over 2. We're sitting around 1. That's another target of ours.

Speaker #12: And just wondered again, what are the thoughts on the possibility of that going forward? Is that something that you guys feel given the balance sheet being where it is, is no longer a requirement, no longer something that you're going to lean on?

Brendan Hoff: Okay, great. Thanks a lot, guys.

[Analyst]: Okay, great. Thanks a lot, guys.

No, that's fair. I think, you know, we we'd evaluate all those, but I think the number 1 Target was production. Um, and obviously you're going to, you know, if we hit the production targets, our revenue is going to go up, uh, even more significantly with the rise in metal prices, too. So another metric you can look at is price to net asset value. Uh, the 3 mid tiers that we're taking out last year, mag silver, Chris and Gatos. We're all well over 2. We're sitting around 1. So that's another Target of ours.

Nathan Harte: Thank you.

Okay great. Thanks a lot guys.

Operator: Thank you very much. Our next question is coming from Atul Bagga of Abbott. Atul, your line is live.

Thank you.

Speaker #12: Or do you still have potential usage of that in mind?

Thank you very much.

Speaker #8: Hey, Nathan here. Those are good questions. Thank you for asking. So number one on the hedging side, obviously, we're very bullish on the silver price.

And our next question is coming from a tool bagger of Abbott at all. Your line is live.

Carl: Hi, it's actually Carl. Thanks, operator. Great quarter, as everyone has said. Guys, congratulations on that. Two questions that people haven't mentioned so far. First one is, I wonder if, given the high price environment we've had, whether there have been any further discussions internally on the possibility of hedging a portion of production. I know previously you guys have not been keen on that, but obviously the price dynamic has changed considerably. Secondly, you continued to use the ATM facility during Q1, and just wondered, again, what are the thoughts on the possibility of that going forward? Is that something that you guys feel, given the balance sheet being where it is no longer a requirement, no longer something that you're gonna lean on, or do you still have potential usage of that in mind?

[Analyst] (Abbott): Hi, it's actually Carl. Thanks, operator. Great quarter, as everyone has said. Guys, congratulations on that. Two questions that people haven't mentioned so far. First one is, I wonder if, given the high price environment we've had, whether there have been any further discussions internally on the possibility of hedging a portion of production. I know previously you guys have not been keen on that, but obviously the price dynamic has changed considerably. Secondly, you continued to use the ATM facility during Q1, and just wondered, again, what are the thoughts on the possibility of that going forward? Is that something that you guys feel, given the balance sheet being where it is no longer a requirement, no longer something that you're gonna lean on, or do you still have potential usage of that in mind?

Hi, it's actually called not.

Speaker #8: We've obviously the industry's talked about that a lot. But we prefer to have our shareholders unhedged. And I think our shareholders also appreciate that.

Speaker #8: We've looked at our non-primary metals as well too. Copper being one of them. And there's some very large price increases going on this quarter.

Speaker #8: But no, we're not in a position right now where we plan to hedge any of our silver production. One thing I will highlight though is we based on some optionality in our contracts, we were able to deliver higher realized silver prices than the average for the quarter too.

Cancellations on that 2 questions that people haven't, um, haven't mentioned so far. First, 1 is I wonder if given the high price environment. We've had whether there have been any further discussions, internally on the possibility of hedging, the portion of production, I know, previously, you guys have not been keen on that, but obviously, the price Dynamic has changed considerably.

Uh, and secondly.

Speaker #8: So there is the opportunity to take advantage when we want. But we are we're not in a position where we want to hedge future production at this time.

Uh, you continue to use um the ATM facility during q1.

Speaker #8: And the second. Yeah. The second question on the ATM, so that was in January. I think the last time we used it when we hit all-time highs as of now, we have no plans to use the ATM and I think, yeah, that's something we're a lot of us are big shareholders in this room too.

And just wondered again. What are the thoughts on the possibility of that going forward? Is that something that you guys feel given the balance sheet being where it is is no longer?

Nathan Harte: Hey, Nathan here. Those are good questions. Thank you for asking. Number 1, on the hedging side, obviously, we're very bullish on the silver price. We've, you know, obviously the industry's talked about that a lot, but we prefer to have our shareholders unhedged, and I think our shareholders also appreciate that. We've looked, you know, at our non-primary metals as well too, you know, copper being one of them, and there's some very large price increases going on this quarter. No, we're not, we're not in a position right now where we plan to hedge any of our silver production.

Is that a requirement you’re no longer going to lean on, or do you still have potential usage of that in mind?

Hey, Nathan here. Uh, those are good questions, thank you for asking. Uh, so, number one, on the hedging side—obviously we're very bullish on the silver price.

Speaker #8: And we're looking to preserve that share capital structure.

Speaker #12: Fantastic. Thanks, Nathan.

Speaker #8: Thank you.

We've, you know, obviously the industry's talked about that a lot, but we prefer to have our, uh, our shareholders unhedged and I think our shareholders is also appreciate that.

Speaker #6: Thanks very much. Just to double-check there, if anyone else has any remaining questions, you can join the queue by pressing star one now. Okay.

Nathan Harte: One thing I will highlight, though, is we, you know, based on some optionality in our contracts, we were able to deliver higher realized silver prices than the average for the quarter too. There is the opportunity to take advantage when we want, but we are, we're not in a position where we wanna hedge future production at this time. The second.

Speaker #6: I'm not seeing anyone else in the queue. So we have reached the end of our question and answer session. And I will now hand back over to David Wilson for closing comments.

Um, we've looked, you know, at a non-primary Metals as well too, um, you know, copper being 1 of them. And there's some very large uh price increases going on in this quarter. Um but no we're not we're not in a position right now where we plan to hedge, any of our uh silver production. Um 1 thing I will highlight though, is we, you know, based on based on some optionality in our contracts.

Speaker #5: Thank you again to everyone for joining us today. And for your continued interest and support of AVINO Silver & Gold Mines. We are encouraged by the strong start to 2026 to remain focused on executing our clear path for transformational growth.

To deliver, um, higher realized silver prices than the average for the quarter too. So there's the opportunity to take advantage when we want but um, we are we're not in a position where we want to head future production at this time.

Carl: The ATM.

[Analyst] (Abbott): The ATM.

Nathan Harte: Yeah, the second question on the ATM. That was in January, I think the last time we used it, when we hit all-time highs. As of now, we have no plans to use the ATM. That's something, you know, we're a lot of us are big shareholders in this room too, we're looking to preserve that share capital structure.

Speaker #5: With advancement at La Preciosa, and a strong balance sheet and a disciplined approach to capital allocation, we believe AVINO is well positioned to continue creating long-term value for our shareholders.

Carl: Fantastic. Thanks, Nathan.

[Analyst] (Abbott): Fantastic. Thanks, Nathan.

Speaker #5: We look forward to updating you on our progress in the coming quarters. Have a great day.

Um, and the second ATM. Yeah, the second question on the ATM. Uh, so that was in January. I think the last time we used it, when we hit all-time highs. Um, as of now, we are, we have no plans to use the ATM, um, and I think yeah, that's, that's something. You know, we're, we're a lot of us are big shareholders in this room, too. Um, we're looking to preserve that that, uh, share capital structure.

Nathan Harte: Thank you.

Fantastic. Thanks. Nathan.

Operator: Thanks very much. Just to double-check there, if anyone else has any remaining questions, you can join the queue by pressing star one now. Okay. I'm not seeing anyone else in the queue, so we have reached the end of our question and answer session, and I will now hand back over to David Wolfin for closing comments.

Thank you.

Speaker #6: Thank you very much. This does conclude today's conference. You may disconnect your phone lines at this time and have a wonderful day. We thank you for your participation.

Thanks very much.

Just to double check that if anyone else has any remaining questions, you can join the queue by pressing star 1 now.

David Wolfin: Thank you again to everyone for joining us today and for your continued interest and support of Avino Silver & Gold Mines. We are encouraged by the strong start to 2026 to remain focused on executing our clear path for transformational growth. With continued operational improvements, advancement at La Preciosa, and a strong balance sheet and a disciplined approach to capital allocation, we believe Avino is well-positioned to continue creating long-term value for our shareholders. We look forward to updating you on our progress in the coming quarters. Have a great day.

Okay, I'm not seeing anyone else in the queue. So we have reached the end of our question and answer session, and I will now hand back over to David Wilson for closing comments.

Thank you again to everyone for joining us today and for your continued interest and support of the Veno, silver and gold mines. We are encouraged by the strong, start to 2026 to remain focused on executing, our clear path for transformational growth.

With continued operational improvements advancement at Le preciosa and a strong balance sheet and the discipline approach to Capital allocation, we believe a vaino is well positioned to continue creating long-term value for our shareholders. We look forward to updating you on our progress, in the coming quarters, have a great day.

Operator: Thank you very much. This does conclude today's conference. You may disconnect your phone lines at this time, and have a wonderful day. We thank you for your participation.

You very much.

Today's conference— you may disconnect your phone lines at this time, and have a wonderful day. We thank you for your participation.