<SEC-DOCUMENT>0001477932-19-002486.txt : 20190509
<SEC-HEADER>0001477932-19-002486.hdr.sgml : 20190509
<ACCEPTANCE-DATETIME>20190509060302
ACCESSION NUMBER:		0001477932-19-002486
CONFORMED SUBMISSION TYPE:	6-K/A
PUBLIC DOCUMENT COUNT:		29
CONFORMED PERIOD OF REPORT:	20190508
FILED AS OF DATE:		20190509
DATE AS OF CHANGE:		20190509

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AVINO SILVER & GOLD MINES LTD
		CENTRAL INDEX KEY:			0000316888
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35254
		FILM NUMBER:		19808624

	BUSINESS ADDRESS:	
		STREET 1:		570 GRANVILLE STREET
		STREET 2:		SUITE 900
		CITY:			VANCOUVER BC CANADA
		STATE:			A1
		ZIP:			V6C 3P1
		BUSINESS PHONE:		6046823701

	MAIL ADDRESS:	
		STREET 1:		570 GRANVILLE STREET
		STREET 2:		SUITE 900
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3P1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERNATIONAL AVINO MINES LTD
		DATE OF NAME CHANGE:	19950607

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AVINO MINES & RESOURCES LTD
		DATE OF NAME CHANGE:	19950607
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K/A
<SEQUENCE>1
<FILENAME>avino_6ka.htm
<DESCRIPTION>FORM 6-K/A
<TEXT>
<html><head><title>avino_6ka.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px"> <table style="FONT-SIZE: 1px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td> <div style="HEIGHT: 4px; WIDTH: 100%; BACKGROUND: #000000; MARGIN: 0px 0px 2px" name="hrule"></div> <div style="HEIGHT: 2px; WIDTH: 100%; BACKGROUND: #000000" name="hrule"></div></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><font size="3"><b>UNITED STATES</b></font></p> <p style="MARGIN: 0px" align="center"><font size="3"><b>SECURITIES AND EXCHANGE COMMISSION</b></font></p> <p style="MARGIN: 0px" align="center"><font size="3"><b>Washington, D.C. 20549</b></font></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><font size="5">FORM 6-K/A </font></b></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><font size="2">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</font></b></p> <p style="MARGIN: 0px" align="center"><b><font size="2">UNDER THE SECURITIES EXCHANGE ACT OF 1934</font></b><font size="2"></font></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>May,&nbsp;2019</u></b></p> <p style="MARGIN: 0px" align="center"><font size="2"></font>&nbsp;</p> <p style="MARGIN: 0px" align="center"><font size="2">Commission File Number: <b>001-35254</b></font></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table style="WIDTH: 75%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cols="1" cellpadding="0" width="75%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center"><b><font size="5">AVINO SILVER &amp; GOLD MINES LTD.</font></b><font size="2"></font></p></td></tr></table></p> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u><font size="2">Suite 900, 570 Granville Street, Vancouver, BC V6C 3P1</font></u></b></p> <p style="MARGIN: 0px" align="center"><font size="2">(Address of principal executive offices)</font></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><font size="2">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.&nbsp;&nbsp;&nbsp;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">x </font></font><font size="2">Form 20-F&nbsp;&nbsp; </font><font size="2"><font face="Wingdings"><font style="FONT-FAMILY: Wingdings">&#168; </font></font></font><font size="2">Form 40-F</font></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><font size="2">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </font><font size="2"><font face="Wingdings"><font style="FONT-FAMILY: Wingdings">&#168;</font></font></font><font size="2"></font></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><font size="2">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </font><font size="2"><font face="Wingdings"><font style="FONT-FAMILY: Wingdings">&#168;</font></font></font><font size="2"></font></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><font size="2">Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes&nbsp;</font><font size="2"><font face="Wingdings"><font style="FONT-FAMILY: Wingdings">&#168;</font></font></font><font size="2">&nbsp;&nbsp; No <font style="FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">x</font></font></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><font size="2">If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):</font></p><font size="2">&nbsp;&nbsp; <p style="MARGIN: 0px"> <table style="FONT-SIZE: 1px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td> <div style="HEIGHT: 2px; WIDTH: 100%; BACKGROUND: rgb(0,0,0); MARGIN: 0px 0px 2px" name="hrule"></div> <div style="HEIGHT: 4px; WIDTH: 100%; BACKGROUND: rgb(0,0,0)" name="hrule"></div></td></tr></table></p> <p style="MARGIN: 0px"> <table class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></font><b>SUBMITTED HEREWITH</b> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Exhibits:</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15" bgcolor="#cceeff"> <td width="8%"> <p style="MARGIN: 0px"><a href="avino_ex991.htm">99.1</a></p></td> <td><a href="avino_ex991.htm">Condensed Consolidated Interim Financial Statements For the three months ended March 31, 2019 and 2018</a></td></tr> <tr height="15" bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td> <p style="MARGIN: 0px"><a href="avino_ex992.htm">99.2</a></p></td> <td> <p style="MARGIN: 0px"><a href="avino_ex992.htm">Management Discussion and Analysis</a></p></td></tr> <tr height="15" bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td> <p style="MARGIN: 0px"><a href="avino_ex993.htm">99.3</a></p></td> <td> <p style="MARGIN: 0px"><a href="avino_ex993.htm">CEO Certification</a></p></td></tr> <tr height="15" bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td> <p style="MARGIN: 0px"><a href="avino_ex994.htm">99.4</a></p></td> <td> <p style="MARGIN: 0px"><a href="avino_ex994.htm">CFO Certification</a></p></td></tr></table>&nbsp; </p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0"> </table></p> <p style="MARGIN: 0px"> <table id="pagebreak790320cb-7370-4b0e-9ad6-0958f70f09b4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">2</p></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;<b>&nbsp; </b></p> <p style="MARGIN: 0px" align="center"><b>SIGNATURES</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp; </b></p> <p style="MARGIN: 0px">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.&nbsp;</p> <p style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: auto" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top"></td> <td valign="top" colspan="2"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"></td> <td valign="top" colspan="2"> <p style="MARGIN: 0px">(Registrant)</p></td> <td valign="top"></td></tr> <tr height="15"> <td valign="top"></td> <td valign="top" colspan="2">&nbsp; </td> <td valign="top"></td></tr> <tr height="15"> <td valign="top" width="50%"> <p style="MARGIN: 0px">Date:&nbsp;May 8, 2019</p></td> <td valign="top" width="3%"> <p style="MARGIN: 0px">By:</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="35%"> <p style="MARGIN: 0px"><i>/s/&nbsp;Dorothy Chin</i></p></td> <td valign="top" width="12%"></td></tr> <tr height="15"> <td valign="top"></td> <td valign="top"></td> <td valign="bottom"> <p style="MARGIN: 0px">Dorothy Chin</p></td> <td valign="top"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Corporate Secretary</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">3</p></td></tr></table></p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>avino_ex991.htm
<DESCRIPTION>CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
<TEXT>
<html><head><title>avino_ex991.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 99.1</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><img src="avino_ex991img1.jpg"></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><font size="5"></font></b>&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><font size="5"></font></b>&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><font size="5"></font></b>&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><font size="5">AVINO SILVER &amp; GOLD MINES LTD.</font></b></p> <p style="MARGIN: 0px" align="center"><font size="4">&nbsp;</font></p> <p style="MARGIN: 0px" align="center"><b><font size="4">Condensed Consolidated Interim Financial Statements</font></b></p> <p style="MARGIN: 0px"><font size="4">&nbsp;</font></p> <p style="MARGIN: 0px" align="center"><b><font size="4">For the three months ended March 31, 2019 and 2018</font></b>&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><font size="3"></font></b>&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><font size="3"></font></b>&nbsp;</p> <p style="MARGIN: 0px" align="justify">&nbsp; <table id="pagebreakc3e72da6-7a41-4c81-aef1-049412a5464f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid">&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>MANAGEMENT&#8217;S RESPONSIBILITY FOR FINANCIAL REPORTING</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The condensed consolidated interim financial statements of Avino Silver &amp; Gold Mines Ltd. (the &#8220;Company&#8221;) are the responsibility of the Company&#8217;s management. The condensed consolidated interim financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and reflect management&#8217;s best estimates and judgments based on information currently available. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Management has developed and is maintaining a system of internal controls to ensure that the Company&#8217;s assets are safeguarded, transactions are authorized and properly recorded, and financial information is reliable. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Board of Directors is responsible for ensuring that management fulfills its responsibilities. The Audit Committee reviews the results of the annual audit and reviews the condensed consolidated interim financial statements prior to their submission to the Board of Directors for approval. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The condensed consolidated interim financial statements as at March 31, 2019, and for the periods ended March 31, 2019 and 2018, have not been audited by the Company&#8217;s independent auditors. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="30%"> <p style="MARGIN: 0px"><em>&#8220;David Wolfin&#8221;&nbsp;&nbsp;</em></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="20%"> <p style="MARGIN: 0px"><em>"Nathan Harte&#8221;</em></p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">David Wolfin</p> <p style="MARGIN: 0px">President &amp; CEO</p> <p style="MARGIN: 0px">May 8, 2019&nbsp;&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Nathan Harte, CPA</p> <p style="MARGIN: 0px">Chief Financial Officer </p> <p style="MARGIN: 0px">May 8, 2019</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak39a8b26f-471c-47a6-a812-89991cc2a3b0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center"></td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p> <p style="MARGIN: 0px">Condensed Consolidated Interim Statements of Financial Position</p> <p style="MARGIN: 0px">(Expressed in thousands of US dollars)</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="center"> <p style="MARGIN: 0px" align="center"><b>Note</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>March 31, 2019</b></p> <p style="MARGIN: 0px" align="right"><b>(unaudited)</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="top" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>December 31, 2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"><b>ASSETS</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Current assets</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 12.3pt">Cash</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td valign="bottom" width="9%" align="right">2,526</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td valign="bottom" width="9%" align="right">3,252</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 12.3pt">Amounts receivable</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">2,628</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">4,091</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 12.3pt">Taxes recoverable</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center"><b>3</b></p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">5,292</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">5,343</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 12.3pt">Prepaid expenses and other assets</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">1,104</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">1,030</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 12.3pt">Inventory</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center"><b>4</b></p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">9,269</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">9,231</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Total current assets</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">20,819</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">22,947</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Exploration and evaluation assets</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center"><b>5</b></p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">49,062</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">46,781</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Plant, equipment and mining properties</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center"><b>7</b></p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">38,827</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">38,743</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Long-term investments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">13</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">10</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Reclamation bonds</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">109</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">107</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Total assets</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">108,830</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">108,588</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>LIABILITIES</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Current liabilities </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 12.3pt">Accounts payable and accrued liabilities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td valign="bottom" width="9%" align="right">6,225</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td valign="bottom" width="9%" align="right">5,885</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 12.3pt">Amounts due to related parties</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center"><b>8(b)</b></p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">157</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">157</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 12.3pt">Taxes payable</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">83</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">167</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 12.3pt">Current portion of term facility</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center"><b>9</b></p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">1,804</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">1,017</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 12.3pt">Current portion of equipment loans</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">443</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">517</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 12.3pt">Current portion of finance lease obligations</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">953</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">950</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 12.3pt">Deferred revenue</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">142</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">573</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 12.3pt">Current portion of reclamation provision</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center"><b>11</b></p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">305</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">296</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 12.3pt">Other liabilities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">200</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">279</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Total current liabilities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">10,312</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">9,841</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Term facility</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center"><b>9</b></p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">5,047</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">5,884</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Equipment loans</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">333</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">411</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Finance lease obligations</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">653</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">869</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Warrant liability</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center"><b>10</b></p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">1,866</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">2,009</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Reclamation provision&nbsp; </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center"><b>11</b></p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">10,486</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">10,503</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Deferred income tax liabilities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3,735</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3,903</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Total liabilities</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">32,432</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">33,420</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>EQUITY</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Share capital </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center"><b>12</b></p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">89,049</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">88,045</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Equity reserves </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">9,872</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">9,849</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Treasury shares (14,180 shares, at cost)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(97</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(97</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Accumulated other comprehensive loss </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(5,538</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(6,124</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Accumulated deficit</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(16,888</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(16,505</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Total equity</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">76,398</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">75,168</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Total liabilities and equity</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">108,830</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">108,588</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Commitments &#8211; Note 15</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Approved by the Board of Directors on May 8, 2019:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="6" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" width="29%"> <p style="MARGIN: 0px"><em>Gary Robertson</em></p></td> <td width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="20%"> <p style="MARGIN: 0px">Director</p></td> <td width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" width="29%"> <p style="MARGIN: 0px"><i>David Wolfin</i></p></td> <td width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="19%"> <p style="MARGIN: 0px">Director</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><i>The accompanying notes are an integral part of the condensed consolidated interim financial statements</i></p> <p style="MARGIN: 0px" align="center"><em></em>&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak6ad219cc-af13-4b69-b53e-ff7fc8e75dd9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 2 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p> <p style="MARGIN: 0px">Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss)</p> <p style="MARGIN: 0px">(Expressed in thousands of US dollars, except per share amounts - Unaudited)</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="center"></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="right"><b>Three months ended March 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="center"> <p style="MARGIN: 0px" align="center"><b>Note</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Revenue from mining operations</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center"><b>13</b></p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td valign="bottom" width="9%" align="right">6,711</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td valign="bottom" width="9%" align="right">8,156</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Cost of sales</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center"><b>13</b></p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">6,655</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">6,300</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Mine operating income</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">56</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">1,856</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Operating expenses</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 17.75pt">General and administrative expenses</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center"><b>14</b></p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">740</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">1,198</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 17.75pt">Share-based payments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center"><b>12</b></p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">218</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">134</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Income (loss) before other items</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(902</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">524</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Other items</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 17.75pt">Interest and other income</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">139</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">35</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 17.75pt">Unrealized gain (loss) on long-term investments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">2</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(8</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 17.75pt">Fair value adjustment on warrant liability</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center"><b>10</b></p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">188</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">152</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 17.75pt">Foreign exchange gain (loss)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">79</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">167</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 17.75pt">Finance cost</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(32</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(51</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 17.75pt">Accretion of reclamation provision</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center"><b>11</b></p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(83</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(98</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 17.75pt">Loss on sale of asset</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(3</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 17.75pt">Interest expense</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(22</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(28</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Net income (loss) before income taxes</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(634</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">693</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Income taxes</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Current income tax expense</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(144</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(439</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Deferred income tax recovery</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">168</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">564</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">24</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(125</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Net income (loss)</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(610</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">818</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Other comprehensive income (loss)</b></p> <p style="MARGIN: 0px">Items that may be reclassified subsequently to income or loss:</p> <p style="MARGIN: 0px 0px 0px 17.85pt">Currency translation differences</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">586</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(776</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Total comprehensive income (loss)</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td valign="bottom" width="9%" align="right">(24</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td valign="bottom" width="9%" align="right">42</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Earnings (loss) per share</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center"><b>12(e)</b></p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 17.85pt">Basic</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td valign="bottom" width="9%" align="right">(0.01</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td valign="bottom" width="9%" align="right">0.02</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 17.85pt">Diluted</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(0.01</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">0.02</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Weighted average number of common shares outstanding</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center"><b>12(e)</b></p></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 17.85pt">Basic</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">64,020,965</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">52,718,153</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 17.85pt">Diluted</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">64,020,965</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">53,494,526</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><i>The accompanying notes are an integral part of the condensed consolidated interim financial statements</i></p><i></i> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakccfaefb9-80ff-4bfa-b690-fc46845a049d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 3 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p><b> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p><b>AVINO SILVER &amp; GOLD MINES LTD.<br></b>Condensed Consolidated Interim Statements of Changes in Equity<br>(Expressed in thousands of US dollars - Unaudited)</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p></b> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="center"> <p style="MARGIN: 0px" align="center"><b>Note</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Number of Common Shares</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Share Capital Amount</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Equity Reserves</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Treasury Shares</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Accumulated Other Comprehensive Income (Loss)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Accumulated Deficit</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Total&nbsp; Equity</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Balance, January 1, 2018</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="7%" align="right"><b>52,718,153</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b>$</b></td> <td valign="bottom" width="7%" align="right"><b>81,468</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b>$</b></td> <td valign="bottom" width="7%" align="right"><b>10,581</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b>$</b></td> <td valign="bottom" width="7%" align="right"><b>(97</b></td> <td valign="bottom" width="1%"><b>)</b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b>$</b></td> <td valign="bottom" width="7%" align="right"><b>(4,073</b></td> <td valign="bottom" width="1%"><b>)</b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b>$</b></td> <td valign="bottom" width="7%" align="right"><b>(18,877</b></td> <td valign="bottom" width="1%"><b>)</b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b>$</b></td> <td valign="bottom" width="7%" align="right"><b>69,002</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Common shares issued for cash:</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15.85pt">Exercise of stock options</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">60,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">77</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">77</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Carrying value of stock options exercised</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">57</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">(57</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Options cancelled or expired</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">(93</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">93</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Share-based payments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">144</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">144</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Net income for the period</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">818</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">818</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Currency translation differences</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(776</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(127</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">(903</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Balance, March 31, 2018</b></p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"><b>52,778,153</b></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><b>$</b></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"><b>81,602</b></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><b>$</b></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"><b>10,575</b></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><b>$</b></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"><b>(97</b></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><b>)</b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><b>$</b></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"><b>(4,849</b></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><b>)</b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><b>$</b></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"><b>(18,301</b></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><b>)</b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><b>$</b></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"><b>68,930</b></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Balance, January 1, 2019</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="7%" align="right"><b>63,337,769</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b>$</b></td> <td valign="bottom" width="7%" align="right"><b>88,045</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b>$</b></td> <td valign="bottom" width="7%" align="right"><b>9,849</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b>$</b></td> <td valign="bottom" width="7%" align="right"><b>(97</b></td> <td valign="bottom" width="1%"><b>)</b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b>$</b></td> <td valign="bottom" width="7%" align="right"><b>(6,124</b></td> <td valign="bottom" width="1%"><b>)</b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b>$</b></td> <td valign="bottom" width="7%" align="right"><b>(16,505</b></td> <td valign="bottom" width="1%"><b>)</b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b>$</b></td> <td valign="bottom" width="7%" align="right"><b>75,168</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Common shares issued for cash:</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15.85pt">At the market issuances</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px" align="center"><b>12</b></p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">1,678,076</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">1,043</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">1,043</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15.85pt">Less: Issuance costs</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">(39</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">(39</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Options cancelled or expired</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">(227</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">227</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Share-based payments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px" align="center"><b>12</b></p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">250</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">250</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Net loss for the period</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">(610</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="7%" align="right">(610</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Currency translation differences</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">586</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="7%" align="right">586</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Balance, March 31, 2019</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right"><b>65,015,845</b></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><b>$</b></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right"><b>89,049</b></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><b>$</b></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right"><b>9,872</b></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><b>$</b></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right"><b>(97</b></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><b>)</b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><b>$</b></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right"><b>(5,538</b></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><b>)</b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><b>$</b></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right"><b>(16,888</b></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><b>)</b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><b>$</b></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right"><b>76,398</b></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr></table> <p style="MARGIN: 0px" align="center">&nbsp;</p> <p style="MARGIN: 0px" align="center">&nbsp;<i>The accompanying notes are an integral part of the condensed consolidated interim financial statements</i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak2bbecd5e-8c6c-44c9-9124-f440cd747509" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 4 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p> <p style="MARGIN: 0px">Condensed Consolidated Interim Statements of Cash Flows</p> <p style="MARGIN: 0px">(Expressed in thousands of US dollars - Unaudited)&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" align="center"></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="right"><b>Three months ended March 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="center"> <p style="MARGIN: 0px" align="center"><b>Note</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>2019</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>2018</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Cash generated by (used in):</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"><b>Operating Activities</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Net income (loss) </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td valign="bottom" width="9%" align="right">(610</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td valign="bottom" width="9%" align="right">818</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Adjustments for non-cash items:</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 14.2pt">Deferred income tax (recovery)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(168</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(564</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 14.2pt">Depreciation and depletion</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">685</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">852</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 14.2pt">Accretion of reclamation provision</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">83</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">98</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 14.2pt">Unrealized loss (gain) on investments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(2</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">8</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 14.2pt">Foreign exchange loss</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">8</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">20</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px; TEXT-INDENT: 15px"> &nbsp;Unwinding of fair value adjustment </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="right"> &nbsp;(50 </p></td> <td> <p style="MARGIN: 0px"> ) &nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="right">&nbsp; - </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 14.2pt">Fair value adjustment on warrant liability</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(188</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(152</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 14.2pt">Share-based payments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">218</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">134</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(24</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">1,214</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Net change in non-cash working capital items</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="center"><b>16</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,089</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">921</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,065</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2,135</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Financing Activities</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Shares and units issued for cash, net of issuance costs</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">1,004</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">77</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Finance lease payments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(205</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(419</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Equipment loan payments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(146</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(299</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">653</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(641</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Investing Activities</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Exploration and evaluation expenditures </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(1,562</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(1,534</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Additions to plant, equipment and mining properties </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(891</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(2,040</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Redemption of short-term investments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(2,453</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(2,574</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Change in cash </b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(735</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">(1,080</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Effect of exchange rate changes on cash</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">9</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Cash, Beginning</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3,252</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3,420</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Cash, Ending</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">2,526</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">2,340</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Supplementary Cash Flow Information (Note 16)</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><i>The accompanying notes are an integral part of the condensed consolidated interim financial statements</i></p> <p style="MARGIN: 0px" align="center"><em></em>&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakb933c822-31a3-472c-b06f-2bc325030b2f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 5 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p> <p style="MARGIN: 0px">Notes to the unaudited condensed consolidated interim financial statements</p> <p style="MARGIN: 0px">For the three months ended March 31, 2019 and 2018</p> <p style="MARGIN: 0px">(Expressed in thousands of US dollars, except where otherwise noted)&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"><b>1.</b></td> <td valign="top"><b>NATURE OF OPERATIONS</b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"></td> <td valign="top">Avino Silver &amp; Gold Mines Ltd. (the &#8220;Company&#8221; or &#8220;Avino&#8221;) was incorporated in 1968 under the laws of the Province of British Columbia, Canada. The Company is engaged in the production and sale of silver, gold, and copper and the acquisition, exploration, and advancement of mineral properties.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"></td> <td valign="top">The Company&#8217;s head office and principal place of business is Suite 900, 570 Granville Street, Vancouver, BC, Canada. The Company is a reporting issuer in Canada and the United States, and trades on the TSX Venture Exchange (&#8220;TSX-V&#8221;), the NYSE MKT, and the Frankfurt and Berlin Stock Exchanges.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"></td> <td valign="top">The Company owns interests in mineral properties located in Durango, Mexico, as well as in British Columbia and the Yukon, Canada. On October 1, 2012, the Company commenced production of silver and gold at levels intended by management at its San Gonzalo Mine, and on July 1, 2015, the Company commenced production of copper, silver, and gold at levels intended by management at its Avino Mine; both mines are located on the historic Avino property in the state of Durango, Mexico.</td></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"><b>2.</b></td> <td valign="top"><b>BASIS OF PRESENTATION</b></td></tr> <tr> <td> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"></td> <td valign="top"><b>Statement of Compliance </b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"></td> <td valign="top">These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (&#8220;IAS&#8221;) 34 &#8211; Interim Financial Reporting under International Financial Reporting Standards (&#8220;IFRS&#8221;) issued by the International Accounting Standards Board (&#8220;IASB&#8221;). These condensed consolidated interim financial statements follow the same accounting policies and methods of application as the most recent annual consolidated financial statements of the Company, except as described under &#8220;Basis of Presentation&#8221;. These condensed consolidated interim financial statements do not contain all of the information required for full annual financial statements. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company&#8217;s December 31, 2018, annual consolidated financial statements, which were prepared in accordance with IFRS as issued by the IASB.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"></td> <td valign="top">These unaudited condensed consolidated interim financial statements are expressed in US dollars and have been prepared on a historical cost basis except for financial instruments that have been measured at fair value. In addition, these condensed consolidated interim financial statements have been prepared using the accrual basis of accounting on a going concern basis. The accounting policies set out below have been applied consistently to all periods presented in these condensed consolidated interim financial statements as if the policies have always been in effect, other than those described below:</td></tr></table></p> <p style="MARGIN: 0px" align="justify">&nbsp;&nbsp; </p> <table id="pagebreak2c49a26c-438d-4a1e-8af2-6985d7d7d2ed" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 6 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p> <p style="MARGIN: 0px">Notes to the unaudited condensed consolidated interim financial statements</p> <p style="MARGIN: 0px">For the three months ended March 31, 2019 and 2018</p> <p style="MARGIN: 0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p><b style="MARGIN: 0px"> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"></td> <td valign="top"><b>Adoption of IFRS 16 Leases (&#8220;IFRS 16&#8221;)</b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="justify">In January 2016, the IASB issued IFRS 16 &#8211; Leases (&#8220;IFRS 16&#8221;) which replaces IAS 17 &#8211; Leases and its associated interpretative guidance. IFRS 16 applies a control model to the identification of leases, distinguishing between a lease and a service contract based on whether the customer controls the asset. For those assets determined to meet the definition of a lease, IFRS 16 introduces significant changes to the accounting by lesses, introducing a single, on-balance sheet accounting model that is similar to the current finance lease accounting, with limited exceptions for short-term leases or leases of low value assets. Lessor accounting remains similar to current accounting practice. IFRS 16 is effective for annual periods beginning on or after January 1, 2019, with Early adoption is permitted, provided the Company has adopted IFRS 15. This standard sets out a new model for lease accounting. A lessee can choose to apply IFRS 16 using either a full retrospective approach or a modified retrospective approach. The Company has applied IFRS 16 at the date it becomes effective using a modified retrospective approach. By applying this method, the comparative information for the 2018 fiscal year has not been restated. </p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">At the inception of a contract, the Company assesses whether a contract is or contains a lease. If so, the Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost, which consists of:</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p></b> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">The amount of the initial measurement of the lease liability</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Any lease payments made at or before the commencement date</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Any indirect costs incurred</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">An estimate of costs to dismantle or remove the underlying asset or to restore the site on which the asset is located</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Any incentives received from the lessor</td></tr></table><b style="MARGIN: 0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"></td> <td valign="top"> <p style="MARGIN: 0px" align="left">The Company has elected not to recognize right of use assets and lease liabilities for short-term lease that have a lease term of 12 months or less and leases of low value assets. The lease payments associated with these leases are expensed on a straight-line basis over the lease term.</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"></td> <td valign="top"> <p style="MARGIN: 0px" align="left">The majority of the Company&#8217;s leases were already classified as right of use assets on its consolidated statement of financial position. The Company has reviewed all existing leases and concluded that all leases that were previously expensed over the lease term where considered to be either short-term leases or leases of low value assets, and therefore there is no impact to the consolidated financial statements upon adoption of IFRS 16. and collecting data relating to existing agreements that may contain right-of-use assets. At this time it is not possible for the Company to make reasonable quantitative estimates of the effects of the new standard, and is currently evaluating its expected impact on the consolidated financial statements.&nbsp; </p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"></td> <td valign="top"><b> <p style="MARGIN: 0px" align="justify"><b>Adoption of IFRIC 23 Uncertainty over Income Tax Treatments (&#8220;IFRIC 23&#8221;)</b> </p></b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="justify">On June 7, 2017, the IASB issued IFRIC 23 <i>Uncertainty over Income Tax Treatments. </i>The interpretation provides guidance on the accounting for current and deferred income tax liabilities and assets when there is uncertainty over income tax treatments. IFRIC 23 was applicable for annual periods beginning on or after January 1, 2019.</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">IFRIC 23 requires an entity to determine whether uncertain tax positions are assessed separately or as a group; and assess whether it is probable that a tax authority will accept an uncertain tax treatment used, or proposed to be used, by an entity in its income tax filings. If yes, the entity should determine its accounting tax position consistently with the tax treatment used or planned to be used in its income tax filings. If no, the entity should reflect the effect of uncertainty in determining its accounting tax position. The Interpretation is effective for annual periods beginning on or after January 1, 2019. </p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">The Company adopted IFRIC 23 in its consolidated financial statements for the annual period beginning on January 1, 2019, with no impact on the financial statements.</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"></td> <td valign="top"><b>Significant Accounting Judgments and Estimates</b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"></td> <td valign="top">The Company&#8217;s management makes judgments in its process of applying the Company&#8217;s accounting policies to the preparation of its condensed consolidated interim financial statements. In addition, the preparation of financial data requires that the Company&#8217;s management make assumptions and estimates of the impacts on the carrying amounts of the Company&#8217;s assets and liabilities at the end of the reporting period from uncertain future events and on the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates and the resulting impacts on the carrying amounts of the Company&#8217;s assets and liabilities are accounted for prospectively.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"></td> <td valign="top">The critical judgments and estimates applied in the preparation of the Company&#8217;s unaudited condensed consolidated interim financial statements for the three months ended March 31, 2019, are consistent with those applied and disclosed in Note 2 to the Company&#8217;s audited consolidated financial statements for the year ended December 31, 2018.</td></tr></table>&nbsp; <p style="MARGIN: 0px"> <table id="pagebreakcdb368ef-3221-45c3-ac04-bd7acb11dc6e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 7 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.<br></b>Notes to the unaudited condensed consolidated interim financial statements<br>For the three months ended March 31, 2019 and 2018<br>(Expressed in thousands of US dollars, except where otherwise noted) </p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></b> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"></td> <td valign="top"><b>Basis of Consolidation</b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"></td> <td valign="top">The condensed consolidated interim financial statements include the accounts of the Company and its Canadian and Mexican subsidiaries as follows:</td></tr></table>&nbsp; <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="3" width="94%" align="center" border="0"> <tr height="15" bgcolor="#cceeff"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom" width="29%"> <p style="MARGIN: 0px" align="justify">Subsidiary</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom" width="24%"> <p style="MARGIN: 0px" align="justify">Ownership Interest</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom" width="13%"> <p style="MARGIN: 0px" align="justify">Jurisdiction</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom" width="16%"> <p style="MARGIN: 0px">Nature of Operations</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="29%"> <p style="MARGIN: 0px" align="justify">Oniva Silver and Gold Mines S.A. de C.V.</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="24%"> <p style="MARGIN: 0px" align="justify">100%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="13%"> <p style="MARGIN: 0px" align="justify">Mexico</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="16%"> <p style="MARGIN: 0px">Mexican operations and administration</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="29%"> <p style="MARGIN: 0px" align="justify">Nueva Vizcaya Mining, S.A. de C.V.</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="24%"> <p style="MARGIN: 0px" align="justify">100%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="13%"> <p style="MARGIN: 0px" align="justify">Mexico</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="16%"> <p style="MARGIN: 0px" align="justify">Mexican administration</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="29%"> <p style="MARGIN: 0px" align="justify">Promotora Avino, S.A. de C.V. (&#8220;Promotora&#8221;)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="24%"> <p style="MARGIN: 0px" align="justify">79.09%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="13%"> <p style="MARGIN: 0px" align="justify">Mexico</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="16%"> <p style="MARGIN: 0px" align="justify">Holding company</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="29%"> <p style="MARGIN: 0px" align="justify">Compa&#241;&#237;a Minera Mexicana de Avino, S.A. de C.V. </p> <p style="MARGIN: 0px" align="justify">(&#8220;Avino Mexico&#8221;)</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="24%"> <p style="MARGIN: 0px" align="justify">98.45% direct </p> <p style="MARGIN: 0px">1.22% indirect (Promotora)</p> <p style="MARGIN: 0px">99.67% effective</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="13%"> <p style="MARGIN: 0px" align="justify">Mexico</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="16%"> <p style="MARGIN: 0px">Mining and exploration </p></td></tr> <tr height="15" bgcolor="#ffffff"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="29%"> <p style="MARGIN: 0px" align="justify">Bralorne Gold Mines Ltd.</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="24%"> <p style="MARGIN: 0px" align="justify">100%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="13%"> <p style="MARGIN: 0px" align="justify">Canada</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="16%"> <p style="MARGIN: 0px">Mining and exploration</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"></td> <td valign="top">Intercompany balances and transactions, including unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the unaudited condensed consolidated interim financial statements.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"><b>3.</b></td> <td valign="top"><b>TAXES RECOVERABLE</b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"></td> <td valign="top">The Company&#8217;s taxes recoverable consist of the Mexican I.V.A. (&#8220;VAT&#8221;) and income taxes recoverable and Canadian sales taxes (&#8220;GST/HST&#8221;) recoverable.</td></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="94%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 1.25pt" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px 0px 0px 0in" align="right"><b>2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 1.25pt" align="right"><b>December 31,</b></p> <p style="MARGIN: 0px 0px 0px 0in" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">VAT recoverable</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">2,664</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">3,144</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">GST recoverable</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">54</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">82</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">Income taxes recoverable</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2,574</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2,117</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">5,292</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">5,343</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"><b>4.</b></td> <td valign="top"><b>INVENTORY</b></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="94%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 1.25pt" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px 0px 0px 0in" align="right"><b>2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 8.8pt" align="right"><b>December 31,</b></p> <p style="MARGIN: 0px 0px 0px 0in" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">Process material stockpiles</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">4,469</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">4,486</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">Concentrate inventory</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,023</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,095</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">Materials and supplies</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,777</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,650</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">9,269</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">9,231</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px 0px 0px 17.75pt">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"></td> <td valign="top">The amount of inventory recognized as an expense for the three months ended March 31, 2019 totalled $6,655 (March 31, 2018 &#8211; $6,300), and includes production costs and depreciation and depletion directly attributable to the inventory production process.</td></tr></table></p> <p style="MARGIN: 0px" align="justify">&nbsp; </p> <table id="pagebreake8aac235-1b5b-4020-aedc-eb946e241d4c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 8 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p> <p style="MARGIN: 0px">Notes to the unaudited condensed consolidated interim financial statements</p> <p style="MARGIN: 0px">For the three months ended March 31, 2019 and 2018</p> <p style="MARGIN: 0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"><b>5.</b></td> <td valign="top"><b>EXPLORATION AND EVALUATION ASSETS</b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"></td> <td valign="top">The Company has accumulated the following acquisition, exploration and evaluation costs which are not subject to depletion:</td></tr></table>&nbsp; <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="94%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Durango, <br>Mexico</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="right"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="right"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>British Columbia &amp; Yukon, Canada</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="right"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="right"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Total</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Balance, January 1, 2018</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">9,034</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">34,304</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">43,338</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Costs incurred during 2018:</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Mine and camp costs</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,143</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,143</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Drilling and exploration</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">346</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,142</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,488</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Depreciation of plant and equipment </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">540</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">540</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Interest and financing costs</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">414</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">414</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Geological and related services </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">205</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">205</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Assessments and taxes</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">86</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">29</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">115</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Water treatment and tailing storage facility costs</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">53</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">53</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Assays</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">13</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">13</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Effect of movements in exchange rates</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">226</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(2,754</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(2,528</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Balance, December 31, 2018</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">9,692</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">37,089</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">46,781</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Costs incurred during 2019:</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Mine and camp costs</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">722</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">722</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Drilling and exploration</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">11</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">657</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">668</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Depreciation of plant and equipment </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">102</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">102</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Interest and other costs</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">78</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">78</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Provision for reclamation</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(216</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(216</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Assessments and taxes</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">45</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">48</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Geological and related services </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">28</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">28</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Assays</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">44</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">44</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Effect of movements in exchange rates</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(3</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">805</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">802</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Water treatment and tailing storage facility costs</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Balance, March 31, 2019</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">9,745</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">39,317</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">49,062</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak28af6419-2d90-4cfe-a918-d8d1aebfd724" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 9 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p> <p style="MARGIN: 0px">Notes to the unaudited condensed consolidated interim financial statements</p> <p style="MARGIN: 0px">For the three months ended March 31, 2019 and 2018</p> <p style="MARGIN: 0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"></td> <td valign="top">Additional information on the Company&#8217;s exploration and evaluation properties by region is as follows:</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><i> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(a)</td> <td valign="top"><i>Durango, Mexico</i></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">The Company&#8217;s subsidiary Avino Mexico owns 42 mineral claims and leases four mineral claims in the state of Durango, Mexico. The Company&#8217;s mineral claims in Mexico are divided into the following four groups:</p></td></tr></tr></table></i>&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(i)</td> <td valign="top">Avino mine area property</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top">The Avino mine area property is situated around the towns of Panuco de Coronado and San Jose de Avino and surrounding the historic Avino mine site. There are four exploration concessions covering 154.4 hectares, 24 exploitation concessions covering 1,284.7 hectares, and one leased exploitation concession covering 98.83 hectares. Within the Avino mine site area is the Company&#8217;s San Gonzalo Mine, which achieved production at levels intended by management as of October 1, 2012, and on this date accumulated exploration and evaluation costs were transferred to mining properties.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(ii)</td> <td valign="top">Gomez Palacio property</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top">The Gomez Palacio property is located near the town of Gomez Palacio, and consists of nine exploration concessions covering 2,549 hectares.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(iii)</td> <td valign="top">Santiago Papasquiaro property</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top">The Santiago Papasquiaro property is located near the village of Santiago Papasquiaro, and consists of four exploration concessions covering 2,552.6 hectares and one exploitation concession covering 602.9 hectares.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(iv)</td> <td valign="top">Unification La Platosa properties</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top">The Unification La Platosa properties, consisting of three leased concessions in addition to the leased concession described in note (i) above, are situated within the Avino mine area property near the towns of Panuco de Coronado and San Jose de Avino and surrounding the Avino Mine.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top">In February 2012, the Company&#8217;s wholly-owned Mexican subsidiary entered into a new agreement with Minerales de Avino, S.A. de C.V. (&#8220;Minerales&#8221;) whereby Minerales has indirectly granted to the Company the exclusive right to explore and mine the La Platosa property known as the &#8220;ET zone&#8221;. The ET zone includes the Avino Mine, where production at levels intended by management was achieved on April 1, 2016.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top">Under the agreement, the Company has obtained the exclusive right to explore and mine the property for an initial period of 15 years, with the option to extend the agreement for another 5 years. In consideration of the granting of these rights, the Company issued 135,189 common shares with a fair value of C$250,100 during the year ended December 31, 2012.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top">The Company has agreed to pay to Minerales a royalty equal to 3.5% of net smelter returns (&#8220;NSR&#8221;). In addition, after the start of production, if the minimum monthly processing rate of the mine facilities is less than 15,000 tonnes, then the Company must pay to Minerales a minimum royalty equal to the applicable NSR royalty based on the processing at a monthly rate of 15,000 tonnes.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top">Minerales has also granted to the Company the exclusive right to purchase a 100% interest in the property at any time during the term of the agreement (or any renewal thereof), upon payment of $8 million within 15 days of the Company&#8217;s notice of election to acquire the property. The purchase would be subject to a separate purchase agreement for the legal transfer of the property.</td></tr></tr></tr></tr></tr></tr></tr></tr></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p><i></i> <p style="MARGIN: 0px"> <table id="pagebreak873cee6d-34ec-4fc1-b795-1f4bbb2a1451" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 10 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p><b> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p> <p style="MARGIN: 0px">Notes to the unaudited condensed consolidated interim financial statements</p> <p style="MARGIN: 0px">For the three months ended March 31, 2019 and 2018</p> <p style="MARGIN: 0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr></table></p></b><i> <p style="MARGIN: 0px" align="justify">&nbsp; </p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(b)</td> <td valign="top"><i>British Columbia, Canada</i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></i> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(i)</td> <td valign="top">Bralorne Mine</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top">The Company owns a 100% undivided interest in certain mineral properties located in the Lillooet Mining Division. There is an underlying agreement on 12 crown grants in which the Company is required to pay 1.6385% of net smelter proceeds of production from the claims, and pay fifty cents Canadian (C$0.50) per ton of ore produced from these claims if the ore grade exceeds 0.75 ounces per ton gold.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(ii)</td> <td valign="top">Minto and Olympic-Kelvin properties</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top">The Company&#8217;s mineral claims in British Columbia encompass two additional properties, Minto and Olympic-Kelvin, each of which consists of 100% owned Crown-granted mineral claims located in the Lillooet Mining Division.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(c)</td> <td valign="top"><i>Yukon, Canada</i></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top">The Company has a 100% interest in 14 quartz leases located in the Mayo Mining Division of Yukon, Canada, which collectively comprise the Eagle property. During 2017, an option agreement was signed between Avino and Alexco Resource Corp. (&#8220;Alexco&#8221;), granting Alexco the right to acquire a 65% interest in all 14 quartz mining leases. To exercise the option, Alexco must pay Avino a total of C$70,000 in instalments over 4 years, issue Avino a total of 70,000 Alexco common shares in instalments over 4 years, incur C$550,000 in exploration work by the second anniversary of the option agreement date, and a further C$2.2 million in exploration work on the Eagle Property by the fourth anniversary of the option agreement date.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top">In the event that Alexco earns its 65% interest in the Eagle Property, Alexco and Avino will form a joint venture for the future exploration and development of the Eagle Property, and may contribute towards expenditures in proportion to their interests (65% Alexco / 35% Avino). If either company elects to not contribute its share of costs, then its interest will be diluted. If either company&#8217;s joint venture interest is diluted to less than 10%, its interest will convert to a 5.0% net smelter returns royalty, subject to the other&#8217;s right to buy-down the royalty to 2.0% for C$2.5 million.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"></td> <td valign="top">During the three months ended March 31, 2019, Alexco terminated the option agreement as currently structured. The Eagle Property was previously inactive and held by Avino as a non-essential asset to its current operations.</td></tr></tr></tr></tr></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"><b>6.</b></td> <td valign="top"><b>NON-CONTROLLING INTEREST</b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"></td> <td valign="top"> <p style="MARGIN: 0px">At March 31, 2019, the Company had an effective 99.67% (December 31, 2018 - 99.67%) interest in its subsidiary Avino Mexico and the remaining 0.33% (December 31, 2018 - 0.33%) interest represents a non-controlling interest. The accumulated deficit and current period income attributable to the non-controlling interest are insignificant and accordingly have not been recognized in the condensed consolidated interim financial statements.</p></td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak269b9b33-87f2-480a-a7c4-1f08df5ff3d3" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 11 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p> <p style="MARGIN: 0px">Notes to the unaudited condensed consolidated interim financial statements</p> <p style="MARGIN: 0px">For the three months ended March 31, 2019 and 2018</p> <p style="MARGIN: 0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr></table></p> <p style="MARGIN: 0px"><b>&nbsp;&nbsp; </b></p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"><b>7.</b></td> <td valign="top"><b>PLANT, EQUIPMENT AND MINING PROPERTIES</b></td></tr></table> <p style="MARGIN: 0px">&nbsp; </p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="94%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Mining</b></p> <p style="MARGIN: 0px" align="center"><b>properties </b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Office equipment, furniture, and fixtures</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Computer equipment</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Mine machinery and transportation equipment</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Mill machinery and processing equipment</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Buildings and construction in process</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"><b>Total</b></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">$</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">$</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">$</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">$</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">$</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center">$</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center">$</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td style="BORDER-BOTTOM: 1px solid" valign="top"> <p style="MARGIN: 0px"><b>COST</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top" width="30%"> <p style="MARGIN: 0px">Balance at January 1, 2018</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">12,482</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">133</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">283</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">16,377</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">9,866</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">5,625</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="7%" align="right">44,766</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Additions</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">588</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">17</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">77</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">990</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">7,901</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">1,089</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">10,662</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Transfers</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">(45</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">45</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Disposals</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">(33</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">(33</td> <td valign="bottom">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Effect of movements in exchange rates</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">(108</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">(1</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">(2</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">(110</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">(86</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">(49</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">(356</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Balance at December 31, 2018</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">12,962</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">149</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">358</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">17,257</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">17,603</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">6,710</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">55,039</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Additions</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">(35</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">5</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">(42</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">906</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">834</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Transfers</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">296</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">(296</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Disposals</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">(43</td> <td valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">(43</td> <td valign="bottom">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Effect of movements in </p> <p style="MARGIN: 0px 0px 0px 8.8pt">exchange rates</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">44</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">1</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">1</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">20</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">60</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">23</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">149</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Balance at March 31, 2019</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">12,971</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">150</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">364</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">17,234</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">17,917</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">7,343</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">55,979</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="left"><b>ACCUMULATED DEPLETION AND DEPRECIATION</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" colspan="3"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Balance at January 1, 2018</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">4,592</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">48</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">144</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">6,084</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">1,139</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">601</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">12,608</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Additions</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">1,549</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">17</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">32</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">799</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">1,287</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">112</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">3,796</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Effect of movements in exchange rates</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">(39</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">(1</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">(53</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">(10</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">(5</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">(108</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Balance at December 31, 2018</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">6,102</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">65</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">175</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">6,830</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">2,416</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">708</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">16,296</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Additions</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">218</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">4</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">9</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">98</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">413</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">37</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">779</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 8.8pt">Effect of movements in exchange rates</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">21</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">1</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">45</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">8</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">2</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" align="right">77</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Balance at March 31, 2019</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">6,341</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">69</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">185</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">6,973</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">2,837</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">747</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">17,152</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>NET BOOK VALUE </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>At March 31, 2019</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" valign="bottom" align="right"><b>6,630</b></td> <td valign="bottom"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" valign="bottom" align="right"><b>81</b></td> <td valign="bottom"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" valign="bottom" align="right"><b>179</b></td> <td valign="bottom"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" valign="bottom" align="right"><b>10,261</b></td> <td valign="bottom"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" valign="bottom" align="right"><b>15,080</b></td> <td valign="bottom"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" valign="bottom" align="right"><b>6,596</b></td> <td valign="bottom"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" valign="bottom" align="right"><b>38,827</b></td> <td valign="bottom"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">At December 31, 2018</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">6,860</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">84</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">183</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">10,427</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">15,187</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">6,002</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">38,743</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">At January 1, 2018</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">7,890</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">85</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">139</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">10,293</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">8,727</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">5,024</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right">32,158</td> <td style="PADDING-BOTTOM: 3px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak035c0114-fd08-4c86-a338-7ab904a9edd5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 12 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p> <p style="MARGIN: 0px">Notes to the unaudited condensed consolidated interim financial statements</p> <p style="MARGIN: 0px">For the three months ended March 31, 2019 and 2018</p> <p style="MARGIN: 0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp; </p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"></td> <td valign="top">Included in Buildings and construction in process above are assets under construction of $3,372 as at March 31, 2019 (December 31, 2018 - $3,655) on which no depreciation was charged in the periods then ended. Once the assets are put into service, they will be transferred to the appropriate class of plant, equipment and mining properties.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"></td> <td valign="top">As at March 31, 2019, plant, equipment and mining properties included a net carrying amount of $2,105 (December 31, 2018 - $2,232) for mining equipment under equipment loan, and $3,101 (December 31, 2018 - $3,461 for mining equipment under finance lease.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr height="15"> <td> <p style="MARGIN: 0px"><b>8.</b></p></td> <td> <p style="MARGIN: 0px"><b>RELATED PARTY TRANSACTIONS AND BALANCES </b></p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">All related party transactions are recorded at the exchange amount which is the amount agreed to by the Company and the related party.&nbsp; </p></td></tr></tr></tr></table> <p style="MARGIN: 0px"><i>&nbsp;</i></p> <p style="MARGIN: 0px"><i> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%"><em>(a)</em></td> <td valign="top"><i>Key management personnel</i></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp; </p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">The Company has identified its directors and certain senior officers as its key management personnel. The compensation costs for key management personnel for the three months ended March 31, 2019 and 2018 were as follows:</p></td></tr></table>&nbsp;</i></p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="88%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="right"><b>Three months ended March 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Salaries, benefits, and consulting fees</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">166</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">208</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Share&#8208;based payments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">171</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">128</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">337</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">336</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px 0px 0px 17.85pt">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><i> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%"><em>(b)</em></td> <td valign="top"><i>Amounts due to/from related parties</i></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">In the normal course of operations the Company transacts with companies related to Avino&#8217;s directors or officers. All amounts payable and receivable are non-interest bearing, unsecured and due on demand. Advances to Oniva International Services Corp. of $260 (December 31, 2018 - $212) for expenditures to be incurred on behalf of the Company are included in prepaid expenses and other assets on the condensed consolidated interim statements of financial position as at March 31, 2019. The following table summarizes the amounts were due to related parties:</p></td></tr></tr></table>&nbsp;</i></p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="88%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px" align="right"><b>2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>December 31,</b></p> <p style="MARGIN: 0px" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Oniva International Services Corp.</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">120</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">107</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Directors</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">34</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">47</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Jasman Yee &amp; Associates, Inc.</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">157</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">157</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p><i> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(c)</td> <td valign="top"><i>Other related party transactions</i></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">The Company has a cost sharing agreement with Oniva International Services Corp. (&#8220;Oniva&#8221;) for office and administration services. Pursuant to the cost sharing agreement, the Company will reimburse Oniva for the Company&#8217;s percentage of overhead and corporate expenses and for out-of-pocket expenses incurred on behalf of the Company. David Wolfin, President &amp; CEO, and a director of the Company, is the sole owner of Oniva. The cost sharing agreement may be terminated with one-month notice by either party without penalty. </p></td></tr></tr></table> <p style="MARGIN: 0px">&nbsp;</p></i> <table id="pagebreak03f66796-e9d4-46eb-86ea-b810d9cab73a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 13 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p> <p style="MARGIN: 0px">Notes to the unaudited condensed consolidated interim financial statements</p> <p style="MARGIN: 0px">For the three months ended March 31, 2019 and 2018</p> <p style="MARGIN: 0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%"></td> <td valign="top">The transactions with Oniva during the three months ended March 31, 2019 and 2018 are summarized below:</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="88%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px" align="right"><b>2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Salaries and benefits</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">249</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">141</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Office and miscellaneous</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">90</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">172</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Exploration and evaluation assets</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">56</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">91</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">395</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">404</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="6%"></td> <td valign="top">For services provided to the Company as President and Chief Executive Officer, the Company pays Intermark Capital Corporation (&#8220;ICC&#8221;), a company controlled by David Wolfin, the Company&#8217;s president and CEO and also a director, for consulting services. For the three months ended March 31, 2019, the Company paid $56 (March 31, 2018 - $59) to ICC.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">The Company pays Jasman Yee &amp; Associates, Inc. (&#8220;JYAI&#8221;) for operational, managerial, metallurgical, engineering and consulting services related to the Company&#8217;s activities. JYAI&#8217;s managing director is a director of the Company. For the three months ended March 31, 2019 and 2018, the Company paid $6 and $16, respectively, to JYAI.</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">The Company pays Wear Wolfin Designs Ltd. (&#8220;WWD&#8221;), a company whose director is the brother-in-law of David Wolfin, for financial consulting services related to ongoing consultation with stakeholders and license holders. For the three months ended March 31, 2019 and 2018, the Company paid $Nil and $6, respectively, to WWD. The agreement was terminated during 2018.</p></td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"><b>9.</b></td> <td valign="top"><b>TERM FACILITY</b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="justify">In July 2015, the Company entered into a $10,000,000 term facility with Samsung C&amp;T U.K. Limited (&#8220;Samsung&#8221;). Interest is charged on the facility at a rate of US dollar LIBOR (3 month) plus 4.75%, and the facility was to be repaid in 15 consecutive equal monthly instalments starting in June 2016. Pursuant to the agreement, in August 2015, Avino commenced selling concentrates produced during ramp advancement and ongoing evaluation and extraction at the Avino Mine on an exclusive basis to Samsung. Samsung pays for the concentrates at the prevailing metal prices for their silver, copper, and gold content at or about the time of delivery, less interest, treatment, refining, shipping, and insurance charges.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">During the year ended December 31, 2018, the Company and Samsung amended the existing term facility by extending the repayment period. Under the new amendment, Samsung granted the Company a 12 month deferral period from October 2018, through and including September 2019, during which there will be no principal repayments. The Company will repay the remaining balance in 23 equal monthly instalments of $278 commencing in October 2019 and ending August 2021. Interest on the amended facility is now charged at a rate of US dollar LIBOR (3 month) plus 6.75% during the 12 month deferral period, reverting to US dollar LIBOR (3 month) plus 4.75% for the remainder of the repayment period ending August 2021. Other material terms of the facility remain unchanged. The Company is committed to selling Avino Mine concentrate on an exclusive basis to Samsung until December 31, 2024.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The facility is secured by the concentrates produced under the agreement and by the common shares of the Company&#8217;s wholly-owned subsidiary Bralorne Gold Mines Ltd. The facility with Samsung relates to the sale of concentrates produced from the Avino Mine only and does not include concentrates produced from the San Gonzalo Mine.&nbsp;&nbsp;</p></td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak3b447a93-5998-44da-ae02-223437f6605a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 14 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p> <p style="MARGIN: 0px">Notes to the unaudited condensed consolidated interim financial statements</p> <p style="MARGIN: 0px">For the three months ended March 31, 2019 and 2018</p> <p style="MARGIN: 0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp; </p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"></td> <td valign="top">The continuity of the term facility with Samsung is as follows:</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="94%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>March 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>December 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Balance at beginning of the period</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,901</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">8,667</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Repayments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(2,000</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Unwinding of fair value adjustment</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(50</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Fair value adjustment for modification</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">234</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Balance at end of the period</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6,851</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">6,901</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Less: Current portion</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(1,804</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(1,017</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Non-current portion</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">5,047</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">5,884</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"><b>10.</b></td> <td valign="top"><b>WARRANT LIABILITY</b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"></td> <td valign="top">The Company&#8217;s warrant liability arises as a result of the issuance of warrants exercisable in US dollars. As the denomination is different from the Canadian dollar functional currency of the entity issuing the underlying shares, the Company recognizes a derivative liability for these warrants and re-measures the liability at the end of each reporting period using the Black-Scholes model. Changes in respect of the Company&#8217;s warrant liability are as follows:</td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="94%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 1.25pt" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px 0px 0px 1.25pt" align="right"><b>2019</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 1.25pt" align="right"><b>December 31,</b></p> <p style="MARGIN: 0px 0px 0px 1.25pt" align="right"><b>2018</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Balance at beginning of the period</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">2,009</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,161</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Warrants issued during the period</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,296</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Fair value adjustment </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(188</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,304</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Effect of movement in exchange rates </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">45</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(144</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Balance at end of the period</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">1,866</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">2,009</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px 0px 0px 21.3pt" align="justify">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="94%" align="center" border="0"> <tr> <td> <p style="MARGIN: 0px">Continuity of warrants during the periods is as follows:</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Underlying </b></p> <p style="MARGIN: 0px" align="right"><b>Shares</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 10.65pt" align="right"><b>Weighted Average Exercise Price</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Warrants outstanding and exercisable, January 1, 2018</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,602,215</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1.99</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px">Issued</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">7,175,846</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">0.80</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Warrants outstanding and exercisable, December 31, 2018</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">10,778,061</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1.20</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px">Expired</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(40,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1.00</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Warrants outstanding and exercisable, March 31, 2019</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">10,738,061</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">1.20</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="94%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px; TEXT-INDENT: 0px" align="right"><b>Derivative Warrants </b></p> <p style="MARGIN: 0px; TEXT-INDENT: 0px" align="right"><b>Outstanding and Exercisable</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px"><b>Expiry Date</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px; TEXT-INDENT: 0px" align="right"><b>Exercise Price </b></p> <p style="MARGIN: 0px; TEXT-INDENT: 0px" align="right"><b>per Share</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>March 31,&nbsp; <br>2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>December 31,<br>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">March 14, 2019</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1.00</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">40,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">November 28, 2019</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">2.00</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,562,215</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,562,215</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">September 25, 2023</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">0.80</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">7,175,846</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">7,175,846</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">10,738,061</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">10,778,061</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px 0px 0px 21.3pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"></td> <td valign="top">As at March 31, 2019, the weighted average remaining contractual life of warrants outstanding was 3.22 years (December 31, 2018 &#8211; 3.46 years).</td></tr></table></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreakbab67f50-1435-4926-b66a-bd455f4885f2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 15 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p> <p style="MARGIN: 0px">Notes to the unaudited condensed consolidated interim financial statements</p> <p style="MARGIN: 0px">For the three months ended March 31, 2019 and 2018</p> <p style="MARGIN: 0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp; </p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Valuation of the warrant liability requires the use of highly subjective estimates and assumptions including the expected stock price volatility. The expected volatility used in valuing warrants is based on volatility observed in historical periods. Changes in the underlying assumptions can materially affect the fair value estimates. The fair value of the warrant liability was calculated using the Black-Scholes model with the following weighted average assumptions and resulting fair values: </p></td></tr></table>&nbsp;&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="94%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 3.7pt" align="right"><b>March 31, </b></p> <p style="MARGIN: 0px 0px 0px 3.7pt" align="right"><b>2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 3.7pt" align="right"><b>December 31,</b></p> <p style="MARGIN: 0px 0px 0px 3.7pt" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Weighted average assumptions:</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px">Risk-free interest rate</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1.57</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1.88</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px">Expected dividend yield</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px">Expected warrant life (years)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3.22</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3.46</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px">Expected stock price volatility</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">62.91</td> <td valign="bottom" width="1%">%</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">61.47</td> <td valign="bottom" width="1%">%</td></tr> <tr bgcolor="#cceeff"> <td style="BORDER-BOTTOM: 1px solid" valign="top"> <p style="MARGIN: 0px">Weighted average fair value</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">0.17</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">0.19</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"><b>11.</b></td> <td valign="top"><b>RECLAMATION PROVISION</b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="justify">Management&#8217;s estimate of the reclamation provision at March 31, 2019, is $10,791 (December 31, 2018 &#8211; $10,799), and the undiscounted value of the obligation is $16,722 (December 31, 2018 &#8211; $16,356). </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The present value of the obligation in Mexico of $1,255 (December 31, 2018 &#8211; $1,309) was calculated using a risk-free interest rate of 8.02% (December 31, 2018 &#8211; 8.62%) and an inflation rate of 2.87% (December 31, 2018 &#8211; 3.80%). Reclamation activities are estimated to begin in 2019 for the San Gonzalo Mine and in 2028 for the Avino Mine. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The present value of the obligation for Bralorne of $9,536 (December 31, 2018 &#8211; $9,490) was calculated using a weighted average risk-free interest rate of 3.37% (December 31, 2018 &#8211; 3.41%) and a weighted average inflation rate of 1.83% (December 31, 2018 &#8211; 1.88%).&nbsp; Reclamation activities are estimated to begin in 2027.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">A reconciliation of the changes in the Company&#8217;s reclamation provision is as follows:</p></td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="94%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 1.25pt" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px 0px 0px 1.25pt" align="right"><b>2019</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 8.8pt" align="right"><b>December 31,</b></p> <p style="MARGIN: 0px 0px 0px 8.8pt" align="right"><b>2018</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Balance at beginning of the period</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">10,799</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">11,638</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Changes in estimates</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(314</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(437</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Unwinding of discount</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">83</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">378</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Effect of movements in exchange rates</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">223</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(780</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Balance at end of the period</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">10,791</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">10,799</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Less: current portion</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(305</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(296</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Non-current portion</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">10,486</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">10,503</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakadf6ff1e-f9e9-4ab5-820d-339b806cce93" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 16 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p> <p style="MARGIN: 0px">Notes to the unaudited condensed consolidated interim financial statements</p> <p style="MARGIN: 0px">For the three months ended March 31, 2019 and 2018</p> <p style="MARGIN: 0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"><b>12.</b></td> <td valign="top"><b>SHARE CAPITAL AND SHARE-BASED PAYMENTS</b></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><i> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%"><em>(a)</em></td> <td valign="top"><i>Authorized: </i>Unlimited common shares without par value<i>. </i></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%"><em>(b)</em></td> <td valign="top"><i>Issued:</i></td></tr></tr></table>&nbsp;</i></p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="6%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(i)</td> <td valign="top">During the three months ended March 31, 2019, the Company issued 1,678,076 common shares in an at-the-market offering under prospectus supplement for gross proceeds of $1,043. The Company pays a 3% cash commission on gross proceeds and incurred $39 in issuance costs during the period.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(ii)</td> <td valign="top">During the year ended December 31, 2018, the Company closed a bought-deal financing, issuing 7,105,658 units at the price of $0.65 per unit for gross proceeds of $4,619. Each unit consisted of one common share and one share purchase warrant, with each share purchase warrant exercisable to purchase one additional common share at an exercise price of $0.80 until expiry on September 25, 2023. The financing was made by way of prospectus supplement in September 2018, to the short-form base shelf prospectus dated November 10, 2016 and the shelf registration statement dated August 22, 2018, for up to $25 million.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="justify">Of the $4,619 total aggregate proceeds raised in this financing, the $2,296 fair value of the warrants was attributed to warrant liability (Note 10), and the residual amount of $2,323 was attributed to common shares. The Company paid a 7% cash commission on the gross proceed in the amount of $324, and incurred additional legal costs of $185. Costs of $253 were allocated to the fair value of the warrants and have been reflected in the consolidated statement of operations as a finance cost, and costs of $256 have been reflected as share issuance costs in the consolidated statement of changes in equity. An additional $168 in issuance costs relating to the shelf registration statement have also been reflected in the consolidated statement of changes in equity</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">During the year ended December 31, 2018, the Company issued 3 million common shares by way of flow-through financing for gross proceeds of $4,667 (C$6,000). This amount includes a flow-through premium, which represents the difference between the Company&#8217;s share price on the date of issuance, and the offering price of C$2.00 per share. Based on the C$ to US$ exchange rate on the date of the transaction, $444 was recorded as the flow-through premium, for a net share capital allocation of $4,223. This premium is presented in &#8220;Other liabilities&#8221; on the balance sheet as at December 31, 2018. The Company incurred $471 in commission and issuance costs in relation to the offering.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">During the year ended December 31, 2018, the Company issued 151,800 common shares in an at-the-market offering under prospectus supplement for gross proceeds of $137. The Company pays a 3% cash commission on gross proceeds and incurred $4 in issuance costs during the period.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">During the year ended December 31, 2018, the Company issued 87,500 common shares upon the exercise of stock options for gross proceeds of $112. The Company also issued 274,658 common shares upon exercise of RSUs. The Company incurred $5 in issuance costs in relation to these exercises.&nbsp;</p></td></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p><em> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%"><em>(c)</em></td> <td valign="top"><em>Stock options:</em></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">The Company has a stock option plan to purchase the Company&#8217;s common shares, under which it may grant stock options and restricted share units of up to 10% of the Company&#8217;s total number of shares issued and outstanding on a non-diluted basis. The stock option plan provides for the granting of stock options to directors, officers, and employees, and to persons providing investor relations or consulting services, the limits being based on the Company&#8217;s total number of issued and outstanding shares per year. The stock options vest over a period of one year. The option price must be greater than or equal to the discounted market price on the grant date, and the option term cannot exceed ten years from the grant date.</p></td></tr></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak5435b8e2-87c3-47bd-b167-ba7b8867f5bf" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 17 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p> <p style="MARGIN: 0px">Notes to the unaudited condensed consolidated interim financial statements</p> <p style="MARGIN: 0px">For the three months ended March 31, 2019 and 2018</p> <p style="MARGIN: 0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp; </p></em> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%"></td> <td valign="top">A reconciliation of the Company&#8217;s stock options is as follows:</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="88%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Underlying </b></p> <p style="MARGIN: 0px" align="right"><b>Shares</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 10.65pt" align="right"><b>Weighted Average Exercise Price (C$)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Stock options outstanding and exercisable, January 1, 2018</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,311,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">2.12</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 10.6pt">Granted</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">497,500</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1.30</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 10.6pt">Cancelled / Forfeited</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(497,500</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">2.14</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 10.6pt">Expired</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(306,000</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1.61</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 10.6pt">Exercised</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(87,500</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1.61</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Stock options outstanding, December 31, 2018</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2,917,500</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2.04</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Stock options exercisable, December 31, 2018</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,576,250</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">2.14</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">&nbsp;&nbsp; Cancelled / Forfeited</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(225,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2.18</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Stock options outstanding, March 31, 2019</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2,692,500</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2.03</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Stock options exercisable, March 31, 2019</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">2,465,000</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">2.10</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px 0px 0px 0.25in" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="6%"></td> <td valign="top">The following table summarizes information about the stock options outstanding and exercisable at March 31, 2019:</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="88%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" colspan="2" align="center"></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Outstanding </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Exercisable</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px"><b>Expiry Date</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Price </b></p> <p style="MARGIN: 0px" align="center"><b>(C$)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Number of </b></p> <p style="MARGIN: 0px" align="right"><b>Options </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Weighted Average Remaining Contractual Life (Years) </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Number of</b></p> <p style="MARGIN: 0px" align="right"><b>&nbsp;Options </b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Weighted Average Remaining Contractual Life (Years)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">September 19, 2019</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1.90</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">520,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0.47</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">520,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0.47</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">December 22, 2019</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1.90</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">30,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0.73</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">30,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">0.73</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">September 2, 2021</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">2.95</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">502,500</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2.43</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">502,500</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2.43</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">September 20, 2022</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1.98</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,170,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3.48</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,170,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3.48</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">October 6, 2022</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1.98</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">15,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3.52</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">15,000</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3.52</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">August 28, 2023</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1.30</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">455,000</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">4.41</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">227,500</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">4.41</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">2,692,500</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">2.83</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">2,465,000</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">2.68</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><i> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">During the three months ended March 31, 2019, the Company charged $41 (three months ended March 31, 2018 - $Nil) to operations as share-based payments and capitalized $13 (three months ended March 31, 2018 - $Nil) to exploration and evaluation assets for the fair value of stock options granted.</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(d)</td> <td valign="top"><i>Restricted Share Units:</i></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="justify">On April 19, 2018, the Company&#8217;s Restricted Share Unit (&#8220;RSU&#8221;) Plan was approved by its shareholders. The RSU Plan is administered by the Compensation Committee under the supervision of the Board of Directors as compensation to officers, directors, consultants, and employees. The Compensation Committee determines the terms and conditions upon which a grant is made, including any performance criteria or vesting period. RSU&#8217;s issued under the RSU Plan is subject to the combined maximum of up to 10% of the Company&#8217;s total number of shares issued and outstanding on a non-diluted basis</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Upon vesting, each RSU entitles the participant to receive one common share, provided that the participant is continuously employed with or providing services to the Company. RSUs track the value of the underlying common shares, but do not entitle the recipient to the underlying common shares until such RSUs vest, nor do they entitle a holder to exercise voting rights or any other rights attached to ownership or control of the common shares, until the RSU vests and the RSU participant receives common shares.</p></td></tr></table></i></p> <p style="MARGIN: 0px"><i>&nbsp;&nbsp; </i></p><i style="MARGIN: 0px"> <p style="MARGIN: 0px"> <table id="pagebreak7dbf08d6-5176-419e-8b58-33331aa9b86e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 18 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p></i> <p style="MARGIN: 0px"><b>&nbsp;</b></p><b> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p> <p style="MARGIN: 0px">Notes to the unaudited condensed consolidated interim financial statements</p> <p style="MARGIN: 0px">For the three months ended March 31, 2019 and 2018</p> <p style="MARGIN: 0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr></table></p></b> <p style="MARGIN: 0px"><b>&nbsp; </b></p> <p style="MARGIN: 0px"><i style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="justify">During the three months ended March 31, 2019, no RSUs (year ended December 31, 2018 &#8211; 1,081,500) were granted. All RSUs granted vest one-third annually from the date of the grant until fully vested at the end of the three-year term. For the RSUs issued in the year ended December 31, 2018, the weighted average fair value at the measurement date was C$1.31, based on the TSX market price of the Company&#8217;s shares on the date the RSUs were granted. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">At March 31, 2019, there were 1,235,301 RSUs outstanding (December 31, 2018 &#8211; 1,235,301).</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">During the three months ended March 31, 2019, the Company charged $178 (March 31, 2018 - $134) to operations as share-based payments and capitalized $18 (March 31, 2018 - $10) to exploration and evaluation assets for the fair value of the RSUs vested. The fair value of the RSUs is recognized over the vesting period with reference to vesting conditions and the estimated RSUs expected to vest.&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px"><em>(e)</em></p></td> <td> <p style="MARGIN: 0px"><em>Earnings (loss) per share:</em></p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">The calculations for basic earnings (loss) per share and diluted earnings (loss) per share are as follows:</p></td></tr></table>&nbsp;&nbsp; </i>&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="88%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="right"><b>Three months ended March 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>&nbsp;2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>&nbsp;2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Net income (loss) for the period </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(610</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">818</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Basic weighted average number of shares outstanding </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">64,020,965</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">52,718,153</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Effect of dilutive share options, warrants, and RSUs </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">625,320</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Diluted weighted average number of shares outstanding </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">64,020,965</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">53,343,473</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Basic earnings (loss) per share</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(0.01</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">0.02</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Diluted earnings (loss) per share</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(0.01</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">0.02</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"><b>13.</b></td> <td valign="top"><b>REVENUE AND COST OF SALES</b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Revenue and the related cost of sales reflect the sale of silver, gold and copper concentrate from the Avino Mine and from the sale of silver and gold concentrate from the San Gonzalo Mine for the three months ended March 31, 2019 and 2018.</p></td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="94%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px 0px 0px 0in" align="right"><b>2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px 0px 0px 0in" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Concentrate sales</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,874</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">8,317</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Provisional pricing adjustments </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(163</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(161</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">6,711</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">8,156</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px 0px 0px 21.3pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"></td> <td valign="top">Cost of sales consists of changes in inventories, direct costs including personnel costs, mine site costs, energy costs (principally diesel fuel and electricity), maintenance and repair costs, operating supplies, external services, third party transport fees, depreciation and depletion, and other expenses for the periods. Direct costs include the costs of extracting co-products. Cost of sales is based on the weighted average cost of inventory sold for the periods and consists of the following:</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="94%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px 0px 0px 0in" align="right"><b>2019</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px 0px 0px 0in" align="right"><b>2018</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Production costs</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">5,978</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">5,452</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Depreciation and depletion </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">677</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">848</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">6,655</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">6,300</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak684e6106-5230-4bca-8841-2caf0e9fa62f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 19 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p> <p style="MARGIN: 0px">Notes to the unaudited condensed consolidated interim financial statements</p> <p style="MARGIN: 0px">For the three months ended March 31, 2019 and 2018</p> <p style="MARGIN: 0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"><b>14.</b></td> <td valign="top"><b>GENERAL AND ADMINISTRATIVE EXPENSES</b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"></td> <td valign="top">General and administrative expenses on the condensed consolidated interim statements of operations consist of the following:</td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="94%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px 0px 0px 0in" align="right"><b>2019</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 0in" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px 0px 0px 0in" align="right"><b>2018</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Salaries and benefits</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">214</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">374</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Office and miscellaneous</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">165</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">180</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Management and consulting fees</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">108</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">90</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Investor relations </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">25</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">148</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Travel and promotion</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">26</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">67</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Professional fees</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">108</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">81</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Directors fees </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">37</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">35</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Regulatory and compliance fees</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">49</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">218</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Depreciation</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">8</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">5</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">740</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">1,198</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px 0px 0px 17.85pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"><b>15.</b></td> <td valign="top"><b>COMMITMENTS</b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"></td> <td valign="top">The Company has a cost sharing agreement to reimburse Oniva for a percentage of its overhead expenses, to reimburse 100% of its out-of-pocket expenses incurred on behalf of the Company, and to pay a percentage fee based on Oniva&#8217;s total overhead and corporate expenses. The agreement may be terminated with one-month notice by either party. Transactions and balances with Oniva are disclosed in Note 8.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"></td> <td valign="top">The Company and its subsidiaries have various operating lease agreements for their office premises, use of land, and equipment. Commitments in respect of these lease agreements are as follows:</td></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="94%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px 0px 0px 8.75pt; TEXT-INDENT: 0px" align="right"><b>March 31, </b></p> <p style="MARGIN: 0px 0px 0px 8.75pt; TEXT-INDENT: 0px" align="right"><b>2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>December 31, </b></p> <p style="MARGIN: 0px" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Not later than one year</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">2,242</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">3,092</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Later than one year and not later than five years</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">76</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">74</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Later than five years</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">8</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">10</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">2,326</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">3,176</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px 0px 0px 21.3pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"></td> <td valign="top">Included in the above amount as at March 31, 2019, is the Company&#8217;s commitment to incur flow-through eligible expenditures of $2,107 (C$2,813) that must be incurred in Canada.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%"></td> <td valign="top">Office lease payments recognized during the three months ended March 31, 2019, totalled $19 (March 31, 2018 - $27).</td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak51161791-10db-4ce5-a705-53a063fec23f" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 20 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p> <p style="MARGIN: 0px">Notes to the unaudited condensed consolidated interim financial statements</p> <p style="MARGIN: 0px">For the three months ended March 31, 2019 and 2018</p> <p style="MARGIN: 0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp; </p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"><b>16.</b></td> <td valign="top"><b>SUPPLEMENTARY CASH FLOW INFORMATION</b></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="94%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>March 31, </b></p> <p style="MARGIN: 0px" align="right"><b>2019</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>March 31, </b></p> <p style="MARGIN: 0px" align="right"><b>2018</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Net change in non-cash working capital items:</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Inventory </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(134</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(278</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Prepaid expenses and other assets</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(59</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">514</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Taxes recoverable</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">54</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,440</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Taxes payable</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(84</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(134</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Accounts payable and accrued liabilities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">355</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">962</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Amounts receivable </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,463</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,326</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Other liabilities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(78</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Deferred revenues</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(431</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px; TEXT-INDENT: 10pt">Amounts due to related parties</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">3</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(29</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">1,089</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">921</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="94%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>March 31, </b></p> <p style="MARGIN: 0px" align="right"><b>2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>March 31, </b></p> <p style="MARGIN: 0px" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Interest paid</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">124</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">146</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Taxes paid</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">469</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,477</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Equipment acquired under finance leases and equipment loans</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">114</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px 0px 0px 21.3pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"><b>17.</b></td> <td valign="top"><b>FINANCIAL INSTRUMENTS</b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="justify">The fair values of the Company&#8217;s amounts due to related parties and accounts payable approximate their carrying values because of the short-term nature of these instruments. Cash, amounts receivable, long-term investments, and warrant liability are recorded at fair value. The carrying amounts of the Company&#8217;s term facility, equipment loans, and finance lease obligations are a reasonable approximation of their fair values based on current market rates for similar financial instruments.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company&#8217;s financial instruments are exposed to certain financial risks, including credit risk, liquidity risk, and market risk.&nbsp;</p></td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p><i> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%"><em>(a)</em></td> <td valign="top"><i>Credit Risk</i></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="justify">Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company has exposure to credit risk through its cash, long-term investments and amounts receivable. The Company manages credit risk, in respect of cash and short-term investments, by maintaining the majority of cash and short-term investments at highly rated financial institutions.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company is exposed to a significant concentration of credit risk with respect to its trade accounts receivable balance because all of its concentrate sales are with&nbsp;four (December 31, 2018 &#8211; six) counterparties (see Note 18). However, the Company has not recorded any allowance against its trade receivables because to-date all balances owed have been settled in full when due (typically within 60 days of submission) and because of the nature of the counterparties.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company&#8217;s maximum exposure to credit risk at the end of any period is equal to the carrying amount of these financial assets as recorded in the consolidated statement of financial position. At March 31, 2019, no amounts were held as collateral.&nbsp;</p></td></tr></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakb75ab604-74dd-4bd5-8d26-b3f2c45817f5" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 21 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p> <p style="MARGIN: 0px">Notes to the unaudited condensed consolidated interim financial statements</p> <p style="MARGIN: 0px">For the three months ended March 31, 2019 and 2018</p> <p style="MARGIN: 0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr></table></p>&nbsp; </i> <p style="MARGIN: 0px" align="justify"><i> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%"><em>(b)</em></td> <td valign="top"><i>Liquidity Risk</i><i></i></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due. The Company manages its liquidity risk by forecasting cash flows required by its operating, investing and financing activities. The Company had cash at March 31, 2019, in the amount of $2,526 and working capital of $10,507 in order to meet short-term business requirements. Accounts payable have contractual maturities of approximately 30 to 90 days, or are due on demand and are subject to normal trade terms. The current portions of term facility, equipment loans, and finance lease obligations are due within 12 months of the condensed consolidated interim statement of financial position date. Amounts due to related parties are without stated terms of interest or repayment. </p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">The maturity profiles of the Company&#8217;s contractual obligations and commitments as at March 31, 2019, are summarized as follows:</p></td></tr></tr></table>&nbsp;</i></p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="88%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Total</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Less Than</b></p> <p style="MARGIN: 0px" align="right"><b>1 Year</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>1-5 years</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>More Than </b></p> <p style="MARGIN: 0px" align="right"><b>5 Years</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Accounts payable and accrued liabilities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,225</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,225</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Due to related parties</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">157</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">157</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Minimum rental and lease payments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,326</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,242</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">76</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">8</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Term facility</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">7,510</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,211</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,299</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Equipment loans</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">799</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">454</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">345</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Finance lease obligations</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,659</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">955</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">704</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Total</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">18,676</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">12,244</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">6,424</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">8</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><i> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%"><em>(c)</em></td> <td valign="top"><i>Market Risk</i><i></i></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Market risk consists of interest rate risk, foreign currency risk and price risk. These are discussed further below.<b><i></i></b></p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="justify"><u>Interest Rate Risk</u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Interest rate risk consists of two components:&nbsp;</p></td></tr></tr></table>&nbsp;</i></p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="6%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%">(i)</td> <td valign="top">To the extent that payments made or received on the Company&#8217;s monetary assets and liabilities are affected by changes in the prevailing market interest rates, the Company is exposed to interest rate cash flow risk.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(ii)</td> <td valign="top">To the extent that changes in prevailing market rates differ from the interest rates on the Company&#8217;s monetary assets and liabilities, the Company is exposed to interest rate price risk.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px" align="justify">In management&#8217;s opinion, the Company is not exposed to significant interest rate cash flow risk as the Company&#8217;s term facility, equipment loans, and finance lease obligations bear interest at fixed rates.</p></td></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak5720d36d-15ad-4c6b-8e3f-a0c1316b157c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 22 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 35.3pt" align="justify"><i style="MARGIN: 0px"></i></p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p> <p style="MARGIN: 0px">Notes to the unaudited condensed consolidated interim financial statements</p> <p style="MARGIN: 0px">For the three months ended March 31, 2019 and 2018</p> <p style="MARGIN: 0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr></table></p> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%"></td> <td valign="top"><u>Foreign Currency Risk</u></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company is exposed to foreign currency risk to the extent that the following monetary assets and liabilities are denominated in Mexican pesos and Canadian dollars: </p></td></tr></table></p> <p style="MARGIN: 0px" align="justify">&nbsp;&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="88%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>March 31, 2019</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31, 2018</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>MXN</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>CDN</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>MXN</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>CDN</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Cash</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">4,685</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,063</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">8,378</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">2,421</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Long-term investments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">17</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">14</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Reclamation bonds</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">146</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">146</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Amounts receivable</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">73</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">114</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Accounts payable and accrued liabilities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(63,549</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(674</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(85,951</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(891</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Due to related parties</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(185</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(215</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Equipment loans</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(268</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(301</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Finance lease obligations</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(584</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(482</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(13,907</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(533</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Net exposure</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(59,448</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(310</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(91,480</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">755</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">US dollar equivalent</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(3,068</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(233</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(4,656</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">554</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px 0px 0px 35.45pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="6%"></td> <td valign="top">Based on the net US dollar denominated asset and liability exposures as at March 31, 2018, a 10% fluctuation in the US/Mexican and Canadian/US exchange rates would impact the Company&#8217;s earnings for the three months ended March 31, 2019, by approximately $360 (year ended December 31, 2018 - $452). The Company has not entered into any foreign currency contracts to mitigate this risk.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="justify"><u>Price Risk</u></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices, other than those arising from interest rate risk or foreign currency risk. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company is exposed to price risk with respect to its amounts receivable, as certain trade accounts receivable are recorded based on provisional terms that are subsequently adjusted according to quoted metal prices at the date of final settlement. Quoted metal prices are affected by numerous factors beyond the Company&#8217;s control and are subject to volatility, and the Company does not employ hedging strategies to limit its exposure to price risk. At March 31, 2019, based on outstanding accounts receivable that were subject to pricing adjustments, a 10% change in metals prices would have an impact on net earnings (loss) of approximately $259 (December 31, 2018 - $419).</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company is exposed to price risk with respect to its long-term investments, as these investments are carried at fair value based on quoted market prices. Changes in market prices result in gains or losses being recognized in net income (loss). A 10% change in market prices would not have a material impact on the Company&#8217;s operations.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company&#8217;s profitability and ability to raise capital to fund exploration, evaluation and production activities is subject to risks associated with fluctuations in mineral prices. Management closely monitors commodity prices, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company.&nbsp;</p></td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakf61a422f-22d8-471a-9649-c9f10805c8c9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 23 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p> <p style="MARGIN: 0px">Notes to the unaudited condensed consolidated interim financial statements</p> <p style="MARGIN: 0px">For the three months ended March 31, 2019 and 2018</p> <p style="MARGIN: 0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp; </p><i> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%"><em>(d)</em></td> <td valign="top"><i>Classification of Financial Instruments</i></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">IFRS 7 <i>Financial Instruments: Disclosures </i>establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value as follows:</p></td> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Level 1 &#8211; quoted prices (unadjusted) in active markets for identical assets or liabilities;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Level 2 &#8211; inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Level 3 &#8211; inputs for the asset or liability that are not based on observable market data (unobservable inputs).</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">The following table sets forth the Company&#8217;s financial assets and financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as at March 31, 2019:</p></td></tr></tr></table>&nbsp;</i> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="88%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Level 1</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Level 2</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Level 3</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"><b>Financial assets</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Cash </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">2,526</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Amounts receivable</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,628</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Long-term investments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">13</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Financial liabilities</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Warrant liability</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(1,866</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Total financial assets and liabilities </b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">2,539</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">2,628</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(1,866</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td></tr></table> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"><b>18.</b></td> <td valign="top"><b>SEGMENTED INFORMATION</b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="justify">The Company&#8217;s revenues for the three months ended March 31, 2019 of $6,711 (March 31, 2018 - $8,156) are all attributable to Mexico, from shipments of concentrate produced by the Avino Mine and the San Gonzalo Mine.</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">On the condensed consolidated interim statements of operations, the Company had revenue from the following product mixes:</p></td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="94%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px; TEXT-INDENT: 0px" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px; TEXT-INDENT: 0px" align="right"><b>2019</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px; TEXT-INDENT: 0px" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px; TEXT-INDENT: 0px" align="right"><b>2018</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Silver </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">2,826</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">4,220</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Gold</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,181</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,086</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Copper</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,964</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">3,132</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Penalties, treatment costs and refining charges</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(1,260</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(1,282</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Total revenue from mining operations</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">6,711</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">8,156</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak247c4852-e29b-435e-a1a2-0f1ee5ef3456" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 24 -</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p> <p style="MARGIN: 0px">Notes to the unaudited condensed consolidated interim financial statements</p> <p style="MARGIN: 0px">For the three months ended March 31, 2019 and 2018</p> <p style="MARGIN: 0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp; </p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"></td> <td valign="top">For the three months ended March 31, 2019, the Company had four customers (March 31, 2018 &#8211; three customers) that accounted for total revenues as follows:</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="94%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px; TEXT-INDENT: 0px" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px; TEXT-INDENT: 0px" align="right"><b>2019</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px; TEXT-INDENT: 0px" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px; TEXT-INDENT: 0px" align="right"><b>2018</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Customer #1</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">5,150</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,170</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Customer #2</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,085</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Customer #3</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">466</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Customer #4</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">10</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Customer #5</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,590</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Customer #6</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">396</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Total revenue from mining operations</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">6,711</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">8,156</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"></td> <td valign="top">Geographical information relating to the Company&#8217;s non-current assets (other than financial instruments) is as follows:</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="94%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>March 31,<br>2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>December 31, </b></p> <p style="MARGIN: 0px" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Exploration and evaluation assets - Mexico</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">9,745</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">9,692</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Exploration and evaluation assets - Canada</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">39,317</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">37,089</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Total exploration and evaluation assets</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">49,062</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">46,781</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="94%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px" align="right"><b>2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>December 31, </b></p> <p style="MARGIN: 0px" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Plant, equipment, and mining properties - Mexico</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">36,593</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">36,484</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Plant, equipment, and mining properties - Canada</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2,234</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2,259</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Total plant, equipment, and mining properties</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">38,827</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">38,743</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px 0px 0px 17.85pt" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%"><b>19.</b></td> <td valign="top"><b>SUBSEQUENT EVENTS</b></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px" align="justify"><b>At-The-Market Sales &#8211; </b>Subsequent to March 31, 2019, the Company issued 419,529 common shares in an at-the-market offering under prospectus supplement for gross proceeds of $246.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">- 25 -</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>avino_ex992.htm
<DESCRIPTION>MANAGEMENT DISCUSSION AND ANALYSIS
<TEXT>
<html><head><title>avino_ex992.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 99.2</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="2" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" width="30%"> <p style="MARGIN: 0px"><img src="avino_ex992img1.jpg"></p> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b><i></i></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The following discussion and analysis of the operations, results, and financial position of Avino Silver &amp; Gold Mines Ltd. (the &#8220;Company&#8221; or &#8220;Avino&#8221;) should be read in conjunction with the Company&#8217;s condensed consolidated interim financial statements for the three months ended March 31, 2019, and the audited consolidated financial statements as at and for the year ended December 31, 2018, and the notes thereto. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">This Management&#8217;s Discussion and Analysis (&#8220;MD&amp;A&#8221;) is dated May 8, 2019 and discloses specified information up to that date. The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;). Unless otherwise cited, references to dollar amounts are in US dollars. This MD&amp;A contains &#8220;forward-looking statements&#8221; that are subject to risk factors including those set out in the &#8220;Cautionary Statement&#8221; at the end of this MD&amp;A. All information contained in this MD&amp;A is current and has been approved by the Company&#8217;s Board of Directors as of May 8, 2019, unless otherwise indicated. Throughout this report we refer to &#8220;Avino&#8221;, the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221;, &#8220;our&#8221;, or &#8220;its&#8221;. All these terms are used in respect of Avino Silver &amp; Gold Mines Ltd. <b><i>We recommend that readers consult the &#8220;Cautionary Statement&#8221; on the last page of this report.</i></b> Additional information relating to the Company is available on the Company&#8217;s website at www.avino.com and on SEDAR at www.sedar.com.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><u><b>Business Description</b></u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Founded in 1968, the Company is engaged in the production and sale of silver, gold, and copper bulk concentrate, and the acquisition, exploration, and evaluation of mineral properties. The Company holds mineral claims and leases in Durango, Mexico, and in British Columbia and Yukon, Canada. Avino is a reporting issuer in all of the provinces of Canada, except for Quebec, and a foreign private issuer with the Securities and Exchange Commission in the United States. The Company&#8217;s shares trade on the Toronto Stock Exchange (&#8220;TSX&#8221;), under the symbol &#8220;ASM&#8221; (the Company graduated from the TSX Venture Exchange on January 8, 2018), on the NYSE American under the symbol &#8220;ASM&#8221;, and on the Berlin and Frankfurt Stock Exchanges under the symbol &#8220;GV6&#8221;. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>Discussion of Operations</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company&#8217;s production, exploration, and evaluation activities during the three months ended March 31, 2019, have been conducted on its Avino Property and its Bralorne Mine property. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company holds a 99.67% effective interest in Compa&#241;&#237;a Minera Mexicana de Avino, S.A. de C.V. (&#8220;Avino Mexico&#8221;), a Mexican corporation which owns the Avino Property. The Avino Property covers approximately 1,104 contiguous hectares, and is located approximately 80 km north-east of the city of Durango. The Avino Property is equipped with milling and processing facilities that presently process all output from the San Gonzalo and Avino Mines located on the property.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company also holds a 100% interest in the Bralorne Mine property through its ownership of Bralorne Gold Mines Ltd. The Bralorne Mine property consists of a comprehensive package of mineral claims, land parcels, and equipment and infrastructure assembled during historic mining operations in the Bridge River mining camp of southwest British Columbia. </p><b><u></u></b> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakcf108023-0111-4bb2-88bc-67ad8e6ff2f4" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">1 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px" align="justify"><img src="avino_ex992img3.jpg"> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>Operational Highlights</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; BORDER-LEFT: black 1px solid" cellspacing="0" cellpadding="2" width="100%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px"><b>HIGHLIGHTS</b></p> <p style="MARGIN: 0px"><b><i>(Expressed in US$)</i></b><i></i></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>First Quarter</b></p> <p style="MARGIN: 0px" align="center"><b>2019</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>First Quarter</b></p> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Change</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#a7a8a7"> <td style="BORDER-TOP: black 1px solid; BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="13"> <p style="MARGIN: 0px"><b>Operating </b></p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Tonnes Milled</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td bgcolor="#d9d9d9" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">197,687</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">140,817</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">40</td> <td bgcolor="#d9d9d9" valign="bottom" width="1%">%</td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Silver Ounces Produced</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td bgcolor="#d9d9d9" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">268,399</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">309,927</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">-13</td> <td bgcolor="#d9d9d9" valign="bottom" width="1%"> <p style="MARGIN: 0px">%</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Gold Ounces Produced</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td bgcolor="#d9d9d9" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">1,813</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,065</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">-12</td> <td bgcolor="#d9d9d9" valign="bottom" width="1%"> <p style="MARGIN: 0px">%</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Copper Pounds Produced</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td bgcolor="#d9d9d9" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">1,062,702</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">970,165</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">10</td> <td bgcolor="#d9d9d9" valign="bottom" width="1%">%</td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Silver Equivalent Ounces<sup>1</sup> Produced</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td bgcolor="#d9d9d9" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">615,019</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">656,699</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">-6</td> <td bgcolor="#d9d9d9" valign="bottom" width="1%"> <p style="MARGIN: 0px">%</p></td></tr> <tr height="15" bgcolor="#a7a8a7"> <td style="BORDER-TOP: black 1px solid; BORDER-BOTTOM: black 1px solid" colspan="13"> <p style="MARGIN: 0px"><b>Concentrate Sales and Cash Costs</b></p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Silver Equivalent Payable Ounces Sold<sup>2</sup></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td bgcolor="#d9d9d9" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">522,626</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">566,157</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">-8</td> <td bgcolor="#d9d9d9" valign="bottom" width="1%"> <p style="MARGIN: 0px">%</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Cash Cost per Silver Equivalent Payable Ounce<sup>1,2</sup></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td bgcolor="#d9d9d9" valign="bottom" width="1%">$</td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">11.44</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">9.63</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">19</td> <td bgcolor="#d9d9d9" valign="bottom" width="1%">%</td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">All-in Sustaining Cash Cost per Silver Equivalent Payable Ounce<sup>1,2</sup></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td bgcolor="#d9d9d9" valign="bottom" width="1%">$</td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">13.81</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">11.74</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">18</td> <td bgcolor="#d9d9d9" valign="bottom" width="1%">%</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><i>1. </i><em>In Q1 2019, AgEq was calculated using metals prices of $15.57 oz Ag, $1,304 oz Au and $2.82 lb Cu. In Q1 2018, AgEq was calculated using metals prices of $16.77 oz Ag, $1,330 oz Au and $3.16 lb Cu. </em></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><i>2. &#8220;Silver equivalent payable ounces sold&#8221; for the purposes of cash costs and all-in sustaining costs consists of the sum of payable silver ounces, gold ounces and copper tonnes sold, before penalties, treatment charges, and refining charges, multiplied by the ratio of the average spot gold and copper prices to the average spot silver price for the corresponding period.</i></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><i>3. The Company reports non-IFRS measures which include cash cost per silver equivalent payable ounce, all-in sustaining cash cost per payable ounce, EBITDA, adjusted EBITDA, and cash flow per share. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the calculation methods may differ from methods used by other companies with similar reported measures. See Non-IFRS Measures section for further information and detailed reconciliations.</i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>Financial Highlights</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; BORDER-LEFT: black 1px solid" cellspacing="0" cellpadding="2" width="100%" align="center" border="0"> <tr bgcolor="#d9d9d9"> <td valign="bottom"> <p style="MARGIN: 0px"><b>HIGHLIGHTS</b></p> <p style="MARGIN: 0px"><b><i>(Expressed in 000&#8217;s of US$)</i></b><i></i></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>First Quarter</b></p> <p style="MARGIN: 0px" align="center"><b>2019</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>First Quarter</b></p> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Change</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#a7a8a7"> <td style="BORDER-TOP: black 1px solid; BORDER-BOTTOM: black 1px solid" valign="top" colspan="13"> <p style="MARGIN: 0px"><b>Financial</b></p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Revenues</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td bgcolor="#d9d9d9" valign="bottom" width="1%">$</td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">6,711</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">8,156</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">-18</td> <td bgcolor="#d9d9d9" valign="bottom" width="1%"> <p style="MARGIN: 0px">%</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Mine operating income</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td bgcolor="#d9d9d9" valign="bottom" width="1%">$</td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">56</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,856</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">-97</td> <td bgcolor="#d9d9d9" valign="bottom" width="1%"> <p style="MARGIN: 0px">%</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Net income (loss)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td bgcolor="#d9d9d9" valign="bottom" width="1%">$</td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">(610</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px" align="left">)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">818</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">-175</td> <td bgcolor="#d9d9d9" valign="bottom" width="1%"> <p style="MARGIN: 0px">%</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Cash </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td bgcolor="#d9d9d9" valign="bottom" width="1%">$</td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">2,526</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">2,340</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">8</td> <td bgcolor="#d9d9d9" valign="bottom" width="1%">%</td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Working capital </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td bgcolor="#d9d9d9" valign="bottom" width="1%">$</td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">10,507</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">11,558</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">-9</td> <td bgcolor="#d9d9d9" valign="bottom" width="1%"> <p style="MARGIN: 0px">%</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Earnings before interest, taxes and amortization (&#8220;EBITDA&#8221;)<sup>1</sup></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td bgcolor="#d9d9d9" valign="bottom" width="1%">$</td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">49</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,687</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">-97</td> <td bgcolor="#d9d9d9" valign="bottom" width="1%"> <p style="MARGIN: 0px">%</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Adjusted EBITDA<sup>1</sup></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td bgcolor="#d9d9d9" valign="bottom" width="1%">$</td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="right">-&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,501</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">-100</td> <td bgcolor="#d9d9d9" valign="bottom" width="1%"> <p style="MARGIN: 0px">%</p></td></tr> <tr bgcolor="#a7a8a7"> <td style="BORDER-TOP: black 1px solid; BORDER-BOTTOM: black 1px solid" valign="top" colspan="15"> <p style="MARGIN: 0px"><b>Per Share Amounts</b></p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Earnings (loss) per share (&#8220;EPS&#8221;) &#8211; basic</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td bgcolor="#d9d9d9" valign="bottom" width="1%">$</td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">(0.01</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">0.02</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">-150</td> <td bgcolor="#d9d9d9" valign="bottom" width="1%"> <p style="MARGIN: 0px">%</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px">Cash flow per share (YTD)<sup>1 </sup>&#8211; basic</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td bgcolor="#d9d9d9" valign="bottom" width="1%">$</td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">0.00</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">0.02</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" bgcolor="#d9d9d9" valign="bottom" width="9%" align="right">-100</td> <td bgcolor="#d9d9d9" valign="bottom" width="1%"> <p style="MARGIN: 0px">%</p></td></tr></table><em></em> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><i>1. The Company reports non-IFRS measures which include cash cost per silver equivalent payable ounce, all-in sustaining cash cost per payable ounce, EBITDA, adjusted EBITDA, and cash flow per share. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the calculation methods may differ from methods used by other companies with similar reported measures. See Non-IFRS Measures section for further information and detailed reconciliations. </i></p><b><u></u></b> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak661dda7d-8689-4042-9e7a-aeec7dcad2eb" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">2 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="2" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" width="30%"> <p style="MARGIN: 0px"><img src="avino_ex992img1.jpg"></p> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p><b><u>Operational and Financial Performance</u></b> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b>Three months ended March 31, 2019</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">In the first quarter ended March 31, 2019, the Company recognized revenues of $4.2 million on the sale of Avino Mine bulk copper/silver/gold concentrate, $1.4 million on the sale of San Gonzalo bulk silver/gold concentrate and $1.1 million on the sale of bulk silver/gold/copper concentrate from the sale of Avino Historic Above Ground (&#8220;AHAG&#8221;) Stockpiles, net of penalties, treatment costs and refining charges, for mine operating income of $0.1 million. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">EBITDA during the first quarter ended March 31, 2019, was $0.05 million, compared to $1.7 million in the corresponding quarter in 2018.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Metal prices for revenues recognized during the three months ended March 31, 2019, averaged $15.56 per ounce of silver, $1,304 per ounce of gold, and $6,185 per tonne of copper. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Consolidated First Quarter 2019 Production Highlights</b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="2" width="100%" align="center" border="0"> <tr height="15" bgcolor="#d9d9d9"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" bgcolor="#bfbfbf" colspan="10"> <p style="MARGIN: 0px" align="center"><b>Q1 2019</b></p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px"><b>Production by Mine</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center"><b>Tonnes Milled</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center"><b>Silver Oz</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center"><b>Gold Oz</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center"><b>Copper Lbs</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center"><b>AgEq</b></p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px">Avino</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">100,922</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center">112,315</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center">1,097</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center">958,071</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center">379,798</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px">San Gonzalo</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">17,901</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center">70,759</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center">187</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center">-</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center">86,406</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px">AHAG Stockpiles</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">78,864</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center">85,325</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center">529</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center">104,631</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center">148,815</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px"><b>Consolidated</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center"><b>197,687</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center"><b>268,399</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center"><b>1,813</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center"><b>1,062,702</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center"><b>615,019</b></p></td></tr> <tr height="15" bgcolor="#bfbfbf"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="10"> <p style="MARGIN: 0px" align="center"><b>Q1 2019</b></p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="25%"> <p style="MARGIN: 0px"><b>Grade &amp; Recovery by Mine</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="12%"> <p style="MARGIN: 0px" align="center"><b>Tonnes Milled</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="12%"> <p style="MARGIN: 0px" align="center"><b>Grade Ag g/t</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="10%" colspan="2"> <p style="MARGIN: 0px" align="center"><b>Grade Au g/t</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="10%"> <p style="MARGIN: 0px" align="center"><b>Grade Cu %</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="10%"> <p style="MARGIN: 0px" align="center"><b>Recovery Ag %</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="10%" colspan="2"> <p style="MARGIN: 0px" align="center"><b>Recovery Au %</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="10%"> <p style="MARGIN: 0px" align="center"><b>Recovery Cu %</b></p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px">Avino</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">100,922</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">41</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center">0.48</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">0.49</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">84%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center">71%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">87%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px">San Gonzalo</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">17,901</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">188</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center">0.54</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">-</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">65%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center">61%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">-</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px">AHAG Stockpiles</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">78,864</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">61</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center">0.40</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">0.21</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">55%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center">52%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">29%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px"><b>Consolidated</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center"><b>197,687</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center"><b>62</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center"><b>0.45</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center"><b>0.37</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center"><b>71%</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="center"><b>62%</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center"><b>62%</b></p></td></tr></table><em></em> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Production results for the quarter are reflective of lower grades achieved, as well as a planned 7 day upgrade to the crushing circuit, in which all mill circuits were shutdown. The upgrades to the crushing circuit will ensure that the processing facility will realize more consistent throughput from the crusher during the rainy season in Mexico.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The mill circuit configuration in Q1 2019 was the same as Q4 2018, where Mill Circuit 1 processed material from the San Gonzalo Mine, Mill Circuit 2 processed material from the San Luis area of the Avino Mine, Mill Circuit 3 processed material from Elena Tolosa and Mill Circuit 4 processed material from the AHAG Stockpiles. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Although the focus is on our overall consolidated results, there are some noteworthy points for each of our mines, as well as our AHAG Stockpiles, which can be determined from the following tables. </p><i></i> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakb7ff7d3b-6683-4d90-a202-e19f0b538ff0" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">3 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px" align="justify"><img src="avino_ex992img2.jpg"> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"><b>Avino Mine Production Highlights</b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="2" width="85%" align="center" border="0"> <tr height="15" bgcolor="#bfbfbf"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="38%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="12%"> <p style="MARGIN: 0px" align="center"><b>Q1</b></p> <p style="MARGIN: 0px" align="center"><b>2019</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="12%"> <p style="MARGIN: 0px" align="center"><b>Q1</b></p> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="12%"> <p style="MARGIN: 0px" align="center"><b>Change </b></p> <p style="MARGIN: 0px" align="center"><b>%</b></p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Total Mill Feed (dry tonnes)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">100,922</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">120,631</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">-16%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Feed Grade Silver (g/t)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">41</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">56</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">-27%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Feed Grade Gold (g/t)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">0.48</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">0.58</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">-17%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Feed Grade Copper (%)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">0.49</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">0.43</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">14%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Recovery Silver (%)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">84%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">81%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">4%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Recovery Gold (%)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">71%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">68%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">4%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Recovery Copper (%)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">87%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">84%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">4%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Total Silver Produced (oz)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">112,315</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">174,603</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">-36%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Total Gold Produced (oz)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">1,097</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">1,544</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">-29%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Total Copper Produced (Lbs)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">958,071</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">970,165</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">-1%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Total Silver Equivalent Produced (oz)<i>*</i></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">379,798</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">480,315</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">-21%</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><em>*In Q1 2019, AgEq was calculated using metals prices of </em><em>$15.57 oz Ag, $1,304 oz Au and $2.82 lb Cu</em><em>. In Q1, 2018, AgEq was calculated using metals prices of $16.77 oz Ag, $1,330 Au and $2.80 Cu.</em></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><i>Under National Instrument 43-101, the Company is required to disclose that it has not based its production decisions on NI 43-101-compliant reserve estimates, preliminary economic assessments, or feasibility studies, and historically projects without such reports have increased uncertainty and risk of economic viability. The Company&#8217;s decision to place a mine into operation at levels intended by management, expand a mine, make other production-related decisions, or otherwise carry out mining and processing operations is largely based on internal non-public Company data, and on reports based on exploration and mining work by the Company and by geologists and engineers engaged by the Company. The results of this work are evident in the Company&#8217;s discovery of the San Gonzalo and Avino Mine resources, and in the Company&#8217;s record of mineral production and financial returns since operations at levels intended by management commenced at the San Gonzalo Mine in 2012. </i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Mill throughput from Avino Mine material was down 16% on a quarterly basis primarily due to the shutdown of all mill circuits for a period of 7 days during the previously-mentioned planned upgrades to the crushing circuit. The downtime was offset by increased efficiencies gained on Mill Circuit 3, as the Company continues to further refine its production process.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">On a quarterly basis, copper feed grade increased by 14%, while silver and gold feed grades decreased by 27% and 17%, respectively. The change in grades was mainly due to the specific areas being mined at the Elena Tolosa and San Luis areas.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Recovery rates for Q1 2019 showed improvement compared with Q1 2018, with increases of 4% in silver, gold and copper recovery rates.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">As a result of the items mentioned above, overall production was down on a silver-equivalent basis by 21% when comparing Q1 2019 to Q1 2018.</p><i></i> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak7eba077a-81b0-472f-b495-1c4ffd06427a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">4 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px" align="justify"><img src="avino_ex992img4.jpg"> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"><b>San Gonzalo Mine Production Highlights</b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="2" width="85%" align="center" border="0"> <tr height="15" bgcolor="#bfbfbf"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="38%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="12%"> <p style="MARGIN: 0px" align="center"><b>Q1</b></p> <p style="MARGIN: 0px" align="center"><b>2019</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="12%"> <p style="MARGIN: 0px" align="center"><b>Q1 2018</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="12%"> <p style="MARGIN: 0px" align="center"><b>Change </b></p> <p style="MARGIN: 0px" align="center"><b>%</b></p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Total Mill Feed (dry tonnes)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">17,901</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">20,186</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">-11%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Feed Grade Silver (g/t)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">188</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">264</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">-29%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Feed Grade Gold (g/t)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">0.54</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">1.07</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">-50%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Recovery Silver (%)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">65%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">79%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">-18%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Recovery Gold (%)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">61%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">75%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">-19%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Total Silver Produced (oz)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">70,759</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">135,079</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">48%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Total Gold Produced (oz)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">187</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">521</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">64%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Total Silver Equivalent Produced (oz)<i>*</i></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">86,406</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">176,384</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">-51%</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><em>*In Q1, 2019, AgEq was calculated using metals prices of </em><em>$15.57 oz Ag, and $1,304 oz Au. </em><em>In Q1, 2018, AgEq was calculated using metals prices of $16.77 oz Ag and $1,330 Au.</em></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><i>Under National Instrument 43-101, the Company is required to disclose that it has not based its production decisions on NI 43-101-compliant reserve estimates, preliminary economic assessments, or feasibility studies, and historically projects without such reports have increased uncertainty and risk of economic viability. The Company&#8217;s decision to place a mine into operation at levels intended by management, expand a mine, make other production-related decisions, or otherwise carry out mining and processing operations is largely based on internal non-public Company data, and on reports based on exploration and mining work by the Company and by geologists and engineers engaged by the Company. The results of this work are evident in the Company&#8217;s discovery of the San Gonzalo and Avino Mine resources, and in the Company&#8217;s record of mineral production and financial returns since operations at levels intended by management commenced at the San Gonzalo Mine in 2012.</i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="left">At San Gonzalo, the mine is approaching its end of life, and the grades, recoveries and production have been declining. This is in line with our internal expectations, and the results are indicative of both the decline and the previously mentioned planning upgrades to the crushing circuit. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">On a quarterly comparative basis, mill feed decreased by 11%. This is a direct result of the upgrades to the crushing circuit, which caused all mill circuits to be offline for 7 days.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">During the first quarter of 2019, silver and gold feed grades declined by 29% and 50%, respectively, compared to the first quarter of 2018. This, along with a decrease in both silver and gold recovery, resulted in a 51% decrease in silver equivalent ounces produced compared to Q1 2018. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakb1c2d9dc-95df-4d4d-813f-7efb0488a9fc" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">5 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px" align="justify"><img src="avino_ex992img5.jpg"> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Avino Historic Above Ground Stockpile Production Highlights</b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="2" width="85%" align="center" border="0"> <tr height="15" bgcolor="#bfbfbf"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="38%"> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="12%"> <p style="MARGIN: 0px" align="center"><b>Q1</b></p> <p style="MARGIN: 0px" align="center"><b>2019</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="12%"> <p style="MARGIN: 0px" align="center"><b>Q4</b></p> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" width="12%"> <p style="MARGIN: 0px" align="center"><b>Change</b></p> <p style="MARGIN: 0px" align="center"><b>%</b></p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Total Mill Feed (dry tonnes)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">78,864</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">69,033</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">14%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Feed Grade Silver (g/t)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">61</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">60</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">2%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Feed Grade Gold (g/t)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">0.40</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">0.43</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">-7%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Feed Grade Copper (%)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">0.21</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">0.18</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">17%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Recovery Silver (%)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">55%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">56%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">-2%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Recovery Gold (%)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">52%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">51%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">2%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Recovery Copper (%)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">29%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">44%</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">-34%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Total Silver Produced (oz)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">85,325</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">74,824</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">14%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Total Gold Produced (oz)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">529</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">481</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">10%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Total Copper Produced (Lbs)</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">104,631</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">119,411</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">-12%</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="justify">Total Silver Equivalent Produced (oz) <i>calculated*</i></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">148,815</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">138,449</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">7%</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><em>*In Q1, 2019, AgEq was calculated using metals prices of </em><em>$15.57 oz Ag, $1,304 oz Au and $2.82 lb Cu</em><em>. In Q1, 2018, AgEq was calculated using metals prices of $16.77 oz Ag, $1,330 Au and $2.80 Cu.</em></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">In the first quarter of 2019, Mill Circuit 4 processed 78,864 tonnes of the AHAG Stockpiles, which represents a 14% increase in throughput compared to Q4 2018, with no comparative figures for Q1 2018 as the Company commenced processing AHAG Stockpiles in May 2018. This increase was partially offset by the previously mentioned planned upgrade to the crushing circuit, and is a direct result of the continued efforts of the processing team in improving throughput and reducing downtime on all mill circuits.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">During the first quarter of 2019, silver and copper feed grades increased by 2% and 17%, respectively, compared to the fourth quarter of 2018. Gold feed grade compared to Q4 2018 declined by 7%. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Silver and gold recoveries remained fairly constant, with a decrease of 2% and increase of 2%, respectively, when compared to the fourth quarter of 2018. Copper recoveries decreased by 34%, which was a partial result of increased feed grade, and is expected to be improved in Q2 2019.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">As result of the items above, silver and gold production increased by 14% and 10%, respectively, while copper production decreased by 12%, when compared to Q1 2019. This resulted in a 7% increase in silver equivalent ounces produced compared to Q4 2018. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b>Avino Mine Expansion (San Luis Area)</b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The San Luis area of the Avino Mine is accessed through a separate portal located approximately 2 km from the main entrance of the Avino Mine (Elena Tolosa area). Current resources at San Luis were included in the most recent resource estimate on the Avino property, which can be found in Avino&#8217;s news release dated February 21, 2018 on Avino&#8217;s website and under the company&#8217;s profile on the SEDAR system. The news release was also filed with the SEC on Form 6-K.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">During Q1 2019, development at the San Luis area continued, although the workforce was reduced to keep costs low due to the lower metal price environment. As the San Gonzalo Mine winds down through the first and second quarters of 2019, Avino is evaluating scenarios to transfer some employees and contractors to San Luis to ensure development remains on the original schedule. Avino is evaluating the schedule to increase San Luis production in order to feed Mill Circuit 4. As noted previously, Mill Circuit 4 is currently being fed by AHAG Stockpiles&nbsp;which provides&nbsp;Avino the flexibility to alter the feed schedule for Mill Circuit 4 depending on metal prices to either maximize profit margins, or total ounces produced.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreakeea155da-258f-474b-ad85-8d17395144a2" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">6 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px" align="justify"><img src="avino_ex992img6.jpg"> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p><b>Upgrades to Existing Tailings Storage Facility (&#8220;TSF&#8221;)</b> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">During 2018, the Company commenced upgrades to its existing TSF, with the aim to finish this work throughout 2019. The Company consulted with both local and internationally recognized engineering firms to develop a design to ensure the utmost stability, and based on these consultations reinforced the existing TSF with 3 downstream buttresses to fortify the TSF wall strength, consisting of 2 million tonnes of waste rock, as well as installing piezometers and observation wells. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">During the first quarter of 2019, the installation of a tailings thickener commenced which should be completed on schedule and ready for startup in May, 2019. This thickener will reduce the water content sent to the tailings facility which will both decrease the volume of tailings as well as increase the stability of the tailings in the impoundment. In addition, engineering work is ongoing&nbsp;for a new tailings storage facility in the historic open pit which is already permitted. Current work involves understanding the tailings deposition initial location and sequencing. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>Bralorne Mine</u></b><i><u></u></i></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Bralorne Mine, located approximately 240 km north-east of Vancouver, British Columbia, is in the exploration, evaluation, and planning stage.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Avino acquired Bralorne Gold Mines in October of 2014, giving Avino full control and ownership of the Bralorne camp. Avino is implementing a multi-stage, multi-year plan to discover new mineralized zones, increase gold resources, expand the mine&#8217;s operating capacity and realize a much more efficient operation that will have the potential to contribute significantly to Avino&#8217;s overall production in the coming years.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Shortly after Avino&#8217;s acquisition of Bralorne in the fall of 2014, in the wake of the Mt. Polley tailings breach and in the midst of an unusually wet fall season, the difficult decision was made to suspend operations to address certain legacy issues left from the previous operator. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">To address these legacy issues, in 2015 and 2016, Avino increased the height of the embankment dam for the tailings storage facility, added buttressing for additional stability and installed a new state of the art PAL micro-filtration water treatment plant which provides the operation the ability to remain compliant with its permits even in adverse weather conditions. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">During this period and into 2017, the Company also developed a new strategic operating plan to enhance the mines productivity and profitability. New mining methods, mill configurations and throughput rates were studied and improvements were made to surface infrastructure to accommodate a larger operation. In addition, existing mining and environmental permits were modernized and granted by the BC Provincial Government and the Company developed strong relations with the St&#8217;at&#8217;imc First Nation, its affected communities as well as with the communities directly around the operation.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>2018 &#8211; 2019 Exploration</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">To facilitate an operation capable of sustaining profitable production at a higher throughput over the long term, the decision was made in late 2017 to pause development and expansion activities and renew focus on exploration. The goal of current exploration is to target underexplored portions of known veins as well as to target new discoveries in nearby underexplored areas that share similar geological structural attributes to the Bralorne, Pioneer and King Mines.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreak3aafb450-0450-49cb-b74e-678d92a173fd" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">7 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px" align="justify"><img src="avino_ex992img7.jpg"> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">In December 2017, the Company announced that plans were finalized for an 8,000 metre drill program. The program began in January 2018, but following the completion of four holes, Avino decided to expand the scope of the program and raised $6 million (CAD) through a flow through financing in April 2017 (details regarding the Flow-Through Share Offering can be found in Avino&#8217;s press release dated April 27, 2018).</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The expanded program is the most expansive in the camps 100+ year history and includes structural modelling and geological mapping, airborne and ground geophysics surveys, geochemical sampling along with 24,000 &#8211; 28,000 metres of drilling as well as the digitization of over 13,000 historical data sets from past surface and underground exploration.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Flow-through funds for this campaign are available to be used by December 31, 2019. An estimated CDN $4.4 million will be spent diamond drilling which is planned in two phases, as described below:</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p><font face="Symbol"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Phase One Drilling, Q4 2018 through Q1 2019 &#8211; Targeting underexplored portions of known veins</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Phase Two Drilling, Q1 to Q4 2019 &#8211; Targeting new discoveries in unexplored portions of the property</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p></font> <p style="MARGIN: 0px" align="justify">Detailed results from Phase One can be found in Avino&#8217;s press releases dating December 17, 2018 and April 1, 2019. Preliminary results from Phase Two are also outlined in the April 1, 2019 press release. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>Qualified Person(s)</u></b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Jasman Yee, P.Eng., Avino Director and Peter Latta, P.Eng, MBA, Senior Technical Advisor, both of whom are qualified persons within the context of National Instrument 43-101 have reviewed and approved the technical data in this document. Avino&#8217;s Bralorne project is under the supervision of Fred Sveinson, B.A., B.Sc., P. Eng., Senior Mining Advisor, who is a qualified person within the context of National Instrument 43-101, and Garth Kirkham, P.Geo., Principal of Kirkham Geosystems Ltd., who is an &#8220;independent qualified person&#8221;, as defined by Section 1.5 of NI 43-101. Both have reviewed and approved the technical data in this document.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>Non &#8211; IFRS Measures </u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">EBITDA and Adjusted EBITDA</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Earnings, or loss, before interest, taxes and amortization (&#8220;EBITDA&#8221;) is a non IFRS financial measure which excludes the following items from net earnings:</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p><font face="Symbol"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Income tax expense</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Finance cost</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Amortization and depletion</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p></font> <p style="MARGIN: 0px">Adjusted EBITDA excludes the following additional items from EBITDA</p> <p style="MARGIN: 0px">&nbsp;</p><font face="Symbol"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Share based compensation;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Non-operational items including foreign exchange movements and fair value adjustments</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p></font> <p style="MARGIN: 0px" align="justify">Management believes EBITDA and adjusted EBITDA provides an indication of continuing capacity to generate operating cash flow to fund capital needs, service debt obligations and fund capital expenditures. These measures are intended to provide additional information to investors and analysts. There are not standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of operating performance prepared in accordance with IFRS.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Adjusted EBITDA excludes share-based compensation expense, and non-operating items such as foreign exchange gains and losses and fair value adjustments. Under IFRS, entities must reflect within compensation expense the cost of share-based compensation. In the Company&#8217;s circumstances, share-based compensation can involve significant amounts that will not be settled in cash but are settled by issuance of shares in exchange. The Company discloses adjusted EBITDA to aid in understanding the results of the company.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak1c9a1b4f-0556-4373-8065-663b1f479713" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">8 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px" align="justify"><img src="avino_ex992img8.jpg"> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The following table provides a reconciliation of net earnings financial statements to EBITDA and Adjusted EBITDA:</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px"><b>Expressed in 000&#8217;s of US$, unless otherwise noted</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Q1 2019</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Q1 2018</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Net Income (loss) for the period</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(610</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">818</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Depreciation and depletion</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">685</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">852</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Interest (income) and other</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(139</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(35</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Interest expense</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">22</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">28</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Finance cost</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">32</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">51</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Accretion of reclamation provision</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">83</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">98</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Current income tax expense</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">144</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">439</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Deferred income tax (recovery)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(168</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(564</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">EBITDA</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">49</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,687</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Fair value adjustment on warrant liability</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(188</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(152</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Share-based payments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">218</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">134</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Foreign exchange gain</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(79</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(168</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify">Adjusted EBITDA</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px" align="right">-</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,501</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Cash cost per payable ounce, all-in sustaining cash cost per payable ounce, and cash flow per share</b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Cash cost per payable ounce, all-in sustaining cash cost per payable ounce, and cash flow per share are measures developed by mining companies in an effort to provide a comparable standard. However, there can be no assurance that our reporting of these non-IFRS measures is similar to that reported by other mining companies. Total cash cost per payable ounce, all-in sustaining cash cost per payable ounce, and cash flow per share are measures used by the Company to manage and evaluate operating performance of the Company&#8217;s mining operations, and are widely reported in the silver and gold mining industry as benchmarks for performance, but do not have standardized meanings prescribed by IFRS, and are disclosed in addition to IFRS measures. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Management believes that the Company&#8217;s ability to control the cash cost per payable silver equivalent ounce is one of its key performance drivers impacting both the Company&#8217;s financial condition and results of operations. Achieving a low silver equivalent production cost base allows the Company to remain profitable from mining operations even during times of low commodity prices, and provides more flexibility in responding to changing market conditions. In addition, a profitable operation results in the generation of positive cash flows, which then improve the Company&#8217;s financial condition. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company has adopted the reporting of &#8220;all-in sustaining cash cost per silver equivalent payable ounce&#8221;. This measure has no standardized meaning throughout the industry. However, it is intended to provide additional information. Avino presents all-in sustaining cash cost, because it believes that it more fully defines the total current cost associated with producing a silver equivalent payable ounce. Further, the Company believes that this measure allows investors of the Company to better understand its cost of producing silver equivalent payable ounces, and better assess the Company&#8217;s ability to generate cash flow from operations. Although the measure seeks to reflect the full cost per silver equivalent ounce of production from current operations, it does not include capital expenditures attributable to mine expansions, exploration, and evaluation costs attributable to growth projects, income tax payments, penalties, treatment and refining charges, and financing costs. In addition, the calculation of all-in sustaining cash costs does not include depreciation and depletion expense as it does not reflect the impact of expenditures incurred in prior periods. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company&#8217;s calculation of all-in sustaining cash costs includes sustaining capital expenditures of $509 for the three months ended March 31, 2019 (March 31, 2018 - $Nil), all of which is attributable to the Avino Mine. The Company has planned for sustaining capital expenditures for the remainder of 2019 in accordance with mine operating plans and expected equipment utilization levels. Although this measure is not representative of all of the Company&#8217;s cash expenditures, management believes that it is a useful measure in allowing it to analyze the efficiency of its mining operations. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreakaa1acea1-36fe-4c88-bf98-a1043216a1be" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">9 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px" align="justify"><img src="avino_ex992img9.jpg"> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company also presents cash flow per share, as it believes it assists investors and other stakeholders in evaluating the Company&#8217;s overall performance and its ability to generate cash flow from current operations. To facilitate a better understanding of these measures as calculated by the Company, detailed reconciliations between the non-IFRS measures and the Company&#8217;s consolidated financial statements are provided below. The measures presented are intended to provide additional information, and should not be considered in isolation nor should they be considered substitutes for IFRS measures. Calculated figures may not add up due to rounding.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Cash Cost and All-in Sustaining Cash Cost per Silver Equivalent Payable Ounce</b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The following tables provide a reconciliation of cost of sales from the consolidated financial statements to cash cost and all-in sustaining cash cost per silver equivalent payable ounce sold. In each table, &#8220;silver equivalent payable ounces sold&#8221; consists of the sum of payable silver ounces, gold ounces and copper tonnes sold, before penalties, treatment charges, and refining charges, multiplied by the ratio of the average spot gold and copper prices for the corresponding period.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The following table reconciles cash cost per payable AgEq oz production cost to all-in sustaining cash cost per payable AgEq oz for the three months ended March 31, 2019 and 2018:</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px"><b>Expressed in 000&#8217;s of US$, unless otherwise noted</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Avino</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>San Gonzalo</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>AHAG Stockpiles</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>Consolidated</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Q1 2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Q1 2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Q1 2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Q1 2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Q1 2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Q1 2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Q1 2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Q1 2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Cost of sales</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="5%" align="right">4,217</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="5%" align="right">4,522</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="5%" align="right">1,707</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="5%" align="right">1,778</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="5%" align="right">731</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="5%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="5%" align="right">6,655</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="5%" align="right">6,300</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Depletion and depreciation</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(411</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(402</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(152</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(446</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(114</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(677</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(848</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Cash production cost</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">3,806</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">4,120</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">1,555</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">1,332</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">617</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">5,978</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">5,452</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Payable silver equivalent ounces sold</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">344,174</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">410,974</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">121,415</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">155,183</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">57,037</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">522,626</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">566,157</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Cash cost per silver equivalent ounce</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">11.06</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">10.03</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">12.81</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">8.58</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">10.83</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">11.44</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom">$</td> <td id="ffcell" valign="bottom" align="right">9.63</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">General and administrative expenses</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">631</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">967</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">222</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">365</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">105</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">958</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">1,332</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Sustaining capital expenditures</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">509</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">509</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right">-</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Share-based payments and G&amp;A depreciation</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(149</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(100</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(52</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(38</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(25</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(226</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(138</td> <td style="PADDING-BOTTOM: 1px" valign="bottom">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Cash operating cost</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">4,797</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">4,987</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">1,725</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">1,659</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">697</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">7,219</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">6,646</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">AISC per payable silver equivalent ounce</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">13.94</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">12.14</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">14.21</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">10.69</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">12.23</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">13.81</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">11.74</td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The Company continues to review its expenditures, and has been successful in the pursuit to achieve lower overhead costs, and continues to process the AHAG Stockpiles at profitable levels.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">At the Avino Mine, costs for Q1 2019 have increased on a per ounce basis largely due to grade variation in the current mining areas, specifically in silver and gold which were down 27% and 17%, respectively, when compared to Q1 2018. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">During the first quarter of 2019, the cash cost and all-in sustaining cash cost per payable silver equivalent ounce at the San Gonzalo Mine increased compared with Q1 2018 mainly due to a lower ounces sold as a result of declining grades as the mine enters the latter stages of its life. Overall, costs have remained consistent at San Gonzalo in Q1 2019 compared to Q1 2018; however, due to lower ounces sold, the cost per ounce has increased.</p><b><u></u></b> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak709fa776-b126-4bf2-9ba7-bf69261e75b6" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">10 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px" align="justify"><img src="avino_ex992img10.jpg"> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>Cash Flow per Share </u></b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Cash flow per share is determined based on operating cash flows before movements in working capital, as illustrated in the consolidated statements of cash flows, divided by the basic and diluted weighted average shares outstanding during the period. </p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="right"><b>Three Months Ended March 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Operating cash flows before movements in working capital </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(24</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,215</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Weighted average number of shares outstanding</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px">Basic</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">64,020,965</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">52,718,153</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px">Diluted</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">64,020,965</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">53,494,526</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Cash Flow per Share &#8211; basic &amp; diluted</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><b>$</b></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><b>(0.00</b></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><b>)</b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><b>$</b></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><b>0.02</b></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>Working Capital </u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>March 31, </b></p> <p style="MARGIN: 0px" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>December 31, </b></p> <p style="MARGIN: 0px" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Current assets </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">20,819</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">22,947</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Current liabilities </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(10,312</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(9,841</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Working capital</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">10,507</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">13,106</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>Results of Operations</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Summary of Quarterly Results</b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr bgcolor="#ffffff"> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid; BORDER-LEFT: #000000 0px solid" valign="bottom"> <p style="MARGIN: 0px"><b>(000&#8217;s)</b></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2019</b></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2018</b></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>2017</b></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> <p style="MARGIN: 0px"><b>Quarter ended</b></p></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Mar 31 Q1</b></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Dec 31 Q4</b></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Sep 30 Q3</b></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>June 30 Q2</b></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Mar 31 Q1</b></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Dec 31 Q4</b></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Sep 30 Q3</b></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="7%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Jun 30 Q2</b></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Revenue</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="7%" align="right">6,711</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="7%" align="right">8,268</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="7%" align="right">8,516</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="7%" align="right">9,176</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="7%" align="right">8,156</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="7%" align="right">8,884</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="7%" align="right">8,436</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="7%" align="right">7,911</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Earnings (Loss) for the quarter</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">(610</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">981</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">(1,012</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">839</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">818</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">1,496</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">(716</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">1,152</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Earnings (Loss) per share - basic</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">(0.01</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">0.02</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">(0.02</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">0.02</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">0.02</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">0.03</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">(0.01</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">0.02</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Earnings (Loss) per share - diluted</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">(0.01</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">0.02</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">(0.02</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">0.02</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">0.02</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">0.03</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">(0.01</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="7%" align="right">0.02</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Total </b><b>Assets</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">108,830</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">108,588</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">113,210</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">109,498</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">102,434</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">102,835</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">101,207</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="7%" align="right">98,720</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Revenue decreased in Q1 2019 compared to previous quarters due to lower average realized metal prices, as well as lower ounces sold.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Earnings (losses) in the current quarter decreased due to lower silver equivalent ounces sold during the quarter, as well as higher production cost per ounce as the San Gonzalo Mine enters the latter stages of its life, and a decline in average metal prices compared to the earlier quarters of 2018 and 2017.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Total assets remained consistent at March 31, 2019 compared to previous quarters. Overall, total assets have steadily increased throughout the previous year&#8217;s quarters, as the Company continues to grow through debt and equity financings to advance its projects and acquire equipment.</td></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakdcb32702-a8bb-4e4e-bb1f-b65892602f92" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">11 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Quarterly results will fluctuate with changes in revenues, cost of sales, general and administrative expenses, including non-cash items such as share-based payments, and other items including foreign exchange and deferred income taxes. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Three months ended March 31, 2019, compared to the three months ended March 31, 2018: </b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px"><b>(000&#8217;s)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>Note</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Revenue from mining operations</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,711</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">8,156</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Cost of sales</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">6,655</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">6,300</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><b>1</b></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Mine operating income</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">56</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,856</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" valign="bottom" width="9%" align="right"><b>1</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Operating expenses</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px">General and administrative expenses</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">740</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,198</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" valign="bottom" width="9%" align="right"><b>2</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px">Share-based payments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">218</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">134</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><b>3</b></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Income (loss) before other items</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(902</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">524</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Other items </b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px">Interest and other income</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">139</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">35</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px">Unrealized loss on long-term investments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(8</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px">Fair value adjustment on warrant liability</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">188</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">152</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" valign="bottom" width="9%" align="right"><b>4</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px">Unrealized foreign exchange gain (loss)</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">79</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">167</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" valign="bottom" width="9%" align="right"><b>5</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px">Finance cost</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(32</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(51</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px">Accretion of reclamation provision</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(83</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(98</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px">Loss on sale of asset</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(3</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px">Interest expense</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(22</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(28</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Net income (loss) before income taxes</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(634</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">693</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Income taxes</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Current income tax expense</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(144</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(439</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" valign="bottom" width="9%" align="right"><b>6</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Deferred income tax recovery </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">168</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">564</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><b>6</b></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">24</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">125</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Net income</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(610</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">818</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><b>7</b></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Earnings per share</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px">Basic</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">(0.01</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">0.02</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" valign="bottom" width="9%" align="right"><b>7</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px 0px 0px 15px">Diluted</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(0.01</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">0.02</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><b>7</b></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak5c8d1794-eb7b-4a7d-9b9f-c4a01b6cb751" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">12 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px" align="justify"><img src="avino_ex992img11.jpg"> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%">1.</td> <td valign="top">Cost of sales for the three months ended March 31, 2019, were $6,655 compared to $6,300 for the three months ended March 31, 2018. The increase of $355 reflects an increase in tonnes mined and processed, resulting in an increase in mining and milling costs. Mine operating income decreased for the three months ended March 31, 2019, compared to March 31, 2018 mainly due to a decrease in average realized silver and gold prices, as well as a decrease in overall grades at the San Gonzalo and Avino Mines.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">2.</td> <td valign="top">General and administrative expenses for the three months ended March 31, 2019, totalled $740 compared to $1,198 for the three months ended March 31, 2018. The decrease reflects costs reduction initiatives made by management in the current quarter to maintain operations in good standing during the difficult market conditions.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">3.</td> <td valign="top"> <p>Share-based payments for the three months ended March 31, 2019, totalled $218 compared to $134 for the three months ended March 31, 2018. Share-based payments are comprised of the issuance of stock options, as well as restricted share units (&#8220;RSUs&#8221;) to directors, officers, employees, and consultants of the Company during the periods. RSUs vest over the following three years upon issuance. The increase relates to the vesting of additional RSUs and options that were issued during 2018.</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">4.</td> <td valign="top">The fair value adjustment on the Company&#8217;s warrant liability relates to the issuance of US dollar denominated warrants, which are re-valued each reporting period, and the value fluctuates with changes in the US-Canadian dollar exchange rate, and in the variables used in the valuation model, such as the Company&#8217;s US share price, and expected share price volatility.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">5.</td> <td valign="top">Foreign exchange gains or losses result from transactions in currencies other than the Canadian dollar functional currency. During the three months ended March 31, 2019, the US dollar remained fairly constant in relation to the Canadian dollar and Mexican peso, resulting in a minimal foreign exchange gain. During the three months ended March 31, 2018, the US dollar depreciated in relation to the Canadian dollar and the Mexican peso, resulting in a foreign exchange gain.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">6.</td> <td valign="top">Current income tax expense was $144 for the three months ended March 31, 2019, compared to an expense of $439 in the three months ended March 31, 2018. Deferred income tax recovery was $168 for the three months ended March 31, 2019, compared to a recovery of $564 in the comparative quarter. Deferred income tax fluctuates due to movements in taxable and deductible temporary differences related to the special mining duty in Mexico and to changes in inventory, plant, equipment and mining properties, and exploration and evaluation assets, amongst other factors. The changes in current income taxes and deferred income taxes for the three months ended March 31, 2019, primarily relate to movements in the tax bases and continuing mining profits in Mexico.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">7.</td> <td valign="top">As a result of the foregoing, net loss for the three months ended March 31, 2019, was $610, a decrease of $1,428 compared to net income of $818 for the three months ended March 31, 2018. The decrease resulted in a basic and diluted loss per share of $0.01 for the quarter ended March 31, 2019, compared to basic and diluted earnings per share of $0.02 in the comparative quarter.</td></tr></tr></tr></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak9b2b61c3-c0fd-4d41-bbef-69571d5ba8ef" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">13 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px" align="justify"><img src="avino_ex992img12.jpg"> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>Liquidity and Capital Resources</u></b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company&#8217;s ability to generate sufficient amounts of cash, in both the short term and the long term, to maintain existing capacity and to fund ongoing exploration, is dependent upon the discovery of economically recoverable reserves or resources and the ability of the Company to obtain the financing necessary to generate and sustain profitable operations.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Management expects that the Company&#8217;s ongoing liquidity requirements will be funded from cash generated from current operations and from further financing, as required, in order to fund ongoing exploration activities, and meet its objectives, including ongoing advancement at the Avino Mine. The Company continues to evaluate financing opportunities to advance its projects. The Company&#8217;s ability to secure adequate financing is, in part, dependent on overall market conditions, the prices of silver, gold, and copper, and other factors outside the Company&#8217;s control. There is no guarantee the Company will be able to secure any or all necessary financing in the future. The Company&#8217;s recent financing activities are summarized in the table below.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="2" width="100%" align="center" border="0"> <tr> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="39%"> <p style="MARGIN: 0px" align="justify"><b>Intended Use of Proceeds</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="45%"> <p style="MARGIN: 0px" align="justify"><b>Actual Use of Proceeds</b></p></td></tr> <tr bgcolor="#ffffff"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="39%"> <p style="MARGIN: 0px" align="justify">In September 2018, the Company closed a underwritten public offering for gross proceeds of US$4.6 million.</p> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="45%"> <p style="MARGIN: 0px" align="justify">As of the date of this MD&amp;A, the Company has begun to use the funds as intended. The Company had used the gross proceeds raised from the offering for advancing the development of other areas of the Avino mine, such as the San Luis area, and its operations and production, and to a lesser extent, for general working capital.</p> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="39%"> <p style="MARGIN: 0px" align="justify">In April 2018, the Company closed a private placement of 3,000,000 flow-through common shares for gross proceeds of C$6 million.</p> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="45%"> <p style="MARGIN: 0px" align="justify">As of the date of this MD&amp;A, the Company is using the funds as intended. The Company is using the gross proceeds raised from the offering to incur qualifying Canadian exploration expenses and flow-through mining expenditures on its Bralorne Mine, located in British Columbia, which has been renounced to the purchasers of the flow-through shares for the 2018 taxation year.</p> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="39%"> <p style="MARGIN: 0px" align="justify">In November 2016, the Company received gross proceeds of $11.2 million in connection with a bought-deal offering issued under a prospectus supplement. The Company intends to use the proceeds to advance the exploration and development of the Company&#8217;s Avino Mine and Bralorne Mine and for general working capital. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Since July 2014, the Company received gross proceeds of $14.4 million in connection with a brokered at-the-market offering issued under prospectus supplements. The Company intends to use the proceeds to advance the exploration of the Bralorne Mine property and the Avino property, and for working capital.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">In July 2015, the Company entered into a term facility agreement with Samsung C&amp;T U.K. Limited for $10 million. The facility is being used for mining equipment, to optimize the advancement of the Company&#8217;s projects for increased productivity, for improvements to its tailings impoundment facilities, and for general working capital requirements.</p> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="45%"> <p style="MARGIN: 0px" align="justify">As of the date of this MD&amp;A, the Company had used, and was continuing to use, the funds as intended. There has been no impact on the ability of the Company to achieve its business objectives and milestones. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">In supporting mining operations in Mexico, the Company incurred expenditures of $0.1 million for exploration and evaluation activities, acquired property and equipment of $0.8 million (before depreciation of $0.7 million), and made lease and loan repayments of $0.3 million during three months ended March 31, 2019. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">In advancing the Bralorne Mine, the Company incurred expenditures of $2.2 million for exploration and evaluation activities (before depreciation and share-based payments of $0.1 million, change in estimate to future reclamation of $(0.2) million, and foreign exchange movement of $0.8 million), acquired property and equipment for $0.1 million (before of $0.1 million of depreciation and disposals, and $0.1 million of foreign exchange movements), and made lease and loan repayments of $0.1 million</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company intends to continue to explore its properties, subject to market conditions and the ability to continue to obtain suitable financing.</p> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreak0b1adbd9-ebc5-40d0-8ad9-12df428a028d" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">14 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px" align="justify"><img src="avino_ex992img13.jpg"> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="2" width="100%" align="center" border="0"> <tr> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="39%"> <p style="MARGIN: 0px" align="justify">In May 2015, the Company entered into a master credit facility with Sandvik Customer Finance LLC for $5,000,000. The facility is being used to acquire equipment necessary for continuing exploration activities at the Avino and Bralorne Mines.</p> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="45%"> <p style="MARGIN: 0px" align="justify">As of the date of this MD&amp;A, the Company had used, and was continuing to use, the facility as intended, and there was $4.4 million in available credit remaining under the facility. There has been no impact on the ability of the Company to achieve its business objectives and milestones.</p> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="39%"> <p style="MARGIN: 0px" align="justify">In December 2014, the Company&#8217;s master credit facility with Caterpillar Finance was renewed for $5,375,400. The facility is being used to acquire equipment necessary for advancing operations at the San Gonzalo Mine and for operations and continuing exploration activities at the Avino Mine.</p> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="top" width="45%"> <p style="MARGIN: 0px" align="justify">As of the date of this MD&amp;A, the Company had used, and was continuing to use, the facility as intended, and there was $4.6 million in available credit remaining under the facility. There has been no impact on the ability of the Company to achieve its business objectives and milestones.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">Discussion and analysis relating to the Company&#8217;s liquidity as at March 31, 2019, December 31, 2018 and March 31 2018, is as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Statement of Financial Position</b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px"><b>(000&#8217;s)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px" align="right"><b>2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>December 31,</b></p> <p style="MARGIN: 0px" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Cash </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">2,526</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">3,252</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Working capital</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">10,507</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">13,106</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Accumulated Deficit </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(16,888</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(16,505</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>Cash Flow </u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td style="BORDER-BOTTOM: 1px solid" valign="bottom"> <p style="MARGIN: 0px"><b>(000&#8217;s)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px" align="right"><b>2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Cash generated by operating activities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,065</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">2,135</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Cash generated (used in) financing activities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">653</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(641</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Cash used in investing activities<i></i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(2,453</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">(2,574</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Change in cash </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(735</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(1,080</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Effect of exchange rate changes on cash </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">9</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Cash, beginning of period</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">3,252</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">3,420</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Cash, end of period</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">2,526</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">2,340</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><b>Operating Activities</b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Cash generated by operating activities for the three months ended March 31, 2019, was $1.1 compared to $2.1 million for the three months ended March 31, 2018. Cash generated by or used in operating activities can fluctuate with changes in net income, non-cash items, such as foreign exchange and deferred income tax expenses, and working capital.</p><i></i> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak7bcf280c-6316-41cd-98cb-f9fc4551a4da" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">15 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px" align="justify"><img src="avino_ex992img14.jpg"> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Financing Activities</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Cash generated by financing activities was $0.7 million for the three months ended March 31, 2019, compared to cash used in financing activities of $0.6 million for the three months ended March 31, 2018. Cash generated by financing activities for the three months ended March 31, 2019, relates to the issuance of shares for cash, and the repayments of equipment loans and finance leases for mining equipment. During the three months ended March 31, 2019, the Company received net proceeds from issuance of shares for cash of $1.0 million (March 31, 2018 - $0.1 million), and made finance lease and equipment loan payments totalling $0.3 million (March 31, 2018 - $0.7 million).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Investing Activities</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Cash used in investing activities for the three months ended March 31, 2019, was $2.5 million compared to $2.5 million for the three months ended March 31, 2018. Cash used in investing activities during the three months ended March 31, 2019, includes cash capital expenditures of $0.9 million (March 31, 2018 - $2.0 million) on the acquisition of property and equipment. Equipment purchases included new mining, milling/processing, and transportation equipment for the Company&#8217;s San Gonzalo Mine and Avino Mine. During the three months ended March 31, 2019, the Company also incurred cash capital expenditures of $1.6 million (March 31, 2018 - $1.5 million) on exploration and evaluation activities including drilling expenditures. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>Off-Balance Sheet Arrangements</u></b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company has no off-balance sheet arrangements.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>Transactions with Related Parties</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">All related party transactions are recorded at the exchange amount which is the amount agreed to by the Company and the related party. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%">(a)</td> <td valign="top">Key management personnel</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"></td> <td valign="top">The Company has identified its directors and certain senior officers as its key management personnel. The compensation costs for key management personnel for the three months ended March 31, 2019 and 2018 were as follows:</td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="right"><b>Three months ended March 31,</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Salaries, benefits, and consulting fees</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">166</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">208</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Share&#8208;based payments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">171</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">128</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">337</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">336</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%">(b)</td> <td valign="top">Amounts due to/from related parties</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"></td> <td valign="top">In the normal course of operations the Company transacts with companies related to Avino&#8217;s directors or officers. All amounts payable and receivable are non-interest bearing, unsecured and due on demand. Advances to Oniva International Services Corp. of $260 (December 31, 2018 - $212) for expenditures to be incurred on behalf of the Company are included in prepaid expenses and other assets on the condensed consolidated interim statements of financial position as at March 31, 2019.</td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak0cd27dcf-b837-4993-9871-dc7effb1ef3b" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">16 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px" align="justify"><img src="avino_ex992img15.jpg"> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%"></td> <td valign="top"><b>The following table summarizes the amounts were due to related parties:</b></td></tr></table>&nbsp;</b></p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px" align="right"><b>2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>December 31,</b></p> <p style="MARGIN: 0px" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Oniva International Services Corp.</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b>$</b></td> <td id="ffcell" valign="bottom" width="9%" align="right"><b>120</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b>$</b></td> <td id="ffcell" valign="bottom" width="9%" align="right"><b>107</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Directors</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" valign="bottom" width="9%" align="right"><b>34</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" valign="bottom" width="9%" align="right"><b>47</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Jasman Yee &amp; Associates, Inc.</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><b>3</b></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><b>3</b></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><b>$</b></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><b>157</b></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><b>$</b></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><b>157</b></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%">(c)</td> <td valign="top">Other related party transactions</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"></td> <td valign="top">The Company has a cost sharing agreement with Oniva International Services Corp. (&#8220;Oniva&#8221;) for office and administration services. Pursuant to the cost sharing agreement, the Company will reimburse Oniva for the Company&#8217;s percentage of overhead and corporate expenses and for out-of-pocket expenses incurred on behalf of the Company. David Wolfin, President &amp; CEO, and a director of the Company, is the sole owner of Oniva. The cost sharing agreement may be terminated with one-month notice by either party without penalty.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"></td> <td valign="top">The transactions with Oniva during the three months ended March 31, 2019 and 2018 are summarized below:</td></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px" align="right"><b>2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>March 31,</b></p> <p style="MARGIN: 0px" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Salaries and benefits</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b>$</b></td> <td id="ffcell" valign="bottom" width="9%" align="right"><b>249</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b>$</b></td> <td id="ffcell" valign="bottom" width="9%" align="right"><b>141</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><b>Office and miscellaneous</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" valign="bottom" width="9%" align="right"><b>90</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" valign="bottom" width="9%" align="right"><b>172</b></td> <td valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Exploration and evaluation assets</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right"><b>56</b></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right"><b>91</b></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"><b>$</b></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right"><b>395</b></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"><b>$</b></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right"><b>404</b></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><b> <p style="MARGIN: 0px">&nbsp;</p></b></td></tr></table> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%"></td> <td valign="top">For services provided to the Company as President and Chief Executive Officer, the Company pays Intermark Capital Corporation (&#8220;ICC&#8221;), a company controlled by David Wolfin, the Company&#8217;s president and CEO and also a director, for consulting services. For the three months ended March 31, 2019, the Company paid $56 (March 31, 2018 - $59) to ICC.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"></td> <td valign="top">The Company pays Jasman Yee &amp; Associates, Inc. (&#8220;JYAI&#8221;) for operational, managerial, metallurgical, engineering and consulting services related to the Company&#8217;s activities. JYAI&#8217;s managing director is a director of the Company. For the three months ended March 31, 2019 and 2018, the Company paid $6 and $16, respectively, to JYAI.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"></td> <td valign="top">The Company pays Wear Wolfin Designs Ltd. (&#8220;WWD&#8221;), a company whose director is the brother-in-law of David Wolfin, for financial consulting services related to ongoing consultation with stakeholders and license holders. For the three months ended March 31, 2019 and 2018, the Company paid $Nil and $6, respectively, to WWD. The agreement was terminated during 2018.</td></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>Financial Instruments and Risks</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The fair values of the Company&#8217;s amounts due to related parties and accounts payable approximate their carrying values because of the short-term nature of these instruments. Cash, amounts receivable, long-term investments, and warrant liability are recorded at fair value. The carrying amounts of the Company&#8217;s term facility, equipment loans, and finance lease obligations are a reasonable approximation of their fair values based on current market rates for similar financial instruments.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreakcd41d1ed-81a6-4ec1-9fda-2f8d619fa047" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">17 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px" align="justify"><img src="avino_ex992img16.jpg"> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company&#8217;s financial instruments are exposed to certain financial risks, including credit risk, liquidity risk, and market risk.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%"><em>(a)</em></td> <td valign="top"><em>Credit Risk</em></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"></td> <td valign="top">Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company has exposure to credit risk through its cash, short-term investments and amounts receivable. The Company manages credit risk, in respect of cash and short-term investments, by maintaining the majority of cash and short-term investments at highly rated financial institutions.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"></td> <td valign="top">The Company is exposed to a significant concentration of credit risk with respect to its trade accounts receivable balance because all of its concentrate sales are with four (December 31, 2018 &#8211; six) counterparties. However, the Company has not recorded any allowance against its trade receivables because to-date all balances owed have been settled in full when due (typically within 60 days of submission) and because of the nature of the counterparties.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"></td> <td valign="top">The Company&#8217;s maximum exposure to credit risk at the end of any period is equal to the carrying amount of these financial assets as recorded in the consolidated statement of financial position. At March 31, 2019, no amounts were held as collateral.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"><em>(b)</em></td> <td valign="top"><em>Liquidity Risk</em></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"></td> <td valign="top">Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due. The Company manages its liquidity risk by forecasting cash flows required by its operating, investing and financing activities. The Company had cash at March 31, 2019, in the amount of $2,526 and working capital of $10,507 in order to meet short-term business requirements. Accounts payable have contractual maturities of approximately 30 to 90 days, or are due on demand and are subject to normal trade terms. The current portions of term facility, equipment loans, and finance lease obligations are due within 12 months of the condensed consolidated interim statement of financial position date. Amounts due to related parties are without stated terms of interest or repayment.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"></td> <td valign="top">The maturity profiles of the Company&#8217;s contractual obligations and commitments as at March 31, 2019, are summarized as follows:</td></tr></tr></tr></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Total</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Less Than</b></p> <p style="MARGIN: 0px" align="right"><b>1 Year</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>1-5 years</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>More Than 5 Years</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Accounts payable and accrued liabilities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,225</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">6,225</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Due to related parties</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">157</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">157</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Minimum rental and lease payments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,326</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,242</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">76</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">8</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Term facility</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">7,510</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,211</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">5,299</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Equipment loans</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">799</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">454</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">345</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Finance lease obligations</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">1,659</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">955</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">704</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Total</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">18,676</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">12,244</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">6,424</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">8</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak9ee7a02b-0656-478b-b67f-bcb4652919ae" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">18 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px" align="justify"><img src="avino_ex992img17.jpg"> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%"><em>(c)</em></td> <td valign="top"><em>Market Risk</em></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"></td> <td valign="top">Market risk consists of interest rate risk, foreign currency risk and price risk. These are discussed further below.<b><i></i></b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"></td> <td valign="top"><u>Interest Rate Risk</u></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"></td> <td valign="top">Interest rate risk consists of two components:</td></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%">(i)</td> <td valign="top">To the extent that payments made or received on the Company&#8217;s monetary assets and liabilities are affected by changes in the prevailing market interest rates, the Company is exposed to interest rate cash flow risk.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top">(ii)</td> <td valign="top">To the extent that changes in prevailing market rates differ from the interest rates on the Company&#8217;s monetary assets and liabilities, the Company is exposed to interest rate price risk.<i></i></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px" align="justify">In management&#8217;s opinion, the Company is not exposed to significant interest rate cash flow risk as the Company&#8217;s term facility, equipment loans, and finance lease obligations bear interest at fixed rates.</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px" align="justify"><u>Foreign Currency Risk</u></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company is exposed to foreign currency risk to the extent that the following monetary assets and liabilities are denominated in Mexican pesos and Canadian dollars: </p></td></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>March 31, 2019</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"> <p style="MARGIN: 0px" align="center"><b>December 31, 2018</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>MXN</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>CDN</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>MXN</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b>CDN</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Cash</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">4,685</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">1,063</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">8,378</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">2,421</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Long-term investments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">17</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">14</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Reclamation bonds</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">146</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">146</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Amounts receivable</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">73</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">114</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Accounts payable and accrued liabilities</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(63,549</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(674</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(85,951</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(891</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Due to related parties</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(185</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(215</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Equipment loans</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(268</td> <td valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">(301</td> <td valign="bottom" width="1%">)</td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Finance lease obligations</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(584</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(482</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(13,907</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(533</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Net exposure</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(59,448</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(310</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(91,480</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">755</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">US dollar equivalent</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(3,068</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(233</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(4,656</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">554</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%"></td> <td valign="top">Based on the net US dollar denominated asset and liability exposures as at March 31, 2018, a 10% fluctuation in the US/Mexican and Canadian/US exchange rates would impact the Company&#8217;s earnings for the three months ended March 31, 2019, by approximately $360 (year ended December 31, 2018 - $452). The Company has not entered into any foreign currency contracts to mitigate this risk.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"></td> <td valign="top"><u>Price Risk</u></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"></td> <td valign="top">Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices, other than those arising from interest rate risk or foreign currency risk.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"></td> <td valign="top">The Company is exposed to price risk with respect to its accounts receivable, as certain trade accounts receivable are recorded based on provisional terms that are subsequently adjusted according to quoted metal prices at the date of final settlement. Quoted metal prices are affected by numerous factors beyond the Company&#8217;s control and are subject to volatility, and the Company does not employ hedging strategies to limit its exposure to price risk. At March 31, 2019, based on outstanding accounts receivable that were subject to pricing adjustments, a 10% change in metals prices would have an impact on net earnings (loss) of approximately $259 (December 31, 2018 - $419).</td></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak7c356197-5e42-44db-9c28-a92dc1215ad9" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">19 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px" align="justify"><img src="avino_ex992img18.jpg"> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%"></td> <td valign="top">The Company is exposed to price risk with respect to its long-term investments, as these investments are carried at fair value based on quoted market prices. Changes in market prices result in gains or losses being recognized in net income (loss). A 10% change in market prices would not have a material impact on the Company&#8217;s operations.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"></td> <td valign="top">The Company&#8217;s profitability and ability to raise capital to fund exploration, evaluation and production activities is subject to risks associated with fluctuations in mineral prices. Management closely monitors commodity prices, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"><em>(d)</em></td> <td valign="top"><em>Classification of Financial Instruments</em></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px">IFRS 7 <i>Financial Instruments: Disclosures </i>establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value as follows:</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"></td> <td valign="top"> <p style="MARGIN: 0px" align="justify">Level 1 &#8211; quoted prices (unadjusted) in active markets for identical assets or liabilities;</p> <p style="MARGIN: 0px" align="justify">Level 2 &#8211; inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and</p> <p style="MARGIN: 0px">Level 3 &#8211; inputs for the asset or liability that are not based on observable market data (unobservable inputs).</p></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top"></td> <td valign="top">The following table sets forth the Company&#8217;s financial assets and financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as at March 31, 2019:</td></tr></tr></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Level 1</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Level 2</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Level 3</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Financial assets</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Cash </p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">2,526</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Amounts receivable</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">2,628</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Long-term investments</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">13</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Financial liabilities</b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Warrant liability</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">(1,866</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%">)</td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><b>Total financial assets and liabilities </b></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">2,539</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">2,628</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">(1,866</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%">)</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>Commitments</u></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company has a cost sharing agreement to reimburse Oniva for a percentage of its overhead expenses, to reimburse 100% of its out-of-pocket expenses incurred on behalf of the Company, and to pay a percentage fee based on Oniva&#8217;s total overhead and corporate expenses. The agreement may be terminated with one-month notice by either party. Transactions and balances with Oniva are disclosed in the Transactions with Related Parties section.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakb8daba79-19a0-425a-90fb-f4578010e47c" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">20 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px" align="justify"><img src="avino_ex992img19.jpg"> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company and its subsidiaries have various operating lease agreements for their office premises, use of land, and equipment. Commitments in respect of these lease agreements are as follows:</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>March 31, </b></p> <p style="MARGIN: 0px" align="right"><b>2019</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>December 31, </b></p> <p style="MARGIN: 0px" align="right"><b>2018</b></p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Not later than one year</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">2,242</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%">$</td> <td id="ffcell" valign="bottom" width="9%" align="right">3,092</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Later than one year and not later than five years</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">76</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">74</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Later than five years</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">8</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" width="9%" align="right">10</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">2,326</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%">$</td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right">3,176</td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Included in the above amount as at March 31, 2019, is the Company&#8217;s commitment to incur flow-through eligible expenditures of $2,107 (C$2,813) that must be incurred in Canada.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Office lease payments recognized during the three months ended March 31, 2019, totalled $19 (March 31, 2018 - $27).</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>Changes in Accounting Standards</u></b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>Application of new and revised accounting standards:</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Adoption of IFRS 16 Leases ("IFRS 16")</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">In January 2016, the IASB issued IFRS 16 - Leases ("IFRS 16") which replaces IAS 17 - Leases and its associated interpretative guidance. IFRS 16 applies a control model to the identification of leases, distinguishing between a lease and a service contract based on whether the customer controls the asset. For those assets determined to meet the definition of a lease, IFRS 16 introduces significant changes to the accounting by lesses, introducing a single, on-balance sheet accounting model that is similar to the current finance lease accounting, with limited exceptions for short-term leases or leases of low value assets. Lessor accounting remains similar to current accounting practice. IFRS 16 is effective for annual periods beginning on or after January 1, 2019, with Early adoption is permitted, provided the Company has adopted IFRS 15. This standard sets out a new model for lease accounting. A lessee can choose to apply IFRS 16 using either a full retrospective approach or a modified retrospective approach. The Company has applied IFRS 16 at the date it becomes effective using a modified retrospective approach. By applying this method, the comparative information for the 2018 fiscal year has not been restated. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">At the inception of a contract, the Company assesses whether a contract is or contains a lease. If so, the Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost, which consists of: </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="3%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="3%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">The amount of the initial measurement of the lease liability</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Any lease payments made at or before the commencement date</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Any indirect costs incurred</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">An estimate of costs to dismantle or remove the underlying asset or to restore the site on which the asset is located</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Any incentives received from the lessor</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The Company has elected not to recognize right of use assets and lease liabilities for short-term lease that have a lease term of 12 months or less and leases of low value assets. The lease payments associated with these leases are expensed on a straight-line basis over the lease term. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The majority of the Company's leases were already classified as right of use assets on its consolidated statement of financial position. The Company has reviewed all existing leases and concluded that all leases that were previously expensed over the lease term where considered to be either short-term leases or leases of low value assets, and therefore there is no impact to the consolidated financial statements upon adoption of IFRS 16. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Adoption of IFRIC 23 Uncertainty over Income Tax Treatments ("IFRIC 23")</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">On June 7, 2017, the IASB issued IFRIC 23 Uncertainty over Income Tax Treatments. The interpretation provides guidance on the accounting for current and deferred income tax liabilities and assets when there is uncertainty over income tax treatments. IFRIC 23 was applicable for annual periods beginning on or after January 1, 2019. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">IFRIC 23 requires an entity to determine whether uncertain tax positions are assessed separately or as a group; and assess whether it is probable that a tax authority will accept an uncertain tax treatment used, or proposed to be used, by an entity in its income tax filings. If yes, the entity should determine its accounting tax position consistently with the tax treatment used or planned to be used in its income tax filings. If no, the entity should reflect the effect of uncertainty in determining its accounting tax position. The Interpretation is effective for annual periods beginning on or after January 1, 2019. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The Company adopted IFRIC 23 in its consolidated financial statements for the annual period beginning on January 1, 2019, with no impact on the financial statements. </p> <p style="MARGIN: 0px" align="justify">&nbsp;&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak594329df-1248-4e60-950d-e2e5f6fe6079" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">21 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px" align="justify"><img src="avino_ex992img20.jpg"> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>Changes in accounting standards not yet effective:</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company has not early adopted any amendment, standard or interpretation that has been issued by the IASB but is not yet effective. The following accounting standards were issued and are not yet effective as of March 31, 2019:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><i>IFRS 3 &#8211; Definition of a Business</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">In October 2018, the IASB issued amendments to IFRS 3 &#8211; Definition of a Business which:</p> <p style="MARGIN: 0px">&nbsp;</p><font face="Symbol"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Clarify that to be considered a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs;</td></tr> <tr> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Narrow the definitions of a business and of outputs by focusing on goods and services provided to customers and by removing the reference to an ability to reduce costs;</td></tr> <tr> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Add guidance and illustrative examples to help entities assess whether a substantive process has been acquired;</td></tr> <tr> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Remove the assessment of whether market participants are capable of replacing any missing inputs or processes and continuing to produce outputs; and</td></tr> <tr> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Add an option concentration test that permits a simplified assessment of whether an acquired set of activities and assets is not a business.</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p></font> <p style="MARGIN: 0px" align="justify">The amendments are effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after January 1, 2020, and to asset acquisitions that occurred on or after the beginning of that period. Earlier application is permitted.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><i>Annual Improvements 2015-2017 Cycle</i></b> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">In December 2017, the IASB issued the Annual Improvements 2015-2017 cycle, containing amendments to IFRS 3 - Business Combinations (&#8220;IFRS 3&#8221;), IFRS 11 - Joint Arrangements, IAS 12 - Income Taxes, and IAS 23 - Borrowing Costs. These amendments are effective for annual periods beginning on or after January 1, 2019 and are not expected to have a significant impact on the Company&#8217;s consolidated financial statements</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px"><u><b>Outstanding Share Data<i></i></b></u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The Company&#8217;s authorized share capital consists of an unlimited number of common shares without par value.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">As at May 8, 2019, the following common shares, warrants, and stock options were outstanding:</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Number of</b></p> <p style="MARGIN: 0px" align="right"><b>shares</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Exercise price</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px"><b>&nbsp;</b></p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="right"><b>Remaining life (years)</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Share capital</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">65,435,374</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Warrants</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">10,738,061</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px" align="right">$0.80 - $2.00</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px" align="right">0.56 &#8211; 4.39</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">RSUs</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">1,225,575</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right">-</td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td colspan="2"> <p style="MARGIN: 0px" align="right">0.37 &#8211; 2.31</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px">Stock options</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">2,692,500</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="right">C$1.30 - C$2.95</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" colspan="2"> <p style="MARGIN: 0px" align="right">0.32 &#8211; 4.31</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px">Fully diluted</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right">80,091,510</td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreak9ac734e1-d2f0-4543-90b6-f629b7025c65" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">22 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px" align="justify"><img src="avino_ex992img21.jpg"> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The following are details of outstanding stock options as at March 31, 2019 and May 8, 2019:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="2" width="100%" align="center" border="0"> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom" width="25%"> <p style="MARGIN: 0px" align="left"><b>Expiry Date</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom" width="21%"> <p style="MARGIN: 0px" align="center"><b>Exercise Price Per Share </b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom" width="21%"> <p style="MARGIN: 0px" align="center"><b>Number of Shares Remaining Subject to Options</b></p> <p style="MARGIN: 0px" align="center"><b>(March 31, 2019)</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom" width="21%"> <p style="MARGIN: 0px" align="center"><b>Number of Shares Remaining Subject to Options (May 8, 2019)</b></p></td></tr> <tr height="15" bgcolor="#cceeff"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px 0px 0px 1.7pt">September 19, 2019</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="center">C$1.90</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right">520,000</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right">520,000</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px 0px 0px 1.7pt">December 22, 2019</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="center">C$1.90</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right">30,000</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right">30,000</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px 0px 0px 1.7pt">September 2, 2021</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="center">C$2.95</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right">502,500</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right">502,500</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px 0px 0px 1.7pt">September 20, 2022</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="center">C$1.98</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right">1,170,000</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right">1,170,000</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px 0px 0px 1.7pt">October 6, 2022</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="center">C$1.98</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right">15,000</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right">15,000</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px 0px 0px 1.7pt">August 28, 2023</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="center">C$1.30</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right">455,000</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right">455,000</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px 0px 0px 1.7pt"><b>Total:</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right"><b>2,692,500</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right"><b>2,692,500</b></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px">The following are details of outstanding warrants as at March 31, 2019 and May 8, 2019:</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="2" width="100%" align="center" border="0"> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom" width="25%"> <p style="MARGIN: 0px" align="center"><b>Expiry Date</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom" width="21%"> <p style="MARGIN: 0px" align="center"><b>Exercise Price Per Share </b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom" width="21%"> <p style="MARGIN: 0px" align="center"><b>Number of Underlying Shares </b></p> <p style="MARGIN: 0px" align="center"><b>(March 31, 2019)</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom" width="21%"> <p style="MARGIN: 0px" align="center"><b>Number of Underlying Shares (May 8, 2019)</b></p></td></tr> <tr height="15" bgcolor="#cceeff"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px">November 28, 2019</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">$2.00</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right">3,562,215</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right">3,562,215</p></td></tr> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px">September 25, 2023</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">$0.80</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right">7,175,846</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right">7,175,846</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px"><b>Total:</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right"><b>10,738,061</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right"><b>10,738,061</b></p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakb2d7b0d0-d815-4ffe-b3e4-c8c987095c19" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">23 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px" align="justify"><img src="avino_ex992img22.jpg"> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">The following are details of outstanding RSUs as at March 31, 2019 and May 8, 2019:</p> <p style="MARGIN: 0px">&nbsp;</p> <table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="2" width="100%" align="center" border="0"> <tr height="15"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom" width="25%"> <p style="MARGIN: 0px" align="center"><b>Expiry Date</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom" width="31%"> <p style="MARGIN: 0px" align="center"><b>Number of Shares Remaining Subject to RSUs </b></p> <p style="MARGIN: 0px" align="center"><b>(March 31, 2019)</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom" width="31%"> <p style="MARGIN: 0px" align="center"><b>Number of Shares Remaining Subject to RSUs </b></p> <p style="MARGIN: 0px" align="center"><b>(May 8, 2019)</b></p></td></tr> <tr height="15" bgcolor="#cceeff"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px">September 2, 2019</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right">216,316</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right">216,316</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px">September 20, 2020</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right">44,508</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right">44,508</p></td></tr> <tr height="15" bgcolor="#cceeff"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px">August 28, 2018</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right">974,477</p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right">964,751</p></td></tr> <tr height="15" bgcolor="#ffffff"> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"> <p style="MARGIN: 0px"><b>Total:</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right"><b>1,235,301</b></p></td> <td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid" valign="bottom"> <p style="MARGIN: 0px" align="right"><b>1,225,575</b></p></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><u><b>Disclosure Controls and Procedures</b></u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Management has designed and evaluated the effectiveness of the design and operation of the Company&#8217;s disclosure controls and procedures on financial reporting (as defined in NI 52-109 - Certification of Disclosure in Issuers&#8217; Annual and Interim Filings) and has concluded that, based on its evaluation, they are effective as of March 31, 2019, to provide reasonable assurance that material information relating to the Company and its consolidated subsidiaries is made known to management and disclosed in accordance with applicable securities regulations. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><u><b>Internal Controls over Financial Reporting (&#8220;ICFR&#8221;)</b></u></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">The management of the Company is responsible for establishing and maintaining adequate internal controls over financial reporting. Internal controls over financial reporting is a process to provide reasonable assurance regarding the reliability of the Company&#8217;s financial reporting for external purposes in accordance with IFRS. Internal controls over financial reporting includes maintaining records that in reasonable detail accurately and fairly reflect the Company&#8217;s transactions and dispositions of the assets of the Company; providing reasonable assurance that transactions are recorded as necessary for preparation of the Company&#8217;s consolidated financial statements in accordance with IFRS; providing reasonable assurance that receipts and expenditures are made in accordance with authorizations of management and the directors of the Company; and providing reasonable assurance that unauthorized acquisition, use or disposition of the Company&#8217;s assets that could have a material effect on the Company&#8217;s consolidated financial statements would be prevented or detected on a timely basis. Our management and the Board of Directors do not expect that our disclosure controls and procedures or internal controls over financial reporting will prevent all errors or all instances of fraud. A control system, no matter how well designed and operated, can provide only reasonable (not absolute) assurance that the control system&#8217;s objectives will be met. Further, the design, maintenance and testing of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px">Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control gaps and instances of fraud have been detected. These inherent limitations include the reality that judgment in decision-making can be faulty, and that breakdowns can occur because of simple errors or mistakes. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design, maintenance and testing of any system of controls is based in part upon certain assumptions about the likelihood of future events, and any control system may not succeed in achieving its stated goals under all potential future conditions.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Management conducted an evaluation of the effectiveness of the Company&#8217;s internal controls over financial reporting based on the framework and criteria established in Internal Control &#8211; Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013) (&#8216;COSO&#8217;). This evaluation included review of the documentation of controls, evaluation of the design effectiveness of controls, testing of the operating effectiveness of controls and a conclusion on this evaluation. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreakbbe46a6a-2d5f-4be3-b21c-a06e00ea797a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: right">24 | Page</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td style="BORDER-BOTTOM: 1px solid" width="30%"> <p style="MARGIN: 0px" align="justify"><img src="avino_ex992img23.jpg"> </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid" valign="bottom" width="70%"> <p style="MARGIN: 0px" align="right">&nbsp;</p> <p style="MARGIN: 0px" align="right"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</b></p> <p style="MARGIN: 0px" align="right"><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Based on this evaluation, management concluded that as of March 31, 2019, the Company&#8217;s internal controls over financial reporting, as defined in NI 52-109 - Certification of Disclosure in Issuer&#8217;s Annual and Interim Filings, are effective to achieve the purpose for which they have been designed. </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; BORDER-LEFT: black 1px solid" cellspacing="0" cols="1" cellpadding="2" width="100%" align="center" border="0"> <tr> <td> <p style="MARGIN: 0px" align="justify"><b>Cautionary Statement</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">This MD&amp;A is based on a review of the Company&#8217;s operations, financial position and plans for the future based on facts and circumstances as of May 8, 2019. Except for historical information or statements of fact relating to the Company, this document contains &#8220;forward-looking statements&#8221; within the meaning of applicable Canadian securities regulations. Forward-looking statements in this document include, but are not limited to, those regarding the economic outlook for the mining industry, expectations regarding metals prices, expectations regarding production output, production costs, cash costs and other operating results, expectations regarding growth prospects and the outlook for the Company&#8217;s operations, and statements regarding the Company&#8217;s liquidity, capital resources, and capital expenditures. There can be no assurance that such statements will prove to be accurate, and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company&#8217;s documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates or opinions change, except as required by applicable securities regulations. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company&#8217;s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="right">25&nbsp;| Page</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>avino_ex993.htm
<DESCRIPTION>CEO CERTIFICATION
<TEXT>
<html><head><title>avino_ex993.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>&nbsp; EXHIBIT 99.3</b></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b>Form 52-109F2&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><b><i>Certification of Interim Filings</i>&nbsp;</b></p> <p style="MARGIN: 0px" align="center"><i><b>Full Certificate</b></i></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">I, <b>David Wolfin<i>, Chief Executive Officer, of Avino Silver &amp; Gold Mines Ltd.,</i></b> certify the following:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%">1.</td> <td valign="top"><b><i>Review:</i> </b>I have reviewed the interim financial report and interim MD&amp;A (together, the &#8220;interim filings&#8221;) of <b>Avino Silver &amp; Gold Mines Ltd. </b>(the &#8220;issuer&#8221;) for the interim period ended <b>March 31, 2019</b>.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%">2.</td> <td valign="top"><b><i>No misrepresentations:</i> </b>Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%">3.</td> <td valign="top"><b><i>Fair presentation:</i></b><b> </b>Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%">4.</td> <td valign="top"><b><i>Responsibility: </i></b>The issuer&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 <i>Certification of Disclosure in Issuers&#8217; Annual and Interim Filings,</i> for the issuer.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%">5.</td> <td valign="top"><b><i>Design:</i></b> Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#8217;s other certifying officer(s) and I have, as at the end of the period covered by the interim filings</td></tr></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px" align="justify">(a) designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that </p> <p style="MARGIN: 0px 0px 0px 30px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 60px" align="justify">(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and</p> <p style="MARGIN: 0px 0px 0px 60px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 60px" align="justify">(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and </p> <p style="MARGIN: 0px 0px 0px 30px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px" align="justify">(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#8217;s GAAP.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%">5.1</td> <td valign="top"><b><i>Control framework:</i></b> The control framework the issuer&#8217;s other certifying officer(s) and I used to design the issuer&#8217;s ICFR is <b>Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission (&#8220;COSO&#8221;)</b>.<b><i></i></b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%">5.2</td> <td valign="top"><b><i>ICFR &#8211; material weakness relating to design </i></b>&#8211; <b>N/A</b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%">5.3</td> <td valign="top"><b><i>Limitation on scope of design</i></b><i> - </i><b>N/A</b></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr height="15"> <td valign="top"> <p style="MARGIN: 0px">6. </p></td> <td> <p style="MARGIN: 0px"><b><i>Reporting changes in ICFR:</i> </b>The issuer has disclosed in its interim MD&amp;A any change in the issuer&#8217;s ICFR that occurred during the period beginning on <b>January 1, 2019 </b>and ended on <b>March 31, 2019 </b>that has materially affected, or is reasonably likely to materially affect, the issuer&#8217;s ICFR. </p></td></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;&nbsp;</p> <p style="MARGIN: 0px" align="justify">Date: <b>May 8, 2019</b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><i>&#8220;David Wolfin&#8221;</i></p> <p style="MARGIN: 0px" align="justify">_______________________</p> <p style="MARGIN: 0px" align="justify">David Wolfin</p> <p style="MARGIN: 0px" align="justify">Chief Executive Officer</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>avino_ex994.htm
<DESCRIPTION>CFO CERTIFICATION
<TEXT>
<html><head><title>avino_ex994.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 99.4</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Form 52-109F2</b></p> <p style="MARGIN: 0px" align="center">&nbsp;<i><b>Certification of Interim Filings</b></i></p> <p style="MARGIN: 0px" align="center"><b>&nbsp;<i>Full Certificate</i></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">I, <b>Nathan Harte, <i>Chief Financial Officer, of Avino Silver &amp; Gold Mines Ltd.,</i></b> certify the following:</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%">1.</td> <td valign="top"><b><i>Review:</i> </b>I have reviewed the interim financial report and interim MD&amp;A (together, the &#8220;interim filings&#8221;) of <b>Avino Silver &amp; Gold Mines Ltd. </b>(the &#8220;issuer&#8221;) for the interim period ended <b>March 31, 2019</b>.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%">2.</td> <td valign="top"><b><i>No misrepresentations:</i> </b>Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%">3.</td> <td valign="top"><b><i>Fair presentation:</i></b><b> </b>Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%">4.</td> <td valign="top"><b><i>Responsibility: </i></b>The issuer&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 <i>Certification of Disclosure in Issuers&#8217; Annual and Interim Filings,</i> for the issuer.</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%">5.</td> <td valign="top"><b><i>Design:</i></b> Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#8217;s other certifying officer(s) and I have, as at the end of the period covered by the interim filings</td></tr></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px" align="justify">(a) designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that </p> <p style="MARGIN: 0px 0px 0px 30px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 60px" align="justify">(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and</p> <p style="MARGIN: 0px 0px 0px 60px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 60px" align="justify">(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and </p> <p style="MARGIN: 0px 0px 0px 30px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 30px" align="justify">(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#8217;s GAAP.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%">5.1</td> <td valign="top"><b><i>Control framework:</i></b> The control framework the issuer&#8217;s other certifying officer(s) and I used to design the issuer&#8217;s ICFR is <b>Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission (&#8220;COSO&#8221;)</b>.<b><i></i></b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%">5.2</td> <td valign="top"><b><i>ICFR &#8211; material weakness relating to design </i></b>&#8211; <b>N/A</b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%">5.3</td> <td valign="top"><b><i>Limitation on scope of design</i></b><i> - </i><b>N/A</b></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <tr> <td valign="top" width="3%">6.</td> <td valign="top"><b><i>Reporting changes in ICFR:</i> </b>The issuer has disclosed in its interim MD&amp;A any change in the issuer&#8217;s ICFR that occurred during the period beginning on <b>January 1, 2019 </b>and ended on <b>March 31, 2019 </b>that has materially affected, or is reasonably likely to materially affect, the issuer&#8217;s ICFR.</td></tr></tr></tr></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Date: <b>May 8, 2019</b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><i>&#8220;Nathan Harte&#8221;</i></p> <p style="MARGIN: 0px" align="justify">_______________________</p> <p style="MARGIN: 0px" align="justify">Nathan Harte</p> <p style="MARGIN: 0px" align="justify">Chief Financial Officer</p></BODY><!--Document Created by EDGARMaster--></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>avino_ex992img7.jpg
<TEXT>
begin 644 avino_ex992img7.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
