<SEC-DOCUMENT>0001477932-20-000932.txt : 20200227
<SEC-HEADER>0001477932-20-000932.hdr.sgml : 20200227
<ACCEPTANCE-DATETIME>20200227104637
ACCESSION NUMBER:		0001477932-20-000932
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		36
CONFORMED PERIOD OF REPORT:	20200226
FILED AS OF DATE:		20200227
DATE AS OF CHANGE:		20200227

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
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35254
		FILM NUMBER:		20659003

	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
<SEQUENCE>1
<FILENAME>avino_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html><head><title>avino_6k.htm</title><!--Document Created by EDGARMaster--></head><body style='TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px 7%'><body style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px 7%"><div style="MARGIN: 0px"></div><table style="FONT-SIZE: 1px" cellspacing="0" cellpadding="1" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 2px solid"></td></tr><tr><td style="BORDER-BOTTOM: 5px solid"></td></tr></table><div style="MARGIN: 0px">&nbsp;&nbsp;</div><div style="TEXT-ALIGN: center; MARGIN: 0px"><div class="btag" style="FONT-WEIGHT: bold; DISPLAY: inline"><div class="font" style="FONT-SIZE: 12pt; DISPLAY: inline">UNITED STATES</div></div></div><div style="TEXT-ALIGN: center; MARGIN: 0px"><div class="btag" style="FONT-WEIGHT: bold; DISPLAY: inline"><div class="font" style="FONT-SIZE: 12pt; DISPLAY: inline">SECURITIES AND EXCHANGE COMMISSION</div></div></div><div style="TEXT-ALIGN: center; MARGIN: 0px"><div class="btag" style="FONT-WEIGHT: bold; DISPLAY: inline"><div class="font" style="FONT-SIZE: 12pt; DISPLAY: inline">Washington, D.C. 20549</div></div></div><div style="TEXT-ALIGN: center; MARGIN: 0px 0px 0px 0in">&nbsp;&nbsp; </div><div style="TEXT-ALIGN: center; MARGIN: 0px 0px 0px 0in"><div class="btag" style="FONT-WEIGHT: bold; DISPLAY: inline"><div class="font" style="FONT-SIZE: 18pt; DISPLAY: inline">FORM 6-K</div></div></div><div style="TEXT-ALIGN: center; MARGIN: 0px 0px 0px 0in">&nbsp;&nbsp; </div><div style="TEXT-ALIGN: center; MARGIN: 0px 0px 0px 0in"><div class="btag" style="FONT-WEIGHT: bold; DISPLAY: inline">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</div></div><div style="TEXT-ALIGN: center; MARGIN: 0px 0px 0px 0in"><div class="btag" style="FONT-WEIGHT: bold; DISPLAY: inline">UNDER THE SECURITIES EXCHANGE ACT OF 1934</div></div><div style="TEXT-ALIGN: center; MARGIN: 0px 0px 0px 0in">&nbsp; </div><div style="TEXT-ALIGN: center; MARGIN: 0px"><div class="btag" style="FONT-WEIGHT: bold; DISPLAY: inline"><div class="utag" style="TEXT-DECORATION: underline; DISPLAY: inline">February, 2020</div></div></div><div style="TEXT-ALIGN: center; MARGIN: 0px"><div class="btag" style="FONT-WEIGHT: bold; DISPLAY: inline"><div class="utag" style="TEXT-DECORATION: underline; DISPLAY: inline"></div></div>&nbsp; </div><div style="TEXT-ALIGN: center; MARGIN: 0px 0px 0px 0in">Commission File Number: <div class="btag" style="FONT-WEIGHT: bold; DISPLAY: inline">001-35254</div></div><div style="TEXT-ALIGN: center; MARGIN: 0px 0px 0px 0in"><div class="btag" style="FONT-WEIGHT: bold; DISPLAY: inline"><div style="MARGIN: 0px;">&nbsp;</div><table id="e89cde9c-778e-4009-9179-b964ad54ad1e" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cols="1" cellpadding="0" width="50%" border="0"><tr><td style="BORDER-BOTTOM: black 1px solid"><div style="MARGIN: 0px;text-align:center;"><div class="font" style="display: inline; font-size:18pt;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div></div>&nbsp;<br><div class="btag" style="FONT-WEIGHT: bold; DISPLAY: inline"><div class="utag" style="TEXT-DECORATION: underline; DISPLAY: inline">Suite 900, 570 Granville Street, Vancouver, BC V6C 3P1</div></div></div><div style="TEXT-ALIGN: center; MARGIN: 0px 0px 0px 0in">(Address of principal executive offices)</div><div style="TEXT-ALIGN: center; MARGIN: 0px 0px 0px 0in">&nbsp;&nbsp;</div><div style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0in">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. <div class="font" style="FONT-FAMILY: Wingdings; DISPLAY: inline">x </div>Form 20-F <div class="font" style="FONT-FAMILY: Wingdings; DISPLAY: inline">&#168; </div>Form 40-F</div><div style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0in">&nbsp; </div><div style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0in">Indicate&nbsp;by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): <div class="font" style="FONT-FAMILY: Wingdings; DISPLAY: inline">&#168;</div></div><div style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0in"><div class="font" style="FONT-FAMILY: Wingdings; DISPLAY: inline"><div class="font" style="display: inline; font-family:Wingdings;"></div></div>&nbsp; </div><div style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0in">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): <div class="font" style="FONT-FAMILY: Wingdings; DISPLAY: inline">&#168;</div></div><div style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0in"><div class="font" style="FONT-FAMILY: Wingdings; DISPLAY: inline"><div class="font" style="display: inline; font-family:Wingdings;"></div></div>&nbsp; </div><div style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0in">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 <div class="font" style="FONT-FAMILY: Wingdings; DISPLAY: inline">&#168; </div>No <div class="font" style="FONT-FAMILY: Wingdings; DISPLAY: inline">x</div></div><div style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0in"><div class="font" style="FONT-FAMILY: Wingdings; DISPLAY: inline"></div>&nbsp; </div><div style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0in">If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):</div><div style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0in">&nbsp;</div><div style="MARGIN: 0px"></div><table style="FONT-SIZE: 1px" cellspacing="0" cellpadding="1" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 2px solid"></td></tr><tr><td style="BORDER-BOTTOM: 5px solid"></td></tr></table><div style="MARGIN: 0px"></div><div style="MARGIN: 0px;"></div><table id="0aa459a9-628c-4b4b-9caa-8f2eef2eb707" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td class="hpbhr">&nbsp;</td></tr><tr><td style="TEXT-INDENT: 0px">&nbsp;</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">SUBMITTED HEREWITH</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Exhibits:</div></div><div style="MARGIN: 0px;">&nbsp;</div><table id="e04f6807-a4a9-4c1f-8063-daf4cfc184ec" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr style="background-color:#cceeff;"><td style="width:8%;"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><a href="avino_ex991.htm">99.1</a></div></td><td><a href="avino_ex991.htm">Consolidated Financial Statements For the years ended December 31, 2019, 2018 and 2017</a></td></tr><tr style="background-color:#ffffff;"><td>&nbsp;</td><td></td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><a href="avino_ex992.htm">99.2</a></div></td><td><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><a href="avino_ex992.htm">Management Discussion and Analysis</a></div></td></tr><tr style="background-color:#ffffff;"><td>&nbsp;</td><td></td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><a href="avino_ex993.htm">99.3</a></div></td><td><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><a href="avino_ex993.htm">CEO Certification</a></div></td></tr><tr style="background-color:#ffffff;"><td>&nbsp;</td><td></td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><a href="avino_ex994.htm">99.4</a></div></td><td><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><a href="avino_ex994.htm">CFO Certification</a></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table id="pagebreakcd3ade90-c779-4859-a73d-e9b16ecc57d1" 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-INDENT: 0px"><div style="MARGIN: 0px;text-align:center;">2</div></td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="TEXT-ALIGN: center; MARGIN: 0px 0px 0px 0in"><div class="btag" style="FONT-WEIGHT: bold; DISPLAY: inline">SIGNATURES</div></div><div style="TEXT-ALIGN: center; MARGIN: 0px 0px 0px 0in">&nbsp;&nbsp;</div><div style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0in">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. </div><div style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0in">&nbsp; </div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top"></td><td valign="top" colspan="2"><div style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0in"><div class="btag" style="FONT-WEIGHT: bold; DISPLAY: inline">AVINO SILVER &amp; GOLD MINES LTD.</div></div></td><td valign="top"></td></tr><tr><td valign="top"></td><td valign="top" colspan="2"><div style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0in">(Registrant)</div></td><td valign="top"></td></tr><tr><td valign="top"></td><td valign="top" colspan="2">&nbsp; </td><td valign="top"></td></tr><tr><td style="WIDTH: 50%" valign="top"><div style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0in">Date: February 26, 2020</div></td><td style="WIDTH: 3%" valign="top"><div style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0in">By:</div></td><td style="WIDTH: 35%; BORDER-BOTTOM: 1px solid" valign="bottom"><div style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0in"><div class="itag" style="FONT-STYLE: italic; DISPLAY: inline">/s/ Dorothy Chin</div></div></td><td style="WIDTH: 12%" valign="top"></td></tr><tr><td valign="top"></td><td valign="top"></td><td valign="bottom"><div style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0in">Dorothy Chin</div></td><td valign="top"></td></tr><tr><td></td><td></td><td><div style="TEXT-ALIGN: justify; MARGIN: 0px 0px 0px 0in">Corporate Secretary</div></td><td></td></tr></table><div style="MARGIN: 0px">&nbsp;</div><div style="MARGIN: 0px"></div><div style="MARGIN: 0px;"></div><table id="55118874-db43-4700-8469-f39653919459" 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-INDENT: 0px"><div style="MARGIN: 0px;text-align:center;">3</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div></body></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>avino_ex991.htm
<DESCRIPTION>FINANCIAL STATEMENTS
<TEXT>
<html><head><title>avino_ex991.htm</title><!--Document Created by EDGARMaster--></head><body style='TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px 7%'><body style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px 7%"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">EXHIBIT 99.1</div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><img src="avino_ex991img1.jpg"> </div><div style="MARGIN: 0px;text-align:center;">&nbsp;</div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px;text-align:center;">&nbsp;</div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Consolidated Financial Statements</div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">For the years ended December 31, 2019, 2018 and 2017</div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreakd1acd153-0ce5-4e81-b99e-d09e708cbda5" 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; TEXT-INDENT: 0px">- 1 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S RESPONSIBILITY FOR FINANCIAL REPORTING</div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">The consolidated financial statements of Avino Silver &amp; Gold Mines Ltd. (the &#8220;Company&#8221;) are the responsibility of the Company&#8217;s management. The consolidated 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. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-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. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-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 consolidated financial statements prior to their submission to the Board of Directors for approval. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">The consolidated financial statements as at December 31, 2019 and 2018, and for the years ended December 31, 2019, 2018 and 2017, have been audited by Manning Elliott LLP, an independent registered public accounting firm, and their report outlines the scope of their examination, and gives their opinion on the consolidated financial statements. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cols="3" cellpadding="0" width="100%" border="0"><tr><td style="width:30%;"><div style="MARGIN: 0px;"><div class="itag" style="display: inline; font-style: italic">&#8220;David Wolfin&#8221; </div></div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td style="width:30%;"><div style="MARGIN: 0px;text-align:right;"><div class="itag" style="display: inline; font-style: italic">&#8220;Nathan Harte&#8221;</div></div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">David Wolfin </div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;text-align:right;">Nathan Harte, CPA</div></td></tr><tr><td><div style="MARGIN: 0px;">President &amp; CEO&nbsp;&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;text-align:right;">Chief Financial Officer</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">February 26, 2020&nbsp;&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;text-align:right;">February 26, 2020</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;"></div><table id="pagebreakccb599b0-bdd3-4b2a-b456-46a18fe66b2a" 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; TEXT-INDENT: 0px">- 2 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 0in;text-align:center;"><img src="avino_ex991img3.jpg"></div><div style="MARGIN: 0px 0px 0px 0in;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><div class="utag" style="display: inline; text-decoration: underline">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div></div></div><br style="mso-ignore: vglayout" clear="all"><div style="MARGIN: 0px;text-align:justify;">To the Shareholders and the Board of Directors of </div><div style="MARGIN: 0px;text-align:justify;">Avino Silver &amp; Gold Mines Ltd. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Opinion on the Consolidated Financial Statements </div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">We have audited the accompanying consolidated financial statements of Avino Silver &amp; Gold Mines Ltd. and its subsidiaries (the &#8220;Company&#8221;), which comprise the consolidated statements of financial position as at December 31, 2019 and 2018, and the consolidated statements of operations and comprehensive income (loss), consolidated statements of changes in equity and consolidated statements of cash flows for the years ended December 31, 2019, 2018 and 2017, and the related notes, including a summary of significant accounting policies and other explanatory information (collectively referred to as the &#8220;consolidated financial statements&#8221;).</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2019 and 2018, and its financial performance and its cash flows for the years ended December 31, 2019, 2018 and 2017 in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. </div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Basis for Opinion </div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">These consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement, whether due to fraud or error. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a reasonable basis for our audit opinion.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 0in;">CHARTERED PROFESSIONAL ACCOUNTANTS</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 0in;">Vancouver, British Columbia, Canada</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 0in;">February 26, 2020</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;">We have served as the Company&#8217;s auditor since 2007.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak54d429b8-783a-4189-aaf5-f9dc311fe085" 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; TEXT-INDENT: 0px">- 3 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cols="1" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: black 1px solid"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px;">Consolidated Statements of Financial Position</div><div style="MARGIN: 0px;">(Expressed in thousands of US dollars)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Note</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31, </div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31, </div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">ASSETS</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">Current assets</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Cash</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">9,625</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,252</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Amounts receivable</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,477</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">4,091</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Taxes recoverable</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">6</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5,483</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5,343</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Prepaid expenses and other assets</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">594</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,030</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Inventory</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">7</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">5,592</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">9,231</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Total current assets</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">22,771</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">22,947</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Exploration and evaluation assets</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">9</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">9,827</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">46,781</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Plant, equipment and mining properties</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">11</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">35,658</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">38,743</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Long-term investments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">8</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">4,311</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">10</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Other assets</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">4</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">107</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Total assets</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">72,571</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">108,588</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">LIABILITIES</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Current liabilities </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Accounts payable and accrued liabilities</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">4,907</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5,885</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Amounts due to related parties</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">12</div><div class="btag" style="display: inline; font-weight: bold">(b)</div></div></td><td valign="bottom" style="width:1%;"></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">156</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">157</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Taxes payable</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">46</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">167</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Current portion of term facility</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">13</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,384</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,017</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Current portion of equipment loans</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">14</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">199</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">517</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Current portion of finance lease obligations</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">15</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">692</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">950</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Deferred revenue</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">17</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">573</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Current portion of reclamation provision</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">18</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">296</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Other liabilities</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">178</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">279</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Total current liabilities</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">9,562</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">9,841</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Term facility</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">13</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,513</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5,884</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Equipment loans</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">14</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">90</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">411</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Finance lease obligations</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">15</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">442</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">869</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Warrant liability</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">16</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,579</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,009</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Reclamation provision </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">18</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,524</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">10,503</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Deferred income tax liabilities</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">27</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2,938</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">3,903</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Total liabilities</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">18,648</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">33,420</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">EQUITY</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Share capital </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">19</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">96,396</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">88,045</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Equity reserves </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">9,391</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">9,849</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Treasury shares (14,180 shares, at cost)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(97</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(97</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Accumulated other comprehensive loss </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(4,563</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(6,124</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Accumulated deficit</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(47,204</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(16,505</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Total equity</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">53,923</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">75,168</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Total liabilities and equity</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">72,571</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">108,588</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;">Commitments &#8211; Note 22</div><div style="MARGIN: 0px;">Subsequent Events &#8211; Note 28</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;">Approved by the Board of Directors on February 26, 2020:</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="FONT: 10pt Times new roman" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="width:10%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="width:25%;">&nbsp;</td><td style="width:2%;">&nbsp;</td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td style="width:25%;">&nbsp;</td><td style="width:2%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="width:10%;">&nbsp;</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid"><div class="itag" style="display: inline; font-style: italic">Gary Robertson</div> </td><td>&nbsp;</td><td><div style="MARGIN: 0px;">Director</div></td><td style="BORDER-BOTTOM: black 1px solid"><div class="itag" style="display: inline; font-style: italic">David Wolfin</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td>Director</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:center;"><div class="itag" style="display: inline; font-style: italic">The accompanying notes are an integral part of the consolidated financial statements</div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak09a6589f-2e45-4e32-a49b-7d8941755e53" 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; TEXT-INDENT: 0px">- 4 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;"></div></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cols="1" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: black 1px solid"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px;">Consolidated Statements of Operations and Comprehensive Income (Loss) </div><div style="MARGIN: 0px;">(Expressed in thousands of US dollars)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px 0px 0px 0in;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Note</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019 </div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px 0px 0px 0in;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px 0px 0px 0in;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2017</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Revenue from mining operations</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">20</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">31,746</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">34,116</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">33,359</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Cost of sales</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">20</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">32,016</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">27,850</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">22,106</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Mine operating income (loss)</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(270</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">6,266</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">11,253</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Operating expenses:</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">General and administrative expenses</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">21</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,193</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,610</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,327</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Share-based payments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">19</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">937</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">630</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">2,018</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Income (loss) before other items</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(4,400</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,026</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5,908</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Other items:</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Interest and other income</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">545</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">215</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">246</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Unrealized gain (loss) on long-term investments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,282</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(5</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Fair value adjustment on warrant liability</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">16</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">520</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,304</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">563</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Unrealized foreign exchange gain (loss)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(663</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(801</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(933</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Finance cost</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(84</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(444</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(157</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Accretion of reclamation provision</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">18</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(104</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(122</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(93</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Interest expense</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(64</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(109</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(103</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Income (loss) from continuing operations before income taxes</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(2,968</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,064</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5,436</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Income taxes:</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Current income tax expense</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">27</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(327</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(1,052</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(2,911</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Deferred income tax recovery</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">27</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">960</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">645</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">140</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Income tax recovery (expense)</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">633</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(407</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(2,771</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Net income (loss) from continuing operations</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(2,335</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,657</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,665</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;text-align:justify;">Loss from discontinued operations and on disposal</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">5</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(29,126</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(31</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(143</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Net income (loss)</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(31,461</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,626</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,522</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Other comprehensive income (loss):</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Currency translation differences</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,603</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(2,051</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,383</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Reclassification of foreign exchange on translation into net loss on sale of discontinued operations</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(42</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Total comprehensive income (loss)</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(29,900</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(425</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">4,905</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Earnings (loss) per share from continuing operations</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">19</div><div class="btag" style="display: inline; font-weight: bold">(e)</div></div></td><td valign="bottom" style="width:1%;"></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Basic</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(0.03</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0.03</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0.05</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Diluted</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(0.03</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">0.03</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">0.05</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Earnings (loss) per share </div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">19</div><div class="btag" style="display: inline; font-weight: bold">(e)</div></div></td><td valign="bottom" style="width:1%;"></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Basic</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(0.45</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0.03</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0.05</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Diluted</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(0.45</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">0.03</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">0.05</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Weighted average number of common shares outstanding</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">19</div><div class="btag" style="display: inline; font-weight: bold">(e)</div></div></td><td valign="bottom" style="width:1%;"></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Basic </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">69,980,178</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">56,851,626</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">52,523,454</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Diluted</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">69,980,178</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">60,000,637</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">53,320,009</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:center;"><div class="itag" style="display: inline; font-style: italic">The accompanying notes are an integral part of the consolidated financial statements</div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak76d3e16f-90d1-4e22-b23b-feea3f631e90" 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; TEXT-INDENT: 0px">- 5 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cols="1" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: black 1px solid"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px;">Consolidated Statements of Changes in Equity</div><div style="MARGIN: 0px;">(Expressed in thousands of US dollars)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><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"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Note</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Number of Common Shares</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Share Capital Amount</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Equity Reserves</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Treasury Shares</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Accumulated Other Comprehensive Income (Loss)</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Accumulated Deficit</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Total Equity</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Balance, January 1, 2017</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">52,431,001</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">80,785</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">9,100</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">(97</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">(6,456</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">(21,538</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">61,794</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Common shares issued for cash:</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Brokered public offerings</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">10,000</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">17</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">17</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Less share issuance cost</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(1</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(1</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Exercise of stock options</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">20,000</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">25</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">25</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Carrying value of stock options exercised</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">20</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(20</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Stock options cancelled or expired</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(139</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">139</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Carrying value of RSUs exercised</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">257,152</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">623</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(623</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Less share issuance cost</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(1</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(1</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Share-based payments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">2,263</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">2,263</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Net income for the year</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">2,522</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">2,522</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-BOTTOM: 1px solid" valign="top"><div style="MARGIN: 0px;">Currency translation differences</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" colspan="2" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">2,383</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">2,383</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Balance, December 31, 2017</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">52,718,153</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">81,468</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">10,581</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">(97</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">(4,073</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">(18,877</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">69,002</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Common shares issued for cash:</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Brokered public offerings </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">10,105,658</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">6,547</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">6,547</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Less: Issuance costs</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(895</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(895</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">At the market issuances</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">151,800</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">136</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">136</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Less: Issuance costs</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(4</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(4</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Exercise of stock options</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">87,500</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">112</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">112</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Carrying value of stock options exercised</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">84</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(84</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Less: share issuance costs</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(5</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(5</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Carrying value of RSUs exercised</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">274,658</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">602</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(602</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Options cancelled or expired</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(746</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">746</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Share-based payments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">700</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">700</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Net income for the year</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">1,626</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">1,626</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-BOTTOM: 1px solid" valign="top"><div style="MARGIN: 0px;">Currency translation differences</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" colspan="2" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">(2,051</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">(2,051</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Balance, December 31, 2018</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">63,337,769</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">88,045</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">9,849</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">(97</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">(6,124</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">(16,505</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">75,168</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Common shares issued for cash:</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Brokered public offerings </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">19</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">7,735,360</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">4,877</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">4,877</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Less: Issuance costs</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(472</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(472</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">At the market issuances</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">4,954,000</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">2,924</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">2,924</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Less: Issuance costs</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(162</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(162</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Options cancelled or expired</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(762</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">762</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Carrying value of RSUs exercised</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">565,259</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">835</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(835</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Fair value of warrants issued</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">116</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">116</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Shares to be issued</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">349</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">349</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Share-based payments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">19</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">1,023</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">1,023</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Net loss for the year</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(31,461</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(31,461</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td style="BORDER-BOTTOM: 1px solid" valign="top"><div style="MARGIN: 0px;">Currency translation differences</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">1,561</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">1,561</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-BOTTOM: 1px solid" valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Balance, December 31, 2019</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right"><div class="btag" style="display: inline; font-weight: bold">76,592,388</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right"><div class="btag" style="display: inline; font-weight: bold">96,396</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right"><div class="btag" style="display: inline; font-weight: bold">9,391</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right"><div class="btag" style="display: inline; font-weight: bold">(97</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold">)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right"><div class="btag" style="display: inline; font-weight: bold">(4,563</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold">)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right"><div class="btag" style="display: inline; font-weight: bold">(47,204</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold">)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right"><div class="btag" style="display: inline; font-weight: bold">53,923</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:center;"><div class="itag" style="display: inline; font-style: italic">The accompanying notes are an integral part of the consolidated financial statements</div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreakba49bc86-459e-4315-90be-1a4d01384a67" 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; TEXT-INDENT: 0px">- 6 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cols="1" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: black 1px solid"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px;">Consolidated Statements of Cash Flows</div><div style="MARGIN: 0px;">(Expressed in thousands of US dollars)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Note</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2017</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">Cash generated by (used in):</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Operating Activities</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Net income (loss)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(31,461</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,626</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,522</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Adjustments for non-cash items:</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Deferred income tax expense (recovery)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(960</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(645</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(140</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Depreciation and depletion</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,723</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,256</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,703</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Inventory net realizable value adjustment</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">387</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Accretion of reclamation provision</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">104</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">122</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">93</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Unrealized loss (gain) on investments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(1,282</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(5</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Foreign exchange (gain) loss</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,461</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">270</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">139</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Fair value adjustment on warrant liability</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(520</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(1,304</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(563</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Fair value adjustment on modification of term facility</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">234</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Unwinding of fair value adjustment of term facility</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(170</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Loss from discontinued operations and on disposal</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">29,126</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">31</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">143</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Share-based payments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">937</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">630</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2,018</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,345</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">4,225</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">6,910</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Net change in non-cash working capital items</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">23</div></div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">4,162</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">4,999</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(9,077</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">5,507</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">9,224</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(2,167</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Financing Activities</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Shares and units issued for cash, net of issuance costs</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">7,283</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">8,466</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">40</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Finance lease payments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(956</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(1,166</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(1,581</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Equipment loan payments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(524</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(1,445</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(847</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Term facility payments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(833</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(2,000</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(667</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">4,970</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">3,855</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(3,055</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Investing Activities</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Exploration and evaluation expenditures </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(5,723</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(5,361</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(5,527</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Additions to plant, equipment and mining properties </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(3,276</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(9,416</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(6,608</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Proceeds from sale of long-term investments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">23</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Cash proceeds from sale of discontinued operations</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">6,599</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">Cash disposed of in discontinued operations</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;text-align:right;">(1,459</div></td><td><div style="MARGIN: 0px;">)&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;text-align:right;">-</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;text-align:right;">-</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Redemption of short-term investments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,000</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">9,000</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Redemption of reclamation bonds</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">102</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">548</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(3,734</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(13,229</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(3,135</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Change in cash </div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">6,743</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(150</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(8,357</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Effect of exchange rate changes on cash</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(370</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(18</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(3</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Cash, Beginning</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">3,252</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">3,420</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">11,780</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Cash, Ending</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 3px double;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;" valign="bottom" align="right">9,625</td><td style="PADDING-BOTTOM: 3px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 3px double;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;" valign="bottom" align="right">3,252</td><td style="PADDING-BOTTOM: 3px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 3px double;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;" valign="bottom" align="right">3,420</td><td style="PADDING-BOTTOM: 3px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;">Supplementary Cash Flow Information (Note 23)</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:center;"><div class="itag" style="display: inline; font-style: italic">The accompanying notes are an integral part of the consolidated financial statements</div></div><div style="MARGIN: 0px;">&nbsp;</div><table id="pagebreak17c20004-98ab-4616-85bb-dea5ace5c4fb" 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; TEXT-INDENT: 0px">- 7 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><b>1.</b></td><td valign="top"><b>NATURE OF OPERATIONS</b></td></tr><tr><td><p id="p3a393514-1697-4df9-af23-e5753440c6e4" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p197e05aa-51d2-4b02-a960-578dd4077b70" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></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 id="p8dc21264-b18b-47a4-9305-c373db28bd83" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pb82afeea-8456-483c-90f6-700d394c6514" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></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 Toronto Stock Exchange (&#8220;TSX&#8221;), the NYSE American, and the Frankfurt and Berlin Stock Exchanges.</td></tr><tr><td><p id="p36f2b0f2-b906-4548-9a22-208e7b80a88a" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pd0065e53-62ca-4caa-b869-f21181252152" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></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><td><p id="p53271709-3c25-4137-99b9-2054aa9f9f14" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pd60a10d7-06df-4193-b50b-74bfe34bc445" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><b>2.</b></td><td valign="top"><b>BASIS OF PRESENTATION</b></td></tr><tr><td><p id="pe8d24bf4-8991-4cf6-8473-68cf1acaa78d" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pb7bb022b-a791-4b66-9dd5-d100b262618f" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top"><b>Statement of Compliance </b></td></tr><tr><td><p id="pe20906b0-04cf-47f7-87d2-f850fe70483d" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p8a3bdc94-bb10-48ce-b918-b70fa05fade0" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;).</td></tr><tr><td><p id="p865da350-a6f2-481c-b0c4-5c5c06054322" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pe0008d4b-7215-4414-815f-2dd152681895" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top"><b>Basis of Presentation </b></td></tr><tr><td><p id="pa515095a-9ce7-437f-a2f3-e4eea0b97716" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p04c64944-ab8f-445a-935a-2c0fc123788d" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">These consolidated 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 consolidated 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 consolidated financial statements as if the policies have always been in effect.</td></tr><tr><td><p id="p49d96f1d-4d43-44c8-94be-a2867e8154da" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p546a8c3f-4ee0-4663-865d-8e9bcbdbd7ea" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top"><b>Foreign Currency Translation</b></td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><p id="p4a3f2c39-553e-4ef5-8af1-9c7b2c96053c" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"></td><td valign="top"><b><i>Functional &amp; presentation currencies</i></b></td></tr><tr><td><p id="p54059240-1917-415b-92a1-b25f84566f76" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p93ea9146-1451-4e99-b57c-06566224c58c" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pc457b0c6-e3f3-4036-951a-8dd65bbd222c" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><p id="p8ff3ea73-f36d-428e-8b24-97694b8b8530" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"></td><td valign="top">The functional currency of the Company is the Canadian dollar. The functional currency of the Company&#8217;s Mexican subsidiaries is the US dollar, which is determined to be the currency of the primary economic environment in which the subsidiaries operate.</td></tr><tr><td><p id="pa7d38b43-d9b2-4f62-8dec-b95f36c07c71" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pe8e65aa9-c591-43aa-a0fd-48f63de50667" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p08bdc8fc-d59b-46e9-a4b0-6e5031cbd044" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><p id="p561ae53a-2bf1-4486-8d8e-4098091c78ec" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"></td><td valign="top"><b><i>Foreign currency transactions</i></b></td></tr><tr><td><p id="p7060b43a-a1f5-4eab-b303-edf47f6c17c9" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pf02a8452-2bda-4cd1-aaeb-7373ba7d4bc9" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pc086609b-60a0-41e6-ad6b-7844478c127d" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><p id="p406d2ee0-7a77-44da-a81a-b3f5ba333bdb" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"></td><td valign="top">Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the dates of the transactions. At each financial position reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at the date of the statement of financial position. Non-monetary items that are measured in terms of historical cost in a foreign currency are not re-translated.</td></tr></table></div></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak56c30317-e709-4c45-afd0-b5ef89472984" 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; TEXT-INDENT: 0px">- 8 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><p id="pc9765029-c719-4bf6-8cfd-29a778322809" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"></td><td valign="top"><b><i>Foreign operations</i></b></td></tr><tr><td><p id="p6055ee0b-66a9-402f-aede-6ea926552e20" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p1658caf8-e013-4f55-bb19-c1f54f4cbe09" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p53f5dab7-a0d8-4fd0-b0ac-9479525a8f01" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><p id="p15d9660f-dde2-4820-8c8f-f21d0fc8f36c" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"></td><td valign="top">Subsidiaries that have functional currencies other than the US dollar translate their statement of operations items at the average rate during the year. Assets and liabilities are translated at exchange rates prevailing at the end of each reporting period. Exchange rate variations resulting from the retranslation at the closing rate of the net investment in these subsidiaries, together with differences between their statement of operations items translated at actual and average rates, are recognized in accumulated other comprehensive income (loss). On disposition or partial disposition of a foreign operation, the cumulative amount of related exchange difference is recognized in the statement of operations.</td></tr></table></div></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"></td><td valign="top"><b>Significant Accounting Judgments and Estimates</b></td></tr><tr><td><p id="p20ba8d08-2bd2-4e95-badc-5639f5660705" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pd7266def-499e-4d75-b6ec-51a7babce16b" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></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 consolidated 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></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">a)</div></div></td><td colspan="2"><div style="MARGIN: 0px;text-align:justify;">Critical judgments exercised by management in applying accounting policies that have the most significant effect on the amounts presented in these consolidated financial statements are as follows:</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">i.</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Economic recoverability and probability of future economic benefits from exploration and evaluation costs </div></div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"></td><td valign="top">Management has determined that mine and camp, exploratory drilling, and other exploration and evaluation-related costs that were capitalized have future economic benefits and are economically recoverable. Management uses several criteria in its assessments of economic recoverability and probability of future economic benefits including geologic and metallurgic information, scoping studies, accessible facilities, existing permits, and mine plans.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top">ii.</td><td valign="top"><div class="itag" style="display: inline; font-style: italic"><div class="btag" style="display: inline; font-weight: bold">Commencement of production at levels intended by management </div></div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"></td><td valign="top">Prior to reaching production levels intended by management, costs incurred are capitalized as part of the costs of related exploration and evaluation assets, and proceeds from concentrate sales are offset against costs capitalized. Depletion of capitalized costs for mining properties and depreciation of plant and equipment begin when operating levels intended by management have been reached. Management considers several factors in determining when a mining property has reached the intended production levels, including production capacity, recoveries, and number of uninterrupted production days. The results of operations of the Company during the periods presented in these consolidated financial statements have been impacted by management&#8217;s determination that the San Gonzalo Mine and Avino Mine had achieved production levels intended by management as of October 1, 2012 and July 1, 2015, respectively, and that none of the Company&#8217;s exploration and evaluation assets had achieved production levels intended by management as at December 31, 2019.</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak2273100c-900c-4bb1-b027-9354cdb92af5" 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; TEXT-INDENT: 0px">- 9 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td colspan="3"><div style="MARGIN: 0px;text-align:justify;">The basis for achievement of production levels intended by management as indicated by technical feasibility and commercial viability is generally established with proven reserves based on a NI 43-101-compliant technical report or a comparable resource statement and feasibility study, combined with pre-production operating statistics and other factors. In cases where the Company does not have a 43-101-compliant reserve report, on which to base a production decision, the technical feasibility and commercial viability of extracting a mineral resource are considered in light of additional factors including but not limited to:</div></td></tr><tr><td style="width:12%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Acquisition and installation of all critical capital components to achieve desired mining and processing results has been completed. Capital components have been acquired directly and are also available on an as-needed basis from the underground mining contractor;</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">The necessary labour force, including mining contractors, has been secured to mine and process at planned levels of output;</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">The mill has consistently processed at levels above design capacity and budgeted production levels with consistent recoveries and grades; and,</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Establishing sales agreements with respect to the sale of concentrates.</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;text-align:justify;">When technical feasibility and commercial viability are considered demonstrable according to the above criteria and other factors, the Company performs an impairment assessment and records an impairment loss, if any, before reclassifying exploration and evaluation costs to plant, equipment, and mining properties.</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:8%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"><div class="btag" style="display: inline; font-weight: bold">iii.</div></td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Functional currency </div></div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"></td><td valign="top">The functional currency for the Company and its subsidiaries is the currency of the primary economic environment, in which the entity operates. The Company has determined the functional currency of the Company to be the Canadian dollar. The Company has determined the functional currency of its Mexican subsidiaries to be the US dollar. Determination of functional currency may involve certain judgments to determine the primary economic environment. The Company reconsiders the functional currency of its entities, if there is a change in events and conditions, which determine the primary economic environment.</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><p id="p8a147fe0-69a2-4497-8dea-b6d2301b365d" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;">b)</td><td valign="top">Significant assumptions about the future and other sources of estimation uncertainty that management has made at the consolidated statement of financial position date that could result in a material adjustment to the carrying amounts of assets and liabilities in the event that actual results differ from assumptions made relate to, but are not limited to, the following:</td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:8%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"><div class="btag" style="display: inline; font-weight: bold">i.</div></td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Stockpile and concentrate inventory valuations </div></div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"></td><td valign="top">Concentrate and stockpile mineralized material are valued at the lower of average cost or net realizable value. The assumptions used in the valuation of concentrate and stockpile mineralized material include estimates of copper, silver, and gold contained in the stockpiles and finished goods assumptions for the amount of copper, silver, and gold that is expected to be recovered from the concentrate. If these estimates or assumptions prove to be inaccurate, the Company could be required to write down the recorded value of its concentrate and stockpile mineralized material inventory, which would result in an increase in the Company&#8217;s expenses and a reduction in its working capital.</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table id="pagebreakd34fa17b-068a-4019-a114-7f5d18ebfc87" 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; TEXT-INDENT: 0px">- 10 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:8%;"><p id="pd478b949-e37e-4967-8bcc-e1009b7777bf" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"><b>ii.</b></td><td valign="top"><div class="itag" style="display: inline; font-style: italic"><b>Estimated reclamation provisions</b></div></td></tr><tr><td><p id="p51a8c6fb-d79c-49b3-a2a9-806de3f507ed" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pf9824248-5c12-45f6-a4d6-4167cd78160c" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pdcddbb7f-ea2b-45e5-b734-67d5f760250c" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top"><p id="p30346b56-f17b-4326-bf4b-feb8b70087cd" style="MARGIN: 0px">&nbsp;</p></td><td valign="top"></td><td valign="top">The Company&#8217;s provision for reclamation represents management&#8217;s best estimate of the present value of the future cash outflows required to settle estimated reclamation and closure costs at the Avino and San Gonzalo properties. The provision reflects estimates of future costs, inflation, foreign exchange rates and assumptions of risks associated with the future cash outflows, and the applicable risk-free interest rates for discounting the future cash outflows. Changes in the above factors could result in a change to the provision recognized by the Company.</td></tr><tr><td><p id="p7dc144e8-b767-4ff0-b3ec-8c6c82fa00e4" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p62480da7-1538-42d0-8eda-d77226626e26" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pc68b2efe-786a-42b7-ab72-d1a738335a9a" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top"><p id="p2c901e1e-406b-4a69-a840-6a55cf8d02bc" style="MARGIN: 0px">&nbsp;</p></td><td valign="top"></td><td valign="top">Changes to reclamation and closure cost obligations are recorded with a corresponding change to the carrying amounts of the related exploration and evaluation assets or mining properties. Adjustments to the carrying amounts of related mining properties result in a change to future depletion expense.</td></tr><tr><td><p id="p42177899-7df7-4ace-8fba-71f16feeade7" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pdd5122aa-d509-4596-bb55-fde562c1c268" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p2cff1dd4-1def-462c-a483-de9866e69630" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top"><p id="p9b9a518a-06ea-41f5-b9ea-0732fa2dd773" style="MARGIN: 0px">&nbsp;</p></td><td valign="top"><b>iii.</b></td><td valign="top"><div class="itag" style="display: inline; font-style: italic"><b>Valuation of share-based payments and warrants</b></div></td></tr><tr><td><p id="p7fa9413b-e546-434a-a192-fa9f9fcd641e" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pf71c4c7d-6f77-4b72-8a84-9a048cb14b2b" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pebf7085b-e0dd-4bc8-af0f-604a25eceb0f" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top"><p id="p1f37319b-3188-40b4-8518-4152905c8785" style="MARGIN: 0px">&nbsp;</p></td><td valign="top"></td><td valign="top">The Company uses the Black-Scholes Option Pricing Model for valuation of share-based payments and warrants. Option pricing models require the input of subjective assumptions including expected price volatility, interest rate, and forfeiture rate. Changes in the input assumptions can materially affect fair value estimates and the Company&#8217;s net income or net loss and its equity reserves. Warrant liabilities are accounting for as derivate liabilities (see Note 16).</td></tr><tr><td><p id="p5f6c511f-da64-4d77-971e-d5c8acefb1f6" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p0db80e97-5734-468c-a8fb-612d5de80a18" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p26514ed5-f49c-4de0-b939-f09602ce282b" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top"><p id="p54b05ca2-4f39-41e1-a1c1-1db98808d64b" style="MARGIN: 0px">&nbsp;</p></td><td valign="top"><b>iv.</b></td><td valign="top"><div class="itag" style="display: inline; font-style: italic"><b>Impairment of plant, equipment and mining properties, and exploration and evaluation assets</b> </div><b><div class="itag" style="display: inline; font-style: italic"></div></b></td></tr><tr><td><p id="pdafed0e5-e017-491f-b61d-18a8491292a6" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p09e37cde-6971-4e6a-a16c-4115a8272376" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pa4d6e4dc-e16f-4d51-8a9a-c66df612beab" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top"><p id="p2118b885-5a28-4c7a-9838-f847b33b940a" style="MARGIN: 0px">&nbsp;</p></td><td valign="top"></td><td valign="top">Management considers both external and internal sources of information in assessing whether there are any indications that the Company&#8217;s plant, equipment, and mining properties, and exploration and evaluation assets are impaired. External sources of information management considers include changes in the market, economic and legal environments, in which the Company operates, that are not within its control and that affect the recoverable amount of its plant, equipment, and mining properties. Internal sources of information that management considers include the manner in which mining properties and plant and equipment are being used, or are expected to be used, and indications of economic performance of the assets.</td></tr><tr><td><p id="pbc116e25-8d48-411c-bc01-afd86763bde6" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p0b6cc849-3a43-4c2c-ac05-02dac878068e" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pdc5f065c-b1e4-4492-8343-a8dbb5667197" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top"><p id="pe6f9b293-4318-41c0-8634-ffe22fd4a4f8" style="MARGIN: 0px">&nbsp;</p></td><td valign="top"></td><td valign="top">In determining the recoverable amounts of the Company&#8217;s plant, equipment and mining properties, management makes estimates of the undiscounted future pre-tax cash flows expected to be derived from the Company&#8217;s mining properties, and the appropriate discount rate. Reductions in metal price forecasts, increases in estimated future costs of production, increases in estimated future non expansionary capital expenditures, reductions in the amount of recoverable resources and exploration potential, and adverse current economic conditions are examples of factors that could result in a write down of the carrying amounts of the Company&#8217;s plant, equipment and mining properties, and exploration and evaluation assets.</td></tr><tr><td><p id="paeb89931-ba04-4757-85a9-4a6d0c1d910d" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p908038bf-1828-4778-881d-40c1aef7bad6" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pef85f2c5-f5c8-48d1-a073-420d80cf8ec0" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top"><p id="pa99b9d06-286c-41b4-ba9d-6c53e72d486c" style="MARGIN: 0px">&nbsp;</p></td><td valign="top"><b>v.</b></td><td valign="top"><div class="itag" style="display: inline; font-style: italic"><b>Depreciation rate for plant and equipment and depletion rate for mining properties</b> </div><b><div class="itag" style="display: inline; font-style: italic"></div></b></td></tr><tr><td><p id="ped8582f5-190a-40f0-9394-a9a3773398c6" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p8cbddf5c-422f-493b-a896-32027322eb62" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p8a11ddae-9c49-46d4-b127-024eef0e81d6" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top"><p id="pec2f9f8e-5e24-4f4d-883b-7b66b7f74151" style="MARGIN: 0px">&nbsp;</p></td><td valign="top"></td><td valign="top">Depreciation and depletion expenses are allocated based on estimates for useful lives of assets. Should the asset life, depletion rates, or depreciation rates differ from the initial estimate, the revised life or rate would be reflected prospectively through profit and loss.</td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak7ff908db-61f4-4bfd-9ebf-3eddf8ad8786" 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; TEXT-INDENT: 0px">- 11 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="width:4%;"><p id="p9255decd-fb58-4595-91e3-663e6b19a7e4" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"><p id="p2ff56466-0ae7-42ed-96cd-6d587cd6e55c" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"><b>vi.</b></td><td valign="top"><div class="itag" style="display: inline; font-style: italic"><b>Recognition and measurement of deferred tax assets and liabilities</b></div></td></tr><tr><td><p id="p7fc7284d-065c-468d-a881-f9f6cf1ffcf1" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p7090fb3f-c0a6-48bf-9aae-24417b9e0e23" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p27fd4e09-1695-4452-bbdb-dfbcce841c47" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p620ed87d-f12c-411b-b6fd-5aad82138031" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td><p id="pc9b957b6-7f14-4d52-b69e-cebe4cdc94bf" style="MARGIN: 0px">&nbsp;</p></td><td valign="top"><p id="p39b4102c-a7f5-459e-8ffd-1e0637fda5ed" style="MARGIN: 0px">&nbsp;</p></td><td valign="top"></td><td valign="top">Actual amounts of income tax expense are not final until tax returns are filed and accepted by the relevant authorities. This occurs subsequent to the issuance of the consolidated financial statements and the final determination of actual amounts may not be completed for a number of years. Therefore, tax assets and liabilities and net income in subsequent periods will be affected by the amount that estimates differ from the final tax return. Estimates of future taxable income are based on forecasted cash flows from operations and the application of existing tax laws in each jurisdiction. Forecasted cash flows from operations are based on projections internally developed and reviewed by management. Weight is attached to tax planning opportunities that are within the Company&#8217;s control, and are feasible and implementable without significant obstacles. The likelihood that tax positions taken will be sustained upon examination by applicable tax authorities is assessed based on individual facts and circumstances of the relevant tax position evaluated in light of all available evidence. Where applicable tax laws and regulations are either unclear or subject to ongoing varying interpretations, it is reasonably possible that changes in these estimates can occur that could materially affect the amounts of deferred tax assets and liabilities.</td></tr><tr><td><p id="pda1d2a76-eb00-4f75-a6f2-979927886fc7" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p63267b28-d0d5-476f-81ce-bf1a1d3c3b9c" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pa8a8a564-9968-431a-9338-08e71ebb14c2" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pc4088667-20b9-47d0-b768-278100fff55d" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td><p id="pc1992ea1-0102-4bd4-b023-80e2c1df7afe" style="MARGIN: 0px">&nbsp;</p></td><td colspan="3"><p id="p7ad2e39f-fc3b-4c10-9e1b-aa0bb0b2530f" style="MARGIN: 0px" align="justify"><b>Basis of Consolidation</b></p><p id="p95e1b393-3b1b-4c98-8edd-7dcc86648b10" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="p76e91076-8da9-47e2-9c15-55c6eca6ac4b" style="MARGIN: 0px" align="justify">The consolidated financial statements include the accounts of the Company and its Mexican subsidiaries as follows: </p></td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Subsidiary</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Ownership Interest</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Jurisdiction</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Nature of Operations</div></div></td><td>&nbsp;</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;text-align:justify;">Oniva Silver and Gold Mines S.A. de C.V.</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:30%;">100</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="width:15%;"><div style="MARGIN: 0px;text-align:right;">Mexico</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">Mexican administration</div></td><td style="width:1%;">&nbsp;</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;text-align:justify;">Nueva Vizcaya Mining, S.A. de C.V.</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">100</td><td valign="bottom">%</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;text-align:right;">Mexico</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;text-align:justify;">Mexican administration</div></td><td>&nbsp;</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;text-align:justify;">Promotora Avino, S.A. de C.V. (&#8220;Promotora&#8221;)</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">79.09</td><td valign="bottom">%</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;text-align:right;">Mexico</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;text-align:justify;">Holding company</div></td><td>&nbsp;</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;text-align:justify;">Compa&#241;&#237;a Minera Mexicana de Avino, S.A. de C.V. (&#8220;Avino Mexico&#8221;)</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td colspan="2"><div style="MARGIN: 0px;text-align:right;">98.45% direct&nbsp; 1.22% indirect (Promotora) 99.67% effective</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;text-align:right;">Mexico</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">Mining and exploration </div></td><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"></td><td valign="top">Up until the sale of Bralorne Gold Mines Ltd. (&#8220;Bralorne&#8221;) on December 13, 2019 (see Note 5), the consolidated financial statements included the 100% ownership interest of Bralorne, a mining and exploration company located in Canada.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">Intercompany balances and transactions, including unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the consolidated financial statements.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Cash </div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Cash in the consolidated statement of financial position comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, which are readily convertible into a known amount of cash.</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreaka567c237-b3ff-43d9-aa2d-f219473c35fe" 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; TEXT-INDENT: 0px">- 12 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><td><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div class="btag" style="display: inline; font-weight: bold">3.</div></td><td valign="top"><div class="btag" style="display: inline; font-weight: bold">SIGNIFICANT ACCOUNTING POLICIES</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><div class="utag" style="display: inline; text-decoration: underline">Exploration and evaluation assets and development costs </div></div></div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">(i) Exploration and evaluation expenditures</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">The Company capitalizes all costs relating to the acquisition, exploration and evaluation of mineral claims. Expenditures incurred before the Company has obtained the legal rights to explore a specific area are expensed. The Company&#8217;s capitalized exploration and evaluation costs are classified as intangible assets. Such costs include, but are not limited to, certain camp costs, geophysical studies, exploratory drilling, geological and sampling expenditures, and depreciation of plant and equipment during the exploration stage. Costs not directly attributable to exploration and evaluation activities, including general administrative overhead costs, are expensed in the period in which they occur. Proceeds from the sale of mineral products or farm outs during the exploration and evaluation stage are deducted from the related capitalized costs.</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">The carrying values of capitalized amounts are reviewed annually, or when indicators of impairment are present. In the case of undeveloped properties, there may be only inferred resources to allow management to form a basis for the impairment review. The review is based on the Company&#8217;s intentions for the development of such properties. If a mineral property does not prove to be viable, all unrecoverable costs associated with the property are charged to the consolidated statement of comprehensive income (loss) at the time the determination is made.</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">When the technical feasibility and commercial viability of extracting mineral resources have been demonstrated, exploration and evaluation costs are assessed for impairment, reclassified to mining properties and become subject to depletion. Management considers the technical feasibility and commercial viability of extracting a mineral resource to be demonstrable upon the completion of a positive feasibility study and the establishment of mineral reserves. For certain mineral projects, management may determine the completion of a feasibility study to be cost prohibitive, unnecessary or to present undue risk to the structural integrity of the ore body. Under such circumstances, management considers technical feasibility to be demonstrable when the Company has obtained the necessary environmental and mining permits, land surface and mineral access rights, and the mineral project can be physically constructed and operated in a technically sound manner to produce a saleable mineral product. In assessing whether commercial viability is demonstrable, management considers if its internal economic assessment indicates that the mineral project can be mined to generate a reasonable return on investment for the risk undertaken, and markets or long-term contracts for the product exist.</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">(ii)&nbsp;Development expenditures</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">Mine Development Costs are capitalized until the mineral property is capable of operating in the manner intended by management. The Company evaluates the following factors in determining whether a mining property is capable of operating in the manner intended by management:</div></td></tr></table>&nbsp; &nbsp; <div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">The completion and assessment of a reasonable commissioning period of the mill and mining facilities;</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Consistent operating results are achieved during the test period;</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Existence of clear indicators that operating levels intended by management will be sustainable for the foreseeable future;</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Plant / mill has reached a pre-determined percentage of design capacity;</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Adequate funding is available and can be allocated to the operating activities; and,</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Long term sales arrangements have been secured.</td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"></td><td valign="top">The carrying values of capitalized development costs are reviewed annually, or when indicators are present, for impairment.</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak4fce9ad7-942a-41ea-b627-330e89ee3276" 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; TEXT-INDENT: 0px">- 13 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"></td><td valign="top"><b>Plant, equipment and mining properties </b></td></tr><tr><td><p id="p166ab20e-cf75-4907-8482-e5a0cb57c9c4" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pb35ed275-e7cb-4e86-9607-e0b4f1ae6541" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td><p id="p308c1c09-f9f6-4bdd-8ee5-a832789e753a" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pe2ef616c-85d9-4d6f-8dc5-21ef8d4f6f7c" style="MARGIN: 0px">Upon demonstrating the technical feasibility and commercial viability of extracting mineral resources, all expenditures incurred to that date for the mine are reclassified to mining properties. Expenditures capitalized to mining properties include all costs related to obtaining or expanding access to resources including extensions of the haulage ramp and installation of underground infrastructure, and the estimated reclamation provision. Expenditures incurred with respect to a mining property are capitalized when it is probable that additional future economic benefits will flow to the Company. Otherwise, such expenditures are classified as a cost of sales.</p><p id="paddef742-d44c-4ae7-96da-088e2b9bb25f" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="p1f53044a-996c-4955-876d-8293a05c8f1d" style="MARGIN: 0px" align="justify">Plant and equipment are recorded at historical cost less accumulated depreciation and any accumulated impairment losses. Historical costs include expenditures that are directly attributable to bringing the asset to a location and condition necessary to operate in a manner intended by management. Such costs are accumulated as construction in progress until the asset is available for use, at which point the asset is classified as plant, equipment and mining properties and depreciation commences. </p><p id="p155918c1-0316-4c49-a1f2-6a87e859ad67" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="pdf20fd82-6012-40c8-a703-d10fe55378c7" style="MARGIN: 0px" align="justify">After the date that management&#8217;s intended production levels have been achieved, mining properties are depleted using the straight-line method over the estimated remaining life of the mine. The Company estimates the remaining life of its producing mineral properties on an annual basis using a combination of quantitative and qualitative factors including historical results, mineral resource estimates, and management&#8217;s intent to operate the property. </p><p id="pd0d77d2c-b181-4f47-802d-4352c6bb59b7" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="pb12c1827-9021-4a0b-a4ea-8f82d14f5bda" style="MARGIN: 0px" align="justify">The Company does not have sufficient reserve information to form a basis for the application of the units-of-production method for depreciation and depletion. </p><p id="p8aa422d1-9e55-49ef-b610-495edcad08a5" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="pcb454101-188a-41ba-8b51-f21bc5c82eda" style="MARGIN: 0px" align="justify">As at December 31, 2019 and 2018, the Company estimated a remaining mine life for San Gonzalo of Nil, and 0.8, respectively.</p><p id="p632dacef-10ee-432b-9d49-6c851502b7dd" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="p901a8bb1-45e3-43fa-bf5a-7892f458d5f9" style="MARGIN: 0px" align="justify">As at December 31, 2019 and 2018, the Company estimated a remaining mine life for the Avino Mine of 8.5 and 9.5 years, respectively.</p><p id="pd5791086-fcfc-404d-9ce1-077e37331f7a" style="MARGIN: 0px">&nbsp;</p><p id="pf7cab386-dde2-42e3-b4b3-49c9f44e75d5" style="MARGIN: 0px" align="justify">Accumulated mill, machinery, plant facilities, and certain equipment are depreciated using the straight-line method over their estimated useful lives, not to exceed the life of the mine for any assets that are inseparable from the mine. When parts of an item of plant and equipment have different useful lives, they are accounted for as separate items (or components) of plant and equipment. </p><p id="p530d6c6e-82df-4db3-8ba4-6ed839682b9d" style="MARGIN: 0px">&nbsp;</p><p id="p792d2380-1452-4757-b6b9-f2a78d697fe2" style="MARGIN: 0px" align="justify">Effective October 1, 2019, and as a result of a review of the remaining life and the pattern of usage of office equipment, furniture and fixtures, computer equipment and mine machinery and transportation equipment, the Company adopted a straight-line method for its plant and equipment, which were previously depreciated using the declining balance method. The change in depreciation has been applied prospectively as a change in estimate. The Company believes that the new method better reflects the pattern of consumption of future economic benefits to be derived from the assets being depreciated. </p><p id="pbfdc0fb9-5715-4e3c-ba2d-eef728a09a53" style="MARGIN: 0px">&nbsp;</p><p id="pb68daf71-e6d8-4d03-b6a1-750db3b40565" style="MARGIN: 0px">Plant and equipment are depreciated using the following annual rates and methods:</p></td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr style="background-color:#cceeff;"><td valign="bottom" style="width:38%;"><div style="MARGIN: 0px;">Office equipment, furniture, and fixtures</div></td><td valign="bottom" style="width:42%;"><div style="MARGIN: 0px;text-align:right;">3 years straight line balance </div></td></tr><tr style="background-color:#ffffff;"><td valign="bottom" style="width:38%;"><div style="MARGIN: 0px;">Computer equipment</div></td><td valign="bottom" style="width:42%;"><div style="MARGIN: 0px;text-align:right;">5 years straight line balance </div></td></tr><tr style="background-color:#cceeff;"><td valign="bottom" style="width:38%;"><div style="MARGIN: 0px;">Mine machinery and transportation equipment</div></td><td valign="bottom" style="width:42%;"><div style="MARGIN: 0px;text-align:right;">5 years straight line balance </div></td></tr><tr style="background-color:#ffffff;"><td valign="bottom" style="width:38%;"><div style="MARGIN: 0px;">Mill machinery and processing equipment </div></td><td valign="bottom" style="width:42%;"><div style="MARGIN: 0px;text-align:right;">5 - 20 years straight line</div></td></tr><tr style="background-color:#cceeff;"><td valign="bottom" style="width:38%;"><div style="MARGIN: 0px;">Buildings </div></td><td valign="bottom" style="width:42%;"><div style="MARGIN: 0px;text-align:right;">5 - 20 years straight line</div></td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"></td><td valign="top"><b>Impairment</b></td></tr><tr><td><p id="p64e2e897-a552-4f38-9211-e84e4dedf3b2" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p318d2f8c-0609-4210-9273-d2543f3bd381" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">At each financial position reporting date, the carrying amounts of the Company&#8217;s assets are reviewed to determine whether there is any indication that those assets are impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.</td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak98f6d3a5-b2af-4680-9a74-007e70bdc095" 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; TEXT-INDENT: 0px">- 14 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"></td><td valign="top">An asset&#8217;s recoverable amount is the higher of fair value less costs to sell and value in use. Fair value is determined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset or cash generating unit is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is recognized in profit or loss for the period.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, provided the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Leases</div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Leases in which the Company assumes substantially all risks and rewards of ownership are classified as finance leases. Assets held under finance leases are recognized at the lower of the fair value and present value of the minimum lease payments at inception of the lease, less accumulated depreciation and impairment losses. The corresponding liability is recognized as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation to achieve a constant rate of interest on the remaining liability. Finance charges are recorded as a finance expense within profit and loss, unless they are attributable to qualifying assets, in which case they are capitalized.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Operating lease payments are recognized on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed, in which case that systematic basis is used. Operating lease payments are recorded within profit and loss unless they are attributable to qualifying assets, in which case they are capitalized.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Inventory</div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Material extracted from the Company's mine is classified as either process material or waste. Process material represents mineralized material that, at the time of extraction, the Company expects to process into a saleable form and sell at a profit, while waste is considered uneconomic to process and its extraction cost is included in direct mining costs. Raw materials are comprised of process material stockpiles. Process material is accumulated in stockpiles that are subsequently processed into bulk copper, silver, and gold concentrate in a saleable form. The Company has bulk copper, silver, and gold concentrate inventory in saleable form that has not yet been sold. Mine operating supplies represent commodity consumables and other raw materials used in the production process, as well as spare parts and other maintenance supplies that are not classified as capital items.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Inventories are valued at the lower of cost and net realizable value (&#8220;NRV&#8221;). Cost is determined on a weighted average basis and includes all costs incurred, based on normal production capacity, in bringing each product to its present location and condition. Cost of inventories comprises direct labor, materials and contractor expenses, depletion and depreciation on mining properties, plant and equipment, and an allocation of mine site costs. As mineralized material is removed for processing, costs are removed based on the average cost per tonne in the stockpile. Stockpiled process material tonnages are verified by periodic surveys.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">NRV of mineralized material is determined with reference to relevant market prices less applicable variable selling expenses and costs to bring the inventory into its saleable form. NRV of materials and supplies is generally calculated by reference to salvage or scrap values when it is determined that the supplies are obsolete. NRV provisions are recorded within cost of sales in the consolidated statement of operations, and are reversed to reflect subsequent recoveries where the inventory is still on hand.</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreakdef02620-ae34-4552-b62b-a7c6673a3425" 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; TEXT-INDENT: 0px">- 15 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cols="2" cellpadding="0" width="100%" border="0"><tr><td style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Revenue from Contracts with Customers</div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue and costs to sell can be reliably measured. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, and other sales tax or duty.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Performance Obligations</div></div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Based on the criteria outlined in IFRS 15, the Company applied significant judgment in determining that the primary performance obligation relating to its sales contracts is the delivery of concentrates. Shipping and insurance services arranged by the Company for concentrate sales that occur after the transfer of control are also considered performance obligations.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Transfer of Control</div></div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Based on the criteria outlined in IFRS 15, the Company applied significant judgment in determining when the transfer of control occurs. Management based its assessment on a number of indicators of control, which include but are not limited to, whether the Company has the present right of payment and whether the physical possession of the goods, significant risks and rewards, and legal title have been transferred to the customer.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Provisional Pricing</div></div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Based on the criteria outlined in IFRS 15, the Company applied significant judgment in determining variable consideration. The Company identified two provisional pricing components in concentrate sales, represents variable consideration in the form of a) adjustments between original and final assay results relating to the quantity and quality of concentrate shipments, as well as b) pricing adjustments between provisional and final invoicing based on market prices for base and precious metals. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Based on the Company&#8217;s historical accuracy in the assay process, as evidenced by the negligible historical adjustments relating to assay differences, the Company concluded the variability in consideration caused by the assaying results is negligible. The Company does not expect a significant amount of reversal related to assaying differences. The Company records revenues based on provisional invoices based on quoted market prices of the London Bullion Market Association and the London Metal Exchange during the quotation period outlined in the concentrate sales agreement. The Company applied judgment to determine the amount of variable consideration to be recognized during the period for which the likelihood of significant reversal is low.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Financial Instruments</div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="utag" style="display: inline; text-decoration: underline">Measurement &#8211; initial recognition</div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">All financial assets and financial liabilities are initially recorded on the Company&#8217;s consolidated statement of financial position when the Company becomes a party to the contractual provisions of the instrument. All financial asset and liabilities are initially recorded at fair value, net of attributable transaction costs, except for those classified as fair value through profit or loss (&#8220;FVTPL&#8221;). Subsequent measurement of financial assets and financial liabilities depends on the classifications of such assets and liabilities.</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreakae49d796-ec69-4a76-976f-605b245b1cbf" 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; TEXT-INDENT: 0px">- 16 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;"><div class="utag" style="display: inline; text-decoration: underline">Classification &#8211; financial assets</div></div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic">Amortized cost:</div></div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">Financial assets that are held within a business model whose objective is to hold financial assets in order to collect contractual cash flows, and that the contractual terms of the financial assets give rise on specified date to cash flows that are solely payments of principal and interest on the principal amount outstanding, are measured subsequent to initial recognition at amortized cost.</div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. Interest income is recognized using the effect interest method, and is recognized in Interest and other income, on the consolidated statements of operations and comprehensive income (loss)</div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">The Company financial assets at amortized costs include its cash, amounts receivable not related to sales of concentrate, investments (short-term), and reclamation bonds. </div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic">Fair value through other comprehensive income (&#8220;FVTOCI&#8221;)</div></div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">Financial assets that are held within a business model whose objective is to hold financial assets in order to both collect contractual cash flows and selling financial assets, and that the contractual terms of the financial assets give rise on specified date to cash flows that are solely payments of principal and interest on the principal amount outstanding.</div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">Upon initial recognition of equity securities, the Company may make an irrevocable election (on an instrument-by-instrument basis) to designate its equity securities that would otherwise be measured at FVTPL to present subsequent changes in fair value in other comprehensive income. Designation at FVTOCI is not permitted if the equity investment is held for trading or if it is contingent consideration recognized by an acquirer in a business combination. Investments in equity instruments at FVTOCI are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognized in other OCI. The cumulative gain or loss is not reclassified to profit or loss on disposal of the instrument; instead, it is transferred to retained earnings.</div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">The Company currently has no financial assets designated as FVTOCI. </div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic">Fair value through profit or loss (&#8220;FVTPL&#8221;)</div></div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">By default, all other financial assets are measured subsequently at FVTPL, which includes amounts receivable from concentrate sales.</div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;"><div class="utag" style="display: inline; text-decoration: underline">Classification &#8211; financial liabilities</div></div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">Financial liabilities that are not contingent consideration of an acquirer in a business combination, held for trading or designated as at FVTPL, are measured at amortized cost using the effective interest method. </div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">Financial liabilities at amortized cost include accounts payable, amounts due to related parties, term facility, equipment loans, and finance lease obligations.</div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">Financial liabilities classified FVTPL include financial liabilities held for trading and financial liabilities designated upon initial recognition as FVTPL. Fair value changes on financial liabilities classified as FVTPL are recognized in the consolidated statements of operations. The Company has classified share purchase warrants with an exercise price in US dollars (see Note 16) as financial liabilities at FVTPL. As these warrants are exercised, the fair value of the recorded warrant liability on date of exercise is included in share capital along with the proceeds from the exercise. If these warrants expire, the related decrease in warrant liability is recognized in the consolidated statements of operations. </div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 45px;text-align:justify;">The Company has no hedging arrangements and does not apply hedge accounting.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreake3bc1f3c-cfd3-471e-a922-61d0b1b41e5d" 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; TEXT-INDENT: 0px">- 17 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;text-align:justify;"><div class="utag" style="display: inline; text-decoration: underline">Impairment</div></div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">The Company recognizes a loss allowance for expected credit losses on its financial assets when necessary. The amount of expected credit losses is updated at each reporting period to reflect changes in credit risk since initial recognition of the respective financial instruments.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top"><div class="btag" style="display: inline; font-weight: bold">Share capital</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="width:4%;"><p id="p9cc84663-3fe3-433d-85c6-422ea3b90b04" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"><b>a)</b></td><td valign="top"><b><i>Common shares</i></b></td></tr><tr><td><p id="p5a92fc27-ed8f-46a8-81ef-9961980d6801" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p0ba65f06-d0bf-453b-865e-f2c1c9e17bd8" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p57c23201-ecd6-4adb-b4d3-c6397c3af690" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td><p id="p6f32a82e-a78c-4cdc-8783-97605fdc9812" style="MARGIN: 0px">&nbsp;</p></td><td valign="top"></td><td valign="top">Common shares are classified as equity. Transaction costs directly attributable to the issuance of common shares and equity warrants are recognized as a deduction from equity, net of any tax effects. Transaction costs directly attributable to derivative warrants are charged to operations as a finance cost.</td></tr><tr><td><p id="pc19700b3-985f-47e3-89af-9a90f69658d4" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p162ed040-26db-4cd5-a1cb-16e0444b24c1" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pbb7decaf-6a6a-41a3-9f5b-763e61530be7" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td><p id="p86c1bc42-f918-48ac-a1d4-d90ef1814b96" style="MARGIN: 0px">&nbsp;</p></td><td valign="top"><b>b)</b></td><td valign="top"><i><b>Repurchase of share capital (treasury shares)</b></i></td></tr><tr><td><p id="p2ad763da-63bd-47d1-be2d-b5ba1458c9a8" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p96f8815c-7165-485d-be63-44eba36e58ba" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p6673dd2e-2d71-4300-a3f2-16c373876214" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td><p id="p581ae479-a2b0-45c8-89c2-35b7c4e1f270" style="MARGIN: 0px">&nbsp;</p></td><td valign="top"></td><td valign="top">When share capital recognized as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are presented as a deduction from total equity. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is transferred to accumulated deficit.</td></tr><tr><td><p id="pacd4a4a0-4ea6-44aa-bced-b21cb83aa419" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pc3ffada8-8309-4bb7-a564-f53556381864" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pbf6cc53d-f766-47fb-af46-9026d9002ad7" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td><p id="p8daba631-9f79-4b9a-ade4-545ccaa0f2e0" style="MARGIN: 0px">&nbsp;</p></td><td colspan="2"><p id="p6df54f20-71da-4a7c-97eb-a5dba981ff73" style="MARGIN: 0px" align="justify"><b>Share-based payment transactions </b></p><p id="p7f9c87db-e2d2-49b7-be86-3c0250f54e91" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="p8356dcdf-f3d7-42ad-a993-87aab2a9a5ee" style="MARGIN: 0px" align="justify">The Company&#8217;s share option plan and restricted share unit (&#8220;RSU&#8221;) plan allows directors, officers, employees, and consultants to acquire common shares of the Company. </p><p id="pebb6f29e-dd72-4c22-bf39-d5019cc39b01" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="pd27bf094-34bc-4cae-b9c6-28a03a17ad95" style="MARGIN: 0px" align="justify">The fair value of options granted is measured at fair value at the grant date based on the market value of the Company&#8217;s common shares on that date. </p><p id="p0a6a49c6-dd49-49b8-b62a-79512fbbea16" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="p28ccc593-1ffb-45d3-8e3d-9672550b016b" style="MARGIN: 0px" align="justify">The fair value of equity-settled RSUs is measured at the grant date based on the market value of the Company&#8217;s common shares on that date, and each tranche is recognized using the graded vesting method over the period during which the RSUs vest. At each financial position reporting date, the amount recognized as an expense is adjusted to reflect the actual number of RSUs that are expected to vest.</p><p id="p0df692b0-7e88-48ab-81fc-1a9daecd8ee1" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="p6db3338b-9fe4-45fb-a34c-c5cc60c1938a" style="MARGIN: 0px" align="justify">All options and RSUs are recognized in the consolidated statements of operations and comprehensive income (loss) as an expense or in the consolidated statements of financial position as exploration and evaluation assets over the vesting period with a corresponding increase in equity reserves in the consolidated statements of financial position. </p><p id="pfdb7c1f4-ca9f-41b6-bb95-d29f36076651" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="p351a703c-458b-4cd7-977e-0b57757e0758" style="MARGIN: 0px" align="justify"><b>Reclamation and other provisions</b></p><p id="p0ab5ab74-7722-4d7e-9d89-25a1fbacaed0" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="ped591204-fe34-4051-9005-64b371015fe9" style="MARGIN: 0px" align="justify">Provisions are recognized where a legal or constructive obligation has been incurred as a result of past events, it is probable that an outflow of resources embodying economic benefit will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. If material, provisions are measured at the present value of the expenditures expected to be required to settle the obligation. The increase in any provision due to the passage of time is recognized as accretion expense.</p><p id="p093ec6f2-dcfd-47b4-bde6-4cb60e7e6c56" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="p8cc6e522-89b5-4f1f-a26b-b8c46a6e4733" style="MARGIN: 0px" align="justify">The Company records the present value of estimated costs of legal and constructive obligations required to restore properties in the period in which the obligation is incurred. The nature of these restoration activities includes dismantling and removing structures, rehabilitating mines and restoration, reclamation, and re-vegetation of affected areas.</p></td></tr></table></div></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak4b87f24c-91cb-48c9-9603-f015383f02d5" 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; TEXT-INDENT: 0px">- 18 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="width:4%;"><p id="p8e42f0ec-9efd-415d-8978-e13dd51ef9b1" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p43ad015f-e8c1-41b1-8e41-21294d713602" style="MARGIN: 0px" align="justify">The fair value of the liability for a rehabilitation provision is recorded when it is incurred. When the liability is initially recognized, the present value of the estimated cost is capitalized by increasing the carrying amount of the related mining property or exploration and evaluation asset. Over time, the discounted liability is increased for the change in present value based on the discount rates that reflect current market assessments and the risks specific to the liability, which is accreted over time through periodic charges to income or loss. A revision in estimates or new disturbance will result in an adjustment to the provision with an offsetting adjustment to the mineral property or the exploration and evaluation asset. Additional disturbances, changes in costs, or changes in assumptions are recognized as adjustments to the corresponding assets and reclamation liabilities when they occur.</p><p id="p25fb1b73-b865-451b-a92e-c754a377eeb5" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="pf0cf36fb-c419-44aa-9d96-6e7c83ec2785" style="MARGIN: 0px" align="justify"><b>Earnings per share</b></p><p id="p57cde702-fcd4-4baf-ba1e-d8c1512feb35" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="p5e0305f8-afbe-4faf-950f-cfe9ad920a76" style="MARGIN: 0px" align="justify">The Company presents basic and diluted earnings per share data for its common shares, calculated by dividing the earnings attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year. Diluted earnings per share is determined by adjusting the earnings attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all potentially dilutive common shares.</p><p id="pf43d7d46-e050-41ff-909f-7b441662cb09" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="p9cb60a8b-4a73-4371-add4-18620e3dc2da" style="MARGIN: 0px" align="justify"><b>Income taxes</b></p><p id="p35cd0e0e-63ae-4e1d-81c0-62d4714de4fe" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="paaec6923-345e-499e-a8b8-4dd657f18b3f" style="MARGIN: 0px" align="justify">Income taxes in the years presented are comprised of current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized as equity.</p><p id="pf66247be-81ca-4b27-8dc5-0afaa61d5476" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="p94488a28-feef-4703-a8e8-31f593105a29" style="MARGIN: 0px" align="justify">Deferred tax is recognized using the statement of financial position asset and liability method, which provides for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax recognized is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the consolidated statement of financial position date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. </p><p id="p42aa9bf3-8381-4aa2-be69-477bc9271d90" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="p9f685365-d688-4126-99dc-dc024e9b094b" style="MARGIN: 0px" align="justify">Deferred tax assets and liabilities are not recognized if the temporary differences arise from the initial recognition of goodwill or an asset or liability in a transaction other than a business combination that affects neither accounting profit nor taxable profit.</p></td></tr><tr><td><p id="p1b78e7f9-248b-4d88-86cf-63ce4cc6f985" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p8d1bdd23-f38a-4373-b37b-8d094d251cb2" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top"><b>4.</b></td><td valign="top"><b>RECENT ACCOUNTING PRONOUNCEMENTS </b></td></tr><tr><td><p id="p2d13aaa9-c1df-4b66-a756-90e8ad7d0567" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p7305dfb7-3273-4995-ba19-b504a4566df4" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top"></td><td valign="top"><b>Application of new and revised accounting standards:</b></td></tr><tr><td><p id="pa3847727-60a4-4bfd-a105-22bf04704532" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p45ca7f51-2173-4f69-bc06-a377ce59c891" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top"></td><td valign="top"><b><div class="itag" style="display: inline; font-style: italic">IFRS 16 - Leases (&#8220;IFRS 16&#8221;)</div></b></td></tr><tr><td><p id="p647400ca-67d5-43e6-9376-b70abeb817b4" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p33dae89b-b84b-4011-b0fa-552e74c6f3ae" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top"></td><td valign="top">In January 2016, the IASB issued IFRS 16 &#8211; <div class="itag" style="display: inline; font-style: italic">Leases</div> (&#8220;IFRS 16&#8221;) which replaces IAS 17 &#8211; <div class="itag" style="display: inline; font-style: italic">Leases</div> 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 lessees, 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 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 became effective using a modified retrospective approach. By applying this method, the comparative information for the 2018 fiscal year has not been restated.</td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreakd75dc03d-1c41-4b0d-af0a-d6bc6a19c72a" 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; TEXT-INDENT: 0px">- 19 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td colspan="2"><div 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:</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">The amount of the initial measurement of the lease liability</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Any lease payments made at or before the commencement date</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Any indirect costs incurred</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></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><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Any incentives received from the lessor</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td colspan="2"><div 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.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">The majority of the Company&#8217;s leases were already capitalized as finance lease assets on its consolidated statement of financial position under the Company&#8217;s previous accounting policy at the time of adoption of IFRS 16. The Company has elected to apply the practical expedients in IFRS 16 and 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. </div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">IFRIC 23 - Uncertainty over Income Tax Treatments</div></div><div class="itag" style="display: inline; font-style: italic"></div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">On June 7, 2017, the IASB issued IFRIC 23 <div class="itag" style="display: inline; font-style: italic">Uncertainty over Income Tax Treatments. </div>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.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">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 the treatment is likely to be accepted, 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 not, 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. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-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.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Changes in accounting standards not yet effective:</div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-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. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">IFRS 3 &#8211; Definition of a Business</div></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;">In October 2018, the IASB issued amendments to IFRS 3 &#8211; <div class="itag" style="display: inline; font-style: italic">Definition of a Business</div> which:</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="width:8%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></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><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></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><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Add guidance and illustrative examples to help entities assess whether a substantive process has been acquired;</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></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><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></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><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table id="pagebreak8b511e80-a21d-4284-9a7c-5caf9990958a" 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; TEXT-INDENT: 0px">- 20 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td><p id="p90534ddd-e585-48f0-8143-d29d8589140e" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p64e83685-0bae-4a3c-b6e3-a1ac13551d17" style="MARGIN: 0px">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. The Company does not expect any material impact upon adoption.</p></td></tr><tr><td><p id="pe9b7ba60-5544-4d34-b964-3fd535d429b6" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p7ee12e48-f10d-4e5b-9b4d-808f4265a985" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><b>5.</b></td><td valign="top"><b>DISPOSITION OF DISCONTINUED OPERATIONS &#8211; BRALORNE GOLD MINES LTD.</b></td></tr><tr><td><p id="p2f2651cf-2c7f-4a80-b4a8-25f32fabdd85" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p71636e09-a41a-4471-ad56-eb28cd39f384" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">On December 13, 2019, the Company completed the sale of its 100% wholly-owned subsidiary Bralorne Gold Mines Ltd. (&#8220;Bralorne&#8221;) to Talisker Resources Ltd. (&#8220;Talisker&#8221;). The sale includes the Bralorne Gold Mine and is part of the Company&#8217;s plan to focus on its core mining operations in Mexico.</td></tr><tr><td><p id="pb4d7f8e8-daed-4da2-ba28-db60243d94aa" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pca846ed8-604a-44de-959a-838bf7b6035b" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">The consideration includes:</td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">C$8.7 million (translated to $6,599) in cash</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">The issuance of 12,580,000 common shares of Talisker, representing 9.9% on a pro-forma basis following the close of the transaction and subsequent financing by Talisker;</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">The issuance of 6,290,000 share purchase warrants exercisable at C$0.25 per share for a period of three years after the closing, subject to acceleration in the event the closing price of Talisker&#8217;s common shares is great than C$0.35 per share for 20 or more consecutive trading days at any time following April 14, 2020;</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td colspan="2"><div style="MARGIN: 0px;text-align:justify;">The sale includes the Bralorne claims, as well as nine mineral claims covering approximately 2,114 hectares in the Lillooet Mining Division of British Columbia, known as the BRX Property.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">The Company also received future consideration of a $2.5 million cash payment, contingent upon the commencement of commercial production at the Bralorne Mine, for which a fair value has been determined to be Nil at this time.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;">The Company recognized a loss on disposition, net of tax, calculated as follows:</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Cash proceeds</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">6,599</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Talisker shares</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,243</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Talisker warrants</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">716</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Total proceeds</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">9,558</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Net assets sold and derecognized:</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Cash</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,495</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Other current assets</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">242</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Exploration and evaluation assets</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">45,613</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Plant and equipment </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,745</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Other long-term assets</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">19</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Current portion of finance lease obligations and equipment loans</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(175</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Non-current portion of finance lease obligations and equipment loans</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(111</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Site restoration obligation</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(10,828</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Foreign currency translation adjustments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(42</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">37,958</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Loss on disposition before selling costs</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(28,400</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Selling costs</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(490</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Loss on disposition, net</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(28,890</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreakcbf04877-72c2-4b65-851e-aaac1eedd77b" 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; TEXT-INDENT: 0px">- 21 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"></td><td valign="top">As a result of the sale, the comparative net income (loss) for the current period, as well as previous two years, have been reclassified from continuing operations to discontinued operations:</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px 0px 0px 0in;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px 0px 0px 8.8pt;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2017</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;">Revenue from mining operations</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;">Cost of sales</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;">Mine operating income (loss)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;">Operating expenses (income)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">16</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(45</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(14</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;">Accretion of reclamation provision</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">217</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">256</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">154</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;">Gain on sale of assets</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(175</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;">Other items</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(5</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;">Loss on disposition</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">28,890</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;">Net loss before income taxes</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(29,126</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(31</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(143</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;">Income taxes</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;">Net loss from discontinued operations and on disposal </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(29,126</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(31</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(143</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"></td><td valign="top">The results of discontinued operations included in the consolidated statements of cash flows for the years ended December 31, 2019, 2018 and 2017, are as follows:</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;text-align:justify;">Cash generated by (used in):</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2017</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Cash flow used in operating activities</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(19</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(7</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">12</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Cash flow used in financing activities</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(258</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(590</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(871</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Cash flow used in investing activities</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(5,583</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(4,178</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(5,270</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Net cash decrease from discontinued operations</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(5,860</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(4,775</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(6,129</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><b>6.</b></td><td valign="top"><b>TAXES RECOVERABLE</b></td></tr><tr><td><p id="p6395300e-1dc7-4a20-90e8-61a17d74efc9" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p7f0b87bf-147d-4397-a529-e1c337d97067" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></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&#8221;) recoverable.</td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">VAT recoverable</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,652</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,144</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">GST recoverable</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">42</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">82</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Income taxes recoverable</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2,789</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2,117</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">5,483</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">5,343</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><b>7.</b></td><td valign="top"><b>INVENTORY</b></td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Process material stockpiles</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,079</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">4,486</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Concentrate inventory</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,055</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,095</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Materials and supplies</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,458</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,650</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">5,592</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">9,231</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"></td><td valign="top">The amount of inventory recognized as an expense for the year ended December 31, 2019 totalled $32,016 (2018 &#8211; $27,850, 2017 - $22,106), and includes production costs and depreciation and depletion directly attributable to the inventory production process.</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak6ad68a0c-6ea7-4841-b3b6-ae10dfbc49c7" 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; TEXT-INDENT: 0px">- 22 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><b>8.</b></td><td valign="top"><b>LONG-TERM INVESTMENTS</b></td></tr><tr><td><p id="p53cd7c48-142d-42e3-8493-ed3f885057f1" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pbe1f9ec8-43c5-4ab8-95c8-03097eab5838" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top"></td><td valign="top">The Company classifies its long-term investments as designated at fair value through profit and loss under IFRS 9. Long-term investments are summarized as follows:</td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Fair Value</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Net Additions </div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Movements in foreign </div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Fair value adjustments </div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Fair Value</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td></tr><tr><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">(Disposals)</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">exchange</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">for the year</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Talisker Resources Common Shares</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,243</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">63</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">891</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,197</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Talisker Resources Warrants</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">716</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">21</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">377</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,114</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Other long-term investments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">10</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(24</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">14</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">10</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2,935</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">84</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,282</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">4,311</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><b>9.</b></td><td valign="top"><b>EXPLORATION AND EVALUATION ASSETS</b></td></tr><tr><td><p id="p9ef34768-cdc1-4148-8899-a04c1a16eab3" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p5ea3fde7-27f2-43ee-a63c-27a79c714b3c" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">The Company has accumulated the following acquisition, exploration and evaluation costs which are not subject to depletion:</td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Durango, </div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Mexico</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">British Columbia &amp; Yukon, Canada</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Total</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td colspan="21"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Balance, January 1, 2018</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">9,034</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">34,304</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">43,338</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Costs incurred during 2018:</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Mine and camp costs</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,143</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,143</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Drilling and exploration</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">346</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,142</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,488</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Depreciation of plant and equipment </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">540</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">540</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Interest and financing costs</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">414</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">414</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Geological and related services </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">205</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">205</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Water treatment and tailing storage facility costs</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">53</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">53</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Assessments and taxes</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">86</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">29</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">115</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Assays</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">13</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">13</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Effect of movements in exchange rates </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">226</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(2,754</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(2,528</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Balance, December 31, 2018</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">9,692</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">37,089</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">46,781</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Costs incurred during 2019:</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Mine and camp costs</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,537</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,537</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Drilling and exploration</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">50</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,333</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,383</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Depreciation of plant and equipment </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">317</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">317</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Interest and other costs</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">325</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">325</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Provision for reclamation</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,338</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,338</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Assessments and taxes</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">90</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">31</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">121</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Geological and related services </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">116</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">116</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Assays</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">130</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">130</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Water treatment and tailing storage facility costs</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">112</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">112</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Effect of movements in exchange rates</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(6</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,286</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,280</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Disposition of Bralorne Mine</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(45,613</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(45,613</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Balance, December 31, 2019</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">9,826</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">9,827</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreakacae3f22-85a9-4f90-b231-2bb4201e281e" 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; TEXT-INDENT: 0px">- 23 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;">Additional information on the Company&#8217;s exploration and evaluation properties by region is as follows:</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="itag" style="display: inline; font-style: italic"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><p id="p8c823de9-0abd-4175-9ef1-c734e8aef0eb" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"><i>(a)</i></td><td valign="top"><i>Durango, Mexico</i></td></tr><tr><td><p id="pcf6e5797-e5d3-46b3-9ac5-26d5f26a39cc" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pa6eae586-bb51-4f6f-9d2e-e52cbad32e11" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p89f35719-88ab-4307-917f-63566ee2ba1c" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><p id="p277fcabc-4c34-41b7-9562-0e58cad600d5" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"></td><td valign="top">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:</td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:8%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">(i)</td><td valign="top">Avino mine area property</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"></td><td valign="top"><div style="MARGIN: 0px;text-align:justify;">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.</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top">(ii)</td><td valign="top">Gomez Palacio property</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></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><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top">(iii)</td><td valign="top">Santiago Papasquiaro property</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></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><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top">(iv)</td><td valign="top">Unification La Platosa properties</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></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><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></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 July 1, 2015.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></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$0.25 million during the year ended December 31, 2012.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></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><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></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></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreaka7bab6d1-cb66-402d-bd5c-183999a5474f" 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; TEXT-INDENT: 0px">- 24 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="itag" style="display: inline; font-style: italic"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><p id="paa5ca613-b11b-4bb3-97f0-dd12b1f0c5c5" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"><i>(b)</i></td><td valign="top"><i>British Columbia, Canada</i></td></tr><tr><td><p id="pb9344fc6-789d-4648-b410-8757e7a6059d" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p1fc7c4c7-a4c7-440d-a5b2-c642b877857e" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pe0d4e45f-044f-47ce-ade9-43578d194039" style="MARGIN: 0px">&nbsp;</p></td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:8%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">(i)</td><td valign="top">Minto and Olympic-Kelvin properties</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></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></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="itag" style="display: inline; font-style: italic"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><p id="p19b5e5e3-ad44-4904-ba20-a0000e02bff9" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"><i>(c)</i></td><td valign="top"><i>Yukon, Canada</i></td></tr><tr><td><p id="pf0a1f4ee-4e4e-4b18-a354-0a35f61cbf0a" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p38ab41a4-8980-4187-96bd-cbdb318317d4" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p65770187-5b55-4d14-be5b-89a205e81d9f" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><p id="pf07ee1dd-19d2-40d9-aaa6-70915e1c930d" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"></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.</td></tr><tr><td><p id="p84a0d89e-fbd0-45cf-bfa8-5f179ab4e3b1" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p6696c595-2368-438a-b408-a4fb74e3a231" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p89ba135d-e5a2-45ad-bf97-f729e86c4fdf" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><p id="p6c0bce76-2661-4fcb-878d-fb104dafbc48" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"></td><td valign="top">During the year ended December 31, 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$0.55 million 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 id="p2d90e559-a1af-4074-b5b4-607f87c6bacc" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pd196e587-278e-47d1-ab38-13c52cfe833d" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p08011175-9209-4f52-921d-412bd9b2212d" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><p id="p25b484fc-46d3-41d4-9a60-44cc2caede3c" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"></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 id="p947759f6-cf4c-4254-8328-cc8d964c9179" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p4abdeb8f-477a-4a56-8d49-c15c8b9818be" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p712cde92-739c-4a38-8673-577f84fd05bc" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><p id="p8b28fb4e-2d22-4461-a5dc-e0f5c9378ec7" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"></td><td valign="top">During the year ended December 31, 2019, Alexco terminated the option agreement as structured. The Eagle Property was previously inactive and held by Avino as a non-essential asset to its current operations, with a nominal carrying value.</td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><b>10.</b></td><td valign="top"><b>NON-CONTROLLING INTEREST</b></td></tr><tr><td><p id="p5cfd02ea-3660-4c2a-8811-d97d7e1fbb65" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p1f6eeab2-0d17-482c-a233-822af9548e01" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">At December 31, 2019, the Company had an effective 99.67% (2018 - 99.67%, 2017 &#8211; 99.67%) interest in its subsidiary Avino Mexico and the remaining 0.33% (2018 - 0.33%, 2017 &#8211; 0.33%) interest represents a non-controlling interest. The accumulated deficit and current year income attributable to the non-controlling interest are insignificant and accordingly have not been recognized in the consolidated financial statements.</td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreakb6efdf3f-2737-4f1b-bcbe-59710510e07d" 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; TEXT-INDENT: 0px">- 25 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><b>11.</b></td><td valign="top"><b>PLANT, EQUIPMENT AND MINING PROPERTIES</b> </td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Mining</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">properties </div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Office equipment, furniture, and fixtures</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Computer equipment</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Mine machinery and transportation equipment</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Mill machinery and processing equipment</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Buildings</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Total</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center" style="width:7%;"><div style="MARGIN: 0px;text-align:center;">$</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center" style="width:7%;"><div style="MARGIN: 0px;text-align:center;">$</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center" style="width:7%;"><div style="MARGIN: 0px;text-align:center;">$</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center" style="width:7%;"><div style="MARGIN: 0px;text-align:center;">$</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center" style="width:7%;"><div style="MARGIN: 0px;text-align:center;">$</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center" style="width:7%;"><div style="MARGIN: 0px;text-align:center;">$</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center" style="width:7%;"><div style="MARGIN: 0px;text-align:center;">$</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td style="BORDER-BOTTOM: 1px solid" valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">COST</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" colspan="2" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" colspan="2" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" colspan="2" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" colspan="2" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" colspan="2" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" colspan="2" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" colspan="2" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Balance at January 1, 2018</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">12,482</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">133</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">283</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">16,377</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">9,866</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">5,625</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">44,766</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Additions / Transfers</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">588</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">17</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">77</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">990</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">7,856</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">1,134</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">10,662</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Disposals</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(33</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(33</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Effect of movements in exchange rates</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">(108</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">(1</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">(2</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">(110</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">(86</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">(49</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">(356</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Balance at December 31, 2018</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">12,962</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">149</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">358</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">17,257</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">17,603</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">6,710</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">55,039</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Additions / Transfers</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">664</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">381</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(6</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(648</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">148</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">2,770</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">3,289</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Disposals</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(6</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(12</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(3,723</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(231</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(206</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(4,178</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Effect of movements in exchange rates</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">31</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">1</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">33</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">34</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">13</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">112</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Balance at December 31, 2019</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">13,637</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">524</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">341</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">12,919</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">17,554</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">9,287</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">54,262</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">ACCUMULATED DEPLETION AND DEPRECIATION</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Balance at January 1, 2018</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">4,592</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">48</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">144</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">6,084</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">1,139</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">601</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">12,608</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Additions / Transfers</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">1,549</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">17</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">32</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">799</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">1,287</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">112</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">3,796</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Effect of movements in exchange rates</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">(39</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">(1</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">(53</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">(10</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">(5</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">(108</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Balance at December 31, 2018</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">6,102</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">65</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">175</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">6,830</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">2,416</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">708</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">16,296</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Additions / Transfers</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">1,952</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">22</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">49</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">51</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">1,619</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">714</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">4,407</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Disposals</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(3</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(11</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(2,040</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(27</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(49</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;">(2,130</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Effect of movements in exchange rates</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">12</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">13</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">5</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">1</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:7%;" valign="bottom" align="right">31</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Balance at December 31, 2019</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">8,066</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">84</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">213</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">4,854</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">4,013</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">1,374</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">18,604</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">NET BOOK VALUE </div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">At December 31, 2019</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">5,571</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">440</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">128</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">8,065</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">13,541</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">7,913</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:7%;"><div class="btag" style="display: inline; font-weight: bold">35,658</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">At December 31, 2018</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 3px double;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:7%;" valign="bottom" align="right">6,860</td><td style="PADDING-BOTTOM: 3px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 3px double;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:7%;" valign="bottom" align="right">84</td><td style="PADDING-BOTTOM: 3px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 3px double;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:7%;" valign="bottom" align="right">183</td><td style="PADDING-BOTTOM: 3px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 3px double;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:7%;" valign="bottom" align="right">10,427</td><td style="PADDING-BOTTOM: 3px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 3px double;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:7%;" valign="bottom" align="right">15,187</td><td style="PADDING-BOTTOM: 3px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 3px double;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:7%;" valign="bottom" align="right">6,002</td><td style="PADDING-BOTTOM: 3px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 3px double;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:7%;" valign="bottom" align="right">38,743</td><td style="PADDING-BOTTOM: 3px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Included in Buildings above are assets under construction of $3,746 as at December 31, 2019 (December 31, 2018 - $3,655) on which no depreciation was charged in the years then ended. Once the assets are put into service, they are transferred to the appropriate class of plant, equipment and mining properties.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak82f38fce-fa5e-46c8-ac10-a08254379a7a" 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; TEXT-INDENT: 0px">- 26 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;"></div></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cols="1" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: black 1px solid"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><b>12.</b></td><td valign="top"><b>RELATED PARTY TRANSACTIONS AND BALANCES</b> </td></tr><tr><td><p id="p70e25f59-a694-4742-84fa-a1a08b757dae" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p2a750e7a-e372-4c6d-a203-0e95c72bf295" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">All related party transactions are recorded at the exchange amount which is the amount agreed to by the Company and the related party.</td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="itag" style="display: inline; font-style: italic"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><p id="p3a0479f5-58d0-43b8-ac10-e7a47c781bff" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;">(a)</td><td valign="top"><i>Key management personnel</i></td></tr><tr><td><p id="p5797a507-7ac8-4679-9633-51d20103f33e" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pa96aaaf2-e2df-411a-9b9e-681540aca49d" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p364d5088-4f9b-466b-acad-4e7b5efe9283" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><p id="p105e4b85-ef85-462d-8fbd-2659dabca47f" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"></td><td valign="top"><p id="p0852fc6c-75fa-4676-a3f7-4e18c6353298" 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 year ended December 31, 2019, 2018 and 2017, were as follows:</p></td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="85%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">2017</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Salaries, benefits, and consulting fees</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">723</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">956</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">860</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Share-based payments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">659</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">531</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,718</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,382</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,487</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2,578</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><p id="p8d62503f-dd37-4522-a967-2e3f4aa710ce" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;">(b)</td><td valign="top">Amounts due to/from related parties</td></tr><tr><td><p id="paac9abff-e0b4-4e25-aed1-f3df0b88cc84" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pd0523b86-bacb-4c16-ad4b-447809efb578" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p11a9ea9a-5064-4860-a844-4f12e01b1ead" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><p id="pbcd9f2ed-6fe5-452e-b3d8-2b116b9b6b1f" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"></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. (&#8220;Oniva&#8221;) of $Nil (December 31, 2018 - $212) for expenditures to be incurred on behalf of the Company are included in prepaid expenses and other assets on the consolidated statements of financial position as at December 31, 2019. The following table summarizes the amounts due to related parties:</td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="85%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Oniva International Services Corp.</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">105</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">107</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Directors</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">51</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">47</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Jasman Yee &amp; Associates, Inc.</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">3</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">156</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">157</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><p id="pd68b309d-9119-41a5-a723-fa946580fa55" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;">(c)</td><td valign="top">Other related party transactions</td></tr><tr><td><p id="p9367016c-703c-435c-80d4-64d6d3df9449" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pa274b125-aa80-44e4-81f8-ba154644ff37" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p9ca85b17-6431-48f7-a000-a4a5212d7bfe" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><p id="p04e2266f-982c-48c6-bae3-10fe342cb105" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"></td><td valign="top">The Company has a cost sharing agreement with Oniva 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></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table id="pagebreakc45ee913-c5f7-4ece-9721-15be627a99ad" 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; TEXT-INDENT: 0px">- 27 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"></td><td valign="top">The transactions with Oniva during the years ended December 31, 2019, 2018 and 2017, are summarized below:</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="85%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">2017</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Salaries and benefits</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">665</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">594</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">450</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Office and miscellaneous</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">322</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">560</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">567</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Exploration and evaluation assets</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">206</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">353</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">352</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,193</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,507</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,369</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td><p id="p314c8cd0-3a83-455d-9f87-8533d039d970" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p4b8c29d6-4aa1-432a-b4f1-b0967aeaded9" style="MARGIN: 0px" align="justify">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 years ended December 31, 2019, 2018 and 2017, the Company paid $226, $232 and $231, respectively, to ICC.</p><p id="p25d3cc7b-d56c-4f32-bbc1-67870f9d423b" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="pb3e1ccf4-19fb-46ac-ac39-c7a3f02799d4" style="MARGIN: 0px" align="justify">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 years ended December 31, 2019, 2018 and 2017, the Company paid $33, $66 and $80, respectively, to JYAI.</p><p id="p4812ae3f-5e79-47f8-8fce-efcff51f29e4" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="p6acf1105-2c2e-446e-9e83-4432a38e739d" style="MARGIN: 0px" align="justify">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 years ended December 31, 2019, 2018 and 2017, the Company paid $Nil, $12 and $23, respectively, to WWD.</p></td></tr><tr><td><p id="pa2666ab2-68dd-453b-bf7e-f008303640d0" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p32a0b079-b8e6-4c36-9ca4-fb2321f4f7e6" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><b>13.</b></td><td valign="top"><b>TERM FACILITY</b></td></tr><tr><td><p id="pae00328a-9d04-4284-8f07-7d691ba8649f" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p9d772d6f-a853-43bd-ab67-b19306f842d3" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td><p id="p0765f0b6-ab2e-4a30-bbf6-aacefd7dfd9f" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p1ca1780e-4219-4c6b-8493-4eb10859d0c3" style="MARGIN: 0px">In July 2015, the Company entered into a ten million dollar 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 id="p256c93d6-124d-4ddf-a9dc-1b582184ee5a" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="pafe1f542-807c-4aa4-b515-0edc10ab9841" 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 id="p5a664eda-aafd-4b65-be77-80eb2801e394" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="pe4078e30-e143-4f6b-85dd-e0c1c0acf24f" style="MARGIN: 0px" align="justify">The facility is secured by the concentrates produced under the agreement and by 33% of the common shares of the Company&#8217;s wholly-owned subsidiary Compa&#241;&#237;a Minera Mexicana de Avino, S.A. de C.V.. 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.</p></td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreake35375c2-21dd-4b77-9f29-f34b9b07f1b1" 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; TEXT-INDENT: 0px">- 28 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"></td><td valign="top">The continuity of the term facility with Samsung is as follows:</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td></tr><tr><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Balance, beginning</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">6,901</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">8,667</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Repayments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(833</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(2,000</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Unwinding of fair value adjustment</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(170</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Fair value adjustment for modification</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">234</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Balance, ending</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5,897</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">6,901</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Less: Current portion</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(3,384</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(1,017</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Non-current portion</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2,513</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">5,884</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><b>14.</b></td><td valign="top"><b>EQUIPMENT LOANS</b></td></tr><tr><td><p id="pf253c30b-f17d-4365-9d74-9fb6ebd65835" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p1646dcf2-e69e-4b36-b4f6-e2a460952661" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">The Company has entered into loans for mining equipment maturing in between 2020 and 2021 with fixed interest rates of 6.29% per annum. The Company&#8217;s obligations under the loans are secured by the mining equipment. As at December 31, 2019, plant, equipment, and mining properties includes a net carrying amount of $559 (December 31, 2018 - $2,232) for this mining equipment.</td></tr><tr><td><p id="pd5786450-dad0-4da1-9304-fb4150c4aab9" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p15d8c6b4-912f-4100-a066-050c1cf55a0e" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">The contractual maturities and interest charges in respect of the Company&#8217;s obligations under the equipment loans are as follows:</td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31, </div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31, </div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td></tr><tr><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Not later than one year</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">228</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">550</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Later than one year and not later than five years</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">73</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">428</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Less: Future interest charges</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(12</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(50</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Present value of loan payments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">289</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">928</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Less: current portion</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(199</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(517</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Non-current portion</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">90</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">411</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td><p id="p2a62f2dd-960c-452c-8ed0-d67bf858f968" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p401b7848-2074-4d2d-b53b-b79c7af454ef" style="MARGIN: 0px" align="justify">The equipment loan credit facilities are a component of the master credit facilities described in Note 15.</p></td></tr><tr><td><p id="p09290d71-eba0-418b-9cf7-4c506617dc5f" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p67c539a8-bca5-4070-83de-ad46ee7ea379" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><b>15.</b></td><td valign="top"><b>FINANCE LEASE OBLIGATIONS</b></td></tr><tr><td><p id="pdbd92a91-021a-44fd-8d16-cd0e8e7c0fe9" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pd4efa671-900e-4090-a4a0-308adf8f4b8e" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top"><p id="p1045aaec-3279-4f77-a0d7-a9a941641870" style="MARGIN: 0px" align="justify">The Company has entered into office space and mining equipment leases expiring between 2020 and 2025, with interest rates ranging from Nil% to 14.99% per annum. The Company has the option to purchase the mining equipment at the end of the lease term for a nominal amount. The Company&#8217;s obligations under finance leases are secured by the lessor&#8217;s title to the leased assets. As at December 31, 2019, plant, equipment and mining properties includes a net carrying amount of $2,697 (December 31, 2018 - $3,461) for this leased mining equipment.</p></td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak5ae2fd98-8651-43e5-ab1f-aaea94949cdd" 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; TEXT-INDENT: 0px">- 29 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"></td><td valign="top">The contractual maturities and interest charges in respect of the Company&#8217;s finance lease obligations are as follows:</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td></tr><tr><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Not later than one year</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">716</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">943</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Later than one year and not later than five years</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">444</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">947</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Later than five years</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">28</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Less: Future interest charges</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(54</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(71</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Present value of lease payments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,134</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,819</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Less: current portion</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(692</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(950</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Non-current portion</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">442</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">869</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td><p id="peb077c9e-c48f-4f2a-8b00-cdee10efc534" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p15acab90-cb50-4f90-bcff-88c449f45a28" style="MARGIN: 0px" align="justify">The Company has a master credit facility with an equipment supplier for a total of $5,000. The facility is used to acquire equipment necessary for maintaining operations and exploration activities at the Avino Mine. As of December 31, 2019, the Company had $4,780 in available credit remaining under these facilities.</p></td></tr><tr><td><p id="pec939b4e-6c50-4186-9aa7-788659278c37" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pc1d77e61-27b9-4f87-a38a-b6dff36c807c" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><b>16.</b></td><td valign="top"><b>WARRANT LIABILITY</b></td></tr><tr><td><p id="p93a9699f-2fda-4d5b-a3b4-8b424d8906ce" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pfb352077-267a-41a6-a130-22466adea999" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">The Company&#8217;s warrant liability arises as a result of the issuance of warrants exercisable in U.S. 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></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px 0px 0px 1.25pt;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px 0px 0px 1.25pt;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px 0px 0px 1.25pt;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px 0px 0px 1.25pt;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Balance, beginning</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,009</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,161</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">US dollar warrants issued during the year</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,296</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Fair value adjustment </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(520</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(1,304</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Effect of movement in exchange rates </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">90</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(144</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Balance, ending</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,579</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,009</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Less: current portion</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Non-current portion</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,579</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2,009</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"></td><td valign="top">The Company also has warrants outstanding that are denominated in Canadian dollars. These warrants are recognized through the consolidated statement of changes in equity upon issuance using the Black-Scholes model, and are not remeasured at the end of each reporting period.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">Continuity of all warrants is as follows:</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Underlying </div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Shares</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Weighted Average Exercise Price</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Warrants outstanding and exercisable, January 1, 2018</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,602,215</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1.99</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Issued</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">7,175,846</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">0.80</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Warrants outstanding and exercisable, December 31, 2018</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">10,778,061</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1.20</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Issued</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">464,122</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td colspan="2"><div style="MARGIN: 0px 0px 0px 10.65pt;text-align:right;">C$0.85</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Expired</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(3,602,215</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1.99</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Warrants outstanding and exercisable, December 31, 2019</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">7,639,968</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">0.79</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak32b61d96-5b62-4db4-bbbf-22feca015911" 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; TEXT-INDENT: 0px">- 30 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"><div style="MARGIN: 0px; TEXT-INDENT: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">All Warrants </div></div><div style="MARGIN: 0px; TEXT-INDENT: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Outstanding and Exercisable</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td></tr><tr><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 1.35pt; TEXT-INDENT: 0px;text-align:left;"><div class="btag" style="display: inline; font-weight: bold">Expiry Date</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px; TEXT-INDENT: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Exercise Price </div></div><div style="MARGIN: 0px; TEXT-INDENT: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">per Share</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31, </div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px; TEXT-INDENT: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31, </div></div><div style="MARGIN: 0px; TEXT-INDENT: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1.35pt; TEXT-INDENT: 0.1pt;">March 14, 2019</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1.00</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">40,000</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1.35pt; TEXT-INDENT: 0.1pt;">November 28, 2019</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2.00</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,562,215</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1.35pt; TEXT-INDENT: 0.1pt;">July 30, 2020</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td colspan="2"><div style="MARGIN: 0px; TEXT-INDENT: 0px;text-align:right;">C$0.85</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">464,122</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1.35pt; TEXT-INDENT: 0.1pt;">September 25, 2023</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">0.80</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">7,175,846</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">7,175,846</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">7,639,968</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">10,778,061</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"></td><td valign="top">As at December 31, 2019, the weighted average remaining contractual life of warrants outstanding was 3.55 years (December 31, 2018 &#8211; 3.46 years).</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">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:</td></tr></table><div style="MARGIN: 0px;">&nbsp; </div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31, </div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">Weighted average assumptions:</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Risk-free interest rate</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1.68</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1.88</td><td valign="bottom" style="width:1%;">%</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Expected dividend yield</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0</td><td valign="bottom" style="width:1%;">%</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Expected warrant life (years)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3.57</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3.46</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Expected stock price volatility</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">61.61</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">61.47</td><td valign="bottom" style="width:1%;">%</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Weighted average fair value</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">0.22</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">0.19</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><b>17.</b></td><td valign="top"><b>DEFERRED REVENUE</b></td></tr><tr><td><p id="p1bf74245-a40a-43eb-9f63-8eb2d81fef59" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pb3074494-ceae-4462-8708-16c4f27a5ba4" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">During the year ended December 31, 2018, the Company entered into a sales agreement with MK Metal Trading Mexico S.A. de C.V., a subsidiary of Ocean Partners, to sell San Gonzalo concentrate for a 12 month period. As per the agreement, the Company received an unsecured upfront payment of $2 million, which is to be repaid in equal monthly installments over the 12 month period ending March 2019. Interest is charged on the outstanding balance at a rate of US dollar LIBOR (3 month) plus 4.75%.</td></tr><tr><td><p id="pc926a3af-66f0-4fc3-b9a8-1bf1692f8b76" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p39c8c562-c21d-40a7-8a52-2d136eaa50ab" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top"><p id="p1f6211bb-2b91-4fee-ad40-ef12c8745eff" style="MARGIN: 0px">As of December 31, 2019, the outstanding balance (including IVA) was $Nil (December 31, 2018 - $573).</p></td></tr><tr><td><p id="p1480e60b-3c50-474e-a358-a930b123a687" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pf8902d6b-928b-4ea3-bc66-3c2efd2911f6" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><b>18.</b></td><td valign="top"><b>RECLAMATION PROVISION </b></td></tr><tr><td><p id="pdb580297-a08e-4108-b414-a895093d5e82" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pd7ea5fbf-fccf-4eb6-82fb-37431ee10dff" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top"><p id="p54df1005-96e9-46b9-afa6-4394eea5519f" style="MARGIN: 0px" align="justify">Management&#8217;s estimate of the reclamation provision at December 31, 2019, is $1,524 (December 31, 2018 &#8211; $10,799), and the undiscounted value of the obligation is $1,985 (December 31, 2018 &#8211; $16,356). </p></td></tr><tr><td><p id="p2bb86295-c0c9-4d51-94b6-42b0b7a58a8e" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pa9781ac1-9b76-47d7-8d0f-74b070edec4a" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">The present value of the obligation was calculated using a risk-free interest rate of 6.86% (December 31, 2018 &#8211; 8.62%) and an inflation rate of 3.54% (December 31, 2018 &#8211; 3.80%). Reclamation activities are estimated to begin in 2021 for the San Gonzalo Mine and in 2028 for the Avino Mine.</td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak54264b44-9909-43f3-be9e-156ac78f752e" 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; TEXT-INDENT: 0px">- 31 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"></td><td valign="top">A reconciliation of the changes in the reclamation provision during the years ended December 31, 2019, and 2018, is as follows:</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px 0px 0px 1.25pt;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px 0px 0px 1.25pt;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px 0px 0px 8.8pt;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px 0px 0px 8.8pt;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1.65pt;">Balance, beginning</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">10,799</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">11,638</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1.65pt;">Changes in estimates</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">840</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(437</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1.65pt;">Disposition of Bralorne (Note 5)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(10,828</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1.65pt;">Unwinding of discount related to Bralorne</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">217</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">256</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1.65pt;">Unwinding of discount related to continuing operations</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">104</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">122</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1.65pt;">Effect of movements in exchange rates</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">392</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(780</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1.65pt;">Balance, ending</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,524</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">10,799</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1.65pt;">Less: current portion</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(296</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1.65pt;">Non-current portion</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,524</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">10,503</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><b>19.</b></td><td valign="top"><b>SHARE CAPITAL AND SHARE-BASED PAYMENTS</b></td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="itag" style="display: inline; font-style: italic"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><p id="pc78fdb5a-5678-496f-a27d-093b7cab017e" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"><i>(a)</i></td><td valign="top"><i>Authorized: </i>Unlimited common shares without par value<i>. </i></td></tr><tr><td><p id="pdd3da1d7-ac40-4267-80e0-86d0c6745693" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pe99afe19-68a3-4902-b660-911a2663eb0a" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p74452369-285a-4873-9591-f85afb28560d" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><p id="p4b30ac57-ebb1-4b6a-afc9-3cddbab75b91" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"><i>(b)</i></td><td valign="top"><i>Issued:</i></td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:8%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">(i)</td><td valign="top">During the year ended December 31, 2019, the Company closed a bought-deal financing, issuing 5,411,900 common shares at the price of C$0.85, as well as 2,323,460 flow-through shares at the price of C$0.99 for gross proceeds of $5,240 (C$6,900). The financing was made by way of prospectus supplement in July 2019, so the Company&#8217;s existing Canadian short-form base shelf prospectus dated December 21, 2018.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">Of the $5,240 total aggregate proceeds raised, $116 was attributed to 464,122 warrants issued as commission, leaving a residual amount of $5,124. This amount includes a flow-through premium, which represents the difference between the C$0.85 price in which the common shares were issued, and the offering price of C$0.99 per share. Based on the C$ to US$ exchange rate on the date of the transaction, $247 was recorded as the flow-through premium, for a net share capital allocation of $4,877. This premium is presented in &#8220;Other liabilities&#8221; on the condensed consolidated interim statements of financial position as at December 31, 2019.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">The Company paid a 7% cash commission on the gross proceeds in the amount of $367, and incurred additional legal and professional costs of $115. Costs of $10 were allocated to the fair value of the warrants and have been reflected in the condensed consolidated interim statements of operations as a finance cost, and costs of $472 have been reflected as share issuance costs in the condensed consolidated interim statements of changes in equity.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">During the year ended December 31, 2019, the Company issued 4,954,000 common shares in an at-the-market offering under prospectus supplement for gross proceeds of $2,924. The Company paid a 3% cash commission of $87 on gross proceeds and incurred an additional $75 in issuance costs during the period.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">During the year ended December 31, 2019, the Company issued 565,259 common shares upon exercise of RSUs.</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:8%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">(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></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak7727c7f0-aef8-418b-8973-736715cae5c5" 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; TEXT-INDENT: 0px">- 32 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="width:8%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;text-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 16), 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</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"></td><td valign="top">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.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"></td><td valign="top">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.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"></td><td valign="top">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.</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><p id="padd600c1-8f08-46c3-b858-5fcec59a894a" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"><i>(c)</i></td><td valign="top"><i>Stock options:</i></td></tr><tr><td><p id="p58fc3d74-098f-4119-ac78-947b205356d0" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pda1a3623-cda2-4a2d-b8dd-b18dac6d3561" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p6e27aac8-edb0-46b4-92d8-673b15436bb1" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><p id="pac4f7bd2-4a64-4203-b093-cfd1c74bc16f" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"></td><td valign="top">The Company has a stock option plan to purchase the Company&#8217;s common shares, under which it may grant stock options 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 on the date of grant, except for those issued to persons providing investor relations services, which 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.</td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreakd0bfab34-cd39-4423-946f-be017ca0be46" 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; TEXT-INDENT: 0px">- 33 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 90px;text-align:justify;">Continuity of stock options for the years ended December 31, 2019, and 2018, is as follows:</div><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="85%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Underlying </div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Shares</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Weighted Average Exercise Price (C$)</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Stock options outstanding and exercisable, January 1, 2018</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,311,000</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2.12</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Granted</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">497,500</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1.30</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Cancelled / Forfeited</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(497,500</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2.14</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Expired</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(306,000</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1.61</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Exercised</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(87,500</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1.61</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Stock options outstanding, December 31, 2018</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2,917,500</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2.04</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Stock options exercisable, December 31, 2018</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2,576,250</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2.14</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Granted</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">526,000</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0.79</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Cancelled / Forfeited</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(255,000</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2.09</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Expired</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(550,000</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1.90</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Stock options outstanding, December 31, 2019</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2,638,500</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1.82</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Stock options exercisable, December 31, 2019</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2,244,000</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2.00</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 90px;">The following table summarizes information about the Company&#8217;s stock options outstanding and exercisable at December 31, 2019:</div><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="85%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Outstanding </div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Exercisable</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td></tr><tr><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Expiry Date</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Price (C$)</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Number of Options </div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Weighted Average Remaining Contractual Life (Years) </div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Number of Options </div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Weighted Average Remaining Contractual Life (Years)</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">September 2, 2021</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2.95</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">502,500</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1.67</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">502,500</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1.67</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">September 20, 2022</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1.98</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,162,500</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2.72</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,162,500</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2.72</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">October 6, 2022</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1.98</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">15,000</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2.77</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">15,000</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2.77</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">August 28, 2023</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1.30</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">432,500</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3.66</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">432,500</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3.66</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">August 21, 2024</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">0.79</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">526,000</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">4.64</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">131,500</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">4.64</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2,638,500</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">3.06</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2,244,000</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2.78</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 90px;text-align:justify;">Option pricing requires the use of highly subjective estimates and assumptions including the expected stock price volatility. The expected volatility used in valuing stock options 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 options granted during the years ended December 31, 2019, 2018 and 2017, was calculated using the Black-Scholes model with the following weighted average assumptions and resulting grant date fair value:</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreakdba71929-65b0-4c90-9eb2-c819d60c3fe3" 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; TEXT-INDENT: 0px">- 34 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="85%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">2017</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">Weighted average assumptions:</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;text-align:justify;">Risk-free interest rate</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1.27</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2.25</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1.80</td><td valign="bottom" style="width:1%;">%</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;text-align:justify;">Expected dividend yield</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0</td><td valign="bottom" style="width:1%;">%</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;text-align:justify;">Expected option life (years)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5.00</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5.00</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5.00</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;text-align:justify;">Expected stock price volatility</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">59.01</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">60.26</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">68.24</td><td valign="bottom" style="width:1%;">%</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Weighted average fair value at grant date</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td colspan="2"><div style="MARGIN: 0px;text-align:right;">C$0.40</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td colspan="2"><div style="MARGIN: 0px;text-align:right;">C$0.53</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td colspan="2"><div style="MARGIN: 0px;text-align:right;">C$1.14</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="itag" style="display: inline; font-style: italic"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td><p id="pcc7e8943-0e98-4a9a-8cca-b2f17a3552c7" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p628a1995-9ce3-48ad-8a28-a0adb3bb5776" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p56e78a32-7213-44a0-a445-67d7d55fcc79" style="MARGIN: 0px">During the year ended December 31, 2019, the Company charged $144 (2018 - $130, 2017 - $1,177) to operations as share-based payments and capitalized $37 (2018 - $20, 2017 - $127) to exploration and evaluation assets.</p></td></tr><tr><td><p id="pa37481d4-2196-4084-99bc-d1e754732cc2" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pbad2412f-4b4a-46ea-bec9-c8d8ffca610b" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p0718d32f-ab56-414c-bfb6-bcd9f6af0510" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><p id="pca001726-690f-44f7-b284-5c662c90d685" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"><i>(d)</i></td><td valign="top"><i>Restricted Share Units:</i></td></tr><tr><td><p id="pe351bf85-eba9-420b-aec0-4a788b9082c3" style="MARGIN: 0px">&nbsp;</p></td><td><p id="peedda5b5-fdf7-419f-acfa-96aaee23dba4" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pdd995cee-5b44-4ef0-a7e0-01cef5fa6c66" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td><p id="pe6dfaf8a-be67-4c34-88cd-1122a87f8dbe" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pc74c1353-5672-4c0a-ae5c-6982e6bd1e0a" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p1b53e413-7c2f-47eb-9390-e27d322d9f43" style="MARGIN: 0px">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.</p><p id="p9ce8fa24-5fe4-43b6-a0cb-972ad1ca59fb" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="pca1f18be-4f56-4f09-b131-2f173dc49a2f" 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><p id="p4ba772af-6894-45bb-9366-97d11ef586cd" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="p0da2dbe8-e895-42cf-a657-dadbf3a57968" style="MARGIN: 0px" align="justify">During the year ended December, 2019, 1,730,500 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 granted during the year ended December 31, 2019, the weighted average fair value at the measurement date was C$0.79 (for year ended December 31, 2018 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 id="pe989c92a-2405-4da4-8b71-df39d99c30e2" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="pc2cb6acf-cbfb-4801-b931-a976a20f46f8" style="MARGIN: 0px" align="justify">At December 31, 2019, there were 2,372,875 RSUs outstanding (December 31, 2018 &#8211; 1,235,300) with a weighted average remaining life of 2.37 years.</p><p id="pa52b8449-83ea-450f-a44e-f8cbad408519" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="pa8393943-2b76-4d11-acf4-fcfea3e06600" style="MARGIN: 0px" align="justify">During the nine months ended December 31, 2019, the Company charged $793 (December 31, 2018 - $500) to operations as share-based payments and capitalized $49 (December 31, 2018 - $50) 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.</p></td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreaka7be7d9c-b50f-4919-8f7f-c2f7f89754e0" 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; TEXT-INDENT: 0px">- 35 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="itag" style="display: inline; font-style: italic"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><p id="p92c13f04-ab3a-4537-8619-f373858ad695" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"><i>(e)</i></td><td valign="top"><i>Earnings per share:</i></td></tr><tr><td><p id="pe74f7556-4f7a-4662-a169-7feacbbfc774" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pccd12534-fff8-4f0c-b2e3-03951cf58344" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p17a44da2-6133-4056-bed7-242a68b4f875" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><p id="p0d3cfc47-c6b1-456d-80cb-8a95d5b7e113" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"></td><td valign="top">The calculations for basic and diluted earnings per share are as follows:</td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2017</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1.7pt;">Net income (loss) for the year</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(2,335</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,657</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2,655</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1.7pt;">Basic weighted average number of shares outstanding </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">69,980,178</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">56,851,626</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">52,523,454</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1.7pt;">Effect of dilutive share options, warrants, and RSUs </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">3,149,011</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">796,555</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1.7pt;">Diluted weighted average number of shares outstanding </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">69,980,178</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">60,000,637</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">53,320,009</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;">Basic earnings (loss) per share</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(0.03</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0.03</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0.05</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;">Diluted earnings (loss) per share</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(0.03</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">0.03</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">0.05</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><b>20.</b></td><td valign="top"><b>REVENUE AND COST OF SALES</b></td></tr><tr><td><p id="pfd4e3cd0-9c5d-4326-8d56-34bd39ee5ab3" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p50311ad4-8606-40bc-904e-67dd6d03f531" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">The Company&#8217;s revenues for the year ended December 31, 2018 of $31,746 (2018 - $34,116, 2017 - $33,359) are all attributable to Mexico, from shipments of concentrate produced by the Avino Mine, the San Gonzalo Mine, and processing of Historical Above Ground Stockpiles.</td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2017</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Concentrate sales</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">31,417</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">34,551</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">33,327</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Provisional pricing adjustments </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">329</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(435</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">32</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">31,746</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">34,116</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">33,359</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"></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><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2017</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Production costs</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">27,949</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">24,619</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">19,418</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Inventory net realizable adjustment</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">387</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Depreciation and depletion</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">3,680</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">3,231</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2,688</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">32,016</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">27,850</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">22,106</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak31b7065c-fad7-467e-b559-2996b3c8fb0e" 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; TEXT-INDENT: 0px">- 36 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div class="btag" style="display: inline; font-weight: bold">21.</div></td><td valign="top"><div class="btag" style="display: inline; font-weight: bold">GENERAL AND ADMINISTRATIVE EXPENSES </div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">General and administrative expenses on the consolidated statements of operations consist of the following:</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2017</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Salaries and benefits</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,347</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,244</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,196</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Office and miscellaneous</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">286</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">359</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">464</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Management and consulting fees</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">461</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">354</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">460</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Investor relations </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">171</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">401</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">363</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Travel and promotion</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">110</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">226</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">323</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Professional fees</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">470</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">529</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">247</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Directors fees </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">162</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">161</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">158</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Regulatory and compliance fees</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">143</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">311</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">101</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Depreciation</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">43</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">25</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">15</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">3,193</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">3,610</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">3,327</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><b>22.</b></td><td valign="top"><b>COMMITMENTS</b></td></tr><tr><td><p id="p18d6b02f-4ac1-4a81-a79c-1e560476f571" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p3997a051-a767-48fa-bf0c-a26995087c3e" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></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 12.</td></tr><tr><td><p id="pd6bc0cec-1b1a-4370-b7e6-b5193015558a" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p93e7f52d-1a45-45d7-83c5-003c3df40d44" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></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></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31, </div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31, </div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Not later than one year</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,269</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,092</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Later than one year and not later than five years</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">20</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">74</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Later than five years</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">5</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">10</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,294</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">3,176</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"></td><td valign="top">Included in the above amount as at December 31, 2019, is the Company&#8217;s commitment to renounce flow-through eligible expenditures of $1,262 (C$1,639) that must be incurred in Canada.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">Office lease payments recognized as an expense during the year ended December 31, 2019, totalled $72 (2018 - $81, 2017 - $81).</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak008fdbce-07cb-4406-967d-93dfa58c17eb" 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; TEXT-INDENT: 0px">- 37 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><b>23.</b></td><td valign="top"><b>SUPPLEMENTARY CASH FLOW INFORMATION</b></td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2017</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Net change in non-cash working capital items:</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Deferred revenues</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(573</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">573</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Accounts payable and accrued liabilities</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(941</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,329</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(136</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Prepaid expenses and other assets</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">287</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">981</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(1,672</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Amounts receivable</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,615</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">543</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(1,585</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Taxes payable</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(121</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(358</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(292</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Amounts due to related parties</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">6</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(44</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Taxes recoverable</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(193</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,017</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(2,828</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Other liabilities</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(100</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Inventory</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">3,182</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(42</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(2,565</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">4,162</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">4,999</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(9,077</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2017</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Interest paid</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">618</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">959</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">445</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Taxes paid</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2,373</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">4,991</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">5,765</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Equipment acquired under finance leases and equipment loans</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">122</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,771</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,228</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><b>24.</b></td><td valign="top"><b>FINANCIAL INSTRUMENTS </b></td></tr><tr><td><p id="pc953ed66-851d-4141-a479-e963e66ef4c5" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p83e64c1f-f7a6-47d0-b646-cb11e522b633" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">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, short- and 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.</td></tr><tr><td><p id="pa7143896-d745-4140-8ab4-6b99d19112f8" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pdaf357c5-1de3-4bdc-af0a-f41b657ae241" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">The Company&#8217;s financial instruments are exposed to certain financial risks, including credit risk, liquidity risk, and market risk.</td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;"><div class="itag" style="display: inline; font-style: italic"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><p id="p4e0d2e76-2a65-43b1-8ba7-5b2ce4234a51" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"><i>(a)</i></td><td valign="top"><i>Credit Risk</i></td></tr><tr><td><p id="p1d6a02e1-b6ea-43d1-ad42-6ca999ee2af7" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pb707ebbe-4b84-4f1b-b45d-2b2df153d950" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p1051ffd0-c7bb-41f3-a5da-b111a3dbde7d" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><p id="p7790339a-9fbb-4bba-b762-ea1a20b447a5" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"></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 id="p7d10b23f-d01f-4ab7-8f02-da81aba3fce6" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pbf5efaea-ba5f-4c53-b6d0-3c818aaf408c" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p1cdbd636-101e-4473-897b-041d97313f73" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><p id="p9a8308e9-641a-45e2-a0df-a2abf9624295" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"></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 six (December 31, 2018 &#8211; six) counterparties (see Note 26). 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 id="pedb30b5b-26e3-4856-bb02-c608ffd7daf0" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p3d4484c2-54cd-4ea4-909d-c61d18c35e49" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p4bc28a64-67c1-4756-82c3-bddbe8a2fbba" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><p id="p1d23d704-c315-4d1a-a18b-64f0a4270c6b" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"></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 December 31, 2019, no amounts were held as collateral.</td></tr></table></div></div><div style="MARGIN: 0px;"><div class="itag" style="display: inline; font-style: italic">&nbsp;</div></div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak251aa276-3343-4437-890b-35795b764ad7" 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; TEXT-INDENT: 0px">- 38 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div class="itag" style="display: inline; font-style: italic"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div></td></tr></table></div></td><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"><div class="itag" style="display: inline; font-style: italic">(b)</div></td><td valign="top"><div class="itag" style="display: inline; font-style: italic">Liquidity Risk</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"></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 December 31, 2019, in the amount of $9,625 and working capital of $13,209 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 consolidated statement of financial position date. Amounts due to related parties are without stated terms of interest or repayment.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"></td><td valign="top">The maturity profiles of the Company&#8217;s contractual obligations and commitments as at December 31, 2019, are summarized as follows:</td></tr></table>&nbsp; <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Total</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Less Than</div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">1 Year</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">1-5 years</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">More Than 5 Years</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Accounts payable and accrued liabilities</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">4,907</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">4,907</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Due to related parties</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">156</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">156</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Minimum rental and lease payments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,294</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,269</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">20</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Term facility</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">6,199</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,628</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,571</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Equipment loans</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">301</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">228</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">73</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Finance lease obligations</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,188</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">716</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">444</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">28</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Total</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">14,045</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">10,904</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">3,108</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">33</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="width:4%;"><div style="MARGIN: 0px;"><div class="itag" style="display: inline; font-style: italic">(c)</div></div></td><td><div style="MARGIN: 0px;"><div class="itag" style="display: inline; font-style: italic">Market Risk</div></div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">Market risk consists of interest rate risk, foreign currency risk and price risk. These are discussed further below.<div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic"></div></div>&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;"><div class="utag" style="display: inline; text-decoration: underline">Interest Rate Risk</div></div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">Interest rate risk consists of two components:</div></td></tr></table><div style="MARGIN: 0px;">&nbsp; </div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="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><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></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.<div class="itag" style="display: inline; font-style: italic"></div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td colspan="2"><div style="MARGIN: 0px;text-align:justify;">In management&#8217;s opinion, the Company is exposed to interest rate risk primarily on its outstanding term facility, as the interest rate is subject to floating rates of interest. A 10% change in the interest rate would not a result in a material impact on the Company&#8217;s operations.</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table id="pagebreakf501c47e-ff8f-4cc2-a8d1-0290f390a81c" 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; TEXT-INDENT: 0px">- 39 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 90px;text-align:justify;"><div class="utag" style="display: inline; text-decoration: underline">Foreign Currency Risk</div></div><div style="MARGIN: 0px 0px 0px 90px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 90px;text-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: </div><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="87%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31, 2019</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31, 2018</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td></tr><tr><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">MXN</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">CDN</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">MXN</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">CDN</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Cash</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,780</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5,902</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">8,378</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,421</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Long-term investments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5,599</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">14</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Reclamation bonds</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">6</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">146</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Amounts receivable</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">54</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">114</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Accounts payable and accrued liabilities</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(51,307</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(442</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(85,951</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(891</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Due to related parties</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(202</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(215</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Equipment loans</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(301</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Finance lease obligations</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(1,037</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(522</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(13,907</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(533</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Net exposure</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(49,564</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">10,395</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(91,480</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">755</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">US dollar equivalent</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(2,627</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">8,004</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(4,656</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">554</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 90px;text-align:justify;">Based on the net US dollar denominated asset and liability exposures as at December 31, 2019, a 10% fluctuation in the US/Mexican and Canadian/US exchange rates would impact the Company&#8217;s earnings (loss) for the year ended December 31, 2019, by approximately $465 (December 31, 2018 - $452). The Company has not entered into any foreign currency contracts to mitigate this risk.</div><div style="MARGIN: 0px 0px 0px 90px;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 90px;text-align:justify;"><div class="utag" style="display: inline; text-decoration: underline">Price Risk</div></div><div style="MARGIN: 0px 0px 0px 90px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 90px;text-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. </div><div style="MARGIN: 0px 0px 0px 90px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 90px;text-align:justify;">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 December 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 $70 (December 31, 2018 - $419).</div><div style="MARGIN: 0px 0px 0px 90px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 90px;text-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). At December 31, 2019, a 10% change in market prices would have an impact on net earnings (loss) of approximately $467 (2018 - $1, 2017 - $3).</div><div style="MARGIN: 0px 0px 0px 90px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 90px;text-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.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreakf36bc901-e7f0-4300-9795-2832cd068499" 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; TEXT-INDENT: 0px">- 40 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="itag" style="display: inline; font-style: italic"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><p id="p6272e880-26d2-48f9-b946-2dccfba04f7d" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"><i>(d)</i></td><td valign="top"><i>Classification of Financial Instruments</i></td></tr><tr><td><p id="p9addaee2-a212-4225-8976-690d99849b75" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pa5dbde06-c2c3-44b9-8ef5-2cd4e5659c1f" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pe03eb8df-2ccb-4f4f-a95b-535e7f64af17" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td><p id="p913f826f-db75-4bc5-85c5-cfefb5d1be03" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pa6285b1c-eff1-47d0-8965-22ffb85f5585" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p434ab19a-e327-4267-919b-8eb0d97fec47" 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><p id="p1fa3914d-8c05-4aff-aaee-5caef29c0c8b" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="pbe986043-697d-4ec4-9083-36f49603fd35" style="MARGIN: 0px" align="justify">Level 1 &#8211; quoted prices (unadjusted) in active markets for identical assets or liabilities;</p><p id="pb3af100a-1940-4a72-8eaf-7fa72cb824f8" 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 id="p7d65c36a-7605-4cae-acd3-0ff5fd7ec9d2" style="MARGIN: 0px" align="justify">Level 3 &#8211; inputs for the asset or liability that are not based on observable market data (unobservable inputs).</p><p id="pb3227041-6847-4353-9722-6ad8b8606901" style="MARGIN: 0px" align="justify">&nbsp;</p><p id="p989fc0b7-de2a-4001-8f3f-2b5a9cce542f" style="MARGIN: 0px" align="justify">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 December 31, 2019:</p></td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="84%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Level 1</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Level 2</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Level 3</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Financial assets</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Cash </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">9,625</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Amounts receivable</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,477</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Long-term investments &#8211; common shares</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,197</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Long-term investments &#8211; warrants </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,114</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Total financial assets</div></div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">$&nbsp;</div></td><td><div style="MARGIN: 0px;text-align:right;">12,822</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">$&nbsp;</div></td><td><div style="MARGIN: 0px;text-align:right;">1,477</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">$&nbsp;</div></td><td><div style="MARGIN: 0px;text-align:right;">1,114</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Financial liabilities</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Warrant liability</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(1,579</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Total financial liabilities </div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(1,579</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="width:8%;"><p id="p547e6838-c3f1-4967-8feb-79805043a39e" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pb78fac1c-3986-437f-be7c-d75d3e7e8243" style="MARGIN: 0px" align="justify">During 2019, changes in Level 3 measurements were comprised of the recognition of the Talisker warrants received in the sale of Bralorne (see Note 5) of $716, and its subsequent fair value increase of $398 for a total fair value of $1,114 at December 31, 2019. Additionally, there was a fair value adjustment of $520 for the warrant liability.</p></td></tr><tr><td><p id="p7cd942f6-0edb-4e70-a701-8cbc93ed4977" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p031aeb8b-f4d9-49c3-beb8-302611f01a3c" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td><p id="p23631448-006c-41a0-9e1e-29e6562f91ca" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pd2d60958-b5bc-4c47-ae15-138ce6400e31" style="MARGIN: 0px" align="justify">The Company uses Black-Scholes model to measure its Level 3 financial instruments. The warrants of Talisker are measured on acquisition and at December 31, 2019, using the following assumptions:</p></td></tr></table>&nbsp;</div></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px 0px 0px 10.5pt;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31, </div></div><div style="MARGIN: 0px 0px 0px 10.5pt;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px 0px 0px 6pt;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 13, </div></div><div style="MARGIN: 0px 0px 0px 6pt;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">Weighted average assumptions:</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Risk-free interest rate</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1.71</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1.67</td><td valign="bottom" style="width:1%;">%</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Expected dividend yield</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0</td><td valign="bottom" style="width:1%;">%</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Expected life (years)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2.95</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3.00</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Expected stock price volatility</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">106.79</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">108.41</td><td valign="bottom" style="width:1%;">%</td></tr><tr style="background-color:#cceeff;"><td style="BORDER-BOTTOM: 1px solid" valign="top"><div style="MARGIN: 0px;">Weighted average fair value at grant date</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid" colspan="2"><div style="MARGIN: 0px 0px 0px 17.75pt;text-align:right;">C$0.23</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid" colspan="2"><div style="MARGIN: 0px 0px 0px 17.75pt;text-align:right;">C$0.15</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px 0px 0px 35.45pt;text-align:justify;">&nbsp;</div><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table></div><td><div style="MARGIN: 0px;">For the Company&#8217;s warrant liability valuation, see Note 16.</div></td><tr><td><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"></table><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div class="btag" style="display: inline; font-weight: bold">25.</div></td><td valign="top"><div class="btag" style="display: inline; font-weight: bold">CAPITAL MANAGEMENT</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">The Company&#8217;s objectives when managing capital are to safeguard the Company&#8217;s ability to continue as a going concern in order to pursue the exploration and expansion of its properties and to maintain a flexible capital structure for its projects for the benefit of its stakeholders. In the management of capital, the Company includes equity (comprising of all issued share capital, equity reserves, retained earnings or accumulated deficit, and other comprehensive income (loss)), the term facility, equipment loan obligations, and finance lease, are listed as follows:</div></td></tr>&nbsp; </table></td></tr><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td></tr><tr><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Equity</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">53,923</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">75,168</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Term Facility</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5,897</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">6,901</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Finance Lease Obligations</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,134</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,819</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Equipment Loans</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">289</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">928</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">61,243</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">84,816</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"></td><td valign="top">The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust its capital structure, the Company may attempt to incur new debt or issue new shares. Management reviews the Company&#8217;s capital structure on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. At December 31, 2019, the Company expects its capital resources and projected future cash flows from operations to support its normal operating requirements on an ongoing basis, and planned development and exploration of its mineral properties and other expansionary plans. At December 31, 2019, there was no externally imposed capital requirement to which the Company was subject and with which the Company did not comply.</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak3f5a59ab-3af7-4350-a988-a43d30dfa7de" 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; TEXT-INDENT: 0px">- 41 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><b>26.</b></td><td valign="top"><b>SEGMENTED INFORMATION</b></td></tr><tr><td><p id="p999bd194-ceae-450e-9e12-f9f43d956178" style="MARGIN: 0px">&nbsp;</p></td><td><p id="paf243020-d260-4a6a-9e9b-ae99a5ebf19e" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top"><p id="p07243528-b97a-4b89-8767-4e7de093c42c" style="MARGIN: 0px" align="justify">The Company&#8217;s revenues for the year ended December 31, 2019 of $31,746 (2018 - $34,116; 2017 &#8211; $33,359) are all attributable to Mexico, from shipments of concentrate produced by the Avino Mine, the San Gonzalo Mine and the Avino Historic Above Ground stockpiles.</p></td></tr><tr><td><p id="p51a7f245-6870-4bdf-8512-f75f996795cc" style="MARGIN: 0px">&nbsp;</p></td><td><p id="pb8eaeb61-f8de-472b-bb16-7558da287e19" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">On the consolidated statements of operations, the Company had revenue from the following product mixes:</td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2017</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Silver </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">14,030</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">17,259</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">20,159</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Copper</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">13,953</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">12,996</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">8,227</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Gold</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">10,326</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">9,866</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">10,131</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Penalties, treatment costs and refining charges</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(6,563</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(6,005</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(5,158</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Total revenue from mining operations</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">31,746</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">34,116</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">33,359</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"></td><td valign="top">For the year ended December 31, 2019, the Company had six customers (2018 &#8211; six, 2017 &#8211; three) that accounted for total revenues as follows:</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2017</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Customer #1</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">21,810</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">23,314</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">24,845</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Customer #2</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">4,861</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">321</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,062</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Customer #3</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,350</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">8,071</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Customer #4</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,246</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Customer #5</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">469</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Customer #6</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">10</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">519</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Customer #7</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,547</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">7,452</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Customer #8</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">344</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Total revenue from mining operations</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">31,746</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">34,116</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">33,359</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"></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><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Exploration and evaluation assets - Mexico</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">9,826</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">9,692</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Exploration and evaluation assets - Canada</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">37,089</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Total exploration and evaluation assets</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">9,827</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">46,781</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31, </div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Plant, equipment, and mining properties - Mexico</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">35,239</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">36,484</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Plant, equipment, and mining properties - Canada</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">419</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2,259</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Total plant, equipment, and mining properties</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">35,658</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">38,743</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"></td><td valign="top">On December 13, 2019, the Company sold Bralorne (see Note 5) which held substantially all of the Company&#8217;s non-current assets in Canada.</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreakb9fe7556-b82e-4b20-9f5a-be97f57d688a" 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; TEXT-INDENT: 0px">- 42 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><b>27.</b></td><td valign="top"><b>INCOME TAXES</b></td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="itag" style="display: inline; font-style: italic"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><p id="p1388689f-2653-4cd2-bddf-45e82dfdeab9" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"><i>(a)</i></td><td valign="top"><i>Income tax expense </i></td></tr><tr><td><p id="p4f29a1e3-f3d8-43e0-b167-aa188a772e86" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p4d1eeb62-e6c9-4a6d-8bf2-083fe99b7e28" style="MARGIN: 0px">&nbsp;</p></td><td><p id="paf353edd-c686-42ba-8385-2995aab5a392" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"><p id="p0eef4731-0de4-4368-a3a7-e4e22813775d" style="MARGIN: 0px">&nbsp;</p></td><td valign="top" style="width:4%;"></td><td valign="top">Income tax expense included in the consolidated statements of operations and comprehensive income (loss) is as follows:</td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px; TEXT-INDENT: 0px;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px; TEXT-INDENT: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2017</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Current income tax expense </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">327</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,052</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,911</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-BOTTOM: 1px solid" valign="top"><div style="MARGIN: 0px;">Deferred income tax recovery</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(960</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(645</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(140</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td style="BORDER-BOTTOM: 1px solid" valign="top"><div style="MARGIN: 0px;">Total income tax expense (recovery)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(633</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">407</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">2,771</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"></td><td valign="top">The reconciliation of income taxes calculated at the Canadian statutory tax rate to the income tax expense recognized in the year is as follows:</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2017</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Net income (loss) before income taxes </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(2,968</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,064</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5,436</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Net loss from discontinued operations before income taxes</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(29,126</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(31</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(143</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Net income (loss) before income taxes </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(32,094</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,033</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5,293</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Combined statutory tax rate</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">27.00</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">27.00</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">26.00</td><td valign="bottom" style="width:1%;">%</td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Income tax expense (recovery) at the Canadian statutory rate</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(8,665</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">549</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,376</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Reconciling items:</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Effect of difference in foreign tax rates</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(120</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">48</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">285</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Non-deductible/non-taxable items</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">6,449</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(121</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">602</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Change in unrecognized deductible temporary differences</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,263</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(257</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,086</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Impact of foreign exchange</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">222</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">915</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(491</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Special mining duties </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">231</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">117</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">511</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Impact of change of tax rates</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(322</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Revisions to estimates</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">58</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(368</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(248</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Share issue costs</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(174</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(231</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Other items </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">103</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(245</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(106</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Income tax expense (recovery) recognized in the year</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(633</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">407</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2,771</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"></td><td valign="top">The Company recognized a non-cash recovery of $235 for the year ended December 31, 2019 (2018 &#8211; expense of $379; 2017 &#8211; expense of $51) related to the deferred tax impact of the special mining duty. The Canadian income tax rate increased from 26% to 27% effective January 1, 2018, with a statutory impact prior to year-end. The impact of this change has been reflected in the consolidated financial statements.</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td></tr><tr><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Deferred income tax assets </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,755</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">4,654</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Deferred income tax liabilities </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(5,693</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(8,557</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(2,938</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(3,903</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak1c8ed4fa-5586-49e8-8d9d-275c35040b2f" 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; TEXT-INDENT: 0px">- 43 -</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">AVINO SILVER &amp; GOLD MINES LTD.</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Notes to the consolidated financial statements </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">For the years ended December 31, 2019, 2018 and 2017</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">(Expressed in thousands of US dollars, except where otherwise noted)</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"></td><td valign="top">The approximate tax effects of each type of temporary difference that gives rise to potential deferred income tax assets and liabilities are as follows:</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Reclamation provision</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">571</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">491</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Non-capital losses</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,171</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,104</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Other deductible temporary differences</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,013</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,059</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Inventory</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(243</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(94</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Exploration and evaluation assets</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(3,340</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(6,378</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Plant, equipment and mining properties</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(2,110</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(2,085</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Net deferred income tax liabilities </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(2,938</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(3,903</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"></td><td valign="top">The net deferred tax liability presented in these consolidated financial statements is due to the difference in the carrying amounts and tax bases of the Mexican plant, equipment and mining properties which were acquired in the purchase of Avino Mexico. The carrying values of the Mexican plant, equipment and mining properties includes an estimated fair value adjustment recorded upon the July 17, 2006, acquisition of control of Avino Mexico that was based on a share exchange, while the tax bases of these assets are historical undeducted tax amounts that were nil on acquisition. The deferred tax liability is attributable to assets in the tax jurisdiction of Mexico.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div class="itag" style="display: inline; font-style: italic">(b)</div></td><td valign="top"><div class="itag" style="display: inline; font-style: italic">Unrecognized deductible temporary differences:</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"></td><td valign="top">Temporary differences and tax losses arising in Canada have not been recognized as deferred income tax assets due to the fact that management has determined it is not probable that sufficient future taxable profits will be earned in Canada to recover such assets. Unrecognized deductible temporary differences are summarized as follows:</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="92%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Tax losses carried forward</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">24,229</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">13,790</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Share issue costs</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,352</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,263</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Plant, equipment and mining properties</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">170</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">6,096</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Exploration and evaluation assets</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,237</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,207</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Investments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(1,273</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">)&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">44</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Reclamation provision and other</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">9,489</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Unrecognized deductible temporary differences</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">25,721</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">31,889</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"></td><td valign="top">The Company has capital losses of $14,156 carried forward and $10,073 in non-capital tax losses carried forward available to reduce future Canadian taxable income. The capital losses can be carried forward indefinitely until used. The non-capital losses have an expiry date range of 2022 to 2039. As at December 31, 2019, the Company had no Mexican tax losses available to offset future Mexican taxable income.</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><b>28.</b></td><td valign="top"><b>SUBSEQUENT EVENTS</b></td></tr><tr><td><p id="pc8d776a9-effb-4c88-af18-a482c26f0c9f" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p2bc049d1-65f3-4602-95a1-79a1b420d938" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top">Subsequent to December 31, 2019, the Company issued 675,145 common shares as settlement of accrued advisory services provided by Cantor Fitzgerald Canada Corporate (&#8220;Cantor&#8221;) for the completion of the sale of Bralorne.</td></tr><tr><td><p id="p10f52f52-d1c9-4128-a75d-6fb3b76fe2c4" style="MARGIN: 0px">&nbsp;</p></td><td><p id="p03038c9b-fd12-4e80-a7ad-08c1d9081947" style="MARGIN: 0px">&nbsp;</p></td></tr><tr><td valign="top" style="width:4%;"></td><td valign="top"><p id="pc546fa9c-7272-4fad-957a-aae427374c5c" style="MARGIN: 0px" align="justify">In February 2020, the Company exercised 6,290,000 share purchase warrants in Talisker Resources (&#8220;Talisker&#8221;) at a price of C$0.25 per share. To fund the exercise, the Company sold 3,000,000 common shares of Talisker at an average price of C$0.57 per share.</p></td></tr></table></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table 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; TEXT-INDENT: 0px">- 44 -</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div></body></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>avino_ex992.htm
<DESCRIPTION>MANAGEMENT DISCUSSION & ANALYSIS
<TEXT>
<html><head><title>avino_ex992.htm</title><!--Document Created by EDGARMaster--></head><body style='TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px 7%'><body style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px 7%"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">EXHIBIT 99.2</div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cols="2" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: black 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px;"><img src="avino_ex992img1.jpg"></div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-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 audited consolidated financial statements as at December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017 and the notes thereto. </div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">This Management&#8217;s Discussion and Analysis (&#8220;MD&amp;A&#8221;) is dated February 26, 2020, 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 February 26, 2020, 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. <div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">We recommend that readers consult the &#8220;Cautionary Statement&#8221; on the last page of this report.</div></div> 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.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="utag" style="display: inline; text-decoration: underline"><div class="btag" style="display: inline; font-weight: bold">Business Description</div></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-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;. </div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><div class="utag" style="display: inline; text-decoration: underline">Discussion of Operations</div></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">The Company&#8217;s production, exploration, and evaluation activities during the year ended December 31, 2019, have been conducted on its Avino Property and its previously-owned Bralorne Mine property. </div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-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.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">On December 13, 2019, the Company completed the sale of its 100% wholly-owned subsidiary Bralorne Gold Mines Ltd. (&#8220;Bralorne&#8221;) to Talisker Resources Ltd. (&#8220;Talisker&#8221;). The sale includes the Bralorne Gold Mine and is part of the Company&#8217;s plan to focus on its core mining operations in Mexico.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">The consideration includes:</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table id="854021a9-bc18-4a4e-b307-bc22794175e3" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top"><div style="MARGIN: 0px; TEXT-INDENT: 0px;text-align:justify;">C$8.7 million (translated to $6.6 million) in cash</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">The issuance of 12,580,000 common shares of Talisker, representing 9.9% on a pro-forma basis following the close of the transaction and subsequent financing by Talisker;</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">The issuance of 6,290,000 share purchase warrants exercisable at C$0.25 per share for a period of three years after the closing, subject to acceleration in the event the closing price of Talisker&#8217;s common shares is great than C$0.35 per share for 20 or more consecutive trading days at any time following April 14, 2020;</td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp; </div><div style="MARGIN: 0px;text-align:justify;">The sale includes the Bralorne claims, as well as nine mineral claims covering approximately 2,114 hectares in the Lillooet Mining Division of British Columbia, known as the BRX Property. The Company also received future consideration of a $2.5 million cash payment, contingent upon the commencement of commercial production at the Bralorne Mine, for which a fair value has been determined to be Nil at this time.</div><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak4142d11c-bad3-40a9-a98e-1bca83cc2a3b" 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; TEXT-INDENT: 0px">1 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><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;width:15%;" valign="top"><div style="MARGIN: 0px;"><img src="avino_ex992img2.jpg"> </div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div class="utag" style="display: inline; text-decoration: underline"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">Operational Highlights</div></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; WIDTH: 100%; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; BORDER-LEFT: black 1px solid" cellspacing="0" cellpadding="0" width="100%" border="0"><tr style="background-color:#ffffff;"><td valign="bottom"><div style="MARGIN: 0px 0px 0px 1pt;"><div class="btag" style="display: inline; font-weight: bold">HIGHLIGHTS</div></div><div style="MARGIN: 0px 0px 0px 1pt;"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">(Expressed in US$)</div></div><div class="itag" style="display: inline; font-style: italic"></div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center" style="width:9%;"><div style="MARGIN: 0px 0px 0px 0in;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Fourth Quarter 2019</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center" style="width:9%;"><div style="MARGIN: 0px 0px 0px 0in;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Fourth Quarter 2018</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center" style="width:9%;"><div style="MARGIN: 0px 0px 0px 0in;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Change</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Year </div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Year </div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Change</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#a7a8a7;"><td style="BORDER-TOP: black 1px solid; BORDER-BOTTOM: black 1px solid" valign="top" colspan="25"><div style="MARGIN: 0px 0px 0px 1pt;"><div class="btag" style="display: inline; font-weight: bold">Operating</div></div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1pt;">Tonnes Milled</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">188,436</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">189,574</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-1%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">789,660</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">708,764</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">11</td><td valign="bottom" style="width:1%;">%</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1pt;">Silver Ounces Produced</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">220,804</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">288,600</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-23%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">958,811</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,286,382</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-25%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1pt;">Gold Ounces Produced</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,032</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,973</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">6,912</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">8,092</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-15%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1pt;">Copper Pounds Produced</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,389,515</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,375,758</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">4,970,254</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">4,819,022</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3</td><td valign="bottom" style="width:1%;">%</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1pt;">Silver Equivalent Ounces<sup>1</sup> Produced</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">608,640</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">720,187</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-15%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,397,042</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,863,753</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-16%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#a7a8a7;"><td style="BORDER-TOP: black 1px solid; BORDER-BOTTOM: black 1px solid" valign="top" colspan="25"><div style="MARGIN: 0px 0px 0px 1pt;"><div class="btag" style="display: inline; font-weight: bold">Concentrate Sales and Cash Costs</div></div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1pt;">Silver Equivalent Payable Ounces Sold<sup>3</sup></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">700,191</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">713,384</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-2%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,345,453</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,640,129</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-11%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 1pt;">Cash Cost per Silver Equivalent Payable Ounce<sup>1,2,3</sup></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">13.14</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">8.93</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">47</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">12.08</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">9.32</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">30</td><td valign="bottom" style="width:1%;">%</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;">All-in Sustaining Cash Cost per Silver Equivalent Payable Ounce<sup>1,2,3</sup></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">18.27</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">11.69</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">56</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">17.19</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">12.94</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">33</td><td valign="bottom" style="width:1%;">%</td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic">1. In 2019, AgEq was calculated using metals prices of $16.20 oz Ag, $1,393 oz Au and $2.72 lb Cu. In 2018, AgEq was calculated using metals prices of$15.71 oz Ag, $1,270 oz Au and $2.96 lb Cu </div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic">2. </div><div class="itag" style="display: inline; font-style: italic">In Q4 2019, AgEq was calculated using metals prices of $17.32 oz Ag, $1,482 oz Au and $2.67 lb Cu. In Q4 2018, AgEq was calculated using metals prices of $14.55 oz Ag, $1,229 oz Au and $2.80 lb Cu. </div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic">3. &#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, multiplied by the ratio of the average spot gold and copper prices to the average spot silver price for the corresponding period.</div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic">4. 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.</div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><div class="utag" style="display: inline; text-decoration: underline">Financial Highlights</div></div></div><div style="MARGIN: 0px;">&nbsp;</div><table style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; WIDTH: 100%; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; BORDER-LEFT: black 1px solid" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">HIGHLIGHTS</div></div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">(Expressed in 000&#8217;s of US$)</div></div><div class="itag" style="display: inline; font-style: italic"></div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Fourth</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Quarter 2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Fourth</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Quarter 2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Change</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Year </div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Year </div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center" style="width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Change</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#a7a8a7;"><td style="BORDER-TOP: black 1px solid; BORDER-BOTTOM: black 1px solid" valign="top" colspan="25"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Financial</div></div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Revenues</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">10,427</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">8,268</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">26</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">31,746</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">34,116</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-7%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Mine operating income (loss)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(445</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,347</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-133%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(270</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">6,266</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-104%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Net income (loss) from continuing operations</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(126</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">801</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-116%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(2,335</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,657</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-241%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Net income (loss) from operations</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(29,043</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">981</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(31,461</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,626</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Cash </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">9,625</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,252</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">196</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">9,625</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,252</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">196</td><td valign="bottom" style="width:1%;">%</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Working capital </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">13,209</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">13,106</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">13,209</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">13,106</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1</td><td valign="bottom" style="width:1%;">%</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Earnings before interest, taxes and amortization (&#8220;EBITDA&#8221;)<sup>1</sup></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,342</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,018</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">32</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">462</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5,749</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-92%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Adjusted EBITDA<sup>1</sup></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,568</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,466</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">7</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,929</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5,876</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-67%</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#a7a8a7;"><td style="BORDER-TOP: black 1px solid; BORDER-BOTTOM: black 1px solid" valign="top" colspan="25"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Per Share Amounts</div></div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Earnings (loss) per share (&#8220;EPS&#8221;) &#8211; basic</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0.02</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-100%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(0.03</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0.03</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-200%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Cash flow per share (YTD)<sup>1 </sup>&#8211; basic</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0.01</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0.03</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-67%</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0.02</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0.07</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-71%</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;"><div class="itag" style="display: inline; font-style: italic"></div>&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic">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. </div></div><div style="MARGIN: 0px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic">&nbsp;</div></div><div class="btag" style="display: inline; font-weight: bold"><div class="utag" style="display: inline; text-decoration: underline"></div></div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak976cd224-8b8b-4523-8603-737ffa9a9a9b" 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; TEXT-INDENT: 0px">2 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img3.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><div class="utag" style="display: inline; text-decoration: underline">Operational and Financial Performance</div></div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Three months ended December 31, 2019</div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">In the fourth quarter ended December 31, 2019, the Company recognized revenues of $8.1 million on the sale of Avino Mine bulk copper/silver/gold concentrate, $0.3 million on the sale of San Gonzalo bulk silver/gold concentrate and $2.0 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 loss of $0.4 million. </div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">EBITDA from continuing operations during the fourth quarter ended December 31, 2019, was $1.3 million, compared to $1.0 million in the corresponding quarter in 2018.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Metal prices for revenues recognized during the three months ended December 31, 2019, averaged $17.29 per ounce of silver, $1,484 per ounce of gold, and $5,814 per tonne of copper. </div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Year ended December 31, 2019</div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">During the year ended December 31, 2019, the Company recognized revenues of $19.8 million on the sale of Avino Mine bulk copper/silver/gold concentrate, $3.1 million on the sale of San Gonzalo bulk silver/gold concentrate, and $8.8 million on the sale of AHAG Stockpiles bulk copper/silver/gold concentrate, net of penalties, treatment costs and refining charges, for mine operating loss of $0.3 million. </div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">EBITDA from continuing operations during the year ended December 31, 2019, was $0.5 million, compared to $5.7 million for the year ended December 31, 2018.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Metal prices for revenues recognized during the year ended December 31, 2019, averaged $16.06 per ounce of silver, $1,399 per ounce of gold, and $5,961 per tonne of copper. </div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">The Company&#8217;s cash balance at December 31, 2019, totaled $9.6 million compared to $3.3 million at December 31, 2018. Working capital totaled $13.2 million at December 31, 2019, compared to $13.1 million at December 31, 2018.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Consolidated 2019 Production Highlights</div></div><div style="MARGIN: 0px;">&nbsp;</div><table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="2" width="100%" border="0"><tr style="background-color:#a7a8a7;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:85%;" colspan="10"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:20%;"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Production by Mine</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:12%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Tonnes Processed</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Silver <br>Oz</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Gold <br>Oz</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Copper <br>Lbs</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">AgEq</div></div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:20%;"><div style="MARGIN: 0px;">Avino</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:12%;"><div style="MARGIN: 0px;text-align:center;">427,147</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">510,270</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">4,473</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">4,563,195</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">1,656,091</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:20%;"><div style="MARGIN: 0px;">San Gonzalo</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:12%;"><div style="MARGIN: 0px;text-align:center;">56,179</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">153,372</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">580</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">-</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">215,148</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:20%;"><div style="MARGIN: 0px;">AHAG Stockpiles</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:12%;"><div style="MARGIN: 0px;text-align:center;">306,334</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">295,169</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">1,859</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">407,059</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">525,803</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:20%;"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Consolidated</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:12%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">789,660</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">958,811</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">6,912</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">4,970,254</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2,397,042</div></div></td></tr><tr style="background-color:#a7a8a7;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:85%;" colspan="10"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:20%;"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Grade &amp; Recovery by Mine</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:12%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Tonnes Processed</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Grade <br>Ag g/t</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;" colspan="2"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Grade <br>Au g/t</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Grade <br>Cu %</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Recovery <br>Ag %</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;" colspan="2"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Recovery <br>Au %</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Recovery <br>Cu %</div></div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:20%;"><div style="MARGIN: 0px;">Avino</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:12%;"><div style="MARGIN: 0px;text-align:center;">427,147</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">44</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">0.45</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">0.56</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">85%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">73%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">86%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:20%;"><div style="MARGIN: 0px;">San Gonzalo</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:12%;"><div style="MARGIN: 0px;text-align:center;">56,179</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">118</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">0.46</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">69%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">66%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:20%;"><div style="MARGIN: 0px;">AHAG Stockpiles</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:12%;"><div style="MARGIN: 0px;text-align:center;">306,334</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">55</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">0.36</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">0.18</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">54%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">53%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">35%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:20%;"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Consolidated</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:12%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">789,660</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">54</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;" colspan="2"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">0.41</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">0.40</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">72%</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;" colspan="2"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">65%</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">64%</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreakb7130edc-7e12-4b5b-bb59-8b166ab02aed" 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; TEXT-INDENT: 0px">3 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img4.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Consolidated Fourth Quarter 2019 Production Highlights</div></div><div style="MARGIN: 0px;">&nbsp;</div><table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="2" width="100%" border="0"><tr style="background-color:#a7a8a7;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:85%;" colspan="10"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Q4 2019</div></div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:20%;"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Production by Mine</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:12%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Tonnes</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Processed</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Silver <br>Oz</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Gold <br>Oz</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Copper <br>Lbs</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">AgEq</div></div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:20%;"><div style="MARGIN: 0px;">Avino</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:12%;"><div style="MARGIN: 0px;text-align:center;">107,310</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">153,644</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">1,676</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">1,293,508</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">495,496</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:20%;"><div style="MARGIN: 0px;">San Gonzalo</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:12%;"><div style="MARGIN: 0px;text-align:center;">2,908</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">4,106</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">26</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">-</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">6,964</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:20%;"><div style="MARGIN: 0px;">AHAG Stockpiles</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:12%;"><div style="MARGIN: 0px;text-align:center;">78,218</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">63,054</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">330</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">96,007</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">106,180</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:20%;"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Consolidated</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:12%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">188,436</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">220,804</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2,032</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">1,389,515</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:13%;" colspan="2"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">608,640</div></div></td></tr><tr style="background-color:#a7a8a7;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:85%;" colspan="10"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Q4 2019</div></div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:20%;"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Grade &amp; Recovery by Mine</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:12%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Tonnes</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Processed</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Grade <br>Ag g/t</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;" colspan="2"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Grade <br>Au g/t</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Grade <br>Cu %</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Recovery <br>Ag %</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;" colspan="2"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Recovery <br>Au %</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Recovery <br>Cu %</div></div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:20%;"><div style="MARGIN: 0px;">Avino</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:12%;"><div style="MARGIN: 0px;text-align:center;">107,310</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">51</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">0.64</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">0.62</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">87%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">76%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">89%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:20%;"><div style="MARGIN: 0px;">San Gonzalo</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:12%;"><div style="MARGIN: 0px;text-align:center;">2,908</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">53</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">0.38</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">78%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">72%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:20%;"><div style="MARGIN: 0px;">AHAG Stockpiles</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:12%;"><div style="MARGIN: 0px;text-align:center;">78,218</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">51</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">0.25</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">0.18</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">50%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">53%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">31%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:20%;"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Consolidated</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:12%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">188,436</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">51</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">0.47</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">0.43</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">71%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;" colspan="2"><div style="MARGIN: 0px;text-align:center;">67%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">64%</div></td></tr></table><div style="MARGIN: 0px;"><div class="itag" style="display: inline; font-style: italic"></div>&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">The silver equivalent production in Q4, 2019 decreased by 15% compared to Q4, 2018. The decrease was due to the following reasons:</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Marginal amount of production San Gonzalo contributed due to the mine&#8217;s planned stoppage.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Processing continued using the remaining stockpiles from past production which is lower grade.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Offset by slightly higher mill throughput, consolidated silver, gold and copper feed grades at Avino, and increased consolidated recoveries</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Silver equivalent ounces produced for year ended December 31, 2019 decreased 16% compared to 2018, and can be attributed to the decreasing grade and planned shutdown at San Gonzalo. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-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. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div class="itag" style="display: inline; font-style: italic"></div><div style="MARGIN: 0px;"></div><table id="pagebreak948d84f3-cc1c-4f64-991a-31b04e72882c" 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; TEXT-INDENT: 0px">4 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img5.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Avino Mine Production Highlights</div></div><div style="MARGIN: 0px;">&nbsp;</div><table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="2" width="100%" border="0"><tr style="background-color:#a7a8a7;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:30%;"><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Q4</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Q4</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Change </div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">%</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">&nbsp;</div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">&nbsp;</div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Change %</div></div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:30%;"><div style="MARGIN: 0px;text-align:justify;">Total Mill Feed (dry tonnes)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">107,310</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">101,104</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">6%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">427,147</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">426,794</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">0%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:30%;"><div style="MARGIN: 0px;text-align:justify;">Feed Grade Silver (g/t)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">51</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">47</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">10%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">44</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">53</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-18%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:30%;"><div style="MARGIN: 0px;text-align:justify;">Feed Grade Gold (g/t)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">0.64</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">0.47</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">37%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">0.45</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">0.49</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-8%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:30%;"><div style="MARGIN: 0px;text-align:justify;">Feed Grade Copper (%)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">0.62</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">0.62</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">0%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">0.56</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">0.55</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">2%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:30%;"><div style="MARGIN: 0px;text-align:justify;">Recovery Silver (%)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">87%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">87%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">0%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">85%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">84%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">1%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:30%;"><div style="MARGIN: 0px;text-align:justify;">Recovery Gold (%)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">76%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">71%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">7%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">73%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">69%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">6%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:30%;"><div style="MARGIN: 0px;text-align:justify;">Recovery Copper (%)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">89%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">91%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-2%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">86%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">87%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-2%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:30%;"><div style="MARGIN: 0px;text-align:justify;">Total Silver Produced (Kg)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">4,779</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">4,109</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">16%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">15,871</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">19,109</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-17%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:30%;"><div style="MARGIN: 0px;text-align:justify;">Total Gold Produced (g)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">52,119</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">33,534</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">55%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">139,131</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">143,843</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-3%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:30%;"><div style="MARGIN: 0px;text-align:justify;">Total Copper Produced (Lbs)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">1,293,508</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">1,256,347</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">3%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">4,563,195</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">4,546,952</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">0%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:30%;"><div style="MARGIN: 0px;text-align:justify;">Total Silver Equivalent Produced (oz)<div class="itag" style="display: inline; font-style: italic">*</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">495,496</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">465,139</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">7%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">1,656,091</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">1,847,303</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-10%</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic">* In 2019, AgEq was calculated using metals prices $16.20 oz Ag, $1,393 oz Au and $2.72 lb Cu. In 2018, AgEq was calculated using metals prices of$15.71 oz Ag, $1,270 oz Au and $2.96 lb Cu </div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic">* </div><div class="itag" style="display: inline; font-style: italic">In Q4 2019, AgEq was calculated using metals prices of $17.32 oz Ag, $1,482 oz Au and $2.67. In Q4 2018, AgEq was calculated using metals prices of $14.55 oz Ag, $1,229 oz Au and $2.80 lb Cu. </div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic">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. </div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Overall, silver equivalent production at Avino increased by 7% compared to Q4, 2018, as a result of increased gold and silver grades, as well as an increase in gold recovery. Mill feed at Avino increased by 6%, which helped maintain the mill throughput at maximum capacity despite the drop off from San Gonzalo. Silver and gold grades increased by 10% and 37%, respectively.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">When examined on a yearly basis, overall calculated silver equivalent ounces were 10% lower as a result of lower silver and gold feed grades which decreased by 18% and 8%, respectively, for the year compared to 2018.</div><div style="MARGIN: 0px;">&nbsp;</div><div class="itag" style="display: inline; font-style: italic"></div><div style="MARGIN: 0px;"></div><table id="pagebreak89ec1445-e537-4099-b4ec-beea18a7a7f8" 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; TEXT-INDENT: 0px">5 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img6.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">San Gonzalo Mine Production Highlights</div></div><div style="MARGIN: 0px;">&nbsp;</div><table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="2" width="100%" border="0"><tr style="background-color:#a7a8a7;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:30%;"><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Q4</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Q4<br>2018</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Change </div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">%</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">&nbsp;</div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;" valign="bottom"><div style="MARGIN: 0px;text-align:center;">&nbsp;</div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Change</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">%</div></div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:30%;"><div style="MARGIN: 0px;text-align:justify;">Total Mill Feed (dry tonnes)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">2,908</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">19,437</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-85%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">56,179</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">79,140</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-29%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:30%;"><div style="MARGIN: 0px;text-align:justify;">Feed Grade Silver (g/t)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">53</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">172</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-69%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">118</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">222</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-47%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:30%;"><div style="MARGIN: 0px;text-align:justify;">Feed Grade Gold (g/t)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">0.38</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">0.89</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-58%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">0.46</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">1.03</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-55%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:30%;"><div style="MARGIN: 0px;text-align:justify;">Recovery Silver (%)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">78%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">76%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">2%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">69%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">77%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-10%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:30%;"><div style="MARGIN: 0px;text-align:justify;">Recovery Gold (%)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">72%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">75%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-3%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">66%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">75%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-12%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:30%;"><div style="MARGIN: 0px;text-align:justify;">Total Silver Produced (Kg)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">128</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">2,541</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-95%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">4,770</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">14,205</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-66%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:30%;"><div style="MARGIN: 0px;text-align:justify;">Total Gold Produced (g)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">812</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">12,867</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-94%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">18,060</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">64,383</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-72%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:30%;"><div style="MARGIN: 0px;text-align:justify;">Total Silver Equivalent Produced (oz)<div class="itag" style="display: inline; font-style: italic">*</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">6,964</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">116,599</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-95%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">215,148</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">635,864</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:9%;"><div style="MARGIN: 0px;text-align:center;">-66%</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic">* In 2019, AgEq was calculated using metals prices of $16.20 oz Ag, $1,393 oz Au and $2.72. In 2018, AgEq was calculated using metals prices of$15.71 oz Ag, $1,270 oz Au and $2.96 lb Cu </div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic">* </div><div class="itag" style="display: inline; font-style: italic">In Q4 2019, AgEq was calculated using metals prices of $17.32 oz Ag, $1,482 oz Au and $2.67. In Q4 2018, AgEq was calculated using metals prices of $14.55 oz Ag, $1,229 oz Au and $2.80 lb Cu. </div><div class="itag" style="display: inline; font-style: italic">.</div><div class="itag" style="display: inline; font-style: italic"></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic">*This includes 43,586 silver equivalent ounces that were produced in 2018 from the Zinc Circuit; however, as noted below, there was no production from this test circuit in the fourth quarter 2018. </div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic">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.</div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">During Q4 2019, San Gonzalo reached the end of its current resources and mining was stopped. This mine will remain open for continued exploration at different underground levels. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Overall silver equivalent production at San Gonzalo decreased by 95% in Q4 2019 compared to Q4 2018 as a result of lower silver and gold grades. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">On a yearly basis, and as a result of the planned shutdown of San Gonzalo the overall silver and gold feed grades declined for the year ended December 31, 2019 by 47% and 55%, respectively, combined with a decrease in both silver and gold recovery lead to San Gonzalo producing 66% fewer silver equivalent ounces on a year over year comparison basis. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div class="itag" style="display: inline; font-style: italic"></div><div style="MARGIN: 0px;"></div><table id="pagebreak0aec3a15-82cb-4212-9ff4-3b938e016756" 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; TEXT-INDENT: 0px">6 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img7.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Historic Above Ground Stockpile Production Highlights</div></div><div style="MARGIN: 0px;">&nbsp;</div><table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="2" width="100%" border="0"><tr style="background-color:#a7a8a7;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:38%;"><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Q4</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Q4</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Change</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">% </div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;" valign="top"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Change</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">%</div></div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:38%;"><div style="MARGIN: 0px;text-align:justify;">Total Mill Feed (dry tonnes)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">78,218</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">69,033</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">13%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">306,334</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">202,830</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">51%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:38%;"><div style="MARGIN: 0px;text-align:justify;">Feed Grade Silver (g/t)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">51</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">60</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">-16%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">55</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">58</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">-4%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:38%;"><div style="MARGIN: 0px;text-align:justify;">Feed Grade Gold (g/t)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">0.25</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">0.43</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">-42%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">0.36</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">0.41</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">-12%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:38%;"><div style="MARGIN: 0px;text-align:justify;">Feed Grade Copper (%)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">0.18</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">0.18</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">0%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">0.18</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">0.16</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">12%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:38%;"><div style="MARGIN: 0px;text-align:justify;">Recovery Silver (%)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">50%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">56%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">-11%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">54%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">57%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">-5%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:38%;"><div style="MARGIN: 0px;text-align:justify;">Recovery Gold (%)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">53%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">51%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">5%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">53%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">52%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">1%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:38%;"><div style="MARGIN: 0px;text-align:justify;">Recovery Copper (%)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">31%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">44%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">-31%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">35%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">38%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">-10%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:38%;"><div style="MARGIN: 0px;text-align:justify;">Total Silver Produced (Kg)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">638</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">559</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">14%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">9,181</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">6,697</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">37%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:38%;"><div style="MARGIN: 0px;text-align:justify;">Total Gold Produced (g)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">10,271</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">14,964</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">-31%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">57,809</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">43,454</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">33%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:38%;"><div style="MARGIN: 0px;text-align:justify;">Total Copper Produced (Lbs)</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">96,007</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">119,411</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">-20%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">407,059</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">272,070</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">50%</div></td></tr><tr style="background-color:#ffffff;"><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:38%;"><div style="MARGIN: 0px;text-align:justify;">Total Silver Equivalent Produced (oz) <div class="itag" style="display: inline; font-style: italic">calculated*</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">106,180</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">138,449</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">-23%</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">525,803</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">380,766</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:8%;"><div style="MARGIN: 0px;text-align:center;">38%</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic">* In 2019, AgEq was calculated using metals prices of $$16.20 oz Ag, $1,393 oz Au and $2.72. In 2018, AgEq was calculated using metals prices of$15.71 oz Ag, $1,270 oz Au and $2.96 lb Cu </div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic">* </div><div class="itag" style="display: inline; font-style: italic">In Q4 2019, AgEq was calculated using metals prices of $17.32 oz Ag, $1,482 oz Au and $2.67. Cu. In Q4 2018, AgEq was calculated using metals prices of $14.55 oz Ag, $1,229 oz Au and $2.80 lb Cu. </div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">The Historic Above Ground Stockpile (AHAG) material throughput was up 13% in Q4 2019 compared to Q4 2018, which helped to offset the decreased throughput from San Gonzalo. The decreasing silver and gold grades indicate that Avino is reaching the end of this material as we transition to full production at the Avino mine.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Avino Mine Expansion</div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">During 2019, development at Avino West, also known as the San Luis area, was placed on hold. As part of the mine plan optimization, Avino is evaluating the timing for Avino West production. Avino has the ability and capacity to feed all four circuits from the Elena Tolosa deposit, and will transition its mining capacity accordingly. During Q4, AHAG stockpiles were fed through the 1,000 tpd Mill Circuit 3, and is part of the transition mentioned above.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">New Tailings Storage Facility (&#8220;TSF&#8221;)</div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">The commissioning of a tailing&#8217;s thickener was completed during Q2 and transitioned to full operation. This thickener has reduced the water content sent to the tailings facility which has both decreased the volume of tailings as well as increase the stability of the tailings in the impoundment. As a result, more water can be recycled from the process which reduces the requirement from the fresh water well. In turn, this allows for increased water availability for the famers in the local communities adjacent to the Avino property. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;">Tailings were deposited in one portion of the permitted open pit in Q4 after completing the engineering and lining work in Q3. While there remains capacity in our current tailings facility the open pit is the primary area for tailings deposition.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Dry Stack Tailings</div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Avino has been exploring the potential of dry stack tailings for its permitted tailings storage facility which we refer to as TSF #2. We continue to explore this potential through operational visits to existing dry stack facilities in the area, as well as requests for quotations from various vendors and suppliers. We have also sourced a contractor familiar with dry stack tailings construction that is well known to the Company. A construction decision could be made in early 2020.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreakf42a293b-f35c-420e-88bf-da79db46c2cd" 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; TEXT-INDENT: 0px">7 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img8.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Avino Mine Exploration </div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">During the fourth quarter plans were underway to prepare an exploration program for 2020.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">During third quarter, Avino announced the results from a sampling campaign comprising 52 recent and historic holes that were previously drilled in the hanging-wall of the Avino vein stockwork system located on the Avino property. The relogging and sampling by the mine geology team of intervals previously regarded as not of economic interest has revealed extensive Hanging-wall Breccia (&#8220;HWB&#8221;) material with significant and consistent metal grades and wide vein widths. These results include significant intercepts such as: </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">ET-17-01 from 46.90 m to 47.65 m grading 2.18 g/t gold, 606 g/t silver and 0.35 % copper over a sampled length of 0.75 m;</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">ET-16-06 from 30.20 m to 31.70m grading 0.96 g/t gold, 312 g/t silver and 0.38 % copper over a sampled length of 1.50 m;</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">ET-17-13 from 23.40 m to 24.15 m grading 0.54 g/t gold, 290 g/t silver and 0.44% copper over a sampled length of 0.75 m.</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">These sampling results are encouraging as the material has the potential to add mineable tonnage to our portfolio at an opportune time. With the San Gonzalo mine at the end of its current economic life, the Company has been looking at all options to increase overall head grade, and the preliminary results of this campaign provide a major milestone to achieving that goal. </div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Detailed results from the sampling campaign can be found in Avino&#8217;s press release date July 23, 2019. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><div class="utag" style="display: inline; text-decoration: underline">Bralorne Mine</div></div><div class="itag" style="display: inline; font-style: italic"><div class="utag" style="display: inline; text-decoration: underline"></div></div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">The consideration includes:</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">&nbsp;&nbsp; </div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">C$8.7 million in cash</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">The issuance of 12,580,000 common shares of Talisker, representing 9.9% on a pro-forma basis following the close of the transaction and subsequent financing by Talisker;</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">The issuance of 6,290,000 share purchase warrants exercisable at C$0.25 per share for a period of three years after the closing, subject to acceleration in the event the closing price of Talisker&#8217;s common shares is great than C$0.35 per share for 20 or more consecutive trading days at any time following April 14, 2020;</td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;&nbsp; </div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">The sale includes the Bralorne claims, as well as nine mineral claims covering approximately 2,114 hectares in the Lillooet Mining Division of British Columbia, known as the BRX Property. The Company also received future consideration of a $2.5 million cash payment, contingent upon the commencement of commercial production at the Bralorne Mine, for which a fair value has been determined to be Nil at this time.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">The Bralorne Mine, located approximately 240 km north-east of Vancouver, British Columbia, was in the exploration, evaluation&nbsp;stage prior to the sale.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table id="pagebreaka0f784ce-b7f1-4cac-a99b-51760f7a6fec" 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; TEXT-INDENT: 0px">8 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img9.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><div class="utag" style="display: inline; text-decoration: underline">Qualified Person(s)</div></div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Peter Latta, P.Eng, MBA, Avino&#8217;s Vice President, Technical Services, and Jasman Yee, P.Eng., Avino Director, 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 was under the supervision of Fred Sveinson, B.A., B.Sc., P. Eng., Senior Mining Advisor, who was a qualified person within the context of National Instrument 43-101, and Mr. 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. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><div class="utag" style="display: inline; text-decoration: underline">Non &#8211; IFRS Measures </div></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">EBITDA and Adjusted EBITDA</div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Earnings before interest, taxes and amortization (&#8220;EBITDA&#8221;) is a non IFRS financial measure which excludes the following items from net earnings:</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Income tax expense</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Finance cost</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Amortization and depletion</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;">Adjusted EBITDA excludes the following additional items from EBITDA</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Share based compensation;</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Non-operational items including foreign exchange movements and fair value adjustments</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-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.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-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.</div><div style="MARGIN: 0px;"></div><table id="pagebreakeac2aefa-4693-40a0-ab24-0ac7151b5d83" 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; TEXT-INDENT: 0px">9 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img10.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;">The following table provides a reconciliation of net earnings financial statements to EBITDA and Adjusted EBITDA:</div><div style="MARGIN: 0px;">&nbsp;</div><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"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Expressed in 000&#8217;s of US$, unless otherwise noted</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Q4 2019</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Q4 2018</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Year 2019</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Year 2018</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Net Income (loss) from continuing operations</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(126</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">801</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(2,335</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,626</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Depreciation and depletion</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,694</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">564</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,723</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,256</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Interest income and other</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(160</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">4</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(545</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(215</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Interest expense</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">11</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">25</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">64</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">109</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Finance cost</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">82</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">34</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">84</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">444</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Accretion of reclamation provision</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">26</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">30</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">104</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">122</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Current income tax expense</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">82</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(346</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">327</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,052</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Deferred income tax recovery</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(266</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(94</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(960</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" align="right">(645</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">EBITDA</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,342</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,018</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">462</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5,749</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Fair value adjustment on warrant liability</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(174</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(130</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(520</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(1,304</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Share-based payments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">294</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">223</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">937</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">630</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Net realizable adjustment to inventory</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">387</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Foreign exchange loss </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">106</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">355</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">663</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">801</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Adjusted EBITDA</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,568</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,466</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,929</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">5,876</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Cash cost per payable ounce, all-in sustaining cash cost per payable ounce, and cash flow per share</div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-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. </div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-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. </div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-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. The Company&#8217;s calculation of all-in sustaining cash costs includes sustaining capital expenditures of $2,098 for the year ended December 31, 2019 (2018 - $Nil). The Company planned for sustaining capital expenditures in 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. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak8272cde4-29a8-4262-a2c0-7d3c1abd14b2" 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; TEXT-INDENT: 0px">10 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img11.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-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.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Cash Cost and All-in Sustaining Cash Cost per Silver Equivalent Payable Ounce</div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-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, multiplied by the ratio of the average spot gold and copper prices for the corresponding period. In 2019, the Company updated the calculation of all-in sustaining cash costs to include penalties, treatment charges and refining charges and the 2018 figures below have also been re-presented to include these costs. The change is due to the Company no longer selling product from the San Gonzalo Mine, which historically had little to no penalties associated with the saleable concentrate, and the Company is planning to be selling concentrate produced primarily from the Avino Mine for the foreseeable future.</div><div style="MARGIN: 0px;">&nbsp;</div><div 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 December 31, 2019 and 2018:</div><div style="MARGIN: 0px;">&nbsp;</div><table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="bottom"><div class="btag" style="display: inline; font-weight: bold">Expressed in 000&#8217;s of US$,</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Avino</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">San Gonzalo</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">AHAG Stockpiles</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Consolidated</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">unless otherwise noted</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Q4 2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Q4 2018</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Q4 2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Q4 2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Q4 2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Q4 2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Q4 2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Q4 2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Cost of sales</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:5%;">7,554</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:5%;">4,007</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:5%;">829</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:5%;">1,530</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:5%;">2,489</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:5%;">1,384</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:5%;">10,872</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:5%;">6,921</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Depletion and depreciation</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(1,296</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(341</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(281</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(125</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(96</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(86</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(1,673</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(552</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Cash production cost</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">6,258</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">3,666</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">548</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">1,405</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">2,393</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">1,298</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">9,199</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">6,369</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Payable silver equivalent ounces sold</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">541,559</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">404,223</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">20,200</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">113,930</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">138,432</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">195,231</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">700,191</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">713,384</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Cash cost per silver equivalent ounce</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom">$</td><td class="ffcell" valign="bottom" align="right">11.56</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom">$</td><td class="ffcell" valign="bottom" align="right">9.07</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom">$</td><td class="ffcell" valign="bottom" align="right">27.14</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom">$</td><td class="ffcell" valign="bottom" align="right">12.33</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom">$</td><td class="ffcell" valign="bottom" align="right">17.28</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom">$</td><td class="ffcell" valign="bottom" align="right">6.65</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom">$</td><td class="ffcell" valign="bottom" align="right">13.14</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom">$</td><td class="ffcell" valign="bottom" align="right">8.93</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">General and administrative expenses</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">1,055</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">330</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">39</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">93</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">270</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">160</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">1,364</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">583</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Sustaining capital expenditures</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">330</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">-</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">-</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">-</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">-</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">-</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">330</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">-</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Treatment &amp; refining charges</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">779</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">440</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">55</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">61</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">218</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">230</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">1,052</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">731</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Penalties</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">918</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">485</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">-</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">67</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">243</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">339</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">1,161</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">891</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Share-based payments and G&amp;A depreciation</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(245</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(133</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(9</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(37</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(62</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(64</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(306</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(234</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">All in cash operating cost</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">9,095</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">4,788</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">633</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">1,589</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">3,062</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">1,963</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">12,792</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">8,340</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">AISC per payable silver equivalent ounce</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">16.80</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">11.85</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">31.38</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">13.94</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">22.11</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">10.05</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">18.27</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">11.69</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak5840e281-a6e9-4be1-bcf0-8b35d9ab04c9" 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; TEXT-INDENT: 0px">11 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img12.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">The following table reconciles cash cost per Ag Eq oz production cost to all-in sustaining cash cost per Ag Eq oz for the year ended December 31, 2019 and 2018:</div><div style="MARGIN: 0px;">&nbsp;</div><table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Expressed in 000&#8217;s of US$, </div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Avino</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">San Gonzalo</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">AHAG Stockpiles</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Consolidated</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">unless otherwise noted</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Cost of sales</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:5%;">19,682</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:5%;">16,930</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:5%;">5,728</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:5%;">8,382</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:5%;">6,219</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:5%;">2,538</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:5%;">31,629</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:5%;">27,850</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Inventory Net relizable value adjustment</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">-</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">-</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">387</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">-</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">-</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">-</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">387</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">-</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Depletion and depreciation</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(2,552</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(1,599</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(711</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(1,384</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(417</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(248</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(3,680</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(3,231</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Cash production cost</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">17,130</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">15,331</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">5,404</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">6,998</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">5,802</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">2,290</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">28,336</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">24,619</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Payable silver equivalent ounces sold</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">1,449,448</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">1,656,007</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">248,195</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">671,851</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">647,810</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">312,272</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">2,345,453</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">2,640,129</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Cash cost per silver equivalent ounce</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom">$</td><td class="ffcell" valign="bottom" align="right">11.82</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom">$</td><td class="ffcell" valign="bottom" align="right">9.26</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom">$</td><td class="ffcell" valign="bottom" align="right">21.77</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom">$</td><td class="ffcell" valign="bottom" align="right">10.42</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom">$</td><td class="ffcell" valign="bottom" align="right">8.96</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom">$</td><td class="ffcell" valign="bottom" align="right">7.33</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom">$</td><td class="ffcell" valign="bottom" align="right">12.08</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom">$</td><td class="ffcell" valign="bottom" align="right">9.32</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">General and administrative expenses</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">2,660</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">2,707</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">449</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">1,133</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">1,175</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">355</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">4,284</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">4,195</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Sustaining capital expenditures</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">2,098</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">-</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">-</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">-</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">-</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">-</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">2,098</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">-</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Treatment &amp; refining charges</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">1,919</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">1,950</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">398</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">423</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">858</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">368</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">3,175</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">2,741</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Penalties</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">2,350</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">2,653</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">-</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">111</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">1,048</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">500</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">3,398</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right">3,264</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Share-based payments and G&amp;A </div><div style="MARGIN: 0px;">depreciation</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(610</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(408</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(103</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(159</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(266</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(88</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(980</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">(655</td><td style="PADDING-BOTTOM: 1px" valign="bottom">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Cash operating cost</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">25,537</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">22,233</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">6,147</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">8,506</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">8,615</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">3,425</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">40,300</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">34,164</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">AISC per payable silver equivalent ounce</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">17.62</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">13.43</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">24.77</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">12.66</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">13.30</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">10.97</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">17.19</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right">12.94</td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;">The Company continues to review its expenditures, and has been successful in the pursuit to achieve lower costs considering overall increases in material and labour costs.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">At the Avino Mine, costs for Q4 2019 when compared to Q4 2018 have increased on cash production cost due to transition to full production from Avino mine as San Gonzalo is now exhausted and a decrease of AHAG production as only small material remains during the quarter. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">During the fourth quarter of 2019, the cash cost and all-in sustaining cash cost per payable silver equivalent ounce and cost per ounce at the San Gonzalo Mine increased compared with Q4 2018 mainly due to significantly lower ounces sold as a result of declining grades as the mine completed the final stage of its life.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><div class="utag" style="display: inline; text-decoration: underline">Cash Flow per Share </div></div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-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. </div><div style="MARGIN: 0px;">&nbsp;</div><table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Year Ended December 31,</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td></tr><tr><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Operating cash flows before movements in working capital </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,345</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">4,225</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Weighted average number of shares outstanding</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Basic</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">69,980,178</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">56,851,626</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Diluted</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">69,980,178</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">60,000,637</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Cash Flow per Share &#8211; basic</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div class="btag" style="display: inline; font-weight: bold">0.02</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div class="btag" style="display: inline; font-weight: bold">0.07</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Cash Flow per Share &#8211; diluted</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div class="btag" style="display: inline; font-weight: bold">0.02</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold">$</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div class="btag" style="display: inline; font-weight: bold">0.07</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreakfa91c3a6-8281-48ed-a485-b0cf52a895aa" 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; TEXT-INDENT: 0px">12 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img13.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><div class="utag" style="display: inline; text-decoration: underline">Working Capital </div></div></div><div style="MARGIN: 0px;">&nbsp;</div><table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31, </div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31, </div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Current assets </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">22,771</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">22,947</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Current liabilities </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(9,562</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(9,841</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Working capital</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">13,209</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">13,106</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><div class="utag" style="display: inline; text-decoration: underline">Results of Operations</div></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Summary of Quarterly Results</div></div><div style="MARGIN: 0px;">&nbsp;</div><table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">(000&#8217;s)</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Quarter ended</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Dec 31<br>Q4</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Sep 30<br>Q3</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Jun 30<br>Q2</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Mar 31<br>Q1</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Dec 31<br>Q4</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Sep 30<br>Q3</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Jun 30<br>Q2</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Mar 31<br>Q1</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Revenue</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:7%;">10,426</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:7%;">6,796</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:7%;">7,813</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:7%;">6,711</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:7%;">8,268</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:7%;">8,516</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:7%;">9,176</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:7%;">8,156</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;text-align:left;"><div class="btag" style="display: inline; font-weight: bold">Earnings (Loss) from operations for the quarter</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">(29,043</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">(1,642</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">(166</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">(610</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">981</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">(1,012</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">839</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">818</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;text-align:left;"><div class="btag" style="display: inline; font-weight: bold">Earnings (Loss) per share from operations - basic</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">(0.38</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">(0.02</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">(0.00</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">(0.01</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">0.02</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">(0.02</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">0.02</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">0.02</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Earnings (Loss) per share - diluted</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">(0.38</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">(0.02</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">(0.00</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">(0.01</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">0.02</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">(0.02</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">0.02</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">0.02</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Total </div><div class="btag" style="display: inline; font-weight: bold">Assets</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">72,571</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">113,145</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">110,660</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">108,830</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">108,588</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">113,210</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">109,498</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:7%;" valign="bottom" align="right">102,434</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Revenue increased compared to previous quarters due to higher average realized metal prices, and additional ounces sold in Q4 2019 compared to previous quarters.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Earnings in the fourth quarter decreased as a result of the loss from discontinued operations and on disposals.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top"><div style="MARGIN: 0px;">Total assets decreased at December 31, 2019 compared to previous current year quarters, primarily attributable to the disposal of the net assets of Bralorne upon its sale.</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-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. </div><div style="MARGIN: 0px;">&nbsp;</div><div class="itag" style="display: inline; font-style: italic"></div><div style="MARGIN: 0px;"></div><table id="pagebreakd52d86ee-38e5-4ed8-9697-988e07f0e407" 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; TEXT-INDENT: 0px">13 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img14.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Three months ended December 31, 2019, compared to the three months ended December 31, 2018: </div></div><div style="MARGIN: 0px;">&nbsp;</div><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"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">(000&#8217;s)</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Note</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Revenue from mining operations</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">10,426</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">8,268</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Cost of sales</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">10,871</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">6,921</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div class="btag" style="display: inline; font-weight: bold">1</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Mine operating income (loss)</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(445</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,347</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div class="btag" style="display: inline; font-weight: bold">1</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Operating expenses</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">General and administrative expenses</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">951</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">444</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div class="btag" style="display: inline; font-weight: bold">2</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Share-based payments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">294</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">223</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div class="btag" style="display: inline; font-weight: bold">3</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Income (loss) before other items</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(1,690</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">680</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Other items </div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Interest and other income</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">160</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">4</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Unrealized gain on long-term investments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,265</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div class="btag" style="display: inline; font-weight: bold">4</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Fair value adjustment on warrant liability</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">174</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">130</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div class="btag" style="display: inline; font-weight: bold">5</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Unrealized foreign exchange loss</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(101</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(364</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div class="btag" style="display: inline; font-weight: bold">6</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Accretion of reclamation provision</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(26</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(30</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Finance cost</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(82</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(34</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Interest expense</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(11</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(25</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Net income (loss) before income taxes</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(311</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">361</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Income taxes:</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Current income tax recovery (expense) </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(81</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">346</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div class="btag" style="display: inline; font-weight: bold">7</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Deferred income tax recovery</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">266</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">94</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div class="btag" style="display: inline; font-weight: bold">7</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Income tax recovery</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">185</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">440</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Net income (loss) from continuing operations</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(126</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">801</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div class="btag" style="display: inline; font-weight: bold">8</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Income (loss) from discontinued operations and on disposal</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(28,917</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">180</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Net income (loss)</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(29,043</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">981</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Earnings (loss) per share from continuing operations</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Basic</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(0.00</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0.01</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div class="btag" style="display: inline; font-weight: bold">8</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Diluted</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(0.00</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">0.01</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div class="btag" style="display: inline; font-weight: bold">8</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Earnings (loss) per share</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Basic</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(0.38</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0.02</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Diluted</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(0.38</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">0.02</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreakfafb2001-b5ef-496d-9b5c-80f5feff8df7" 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; TEXT-INDENT: 0px">14 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img15.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">1.</td><td valign="top"><div style="MARGIN: 0px;text-align:justify;">Cost of sales for the three months ended December 31, 2019, were $10,871 compared to $6,921 for the three months ended December 31, 2018. The increase reflects significant increase in tonnes produced resulting in an increase in mining and milling costs, as well as increases to non-cash depletion and depreciation. Mine operating income decreased for the three months ended December 31, 2019, compared to December 31, 2018 mainly due to a decrease in average realized silver and gold prices and higher costs incurred due at the end of life of the San Gonzalo mine.</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top">2.</td><td valign="top"><div style="MARGIN: 0px;text-align:justify;">General and administrative expenses for the three months ended December 31, 2019, totalled $951 compared to $444 for the three months ended December 31, 2018. The increase reflects additional office and professional fees incurred during the quarter in both Mexico and Canada.</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top">3.</td><td valign="top">Share-based payments for the three months ended December 31, 2019, totalled $294 compared to $223 for the three months ended December 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.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top">4.</td><td valign="top"><div style="MARGIN: 0px;text-align:justify;">Unrealized gain in long term investments for the three months ended December 31, 2019, totalled $1,265 compared with $Nil for the three months ended December 31, 2018, mainly attributable to the initial recognition of an unrealized gain from revaluation of Talisker shares and warrants held as a result of Bralorne mine sale. </div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top">5.</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><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top">6.</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 December 31, 2019, the US dollar appreciated in relation to the Canadian dollar and Mexican peso, resulting in a foreign exchange loss, as the Company incurred an increased amount of capital expenditures. During the three months ended December 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><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top">7.</td><td valign="top"><div style="MARGIN: 0px;text-align:justify;">Current income tax expense was $81 for the three months ended December 31, 2019, compared to a recovery of $346 in the three months ended December 31, 2018. Deferred income tax recovery was $266 for the three months ended December 31, 2019, compared to $94 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 December 31, 2019, primarily relate to movements in the tax bases and changes to mining profits and losses in Mexico.</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top">8.</td><td valign="top">As a result of the foregoing, net loss from continuing operations for the three months ended December 31, 2019, was $126, compared to net income of $801 for the three months ended December 31, 2018. The decrease resulted in basic and diluted loss per share from continuing operations of $Nil for the quarter ended December 31, 2019, compared to basic and diluted earnings per share of $0.01 in the comparative quarter.</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div class="itag" style="display: inline; font-style: italic"></div><div style="MARGIN: 0px;"></div><table id="pagebreak0f96ab3a-a85c-4bad-b134-89cc8b67b0af" 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; TEXT-INDENT: 0px">15 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img16.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Year ended December 31, 2019, compared to year ended December 31, 2018: </div></div><div style="MARGIN: 0px;">&nbsp;</div><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"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">(000&#8217;s)</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Note</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Revenue from mining operations</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">31,746</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">34,116</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Cost of sales</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">32,016</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">27,850</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div class="btag" style="display: inline; font-weight: bold">1</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Mine operating income (loss)</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(270</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">6,266</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div class="btag" style="display: inline; font-weight: bold">1</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Operating expenses</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">General and administrative expenses</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,193</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,610</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div class="btag" style="display: inline; font-weight: bold">2</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Share-based payments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">937</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">630</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div class="btag" style="display: inline; font-weight: bold">3</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Income </div><div class="btag" style="display: inline; font-weight: bold">(loss)</div><div class="btag" style="display: inline; font-weight: bold"> before other items</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(4,400</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,026</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Other items </div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Interest and other income</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">545</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">215</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Unrealized gain (loss) on long-term investments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,282</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(5</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div class="btag" style="display: inline; font-weight: bold">4</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Fair value adjustment on warrant liability</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">520</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,304</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div class="btag" style="display: inline; font-weight: bold">5</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Unrealized foreign exchange loss</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(663</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(801</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div class="btag" style="display: inline; font-weight: bold">6</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Finance cost</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(84</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(444</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div class="btag" style="display: inline; font-weight: bold">7</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Accretion of reclamation provision</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(104</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(122</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Interest expense</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(64</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(109</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Net income (loss) before income taxes and discontinued</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(2,968</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,064</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Income taxes:</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Current income tax expense</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(327</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(1,052</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div class="btag" style="display: inline; font-weight: bold">8</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Deferred income tax recovery</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">960</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">645</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div class="btag" style="display: inline; font-weight: bold">8</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Income tax recovery (expense)</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">633</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(407</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Net income (loss) from continuing operations</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(2,335</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,657</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div class="btag" style="display: inline; font-weight: bold">9</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Loss from discontinued operations and on disposal</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(29,126</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(31</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Net income (loss)</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(31,461</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,626</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Earnings (loss) per Share from continuing operations</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Basic</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(0.03</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0.03</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div class="btag" style="display: inline; font-weight: bold">9</div></td><td valign="bottom" style="width:1%;"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Diluted</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(0.03</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">0.03</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div class="btag" style="display: inline; font-weight: bold">9</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Earnings (loss) per share </div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Basic</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(0.45</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0.03</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;">Diluted</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(0.45</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">0.03</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak9d43b071-c05d-4ad5-a40e-85fb1f3783a8" 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; TEXT-INDENT: 0px">16 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img17.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">1.</td><td valign="top">Cost of Sales for the year ended December 31, 2019, were $32,016 compared to $27,850 for the year ended December 31, 2018. The increase reflects the increase of production cost as overall increased in tonnes produced resulting in an increase in to mining material and labour costs. Further, there were increases to non-cash depletion and depreciation expenses, as a result of the San Gonzalo mine nearing the end of life and a prospective change in accounting policy for depreciation. As a result of the higher production cost, mine operating income decreased for the year ended December 31, 2019, compared to December 31, 2018.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top">2.</td><td valign="top"><div style="MARGIN: 0px;text-align:justify;">General and administrative expenses for the year ended December 31, 2019, totalled $3,193 compared to $3,610 for the year ended December 31, 2018. The decrease reflects reduction initiatives made by management in the current year to maintain operations in good standing during the difficult market conditions in the beginning of the year. </div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top">3.</td><td valign="top"><div style="MARGIN: 0px;text-align:justify;">Share-based payments for the year ended December 31, 2019, totalled $937 compared to $630 for the year ended December 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. </div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top">4.</td><td valign="top"><div style="MARGIN: 0px;text-align:justify;">Unrealized gain in long-term investments for the three months ended December 31, 2019, totalled $1,288 compared with a loss of $5 for the three months ended December 31, 2018, mainly attributable to the initial recognition of a unrealized gain from Talisker shares held from the proceeds of the sale of Bralorne. </div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top">5.</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><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top">6.</td><td valign="top">Foreign exchange gains or losses result from transactions in currencies other than the Canadian dollar functional currency. During the year ended December 31, 2019, the US dollar appreciated in relation to the Canadian dollar and Mexican peso, resulting in a foreign exchange loss, as the Company incurred an increased amount of capital expenditures in US dollars.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top">7.</td><td valign="top">Finance costs for the year ended December 31, 2019, totalled $84 compared to $444 for the year ended December 31, 2018. The increase reflects the costs of issuance allocated to the warrants upon issuance in the September 2018 bought-deal offering of 7.1 million units.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top">8.</td><td valign="top"><div style="MARGIN: 0px;text-align:justify;">Current income tax expense was $327 for the year ended December 31, 2019, compared to $1,052 in the year ended December 31, 2018. Deferred income tax recovery was $960 for the year ended December 31, 2019, compared to $645 in the comparative period. 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 year ended December 31, 2019, primarily relate to movements in the tax bases and changes in mining profits and losses in Mexico.</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top">9.</td><td valign="top">As a result of the foregoing, net loss from continuing operations for the year ended December 31, 2019, was $2,335, compared to income of $1,657 for the year ended December 31, 2018. The decrease had an impact on basic and diluted earnings per share from continuing operations, decreasing to a loss per share of $0.03 for the year ended December 31, 2019, from earnings per share of $0.03 for the year ended December 31, 2018.</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak7fb3412e-5daa-417e-a3ee-7d521567f178" 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; TEXT-INDENT: 0px">17 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img18.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold"><div class="utag" style="display: inline; text-decoration: underline">Liquidity and Capital Resources</div></div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-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.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-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.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><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%" border="0"><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:39%;" valign="top"><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Intended Use of Proceeds</div></div><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:45%;" valign="top"><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Actual Use of Proceeds</div></div><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:39%;" valign="top"><div style="MARGIN: 0px;text-align:justify;">In July 2019, the Company closed a bought-deal financing for gross proceeds of $3.5M, with the issuance of common shares.</div><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:45%;" valign="top"><div style="MARGIN: 0px;text-align:justify;">As of the date of this MD&amp;A, the Company has been using 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, and its operations and production, and to a lesser extent, for general working capital.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;">In supporting mining operations in Mexico, the Company incurred expenditures of $0.1 million for exploration and evaluation activities, acquired property and equipment of $3.2 million (before depreciation of $4.5 million), and made lease and loan repayments of $1.1 million during the year ended December 31, 2019. </div><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:39%;" valign="top"><div style="MARGIN: 0px;text-align:justify;">In July 2019, the Company closed a bought-deal flow-through financing for gross proceeds of $1.7M, with the issuance of common flow-through shares.</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:45%;" valign="top"><div style="MARGIN: 0px;text-align:justify;">As of the date of this MD&amp;A, the Company continues to use the flow-through eligible 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 the Bralorne Mine, located in British Columbia, which will be renounced to the purchasers of the flow-through shares.</div><div style="MARGIN: 0px;">&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; </div><div style="MARGIN: 0px;text-align:justify;">In advancing the Bralorne Mine, and prior to its disposition, the Company incurred expenditures of $5.6 million for exploration and evaluation activities (before depreciation and share-based payments of $0.4 million, change in estimate to future reclamation of $1.4 million, and foreign exchange movement of $1.3 million), acquired property and equipment for $0.1 million (before of $0.4 million of depreciation), and made lease and loan repayments of $0.3 million</div></td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak51b062a4-0f36-4f89-b3de-3596a92f6d5b" 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; TEXT-INDENT: 0px">18 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img19.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="2" width="100%" border="0"><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:39%;" valign="top"><div style="MARGIN: 0px;text-align:justify;">During 2019, the Company received gross proceeds of $2.9 million in connection with a brokered at-the-market offering issued under prospectus supplements. </div><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:45%;" valign="top"><div style="MARGIN: 0px;text-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. </div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">The Company intends to continue to explore its properties, as described above, subject to market conditions and the ability to continue to obtain suitable financing.</div><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:39%;" valign="top"><div style="MARGIN: 0px;text-align:justify;">In September 2018, the Company closed a underwritten public offering for gross proceeds of US$4.6 million.</div><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:45%;" valign="top"><div style="MARGIN: 0px;text-align:justify;">As of the date of this MD&amp;A, the Company has used 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, its production operations, and to a lesser extent, for general working capital.</div><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:39%;" valign="top"><div style="MARGIN: 0px;text-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.</div><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:45%;" valign="top"><div style="MARGIN: 0px;text-align:justify;">As of the date of this MD&amp;A, the Company has used the funds as intended. The Company used 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.</div><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:39%;" valign="top"><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">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.</div></div><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:45%;" valign="top"><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">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 $4.7 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.</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;">Discussion and analysis relating to the Company&#8217;s liquidity as at December 31, 2019 and 2018, is as follows:</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;">Statement of Financial Position</div><div style="MARGIN: 0px;">&nbsp;</div><table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">(000&#8217;s)</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Cash </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">9,625</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,252</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Working capital</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">13,209</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">13,106</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Accumulated Deficit </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(47,204</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(16,505</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table id="pagebreak0561f0c9-e206-4ac5-b74b-1e7db58e9ede" 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; TEXT-INDENT: 0px">19 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img20.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><div class="utag" style="display: inline; text-decoration: underline">Cash Flow </div></div></div><div style="MARGIN: 0px;">&nbsp;</div><table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">(000&#8217;s)</div></div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Cash generated by operating activities</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5,507</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">9,224</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Cash generated by financing activities</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">4,970</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,855</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Cash used in investing activities<div class="itag" style="display: inline; font-style: italic"></div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(3,734</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(13,229</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Change in cash </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">6,743</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(150</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Effect of exchange rate changes on cash </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(370</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(18</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Cash, beginning of period</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">3,252</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">3,420</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Cash, end of period</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">9,625</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">3,252</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Operating Activities</div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Cash generated by operating activities for the year ended December 31, 2019, was $5.5 million compared to operating activities of $9.2 million for the year ended December 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.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Financing Activities</div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Cash generated by in financing activities was $5.0 million for the year ended December 31, 2019, compared to $3.9 million for the year ended December 31, 2018. Cash generated by financing activities for the year ended December 31, 2018, relates to the issuance of shares for cash, term facility payments, the repayments of equipment loans and finance leases for mining equipment. During the year ended December 31, 2019, the Company received proceeds from issuance of shares for cash of $7.3 million (2018 - $8.5 million), made term facility payments totalling $0.8 million (2018 - $2.0 million) and made finance lease and equipment loan payments totalling $1.4 million (2018 - $2.6 million).</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Investing Activities</div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Cash used in investing activities for the year ended December 31, 2019, was $3.7 million compared to $13.2 million for the year ended December 31, 2018. Cash used in investing activities during the year ended December 31, 2019, includes net cash proceeds received on the sale of discontinued operations of $5.1 million (2018 - $Nil). During 2019, the Company incurred cash capital expenditures of $3.3 million (2018 - $9.4 million) on the acquisition of property and equipment. Equipment purchases included new mining, milling/processing, and transportation equipment for the Company&#8217;s Avino Mine. During the year ended December 31, 2019, the Company also incurred cash capital expenditures of $5.7 million (2018 - $5.4 million) on exploration and evaluation activities at the Avino Mine, as well as the Bralorne Mine prior to its disposition. During the year ended December 31, 2019, the Company did not redeem any short-term investments (2018 - $1.0 million), and had received cash from other investing activities, such as redemptions of reclamation bonds and proceeds on sale of long-term investments of $0.1 million (2018 - $0.5 million).</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><div class="utag" style="display: inline; text-decoration: underline">Off-Balance Sheet Arrangements</div></div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">The Company has no off-balance sheet arrangements.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table id="pagebreakb089dc5c-957d-45a7-8beb-94852c51e344" 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; TEXT-INDENT: 0px">20 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img21.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><div class="utag" style="display: inline; text-decoration: underline">Transactions with Related Parties</div></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-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. </div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">(a)</td><td valign="top">Key management personnel</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"></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 year ended December 31, 2019, 2018 and 2017 were as follows:</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="85%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">2017</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Salaries, benefits, and consulting fees</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">723</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">956</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">860</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Share-based payments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">659</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">531</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,718</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,382</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,487</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2,578</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">(b)</td><td valign="top">Amounts due to/from related parties</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"></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. (&#8220;Oniva&#8221;) of $Nil (December 31, 2018 - $212) for expenditures to be incurred on behalf of the Company are included in prepaid expenses and other assets on the consolidated statements of financial position as at December 31, 2019. The following table summarizes the amounts due to related parties:</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="85%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31,</div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Oniva International Services Corp.</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">105</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">107</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Directors</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">51</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">47</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Jasman Yee &amp; Associates, Inc.</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">3</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">156</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">157</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;">&nbsp;</div></div></td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">(c)</td><td valign="top">Other related party transactions</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"></td><td valign="top">The Company has a cost sharing agreement with Oniva 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><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"></td><td valign="top">The transactions with Oniva during the years ended December 31, 2019, 2018 and 2017, are summarized below:</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="85%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">2017</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Salaries and benefits</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">665</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">594</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">450</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Office and miscellaneous</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">322</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">560</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">567</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Exploration and evaluation assets</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">206</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">353</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">352</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,193</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,507</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,369</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak2896c49b-b53e-4252-9a00-e879dae78474" 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; TEXT-INDENT: 0px">21 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img22.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="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 year ended December 31, 2019, 2018 and 2017, the Company paid $226, $232 and $231, respectively, to ICC.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"></td><td valign="top"><div style="MARGIN: 0px;text-align:justify;">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 year ended December 31, 2019, 2018 and 2017, the Company paid $33, $66 and $80, respectively, to JYAI.</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><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 year ended December 31, 2019, 2018 and 2017, the Company paid $Nil, $12 and $23, respectively, to WWD.</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><div class="utag" style="display: inline; text-decoration: underline">Financial Instruments and Risks</div></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-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, short- and 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.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">The Company&#8217;s financial instruments are exposed to certain financial risks, including credit risk, liquidity risk, and market risk.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">(a)</td><td valign="top">Credit Risk</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><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><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><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 six (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><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><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 December 31, 2019, no amounts were held as collateral.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top">(b)</td><td valign="top">Liquidity Risk</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><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 December 31, 2019, in the amount of $9,625 and working capital of $13,209 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 consolidated statement of financial position date. Amounts due to related parties are without stated terms of interest or repayment.</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreakb03e5daa-9f02-44ac-aaa3-e1ceb3aba314" 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; TEXT-INDENT: 0px">22 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img23.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"></td><td valign="top">The maturity profiles of the Company&#8217;s contractual obligations and commitments as at December 31, 2019, are summarized as follows:</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="85%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Total</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Less Than</div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">1 Year</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">1-5 years</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">More Than</div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">5 Years</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Accounts payable and accrued liabilities</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">4,907</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">4,907</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Due to related parties</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">156</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">156</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Minimum rental and lease payments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,294</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,269</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">20</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Term facility</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">6,199</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,628</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,571</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Equipment loans</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">301</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">228</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">73</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Finance lease obligations</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,188</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">716</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">444</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">28</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Total</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">14,045</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">10,904</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">3,108</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">33</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">(c)</td><td valign="top">Market Risk</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"></td><td valign="top">Market risk consists of interest rate risk, foreign currency risk and price risk. These are discussed further below.<div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic"></div></div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"></td><td valign="top"><div class="utag" style="display: inline; text-decoration: underline">Interest Rate Risk</div><div class="utag" style="display: inline; text-decoration: underline"></div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"></td><td valign="top">Interest rate risk consists of two components:</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:8%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="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><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></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.<div class="itag" style="display: inline; font-style: italic"></div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"></td><td valign="top">In management&#8217;s opinion, the Company is exposed to interest rate risk primarily on its outstanding term facility, as the interest rate is subject to floating rates of interest. A 10% change in the interest rate would not a result in a material impact on the Company&#8217;s operations.</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table id="pagebreaka21a4cc5-c296-4a4a-b534-32d6bd466a33" 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; TEXT-INDENT: 0px">23 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img24.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"></td><td valign="top"><div class="utag" style="display: inline; text-decoration: underline">Foreign Currency Risk</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"></td><td valign="top">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:</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="85%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31, 2019</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="6" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">December 31, 2018</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td></tr><tr><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">MXN</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">CDN</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">MXN</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">CDN</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Cash</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,780</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5,902</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">8,378</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,421</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Long-term investments</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">5,599</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">14</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Reclamation bonds</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">6</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">146</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Amounts receivable</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">54</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">114</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Accounts payable and accrued liabilities</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(51,307</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(442</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(85,951</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(891</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Due to related parties</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(202</td><td valign="bottom" style="width:1%;">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(215</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Equipment loans</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">(301</td><td valign="bottom" style="width:1%;">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Finance lease obligations</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(1,037</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(522</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(13,907</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(533</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Net exposure</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(49,564</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">10,395</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(91,480</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">755</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">US dollar equivalent</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(2,627</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">8,004</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(4,656</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">554</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"></td><td valign="top">Based on the net US dollar denominated asset and liability exposures as at December 31, 2019, a 10% fluctuation in the US/Mexican and Canadian/US exchange rates would impact the Company&#8217;s earnings (loss) for the year ended December 31, 2019, by approximately $465 (December 31, 2018 - $452). The Company has not entered into any foreign currency contracts to mitigate this risk.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"></td><td valign="top"><div class="utag" style="display: inline; text-decoration: underline">Price Risk</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"></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><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"></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 December 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 $70 (December 31, 2018 - $419).</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="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). At December 31, 2019, a 10% change in market prices would have an impact on net earnings (loss) of approximately $467 (2018 - $1, 2017 - $3).</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"></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></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak6c71b148-ccc4-41bf-b882-675097ab91a8" 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; TEXT-INDENT: 0px">24 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img25.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">(d)</td><td valign="top">Classification of Financial Instruments</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">IFRS 7 <div class="itag" style="display: inline; font-style: italic">Financial Instruments: Disclosures </div>establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value as follows:</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Level 1 &#8211; quoted prices (unadjusted) in active markets for identical assets or liabilities;</div><div style="MARGIN: 0px;text-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</div><div style="MARGIN: 0px;text-align:justify;">Level 3 &#8211; inputs for the asset or liability that are not based on observable market data (unobservable inputs).</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">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 December 31, 2019:</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="84%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Level 1</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Level 2</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Level 3</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Financial assets</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Cash </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">9,625</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Amounts receivable</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,477</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Long-term investments &#8211; common shares</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,197</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Long-term investments &#8211; warrants </div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,114</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td><div style="MARGIN: 0px;">Total financial assets</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">$</div></td><td><div style="MARGIN: 0px;text-align:right;">12,822</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">$</div></td><td><div style="MARGIN: 0px;text-align:right;">1,477&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">$</div></td><td><div style="MARGIN: 0px;text-align:right;">&nbsp;1,114</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Financial liabilities</div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Warrant liability</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(1,579</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Total financial liabilities </div></div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">-</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">(1,579</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom">)</td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cols="3" cellpadding="0" width="100%" border="0"><tr><td style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;text-align:justify;">During 2019, changes in Level 3 measurements were comprised of the recognition of the Talisker warrants received in the sale of Bralorne of $716, and its subsequent fair value increase of $398 for a total fair value of $1,114 at December 31, 2019. Additionally, there was a fair value adjustment of $520 for the warrant liability.</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">The Company uses Black-Scholes model to measure its Level 3 financial instruments. The warrants of Talisker are measured on acquisition and at December 31, 2019, using the following assumptions:</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="0" width="84%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px 0px 0px 10.5pt;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31, 2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px 0px 0px 6pt;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 13, 2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">Weighted average assumptions:</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" colspan="2" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Risk-free interest rate</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1.71</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1.67</td><td valign="bottom" style="width:1%;">%</td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Expected dividend yield</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0</td><td valign="bottom" style="width:1%;">%</td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Expected life (years)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2.95</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3.00</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 15px;text-align:justify;">Expected stock price volatility</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">106.79</td><td valign="bottom" style="width:1%;">%</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">108.41</td><td valign="bottom" style="width:1%;">%</td></tr><tr style="background-color:#cceeff;"><td style="BORDER-BOTTOM: 1px solid" valign="top"><div style="MARGIN: 0px;">Weighted average fair value at grant date</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td></td><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 17.75pt;text-align:right;">C$0.23</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td></td><td style="BORDER-BOTTOM: 1px solid"><div style="MARGIN: 0px 0px 0px 17.75pt;text-align:right;">C$0.15</div></td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px 0px 0px 35.45pt;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:8%;"></td><td valign="top">For the Company&#8217;s warrant liability valuation, see Note 16 of the consolidated financial statements.</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div class="utag" style="display: inline; text-decoration: underline"><div class="btag" style="display: inline; font-weight: bold"><div style="MARGIN: 0px;text-align:justify;">Commitments</div></div></div><div class="utag" style="display: inline; text-decoration: underline"></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;">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</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-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:</div><div style="MARGIN: 0px;">&nbsp;</div><table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31, </div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2019</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td valign="bottom"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">&nbsp;</div></div></td><td class="hdcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">December 31, </div></div><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2018</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Not later than one year</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">1,269</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3,092</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px;">Later than one year and not later than five years</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">20</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">74</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px;">Later than five years</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">5</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">10</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">1,294</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom">$</td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">3,176</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Included in the above amount as at December 31, 2019, is the Company&#8217;s commitment to incur flow-through eligible expenditures of $1,262 (C$1,639) that must be incurred in Canada.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Office lease payments recognized as an expense during the year ended December 31, 2019, totalled $72 (2018 - $81, 2017 - $81).</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;"></div><table id="pagebreak850cf53b-35d6-486e-8c69-02d99d317dad" 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; TEXT-INDENT: 0px">25 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img26.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><div class="utag" style="display: inline; text-decoration: underline">Changes in Accounting Standards</div></div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Application of new and revised accounting standards:</div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Adoption of IFRS 16 Leases (&#8220;IFRS 16&#8221;)</div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-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 lessees, 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 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 became effective using a modified retrospective approach. By applying this method, the comparative information for the 2018 fiscal year has not been restated. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">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:</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">The amount of the initial measurement of the lease liability</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Any lease payments made at or before the commencement date</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Any indirect costs incurred</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></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><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></td><td valign="top">Any incentives received from the lessor</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">The Company has elected not to recognize right of use assets and lease liabilities for short-term leases 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.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">The majority of the Company&#8217;s leases were already capitalized as finance lease assets on its consolidated statement of financial position under the Company&#8217;s previous accounting policy at the time of adoption of IFRS 16. The Company has elected to apply the practical expedients in IFRS 16 and 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. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold">Adoption of IFRIC 23 Uncertainty over Income Tax Treatments (&#8220;IFRIC 23&#8221;)</div> </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">On June 7, 2017, the IASB issued IFRIC 23 <div class="itag" style="display: inline; font-style: italic">Uncertainty over Income Tax Treatments. </div>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 is applicable for annual periods beginning on or after January 1, 2019.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">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. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-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.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak290e7401-a92d-4ca6-9e35-c2d78314a43e" 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; TEXT-INDENT: 0px">26 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img27.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Changes in accounting standards not yet effective:</div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-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. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">IFRS 3 &#8211; Definition of a Business</div></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;">In October 2018, the IASB issued amendments to IFRS 3 &#8211; Definition of a Business which:</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></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" style="width:4%;"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></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" style="width:4%;"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></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" style="width:4%;"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></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" style="width:4%;"><div style="MARGIN: 0px;"><div class="font" style="display: inline; font-family:Symbol;">&#183;</div></div></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><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-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. The Company does not expect any material impact upon adoption.</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Annual Improvements 2015-2017 Cycle</div></div> </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-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</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;"><div class="utag" style="display: inline; text-decoration: underline"><div class="btag" style="display: inline; font-weight: bold">Outstanding Share Data<div class="itag" style="display: inline; font-style: italic"></div></div></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">The Company&#8217;s authorized share capital consists of an unlimited number of common shares without par value.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">As at February 26, 2020, the following common shares, warrants, and stock options were outstanding:</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Number of</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">shares</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Exercise</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">price</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;" valign="bottom" colspan="2" align="center"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">Remaining</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">life (years)</div></div></td><td style="PADDING-BOTTOM: 1px" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Share capital</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">77,267,533</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Warrants (US$)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">7,175,846</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;">$</td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0.80</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">3.58</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Warrants (C$)</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">464,122</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td colspan="2"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;">C$0.85</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">0.42</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">RSUs</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">2,372,875</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;">-</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td colspan="2"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;">0.57 &#8211; 2.48</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#cceeff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Stock options</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">2,638,500</td><td style="PADDING-BOTTOM: 1px;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" colspan="2"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;">C$0.79 - C$2.95</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid" colspan="2"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;">1.52 &#8211; 4.49</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr style="background-color:#ffffff;"><td valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;">Fully diluted</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;" valign="bottom"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;" valign="bottom" align="right">89,918,876</td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td class="ffcell" valign="bottom" align="right" style="width:9%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="bottom" style="width:1%;"><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp; </div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table id="pagebreakca893fdb-95dc-457f-9155-9bf6eef8a8e4" 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-INDENT: 0px"><div style="MARGIN: 0px;text-align:right;">27 | Page</div></td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img28.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;">The following are details of outstanding stock options as at December 31, 2019 and February 26, 2020:</div><div style="MARGIN: 0px;">&nbsp; </div><table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="2" width="100%" border="0"><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Expiry Date</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Exercise Price Per Share </div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Number of Shares Remaining Subject to Options</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">(December 31, 2019)</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Number of Shares Remaining Subject to Options<br>(February 26, 2020)</div></div></td></tr><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;">September 2, 2021</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:center;">C$2.95</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;">502,500</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;">502,500</div></td></tr><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;">September 20, 2022</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:center;">C$1.98</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;">1,162,500</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;">1,162,500</div></td></tr><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;">October 6, 2022</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:center;">C$1.98</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;">15,000</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;">15,000</div></td></tr><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;">August 28, 2023</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:center;">C$1.30</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;">432,500</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;">432,500</div></td></tr><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;">August 21, 2024</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:center;">C$1.79</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;">526,000</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;">526,000</div></td></tr><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Total:</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;"><div style="MARGIN: 0px;text-align:center;">&nbsp;</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2,638,500</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2,638,500</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;">The following are details of outstanding warrants as at December 31, 2019 and February 26, 2020:</div><div style="MARGIN: 0px;">&nbsp;</div><table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="2" width="100%" border="0"><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Expiry Date</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Exercise Price Per Share </div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Number of Underlying Shares </div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">(December 31, 2019)</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Number of Underlying Shares <br>(February 26, 2020)</div></div></td></tr><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;"><div style="MARGIN: 0px;">July 30, 2020</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;"><div style="MARGIN: 0px;text-align:center;">C$0.85</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;">464,122</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;">464,122</div></td></tr><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;"><div style="MARGIN: 0px;">September 25, 2023</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;"><div style="MARGIN: 0px;text-align:center;">$0.80</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;">7,175,846</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;">7,175,846</div></td></tr><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Total:</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;"><div style="MARGIN: 0px;text-align:center;">&nbsp;</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">7,639,968</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">7,639,968</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;">The following are details of outstanding RSUs as at December 31, 2019 and February 26, 2020:</div><div style="MARGIN: 0px;">&nbsp;</div><table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cellpadding="2" width="100%" border="0"><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Expiry Date</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:31%;" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Number of Shares Remaining Subject to RSUs </div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">(December 31, 2019)</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:31%;" valign="bottom"><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Number of Shares Remaining Subject to RSUs </div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">(February 26, 2020)</div></div></td></tr><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;"><div style="MARGIN: 0px;">September 20, 2020</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:31%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;">20,375</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:31%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;">20,375</div></td></tr><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;"><div style="MARGIN: 0px;">August 28, 2021</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:31%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;">622,000</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:31%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;">622,000</div></td></tr><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;"><div style="MARGIN: 0px;">August 21, 2022</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:31%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;">1,730,500</div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:31%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;">1,730,500</div></td></tr><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:21%;"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Total:</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:31%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2,372,875</div></div></td><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid;width:31%;" valign="bottom"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">2,372,875</div></div></td></tr></table><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;"><div class="utag" style="display: inline; text-decoration: underline"><div class="btag" style="display: inline; font-weight: bold">Disclosure Controls and Procedures</div></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-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 December 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. </div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"><div class="utag" style="display: inline; text-decoration: underline"><div class="btag" style="display: inline; font-weight: bold">Internal Controls over Financial Reporting (&#8220;ICFR&#8221;)</div></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-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. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak215d08ee-a081-4c91-aaf7-3fc03effbf18" 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; TEXT-INDENT: 0px">28 | Page</td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="BORDER-BOTTOM: 1px solid;width:15%;" valign="top"><div style="MARGIN: 0px 0px 0px 0in;text-align:justify;"><img src="avino_ex992img29.jpg"> </div></td><td style="BORDER-BOTTOM: 1px solid" valign="bottom"><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</div></div><div style="MARGIN: 0px 0px 0px 0in;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">FOR THE YEAR ENDED DECEMBER 31, 2019</div></div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div 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.</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-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. </div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Based on this evaluation, management concluded that as of December 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. </div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><table style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; margin: auto;align:center;" cellspacing="0" cols="1" cellpadding="2" width="100%" border="0"><tr><td style="BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid"><div style="MARGIN: 0px;"><div class="btag" style="display: inline; font-weight: bold">Cautionary Statement</div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-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 February 26, 2020. 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.</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;"></div><div style="MARGIN: 0px;"></div><table 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-INDENT: 0px"><div style="MARGIN: 0px;text-align:right;">29 | Page</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div></body></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>avino_ex993.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<html><head><title>avino_ex993.htm</title><!--Document Created by EDGARMaster--></head><body style='TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px 7%'><body style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px 7%"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">EXHIBIT 99.3</div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Form 52-109F1</div></div><div style="MARGIN: 0px;text-align:center;"><div class="itag" style="display: inline; font-style: italic"><div class="btag" style="display: inline; font-weight: bold">Certification of Annual Filings</div></div></div><div style="MARGIN: 0px;text-align:center;"><div class="itag" style="display: inline; font-style: italic"><div class="btag" style="display: inline; font-weight: bold">Full Certificate</div></div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">I, <div class="btag" style="display: inline; font-weight: bold">David Wolfin<div class="itag" style="display: inline; font-style: italic">, Chief Executive Officer, of Avino Silver &amp; Gold Mines Ltd.,</div></div> certify the following:</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table id="edcc684c-1427-478b-b5dd-c64139a57e88" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;">1.</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Review:</div> </div>I have reviewed the AIF, if any, annual financial statements and annual MD&amp;A, including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the &#8220;annual filings&#8221;) of <div class="btag" style="display: inline; font-weight: bold">Avino Silver &amp; Gold Mines Ltd. </div>(the &#8220;issuer&#8221;) for the financial year ended <div class="btag" style="display: inline; font-weight: bold">December 31, 2019</div>.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;">2.</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">No misrepresentations:</div> </div>Based on my knowledge, having exercised reasonable diligence, the annual 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, for the period covered by the annual filings. </td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;">3.</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Fair presentation:</div> </div>Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual 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 annual filings.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;">4.</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Responsibility: </div></div>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 <div class="itag" style="display: inline; font-style: italic">Certification of Disclosure in Issuers&#8217; Annual and Interim Filings</div>, for the issuer.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;">5.</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Design: </div></div>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 financial year end</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">(a)</td><td valign="top">designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table id="39feca3d-5bf9-4ff3-a5db-94c6e9508422" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:8%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">(i)</td><td valign="top">material information relating to the issuer is made known to us by others, particularly during the period in which the annual filings are being prepared; and</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top">(ii)</td><td valign="top">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</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table id="6160c851-6be5-410f-beb8-8b4f27223b4d" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">(b)</td><td valign="top">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.</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table id="66ed01b3-9dd9-4bac-8193-bd5ae192d1ac" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;">5.1</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Control framework:</div></div> The control framework the issuer&#8217;s other certifying officer(s) and I used to design the issuer&#8217;s ICFR is <div class="btag" style="display: inline; font-weight: bold">Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission (&#8220;COSO&#8221;)</div>.<div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic"></div></div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top">5.2</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">ICFR &#8211; material weakness relating to design &#8211; </div>N/A</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top">5.3</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Limitation on scope of design</div></div><div class="itag" style="display: inline; font-style: italic"> - </div><div class="btag" style="display: inline; font-weight: bold">N/A</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak6918a9b8-f073-4404-a465-6ce902ed6a3d" 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-INDENT: 0px"><div style="MARGIN: 0px;text-align:right;">1</div></td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table id="e4380949-9f1b-475f-8ce7-1c67ffb48501" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;">6.</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Evaluation: </div></div>The issuer&#8217;s other certifying officer(s) and I have</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">(a)</td><td valign="top">evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer&#8217;s DC&amp;P at the financial year end and the issuer has disclosed in its annual MD&amp;A our conclusions about the effectiveness of DC&amp;P at the financial year end based on that evaluation; and</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">(b)</td><td valign="top">evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer&#8217;s ICFR at the financial year end and the issuer has disclosed in its annual MD&amp;A</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table id="9e1dc7e2-d51f-4e66-8f77-7efbb39477e8" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:8%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">(i)</td><td valign="top">our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">(ii)</div></td><td><div style="MARGIN: 0px;">N/A</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table id="41f45606-6e10-49ff-9c5b-4a07f265cadd" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;">7.</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Reporting changes in ICFR:</div> </div>The issuer has disclosed in its annual MD&amp;A any change in the issuer&#8217;s ICFR that occurred during the period beginning on <div class="btag" style="display: inline; font-weight: bold">October 1, 2019 </div>and ended on <div class="btag" style="display: inline; font-weight: bold">December 31, 2019 </div>that has materially affected, or is reasonably likely to materially affect, the issuer&#8217;s ICFR.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;">8.</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Reporting to the issuer&#8217;s auditors and board of directors or audit committee: </div></div>The issuer&#8217;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer&#8217;s auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer&#8217;s ICFR.</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Date: <div class="btag" style="display: inline; font-weight: bold">February 26, 2020</div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic">&#8220;David Wolfin&#8221;</div></div><div style="MARGIN: 0px;text-align:justify;">_______________________</div><div style="MARGIN: 0px;text-align:justify;">David Wolfin</div><div style="MARGIN: 0px;text-align:justify;">Chief Executive Officer</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="3c4e898d-76b4-4ad4-90bf-a54073120c49" 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-INDENT: 0px"><div style="MARGIN: 0px;text-align:right;">2</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div></body></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>avino_ex994.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<html><head><title>avino_ex994.htm</title><!--Document Created by EDGARMaster--></head><body style='TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px 7%'><body style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px 7%"><div style="MARGIN: 0px;text-align:right;"><div class="btag" style="display: inline; font-weight: bold">EXHIBIT 99.4</div></div><div style="MARGIN: 0px;text-align:center;"><div class="btag" style="display: inline; font-weight: bold">Form 52-109F1</div></div><div style="MARGIN: 0px;text-align:center;"><div class="itag" style="display: inline; font-style: italic"><div class="btag" style="display: inline; font-weight: bold">Certification of Annual Filings</div></div></div><div style="MARGIN: 0px;text-align:center;"><div class="itag" style="display: inline; font-style: italic"><div class="btag" style="display: inline; font-weight: bold">Full Certificate</div></div></div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">I, <div class="btag" style="display: inline; font-weight: bold">Nathan Harte<div class="itag" style="display: inline; font-style: italic">, </div>Chief Financial Officer, of Avino Silver &amp; Gold Mines Ltd.,</div> certify the following:</div><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table id="19680ffa-4ac5-4e6e-b3b6-b5ddb51d3373" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;">1.</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Review:</div> </div>I have reviewed the AIF, if any, annual financial statements and annual MD&amp;A, including, for greater certainty, all documents and information that are incorporated by reference in the AIF (together, the &#8220;annual filings&#8221;) of <div class="btag" style="display: inline; font-weight: bold">Avino Silver &amp; Gold Mines Ltd. </div>(the &#8220;issuer&#8221;) for the financial year ended <div class="btag" style="display: inline; font-weight: bold">December 31, 2019</div>.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;">2.</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">No misrepresentations:</div> </div>Based on my knowledge, having exercised reasonable diligence, the annual 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, for the period covered by the annual filings. </td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;">3.</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Fair presentation:</div> </div>Based on my knowledge, having exercised reasonable diligence, the annual financial statements together with the other financial information included in the annual 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 annual filings.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;">4.</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Responsibility: </div></div>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 <div class="itag" style="display: inline; font-style: italic">Certification of Disclosure in Issuers&#8217; Annual and Interim Filings</div>, for the issuer.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;">5.</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Design: </div></div>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 financial year end</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table id="1a9051de-1c8c-423c-981b-584bbf96bbb1" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">(a)</td><td valign="top">designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table id="28b1bce5-3290-4860-82f0-be78b8a9cf6a" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:8%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">(i)</td><td valign="top">material information relating to the issuer is made known to us by others, particularly during the period in which the annual filings are being prepared; and</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top">(ii)</td><td valign="top">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</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table id="1033219b-267d-4542-9e6e-14fc6610d7a5" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">(b)</td><td valign="top">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.</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table id="92e7d999-738f-47f4-a476-cf3b437415fc" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;">5.1</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Control framework:</div></div> The control framework the issuer&#8217;s other certifying officer(s) and I used to design the issuer&#8217;s ICFR is <div class="btag" style="display: inline; font-weight: bold">Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission (&#8220;COSO&#8221;)</div>.<div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic"></div></div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;">5.2</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">ICFR &#8211; material weakness relating to design &#8211; </div>N/A</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;">5.3</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Limitation on scope of design</div></div><div class="itag" style="display: inline; font-style: italic"> - </div><div class="btag" style="display: inline; font-weight: bold">N/A</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="pagebreak5b0cd685-7902-4aa3-bae8-d7d93e5d1602" 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-INDENT: 0px"><div style="MARGIN: 0px;text-align:right;">1</div></td></tr><tr><td><div style="PAGE-BREAK-AFTER: always; MARGIN: 0px;">&nbsp;</div></td></tr><tr><td>&nbsp;</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table id="df168247-a618-4436-890e-86bed251d454" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;">6.</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Evaluation: </div></div>The issuer&#8217;s other certifying officer(s) and I have</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table id="924f5222-ce92-46f2-bc8b-d6442ebfeaed" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">(a)</td><td valign="top">evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer&#8217;s DC&amp;P at the financial year end and the issuer has disclosed in its annual MD&amp;A our conclusions about the effectiveness of DC&amp;P at the financial year end based on that evaluation; and</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">(b)</td><td valign="top">evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer&#8217;s ICFR at the financial year end and the issuer has disclosed in its annual MD&amp;A</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table id="314c8f6e-c9b5-4e9c-9134-034c3f11c177" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:8%;"><div style="MARGIN: 0px;">&nbsp;</div></td><td valign="top" style="width:4%;">(i)</td><td valign="top">our conclusions about the effectiveness of ICFR at the financial year end based on that evaluation; and</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;text-align:justify;">(ii)</div></td><td><div style="MARGIN: 0px;">N/A</div></td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><table id="37af1ffd-044f-4cc9-9bcc-308e2c7e33c8" style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"><tr><td valign="top" style="width:4%;">7.</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Reporting changes in ICFR:</div> </div>The issuer has disclosed in its annual MD&amp;A any change in the issuer&#8217;s ICFR that occurred during the period beginning on <div class="btag" style="display: inline; font-weight: bold">October 1, 2019 </div>and ended on <div class="btag" style="display: inline; font-weight: bold">December 31, 2019 </div>that has materially affected, or is reasonably likely to materially affect, the issuer&#8217;s ICFR.</td></tr><tr><td><div style="MARGIN: 0px;">&nbsp;</div></td><td><div style="MARGIN: 0px;">&nbsp;</div></td></tr><tr><td valign="top" style="width:4%;">8.</td><td valign="top"><div class="btag" style="display: inline; font-weight: bold"><div class="itag" style="display: inline; font-style: italic">Reporting to the issuer&#8217;s auditors and board of directors or audit committee: </div></div>The issuer&#8217;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer&#8217;s auditors, and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who have a significant role in the issuer&#8217;s ICFR.</td></tr></table><div style="MARGIN: 0px;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;">Date: <div class="btag" style="display: inline; font-weight: bold">February 26, 2020</div></div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"><div class="itag" style="display: inline; font-style: italic">&#8220;Nathan Harte&#8221;</div></div><div style="MARGIN: 0px;text-align:justify;">_______________________</div><div style="MARGIN: 0px;text-align:justify;">Nathan Harte</div><div style="MARGIN: 0px;text-align:justify;">Chief Financial Officer</div><div style="MARGIN: 0px;text-align:justify;">&nbsp;</div><div style="MARGIN: 0px;text-align:justify;"></div><div style="MARGIN: 0px;"></div><table id="334c6167-f299-45a3-8368-c1fb7ccb2843" 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-INDENT: 0px"><div style="MARGIN: 0px;text-align:right;">2</div></td></tr></table></body></body></html>
</TEXT>
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<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>avino_ex991img1.jpg
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
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<SEQUENCE>11
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<TYPE>GRAPHIC
<SEQUENCE>12
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>avino_ex992img14.jpg
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
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<TYPE>GRAPHIC
<SEQUENCE>15
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>avino_ex992img18.jpg
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
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<TYPE>GRAPHIC
<SEQUENCE>19
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>21
<FILENAME>avino_ex992img21.jpg
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<SEQUENCE>22
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>23
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>24
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>25
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>26
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>27
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>28
<FILENAME>avino_ex992img28.jpg
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end
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>32
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>33
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<SEQUENCE>34
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<SEQUENCE>35
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>36
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#?__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
