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REVENUE AND COST OF SALES

9 Months Ended

Sep. 30, 2022

16. REVENUE AND COST OF SALES

The Company’s revenues for the nine months ended September 30, 2022 and 2021, are all attributable to Mexico, from shipments of concentrate from the Avino Mine.

	Three months ended September 30,					Nine months ended September 30,
	2022			2021		2022			2021
Concentrate sales	$	9,445		$	1,881	$	30,423		$	1,881
Provisional pricing adjustments		(327	)		-		(885	)		29
	$	9,118		$	1,881	$	29,538		$	1,910

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. Stand-by costs consists of care and maintenance costs incurred during the work stoppage at the Avino Mine during the nine months ended September 30, 2021.

Cost of sales is based on the weighted average cost of inventory sold for the periods and consists of the following:

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Production costs	$	6,544	$	724	$	17,378	$	724
Stand-by and ramp-up costs		-		-		-		800
Depreciation and depletion		514		319		1,454		1,245
	$	7,058	$	1,043	$	18,832	$	2,769