<SEC-DOCUMENT>0001477932-24-001378.txt : 20240321
<SEC-HEADER>0001477932-24-001378.hdr.sgml : 20240321
<ACCEPTANCE-DATETIME>20240320174338
ACCESSION NUMBER:		0001477932-24-001378
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		21
CONFORMED PERIOD OF REPORT:	20231231
FILED AS OF DATE:		20240321
DATE AS OF CHANGE:		20240320

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AVINO SILVER & GOLD MINES LTD
		CENTRAL INDEX KEY:			0000316888
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35254
		FILM NUMBER:		24768753

	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
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FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>/s/ Jennifer Trevitt</em></p></td><td style="width:12%;"/></tr><tr style="height:15px"><td/><td/><td style="vertical-align:bottom;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Jennifer Trevitt</p></td><td/></tr><tr style="height:15px"><td/><td/><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Corporate Secretary</p></td><td/></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&#160;</p><table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"><tbody><tr style="height:15px"><td class="hpbhr">&#160;</td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">3</p></td></tr></tbody></table></body></html>
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<html><head><title>avino_ex991.htm</title><!--Document created using EDGARMaster--></head><body style="TEXT-ALIGN: justify; FONT: 10pt times new roman; MARGIN-LEFT: 7%; MARGIN-RIGHT: 7%"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>EXHIBIT 99.1</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; </p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex991img1.jpg"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>&nbsp;Consolidated Financial Statements</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>For the years ended December 31, 2023 and 2022</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-1-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Management&#8217;s Responsibility for Financial Reporting</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; 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. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; 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. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:45%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>&#8220;David Wolfin&#8221;&nbsp;</em></p></td> <td style="width:10%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:45%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>&#8220;Nathan Harte&#8221;</em></p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">David Wolfin</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">President &amp; CEO</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">March 20, 2024</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">Nathan Harte, CPA</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">Chief Financial Officer</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">March 20, 2024</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-2-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Report of Independent Registered Public Accounting Firm</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">To the Shareholders and the Board of Directors of</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Avino Silver &amp; Gold Mines Ltd.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in"><font style="color:#008400">Opinion on the Financial Statements</font></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">We have audited the accompanying consolidated statements of financial position of Avino Silver &amp; Gold Mines Ltd. and subsidiaries (the "Company") as at December 31, 2023 and 2022, the related consolidated statements of operations and comprehensive income (loss), changes in equity, and cash flows, for each of the two years in the period ended December 31, 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2023 and 2022, and its financial performance and its cash flows for each of the two years in the period ended December 31, 2023, in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 20, 2024, expressed an unqualified opinion on the Company's internal control over financial reporting.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in"><font style="color:#008400">Basis for Opinion</font></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the 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.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">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 financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in"><font style="color:#008400">Critical Audit Matter</font></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="MARGIN: 0px; text-align:center;">-3-</p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Determination of Recoverable Amount<em> </em>&#8211; </strong><strong>Refer to Notes 2 and 3 to the financial statements </strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><em>Critical Audit Matter Description </em></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">The Company identified an indicator of impairment, as the Company&#8217;s net assets exceeded its market capitalization at December 31, 2023. The Company determined the recoverable amount of the ET Mine cash generating unit (&#8220;ET Mine CGU&#8221;) based on the higher of fair value less costs of disposal and value in use, using a discounted cash flow model. This required management to make significant estimates and assumptions related to future silver, gold, and copper prices (&#8220;future metal prices&#8221;) and discount rate. It was determined that the recoverable amount of the ET Mine CGU was higher than its carrying value and no impairment was recorded. </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">While there are several inputs that are required to determine the recoverable amount of the ET Mine CGU, the estimates and assumptions with the highest degree of subjectivity and judgment uncertainty are the future metal prices and the discount rate. Auditing these estimates and assumptions required a high degree of auditor judgment in applying audit procedures and in evaluating the results of those procedures. This resulted in an increased extent of audit effort, including the involvement of fair value specialists.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><em>How the Critical Audit Matter Was Addressed in the Audit </em></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Our audit procedures related to the future metal prices and the discount rate used to determine the recoverable amount of the ET Mine CGU included the following, among others:</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Evaluated the effectiveness of the controls over management&#8217;s determination of the future metal prices and the discount rate.</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">With the assistance of fair value specialists:</p></td></tr></table> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:8%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">-</p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Evaluated the future metal prices by comparing management forecasts to third party forecasts; and</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">-</p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Evaluated the reasonableness of the discount rate by developing a range of independent estimates and comparing those to the discount rate selected by management.</p></td></tr></table>&nbsp; <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">/s/ Deloitte LLP</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Chartered Professional Accountants </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Vancouver, Canada </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">March 20, 2024</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">We have served as the Company's auditor since 2022.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="MARGIN: 0px; text-align:center;">-4-</p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Report of Independent Registered Public Accounting Firm</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">To the Shareholders and the Board of Directors of</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Avino Silver &amp; Gold Mines Ltd.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><font style="color:#008400">Opinion on Internal Control over Financial Reporting</font></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">We have audited the internal control over financial reporting of Avino Silver &amp; Gold Mines Ltd. and subsidiaries (the &#8220;Company") as of December 31, 2023, based on criteria established in <em>Internal Control - Integrated Framework (2013)</em> issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in <em>Internal Control - Integrated Framework (2013)</em> issued by COSO.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as at and for the year ended December 31, 2023 of the Company and our report dated<em> </em>March 20, 2024 expressed an unqualified opinion on those financial statements.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><font style="color:#008400">Basis for Opinion</font></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management&#8217;s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company&#8217;s internal control over financial reporting based on our audit. We are a public accounting firm registered with the 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.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><font style="color:#008400">Definition and Limitations of Internal Control over Financial Reporting</font></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">A company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#8217;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#8217;s assets that could have a material effect on the financial statements.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="MARGIN: 0px; text-align:center;">-5-</p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">/s/ Deloitte LLP</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Chartered Professional Accountants</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Vancouver, Canada </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">March 20, 2024</p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 6pt">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-6-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Consolidated Statements of Financial Position</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>Note</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 0in"><strong>December 31, </strong></p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 0in"><strong>2023</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px"><strong>December 31, </strong></p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px"><strong>2022</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>ASSETS</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Current assets</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:7.1pt">Cash</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,688</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,245</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:7.1pt">Amounts receivable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,303</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,672</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:7.1pt">Amounts due from related parties</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>12</strong><strong>(b)</strong></p></td> <td style="width:1%;white-space: nowrap;"></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">167</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:7.1pt">Taxes recoverable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>6</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,580</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,737</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:7.1pt">Prepaid expenses and other assets</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,971</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,671</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:7.1pt">Inventory</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>7</strong></p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">8,826</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">6,260</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Total current assets</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">23,535</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">25,585</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Exploration and evaluation assets</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>9</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">50,111</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">49,804</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Plant, equipment and mining properties</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>11</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">53,069</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">44,056</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Long-term investments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>8</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">934</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,746</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Other assets</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">691</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">5</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Total assets</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">128,340</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">121,196</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>LIABILITIES</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Current liabilities </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:7.1pt">Accounts payable and accrued liabilities</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,867</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">9,469</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:7.1pt">Amounts due to related parties</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>12</strong><strong>(b)</strong></p></td> <td style="width:1%;white-space: nowrap;"></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">28</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:7.1pt">Taxes payable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">127</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">895</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:7.1pt">Note payable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>13</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,926</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:7.1pt">Warrant liability</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>14</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">475</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:7.1pt">Current portion of finance lease obligations</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,650</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">971</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:7.1pt">Current portion of equipment loans</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">164</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Total current liabilities</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">13,808</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">16,764</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Finance lease obligations</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,445</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">745</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Equipment loans</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">195</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Reclamation provision </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>15</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,195</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">445</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Deferred income tax liabilities</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">4,696</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">5,221</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Total liabilities</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">22,339</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">23,175</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>EQUITY</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Share capital </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>16</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">151,688</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">145,515</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Equity reserves </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,041</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">9,852</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Treasury shares </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(97</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(97</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Accumulated other comprehensive loss </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(5,208</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(5,223</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Accumulated deficit</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(51,423</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(52,026</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Total equity</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">106,001</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">98,021</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Total liabilities and equity</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">128,340</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">121,196</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Commitments &#8211; Note 19</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Approved by the Board of Directors on March 20, 2024.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;text-align:left;margin-left:auto;margin-right:auto;width:85%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:30%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>Peter Bojtos</em></p></td> <td style="width:3%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:10%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Director&nbsp;</p></td> <td style="width:15%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:30%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>David Wolfin</em></p></td> <td style="width:3%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:10%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Director</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><em>The accompanying notes are an integral part of the consolidated financial statements</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-7-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Consolidated Statements of Operations and Comprehensive Income (Loss)</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, other than per share amounts)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>Note</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"><strong>2023</strong></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>2022</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Revenue from mining operations</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>17</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">43,889</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">44,187</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Cost of sales</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>17</strong></p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">36,070</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">29,125</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Mine operating income</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,819</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">15,062</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Operating expenses</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">General and administrative expenses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>18</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,620</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,156</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Share-based payments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>16</strong><strong>(c)(d)</strong></p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,269</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,024</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(70</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,882</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Other items</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Interest and other income</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">414</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">20</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Loss on long-term investments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>8</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(931</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,103</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Fair value adjustment on warrant liability</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>14</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">478</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,395</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Foreign exchange gain (loss)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">110</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(17</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Project evaluation expenses </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(81</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Finance cost</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(81</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(273</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Accretion of reclamation provision</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>15</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(49</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(44</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Interest expense</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(381</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(99</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Income (loss) before income taxes</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(510 </td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,680</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Income taxes:</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Current income tax recovery (expense)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>24</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">527</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,144</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Deferred income tax recovery (expense) </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>24</strong></p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">525</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(3,440</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Income tax recovery (expense)</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,052</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(4,584</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Net income</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">542</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,096</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Other comprehensive income (loss)</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Items that may be reclassified subsequently to profit or loss:</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Currency translation differences</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">15</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(254</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Total comprehensive income</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">557</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,842</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Earnings per share</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>16</strong><strong>(e)</strong></p></td> <td style="width:1%;white-space: nowrap;"></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Basic </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.00</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.03</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Diluted</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">0.00</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">0.03</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Weighted average number of common shares outstanding</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>16</strong><strong>(e)</strong></p></td> <td style="width:1%;white-space: nowrap;"></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Basic</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">121,261,696</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">114,372,371</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Diluted</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">125,346,674</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">117,615,898</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><em>The accompanying notes are an integral part of the consolidated financial statements</em></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-8-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Consolidated&nbsp; Statements of Changes in Equity</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>(Expressed in thousands of US dollars)</strong></p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>Note</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>Number of Common Shares</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>Share Capital Amount</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>Equity Reserves</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>Treasury Shares</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>Accumulated Other Comprehensive Income (Loss)</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>Accumulated Deficit</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>Total&nbsp; Equity</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Balance, January 1, 2022</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>102,243,211</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>129,953</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>9,573</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>(97</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>(4,969</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>(55,953</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>78,507</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Common shares issued for acquisition of La Preciosa</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>16</strong><strong>(b)</strong></p></td> <td style="width:1%;white-space: nowrap;"></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">15,075,000</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">14,630</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">14,630</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Exercise of options</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>16</strong><strong>(c)</strong></p></td> <td style="width:1%;white-space: nowrap;"></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">48,000</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">46</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(15</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">31</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Issuance costs</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(13</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(13</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Share-based payments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>16</strong><strong>(c)(d)</strong></p></td> <td style="width:1%;white-space: nowrap;"></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,024</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,024</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Net income for the year</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>16</strong><strong>(e)</strong></p></td> <td style="width:1%;white-space: nowrap;"></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">3,096</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">3,096</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Options cancelled or expired</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>16</strong><strong>(c)</strong></p></td> <td style="width:1%;white-space: nowrap;"></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(831</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">831</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Carrying value of exercise of RSUs</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>16</strong><strong>(d)</strong></p></td> <td style="width:1%;white-space: nowrap;"></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">982,879</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">899</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(899</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Currency translation differences</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(254</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(254</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Balance, December 31, 2022</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;"><strong>118,349,090</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;"><strong>145,515</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;"><strong>9,852</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;"><strong>(97</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;"><strong>(5,223</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;"><strong>(52,026</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;"><strong>98,021</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Balance, January 1, 2023</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>118,349,090</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>145,515</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>9,852</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>(97</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>(5,223</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>(52,026</strong></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>98,021</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Common shares issued:</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0.25in">At the market issuances</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>16</strong><strong>(b)</strong></p></td> <td style="width:1%;white-space: nowrap;"></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">9,373,825</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">5,648</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">5,648</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0.25in">Carrying value of RSUs exercised</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>16</strong><strong>(d)</strong></p></td> <td style="width:1%;white-space: nowrap;"></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,005,333</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,019</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(1,019</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Issuance costs</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(494</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(494</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Share-based payments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>16</strong><strong>(c)(d)</strong></p></td> <td style="width:1%;white-space: nowrap;"></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,269</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,269</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Net income for the period</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>16</strong><strong>(e)</strong></p></td> <td style="width:1%;white-space: nowrap;"></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">542</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">542</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Options cancelled or expired</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>16</strong><strong>(c)</strong></p></td> <td style="width:1%;white-space: nowrap;"></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(61</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">61</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Currency translation differences</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">15</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">15</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Balance, December 31, 2023</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;"><strong>128,728,248</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;"><strong>151,688</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;"><strong>11,041</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;"><strong>(97</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;"><strong>(5,208</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;"><strong>(51,423</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>)</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;"><strong>$</strong></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;"><strong>106,001</strong></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><em>The accompanying notes are an integral part of the consolidated&nbsp; financial statements</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-9-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Consolidated&nbsp; Statements of Cash Flows</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>Note</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px"><strong>2023</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px"><strong>2022</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Operating Activities</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Net income </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">542</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,096</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Adjustments for non-cash items:</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 14.2pt">Deferred income tax expense (recovery)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(525</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,440</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 14.2pt">Depreciation and depletion</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,919</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,186</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 14.2pt">Accretion of reclamation provision</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>15</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">49</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">44</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 14.2pt">Loss on investments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>8</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">931</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,103</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 14.2pt">Unrealized foreign exchange (gain) loss</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">54</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(303</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 14.2pt">Unwinding of fair value adjustment</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>13</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">74</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">262</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 14.2pt">Fair value adjustment on warrant liability</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>14</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(478</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,395</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 14.2pt">Write down of equipment and materials and supplies inventory</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">414</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">330</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 14.2pt">Share-based payments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,269</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,024</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,249</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,787</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Net change in non-cash working capital items</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>20</strong></p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(4,761</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,044</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Cash provided by operating activities</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,488</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,831</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Financing Activities</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Shares and units issued for cash, net of issuance costs</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,154</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">30</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Lease liability payments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,444</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,179</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Equipment loan payments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(222</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Cash provided by (used in) financing activities</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,488</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,149</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Investing Activities</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Exploration and evaluation expenditures </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,156</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,131</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Additions to plant, equipment and mining properties </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(7,375</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(7,836</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Acquisition of La Preciosa</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>4</strong></p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(5,000</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(15,134</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Cash provided by (used in) investing activities</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(13,531</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(24,101</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Change in cash </strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(8,555</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(13,419</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Effect of exchange rate changes on cash</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(101</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Cash, </strong><strong>beginning</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">11,245</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">24,765</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Cash, e</strong><strong>nding</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,688</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">11,245</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Supplementary Cash Flow Information (Note 20)</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><em>The accompanying notes are an integral part of the consolidated&nbsp; financial statements</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-10-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>1. NATURE OF OPERATIONS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">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 (except for the province of Quebec) and the United States, and trades on the Toronto Stock Exchange (&#8220;TSX&#8221;), the NYSE American, and the Frankfurt and Berlin Stock Exchanges.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The Company operates the Elena Tolosa Mine (&#8220;ET Mine&#8221; or &#8220;Avino Mine&#8221;) which produces copper, silver and gold at the historic Avino property in the state of Durango, Mexico. The Avino property also hosts the San Gonzalo Mine, which is currently on care and maintenance. The Company also holds 100% interest in Proyectos Mineros La Preciosa S.A. de C.V. (&#8220;La Preciosa&#8221;), a Mexican corporation which owns the La Preciosa Property. The Company also owns interests in mineral properties located in British Columbia and Yukon, Canada.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>2. BASIS OF PRESENTATION</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>Statement of Compliance</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">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;).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>Basis of Presentation</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>Foreign Currency Translation</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;"><strong><em>Foreign currency transactions</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;"><strong><em>Foreign operations</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-11-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Significant Accounting Judgments and Estimates</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>a)</strong></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">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:</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:8%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>I.</strong></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em><strong>Economic recoverability and probability of future economic benefits from exploration and evaluation costs</strong></em></p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">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.</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:left;margin:0px"><strong>ii.</strong></p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"><strong><em>Commencement of production at levels intended by management</em></strong></p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">Prior to reaching production levels intended by management, costs incurred are capitalized as part of the costs of related exploration and evaluation assets, or as part of the related mine or mill. 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.</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">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:</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:12%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">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;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">The necessary labour force, including mining contractors, has been secured to mine and process at planned levels of output;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">The mill has consistently processed at levels at or above design capacity and budgeted production levels with consistent recoveries and grades; and,</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">Establishing sales agreements with respect to the sale of concentrates.</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-12-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:8%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>iii.</strong></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em><strong>Functional currency</strong></em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 135px">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.&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>b)</strong></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">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:</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:8%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>i.</strong></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em><strong>Stockpile and concentrate inventory valuations</strong></em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;">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.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:8%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>ii. </strong></p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong><em>Estimated reclamation provisions</em></strong></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:8%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>iii.</strong></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em><strong>Valuation of share-based payments and warrants</strong></em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;">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 loss and its equity reserves. Warrant liabilities are accounting for as derivate liabilities (see Note 16).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:8%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>iv.</strong></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em><strong>Impairment of plant, equipment and mining properties, and exploration and evaluation assets</strong></em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-13-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 45px">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;"><strong>Impairment</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;">There is significant judgment involved in assessing whether any indications of impairment exist for plant, equipment and mineral properties, with consideration given to both external and internal sources of information.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;">Information the Company considers include changes in the technological market, economic and legal environment in which the Company operates that are not within its control that affect the recoverable amount of mineral properties. Internal sources of information include the manner in which mineral property, plant and equipment are being used or are expected to be used and indications of the economic performance of the assets.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;">Changes in metal price forecasts, changes in discount rates, increases or decreases in estimated future costs of production, increases or decreases in estimated future capital costs, reductions or increases in the amount of recoverable mineral resources and/or adverse or favorable current economics can result in a write-down or write-up of the carrying amounts of the Company&#8217;s mining interests.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;">Based on the Company&#8217;s assessment with respect to possible indicators of impairment of its mineral properties, including the prevailing market metals prices, the Company concluded that as of December 31, 2023, an impairment indicator was identified, as the Company&#8217;s net asset value exceeded its market capitalization at December 31, 2023. As such, management determined that a detailed impairment evaluation as at December 31, 2023 for the ET Mine CGU, including the La Preciosa property.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;">The Company determined that the fair value less costs of disposal exceeded the carrying value of the CGU, accordingly no impairment was recorded for the year ended December 31, 2023.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;">There were no indicators of impairment identified as of December 31, 2022, on any of the Company&#8217;s CGUs.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>v.</strong></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em><strong>Depreciation rate for plant and equipment and depletion rate for mining properties</strong></em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;">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 income or loss. A change in the mineral resource estimate may impact depletion expense on a prospective basis.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>vi.</strong></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em><strong>Recognition and measurement of deferred tax assets and liabilities</strong></em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 135px; text-align:justify;">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 . 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-14-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>Basis of Consolidation</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The audited consolidated financial statements include the accounts of the Company and its Mexican subsidiaries as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">Subsidiary</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">Ownership Interest</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">Jurisdiction</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">Nature of Operations</p></td> <td style="width:1%;">&nbsp;</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">Oniva Silver and Gold Mines S.A. de C.V.</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:top;text-align:right;">100</td> <td style="width:1%;vertical-align:top;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">Mexico</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">Mexican administration</p></td> <td style="width:1%;">&nbsp;</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">Nueva Vizcaya Mining, S.A. de C.V.</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:top;text-align:right;">100</td> <td style="width:1%;vertical-align:top;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">Mexico</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">Mexican administration</p></td> <td style="width:1%;">&nbsp;</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">Promotora Avino, S.A. de C.V. (&#8220;Promotora&#8221;)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:top;text-align:right;">79.09</td> <td style="width:1%;vertical-align:top;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">Mexico</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">Holding company</p></td> <td style="width:1%;">&nbsp;</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">Compa&#241;&#237;a Minera Mexicana de Avino, S.A. de C.V. </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">(&#8220;Avino Mexico&#8221;)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">98.45% direct </p> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">1.22% indirect (Promotora)</p> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">99.67% effective</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">Mexico</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">Mining and exploration </p></td> <td style="width:1%;">&nbsp;</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">La Luna Silver &amp; Gold Mines Ltd.</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:top;text-align:right;">100</td> <td style="width:1%;vertical-align:top;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">Canada</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">Holding company</p></td> <td style="width:1%;">&nbsp;</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">La Preciosa Silver &amp; Gold Mines Ltd.</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:top;text-align:right;">100</td> <td style="width:1%;vertical-align:top;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">Canada</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">Holding company</p></td> <td style="width:1%;">&nbsp;</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">Proyectos Mineros La Preciosa S.A. de C.V.</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:top;text-align:right;">100</td> <td style="width:1%;vertical-align:top;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">Mexico</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">Mining and exploration </p></td> <td style="width:1%;">&nbsp;</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">Cervantes LLP</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:top;text-align:right;">100</td> <td style="width:1%;vertical-align:top;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">U.S.</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">Holding company</p></td> <td style="width:1%;">&nbsp;</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Intercompany balances and transactions, including unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the audited consolidated financial statements.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>3. MATERIAL ACCOUNTING POLICIES</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Exploration and evaluation assets and development costs</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">(i) </p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">Exploration and evaluation expenditures</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-15-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">(ii) </p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">Development expenditures</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">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:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">The completion and assessment of a reasonable commissioning period of the mill and mining facilities;</td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">Consistent operating results are achieved during the test period;</td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">Existence of clear indicators that operating levels intended by management will be sustainable for the foreseeable future;</td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">Plant / mill has reached a pre-determined percentage of design capacity;</td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">Adequate funding is available and can be allocated to the operating activities; and,</td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">Long term sales arrangements have been secured.</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The carrying values of capitalized development costs are reviewed annually, or when indicators are present, for impairment.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>Plant, equipment and mining properties</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">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 style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-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 style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-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. Such estimation is a subjective process and the accuracy of any mineral resource estimate is a function of the quantity and quality of available data and of the assumptions made and judgments used in engineering and geological interpretation. Differences between management&#8217;s assumptions including economic assumptions such as metal prices, discount rate and market conditions could have a material effect in the future on the Company&#8217;s financial position, results of operation and cash flows</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-16-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-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 style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">As at December 31, 2023 and 2022, the Company estimated a remaining mine life for the Avino Mine of 19 and 20 years, respectively.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Upon the acquisition of an asset or a group of assets and liabilities that does not constitute a business, the Company identifies and recognizes the individual identifiable assets acquired and liabilities assumed. The cost of the group is allocated to the individual identifiable assets and liabilities on the basis of their relative fair values at the date of purchase. Such a transaction or event does not give rise to goodwill. Transaction costs related to the acquisition is capitalized as part of cost of assets acquired.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-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 style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Plant and equipment are depreciated using the following annual rates and methods:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;text-align:justify;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td style="width:38%;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Office equipment, furniture, and fixtures</p></td> <td style="width:42%;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">&nbsp;5 years straight line balance&nbsp; </p></td></tr> <tr style="height:15px"> <td style="width:38%;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Computer equipment</p></td> <td style="width:42%;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">3 years straight line balance&nbsp; </p></td></tr> <tr style="height:15px"> <td style="width:38%;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Mine machinery and transportation equipment</p></td> <td style="width:42%;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">5 years straight line balance&nbsp; </p></td></tr> <tr style="height:15px"> <td style="width:38%;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Mill machinery and processing equipment </p></td> <td style="width:42%;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">5 - 20 years straight line</p></td></tr> <tr style="height:15px"> <td style="width:38%;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Buildings </p></td> <td style="width:42%;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">5 - 20 years straight line</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>Impairment</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">At each financial position reporting date, the carrying amounts of the Company&#8217;s non-financial or long-lived 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.&nbsp; 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">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.&nbsp; </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-17-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>Leases</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The Company assesses whether a contract is, or contains, a lease, at inception of the contract. The Company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For these leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The incremental borrowing rate depends on the term, currency and start date of the lease and is determined based on a series of inputs including: the risk-free rate based on government bond rates; a country-specific risk adjustment; a credit risk adjustment based on bond yields; and an entity-specific adjustment when the risk profile of the entity that enters into the lease is different to that of the Company and the lease does not benefit from a guarantee from the Company.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Lease payments included in the measurement of the lease liability comprise:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable</td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date</td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">The amount expected to be payable by the lessee under residual value guarantees</td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">The exercise price of purchase options, if the lessee is reasonably certain to exercise the options</td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The lease liability is presented as a separate line in the consolidated statement of financial position. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:justify;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used)</td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the right-of-use asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the &#8216;Plant, Equipment and Mining Properties&#8217; policy. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>Inventory</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; 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&nbsp;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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-18-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">NRV of mineralized material is determined with reference to relevant market prices less the estimated costs of completion and the estimated costs necessary to make the sale. 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>Revenue from Contracts with Customers</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong><em>Performance Obligations</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Based on the criteria outlined in IFRS 15, the Company applied 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong><em>Transfer of Control</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Based on the criteria outlined in IFRS 15, the Company applied 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong><em>Provisional Pricing</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Based on the criteria outlined in IFRS 15, the Company applied significant judgment in determining variable consideration. The Company identified a provisional pricing component in concentrate sales, representing variable consideration in the form of adjustments between original and final assay results relating to the quantity and quality of concentrate shipments. Pricing adjustments between provisional and final invoicing based on market prices for base and precious metals are included in revenues until final settlement. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-19-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>Financial Instruments</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><u>Measurement &#8211; initial recognition</u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><u>Classification &#8211; financial assets</u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><em>Amortized cost:</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; 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)</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The Company financial assets at amortized costs include amounts receivable not related to sales of concentrate (including due from related parties), investments (short-term), and reclamation bonds. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><em>Fair value through other comprehensive income (&#8220;FVTOCI&#8221;)</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The Company currently has no financial assets designated as FVTOCI. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><em>Fair value through profit or loss (&#8220;FVTPL&#8221;)</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">By default, all other financial assets are measured subsequently at FVTPL, which includes cash, long-term investments, and amounts receivable from concentrate sales.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-20-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 45px"><u>Classification &#8211; financial liabilities</u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; 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. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Financial liabilities at amortized cost include accounts payable, and amounts due to related parties.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; 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 14) 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 and comprehensive income (loss). </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The Company has no hedging arrangements and does not apply hedge accounting.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><u>Impairment</u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>Share capital</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>a)</strong></p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em><strong>Common shares</strong></em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>b)</strong></p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em><strong>Repurchase of share capital (treasury shares)</strong></em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>Share-based payment transactions</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-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 style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-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 style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-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 style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">All options and RSUs are recognized in the consolidated statements of operations and comprehensive income (loss) as an expense over the vesting period with a corresponding increase in equity reserves in the consolidated statements of financial position. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-21-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>&nbsp;</strong></p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Reclamation and other provisions</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-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 style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-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> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-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 style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>Earnings per share</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-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 style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>Income taxes</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-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 style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-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 style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-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> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-22-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>4. </strong></p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>RECENT ACCOUNTING PRONOUNCEMENTS</strong></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>New and amended IFRS that are effective for the current year:</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">In the current year, the Company has applied the below amendments to IFRS Standards and Interpretations issued by the IASB that were effective for annual periods that begin on or after January 1, 2023. These standards did not have a material impact on the Company&#8217;s disclosures or on the amounts in the current reporting periods.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><u>Amendments to IAS 1 &#8211; <em>Presentation of Financial Statements </em>and IFRS Practice Statement 2 <em>Making Material Judgments &#8211; Disclosure of Accounting Policies</em></u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The amendments change the requirements in IAS 1 with regards to disclosure of accounting policies. The amendments replace all instances of the term &#8220;significant accounting policies&#8221; with &#8220;material accounting policy information.&#8221; Accounting policy information is material if, when considered together with other information included in an entity&#8217;s financial statements, it can reasonable by expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events, or conditions, is immaterial and not required to be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events, or conditions, even of the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events, or conditions, is itself material. The IASB has also developed guidance and examples to explain and demonstrate the application of the &#8220;four-step materiality process&#8221; described in IFRS Practice Statement 2.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The amendments were applied effective January 1, 2023, and did not have a material impact on the Company&#8217;s consolidated financial statements.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><u>Amendments to IAS 8 &#8211; <em>Accounting Policies, Changes in Accounting Estimates and Errors &#8211; Definition of Accounting Estimates</em></u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The amendments replace the definition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are &#8220;monetary amounts in financial statements that are subject to measurement uncertainty.&#8221;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The definition of a change in accounting estimates was deleted; however, the IASB retained the concept of changes in accounting estimates in the Standard with the following clarifications:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:8%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">A change in accounting estimate that results from new information or new developments is not a correct of an error</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">The effects of a change in an input or a measurement technique used to develop an accounting estimate are changes in accounting estimates if they do not result from the correction of prior period errors</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The amendments were applied effective January 1, 2023, and did not have a material impact on the Company&#8217;s consolidated financial statements.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><u>Amendments to IAS 12 &#8211; <em>Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction</em> </u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The amendments clarify that companies are required to recognize deferred taxes on transactions where both assets and liabilities are recognized, such as with leases and decommissioning liabilities. The amendments were applied effective January 1, 2023, and did not have a material impact on the Company&#8217;s&nbsp; consolidated financial statements.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-23-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>Future Changes in Accounting Policies Not Yet Effective as at December 31, 2023:</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Certain new accounting standards and interpretations have been published that are not mandatory for the current period and have not been early adopted. These standards are not expected to have a material impact on the Company in the current or future reporting periods.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><u>Amendments to IAS 1 &#8211; C<em>lassification of Liabilities as Current or Non-Current with Covenants</em></u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">In addition, the amendment&nbsp; requires entities to disclose information to enable users of the financial statements to understand the risk that non-current liabilities with covenants could become repayable within twelve months. The amendments are applied on or after the first annual reporting period beginning on or after January 1, 2024, with early application permitted. The amendment is not expected to have a material impact on the Company&#8217;s consolidated financial statements.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><u>Amendments to IFRS 16 &#8211; <em>Lease Liability in a Sale and Leaseback</em></u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The amendments require a seller/lessee to subsequently measure lease liabilities arising from a leaseback in a way that it does not recognize any amount of the gain or loss that relates to the right of use it retains. The new requirements do not prevent a seller/lessee from recognizing in profit or loss any gain or loss relating to the partial or full termination of a lease. A seller-lessee applies the amendments retrospectively in accordance with IAS 8 <em>Accounting Policies, Change in Accounting Estimates and Errors </em>to sale or leaseback transactions entered into after the date of initial application.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The amendments are applied on or after the first annual reporting period beginning on or after January 1, 2024, with early application permitted. The amendment is not expected to have a material impact on the Company&#8217;s consolidated financial statements.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>5. ACQUISITION OF LA PRECIOSA</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On March 21, 2022, the Company closed the acquisition with Coeur Mining Inc. (&#8220;Coeur&#8221;) of all of the issued and outstanding shares of Proyectos Mineros La Preciosa S.A de C.V, a Mexican corporation, and Cervantes LLC, a Delaware LLC, that together hold the La Preciosa property in Mexico (&#8220;La Preciosa&#8221;).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Total consideration paid to Coeur was comprised of:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">a)</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Cash consideration of $15.3 million paid;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">b)</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">A promissory note for $5 million in favour of Coeur, payable without interest on or before March 21, 2023 (paid prior to March 21, 2023);</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">c)</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">14,000,000 common shares of Avino, with a value of $13.65 million on issuance;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">d)</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">7,000,000 share purchase warrants with a total value at $2.24 million exercisable at $1.09 per share until September 21, 2023, representing a 25% premium to Avino&#8217;s 20-day volume weighted average trading price as of October 26, 2021;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Additionally, Avino issued the following consideration for which payment is contingent on a future event and due to acquisition date uncertainty these are valued at Nil. A liability for these contingent payments will be recognized when related activity and events occur. As at December 31, 2023, no such contractual obligation to deliver cash has arisen and thus no liability is recorded for the contingent payments.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:justify;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">e)</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">An additional cash payment of $8.75 million, to be paid no later than 12 months after initial production at La Preciosa, up to one-half of which may be paid in common shares of Avino (provided Coeur&#8217;s total shareholdings cannot exceed 19.9% of the Company&#8217;s total issued and outstanding shares);</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">f)</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">A 1.25% net smelter returns royalty on the Gloria and Abundancia areas of La Preciosa, and a 2.00% gross value royalty on all other areas of La Preciosa; and</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">g)</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">A payment of $0.25 per silver equivalent ounce (subject to inflationary adjustment) of new mineral reserves (as defined by NI 43-101) discovered and declared outside of the current mineral resource area at La Preciosa, subject to a cap of $50 million, and any such payments will be credited against any existing or future payments owing on the gross value royalty.</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-24-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The transaction has been accounted for as an asset acquisition as La Preciosa is in the exploration and evaluation stage and had not demonstrated technical feasibility, commercial viability, or the ability to provide economic benefits. La Preciosa did not have the workforce, resources and/or reserves, mine plan, or financial resources to the meet the definition of a business for accounting purposes.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The purchase consideration has been assigned based on the relative fair values of the assets acquired and liabilities assumed and is summarized as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Cash paid</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">15,301</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Note payable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,665</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Common shares</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">14,630</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Share purchase warrants</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,240</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Total purchase consideration</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">36,836</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Transaction costs</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">270</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Total acquisition cost</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">37,106</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Cash</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">168</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Other current assets</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,121</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Plant and equipment </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,621</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Exploration and evaluation assets</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">34,524</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Accounts payable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(328</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Net assets acquired</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">37,106</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Common shares of $14,630 above includes $980 attributed to the value of 1,075,000 common shares issued for advisory services as part of the completion of the acquisition.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>6. TAXES RECOVERABLE</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The Company&#8217;s taxes recoverable consist of the Mexican I.V.A. (&#8220;VAT&#8221;) and income taxes recoverable and Canadian sales taxes (&#8220;GST/HST&#8221;) recoverable.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 1.25pt">December 31,</p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 0in">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 1.25pt">December 31,</p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 0in">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">VAT recoverable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,231</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,385</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">GST recoverable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">20</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">25</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Income taxes recoverable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">3,329</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,327</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">6,580</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">3,737</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-25-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>7. INVENTORY</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 1.25pt">December 31,</p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 0in">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">December 31,</p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 0in">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Process material stockpiles</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,050</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,788</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Concentrate inventory</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,448</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,617</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Materials and supplies</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,328</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,855</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">8,826</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">6,260</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The amount of inventory recognized as an expense for the year ended December 31, 2023 totalled $36,070 (2022 &#8211; $28,795). See Note 17 for further details. During the year ended December 31, 2023, the Company wrote down $270 of materials and supplies inventory due to obsolescence (year ended December 31, 2022 &#8211; Nil).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>8. LONG-TERM INVESTMENTS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">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:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Fair Value</p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">December 31, 2022</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Net Additions </p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Movements in foreign exchange</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Fair value adjustments </p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">for the period</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Fair Value</p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">December 31, 2023</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Talisker Resources Common Shares</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,640</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">24</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(882</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">782</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Silver Wolf Exploration Ltd. Common Shares</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">51</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">36</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(15</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">71</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Endurance Gold Corp. Common Shares</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">55</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">60</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(34</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">81</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,746</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">96</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">23</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(931</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">934</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>Silver Wolf Exploration Ltd.</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">During the year ended December 31, 2023, the Company received 500,000 common shares as part of the terms in the Option Agreement with Silver Wolf Exploration Ltd. Upon acquisition, the fair value of these common shares were recorded as &#8220;Option Income&#8221; as a credit to exploration and evaluation assets (see Note 9). Any subsequent revaluation under IFRS 9 at fair value through profit and loss will be recorded as a gain or loss on long-term investments.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>Endurance Gold Corp.</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">During the year ended December 31, 2023, the Company received 400,000 common shares (December 31, 2022 &#8211; received 200,000 common shares) as part of the terms of the Option Agreement with Endurance Gold Corp. Any subsequent revaluation under IFRS 9 at fair value through profit and loss will be recorded as a gain or loss on long-term investments.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">See Note 9 for full details of the Option Agreement.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-26-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>9. EXPLORATION AND EVALUATION ASSETS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The Company has accumulated the following acquisition, exploration and evaluation costs which are not subject to depletion:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Avino, &nbsp;Mexico</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">La Preciosa, Mexico</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">British Columbia &amp; Yukon, Canada</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Total</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1.7pt">Balance, January 1, 2022</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,052</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,053</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1.7pt">Costs incurred during 2022:</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.8pt">Acquisition costs &#8211; Note 4</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">37,618</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">37,618</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.8pt">Drilling and exploration</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">719</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">296</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,015</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.8pt">Assessments and taxes</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">94</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">61</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">155</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.8pt">Effect of movements in exchange rates</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(30</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(30</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.8pt">Option income</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(7</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(7</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1.7pt">Balance, December 31, 2022</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,828</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">37,975</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">49,804</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1.7pt">Costs incurred during 2023:</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.8pt">Drilling and exploration</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">877</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">435</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,312</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.8pt">Assessments and taxes</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">88</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(930</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(842</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.8pt">Effect of movements in exchange rates</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">22</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(122</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(100</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.8pt">La Preciosa Non core mine right concessions transfer</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,946</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,946</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.8pt">Option income</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(63</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(63</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1.7pt">Balance, December 31, 2023</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">15,698</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">34,412</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">50,111</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>&nbsp;</em></p></td> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>(a)</em></p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>Avino, Mexico</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">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 two groups:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:8%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">(i)</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">Avino Mine area property</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 135px">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.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:8%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">(ii)</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">Gomez Palacio/Ana Maria property</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 120px; text-align:justify;">The Ana Maria property is located near the town of Gomez Palacio, and consists of nine exploration concessions covering 2,549 hectares, and is also known as the Ana Maria property.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-27-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>Option Agreement &#8211; Silver Wolf Exploration Ltd. (formerly Gray Rock Resources Ltd.) (&#8220;Silver Wolf&#8221;)</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">On March 11, 2021, the Company was informed that Silver Wolf received TSX Venture Exchange approval on the previously-announced entrance into an option agreement to grant Silver Wolf the exclusive right to acquire a 100% interest in the Ana Maria and El Laberinto properties in Mexico (the &#8220;Option Agreement&#8221;). In exchange, Avino received Silver Wolf share purchase warrants to acquire 300,000 common shares of Silver Wolf at an exercise price of C$0.20 per share for a period of 36 months from the date of the TSX Venture Exchange&#8217;s final acceptance of the Option Agreement (the &#8220;Approval Date&#8221;). In order to exercise the option, Silver Wolf will:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">1.</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Issue to Avino a total of C$600 in cash or common shares of Silver Wolf as follows:</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:8%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">a.</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">C$50 in common shares of Silver Wolf within 30 days of March 8, 2021 (received on March 26, 2021);</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">b.</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">A further C$50 in cash or shares of Silver Wolf at Avino&#8217;s discretion on or before March 8, 2022 (received on March 30, 2022);</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">c.</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">A further C$100 in cash or shares of Silver Wolf at Avino&#8217;s discretion on or before March 8, 2023 (received on March 13, 2023 &#8211; See Note 8 for details);</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">d.</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">A further C$200 in cash or shares of Silver Wolf at Avino&#8217;s discretion on or before March 8, 2024; and</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">e.</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">A further C$200 in cash or shares of Silver Wolf at Avino&#8217;s discretion on or before March 8, 2025; and</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">2.</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Incur a total of C$750 in exploration expenditures on the properties, as follows:</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:8%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">a.</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">C$50 on or before March 8, 2022;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">b.</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">A further C$100 on or before March 8, 2023; and</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">c.</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">A further C$600 on or before March 8, 2025.</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">All exploration expenditure requirements on the properties have been met as of December 31, 2023</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">Under the Option Agreement, all share issuances will be based on the average volume weighted trading price of Silver Wolf&#8217;s shares on the TSX Venture Exchange for the ten (10) trading days immediately preceding the date of issuance of the shares, and the shares will be subject to resale restrictions under applicable securities legislation for 4 months and a day from their date of issue.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">The Option Agreement between the Company and Silver Wolf is considered a related party transaction as the two companies have directors in common.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;"><strong>Unification La Platosa properties</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">The Unification La Platosa properties, consisting of three leased concessions in addition to the leased concessions situated within the Avino mine area property near the towns of Panuco de Coronado and San Jose de Avino and surrounding the Avino Mine.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">Under the agreement, the Company has obtained the exclusive right to explore and mine the property for an initial period of 15 years, with the option to extend the agreement for another 5 years. In consideration of the granting of these rights, the Company issued 135,189 common shares with a fair value of C$250 during the year ended December 31, 2012.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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-28-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>(b)</em></p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>La Preciosa, Mexico</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">On March 21, 2022, the Company received approval for the closing of the acquisition of the La Preciosa property from Coeur Mining Inc. (&#8220;Coeur&#8221;). See Note 5 for further details&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; </p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>(c)</em></p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>British Columbia &amp; Yukon, Canada</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>Eagle Property - Yukon</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The Company has a 100% interest in 14 quartz leases located in the Mayo Mining Division of Yukon, Canada, which collectively comprise the Eagle property. During the year ended December 31, 2023, the Company sold to a subsidiary of Hecla Mining Company (&#8220;Hecla&#8221;) the Eagle Property for cash consideration of C$250. The gain on sale of the Eagle Property was recorded to &#8220;Interest and other income&#8221; on the consolidated statements of operations and comprehensive income (loss).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>Minto and Olympic-Kelvin properties &#8211; British Columbia</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">On May 2, 2022, the Company has granted Endurance Gold Corporation the right to acquire an option to earn 100% ownership of the former Minto Gold Mine, Olympic and Kelvin gold prospects contained within a parcel of crown grant and mineral claims (the &#8220;Olympic Claims&#8221;).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Under the terms of the letter agreement, Endurance can earn a 100% interest in the Olympic Claims if they pay Avino a total cash consideration in the aggregate amount of C$100, issue up to a total of 1,500,000 common shares (&#8220;Shares&#8221;) of Endurance and incur exploration expenditures in the aggregate amount of C$300; all of which is to be incurred by December 31, 2024. In the event that Endurance earns the 100% interest, the Olympic Claims will be subject to a 2% net smelter return royalty (&#8220;NSR&#8221;), of which 1% NSR can be purchased by the Endurance for C$750 and the remaining balance of the NSR can be purchased for C$1,000.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">As part of the final requirement to earn its interest, Endurance agreed to grant to Avino 750,000 share purchase warrants (&#8220;Warrants&#8221;) by December 31, 2024, that offer Avino the option to purchase additional shares in the Company for a period of three years from the date of issuance. The exercise price of the Warrants will be set at a 25% premium to the 20-day VWAP share price at the issuance date. During the Option period, if Endurance is successful in defining a compliant mineral resource of at least 500,000 gold-equivalent ounces on the Olympic Claims then Endurance will be obliged to pay Avino a C$1,000 discovery bonus.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The Option agreement is subject to the TSX Venture Exchange acceptance, and any Shares or Warrants to be issued will be subject to a four-month hold period on issuance as per the policies of the TSX Venture Exchange.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">During the year ended December 31, 2023, Endurance granted 400,000 common shares and paid C$30 as per the terms of the agreement. As of December 31, 2023, Endurance was in compliance with all terms of the Option agreement.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>10. NON-CONTROLLING INTEREST</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">At December 31, 2023, the Company had an effective 99.67% (December 31, 2022 - 99.67%) interest in its subsidiary Avino Mexico and the remaining 0.33% (December 31, 2022 - 0.33%) interest represents a non-controlling interest. The accumulated deficit and current period income attributable to the non-controlling interest are insignificant and accordingly have not been presented separately in the consolidated financial statements.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-29-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>11. PLANT, EQUIPMENT AND MINING PROPERTIES</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>Mining</strong></p> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>properties </strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>Office equipment, furniture, and fixtures</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>Computer equipment</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>Mine machinery and transportation equipment</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>Mill machinery and processing equipment</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>Buildings and construction in process</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>Total</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" colspan="2" style="width:6%;vertical-align:bottom;text-align:center;">$</td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" colspan="2" style="width:6%;vertical-align:bottom;text-align:center;">&nbsp;&nbsp;$ </td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" colspan="2" style="width:6%;vertical-align:bottom;text-align:center;">$</td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" colspan="2" style="width:6%;vertical-align:bottom;text-align:center;">&nbsp;$</td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" colspan="2" style="width:6%;vertical-align:bottom;text-align:center;">$</td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" colspan="2" style="width:6%;vertical-align:bottom;text-align:center;">&nbsp;&nbsp;$</td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" colspan="2" style="width:6%;vertical-align:bottom;text-align:center;">$</td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>COST</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Balance at January 1, 2022</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">13,038</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">595</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">335</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">14,240</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">18,613</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">11,778</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">58,599</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.8pt">Additions / Transfers</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,649</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">185</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">441</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,383</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">4,781</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,907</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">12,346</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.8pt">Writedowns</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(1,692</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(100</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(1,792</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.8pt">Effect of movements in exchange rates</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(17</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(2</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(1</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">8</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(12</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Balance at December 31, 2022</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">14,687</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">763</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">774</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">14,930</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">23,294</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">14,693</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">69,141</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.8pt">Additions / Transfers</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">3,716</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">78</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,176</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">3,270</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">3,079</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">701</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">12,020</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.8pt">Writedowns</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(6</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(22</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(629</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(141</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(798</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.8pt">Effect of movements in </p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.8pt">exchange rates</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(28</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">9</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">1</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">2</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(24</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(40</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Balance at December 31, 2023</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">18,375</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">844</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">1,929</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">17,573</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">26,232</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">15,370</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">80,323</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>ACCUMULATED DEPLETION AND DEPRECIATION / IMPAIRMENT</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Balance at January 1, 2022</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">8,856</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">294</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">267</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">4,944</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">6,667</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,896</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">22,924</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.8pt">Additions / Transfers</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">250</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">147</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">331</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,616</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">146</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,133</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">3,623</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.8pt">Writedowns</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(1,382</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(80</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(1,462</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Balance at December 31, 2022</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">9,106</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">441</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">598</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">5,178</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">6,733</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">3,029</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">25,085</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.8pt">Additions / Transfers</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">367</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">111</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">204</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">676</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,170</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">294</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,822</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.8pt">Writedowns</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(4</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(21</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(619</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(9</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">(653</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Balance at December 31, 2023</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">9,473</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">548</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">781</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">5,235</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">7,894</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">3,323</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:6%;vertical-align:bottom;text-align:right;">27,254</td> <td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>NET BOOK VALUE </strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>At December 31, 2023</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>8,902</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>296</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>1,148</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>12,338</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>18,338</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>12,047</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;"><strong>53,069</strong></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">At December 31, 2022</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">5,581</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">322</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">176</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">9,752</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">16,561</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">11,664</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:6%;vertical-align:bottom;text-align:right;">44,056</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-30-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Included in Buildings and construction in process above are assets under construction of $3,166 as at December 31, 2023 (December 31, 2022 - $3,817) on which no depreciation was charged in the periods then ended. Once the assets are available for use, they will be transferred to the appropriate class of plant, equipment and mining properties.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">As of December 31, 2023, the Company performed an evaluation of the property plant and equipment and recorded a write-down of $144 (December 31, 2022 &#8211; $330) against the carrying value of mine and mill machinery and transportation equipment due to damage and obsolescence.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">As at December 31, 2023, plant, equipment and mining properties included a net carrying amount of $5,832 (December 31, 2022 - $2,417) for mining equipment and right of use assets under lease.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>12. RELATED PARTY TRANSACTIONS AND BALANCES</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>(a)</em></p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>Key management personnel</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">The Company has identified its directors and certain senior officers as its key management personnel. The compensation costs for key management personnel for the years ended December 31, 2023 and 2022 is as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Salaries, benefits, and consulting fees</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,184</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,228</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Share-based payments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,782</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,566</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,966</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,794</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>(b)</em></p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>Amounts due to/from related parties</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">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. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">The following table summarizes the amounts were due to/(from) related parties:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">December 31,</p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">December 31,</p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Oniva International Services Corp.</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">102</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">100</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Silver Wolf Exploration Ltd.</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(269</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(72</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(167</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">28</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.5in; text-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 year ended December 31, 2023, the Company paid $285 (December 31, 2022 - $326) to ICC.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>&nbsp;</em></p></td> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>(c)</em></p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>Other related party transactions</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.5in; text-align:justify;">The Company has a cost sharing agreement with Oniva International Services Corp. (&#8220;Oniva&#8221;) for office and administration services. Pursuant to the cost sharing agreement, the Company will reimburse Oniva for the Company&#8217;s percentage of overhead and corporate expenses and for out-of-pocket expenses incurred on behalf of the Company, with a 2.5% markup. David Wolfin, President &amp; CEO, and a director of the Company, is the sole owner of Oniva. The cost sharing agreement may be terminated with one-month notice by either party without penalty.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.5in; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-31-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">The transactions with Oniva during the year ended December 31, 2023 and 2022, are summarized below:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Salaries and benefits</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">953</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">878</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Office and miscellaneous</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">482</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">461</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,435</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,339</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>13.&nbsp;&nbsp; NOTE PAYABLE</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">On March 21, 2022, the Company closed the acquisition of the La Preciosa property from Coeur Mining Inc. (see Note 5 for further details). As part of the agreement, the Company issued a promissory note payable of $5 million due on or before March 21, 2023. The present value of the note payable was calculated using a discount interest rate of 6.71%. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Prior to March 21, 2023, the Company repaid the promissory note payable in full.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The continuity of the note payable is as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">December 31,</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">December 31,</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Balance at beginning of the period</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,926</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Additions</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,665</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Repayments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(5,000</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Unwinding of fair value adjustment</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">74</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">261</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Balance at end of the period</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,926</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Less: Current portion</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(4,926</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Non-current portion</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>14. WARRANT LIABILITY</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The Company&#8217;s warrant liability arises as a result of the issuance of warrants exercisable in US dollars. As the denomination is different from the Canadian dollar functional currency of the entity issuing the underlying shares, the Company recognizes a derivative liability for these warrants and re-measures the liability at the end of each reporting period using the Black-Scholes model. Changes in respect of the Company&#8217;s warrant liability are as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 1.25pt">December 31,</p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 1.25pt">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 1.25pt">December 31,</p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 1.25pt">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Balance at beginning of the period</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">475</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">741</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Warrants issued</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,240</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Fair value adjustment </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(478</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,395</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Effect of movement in exchange rates </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">3</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(111</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Balance at end of the period</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">475</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-32-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Continuity of warrants during the periods is as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Underlying </p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Shares</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 10.65pt">Weighted Average Exercise Price</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Warrants outstanding and exercisable, January 1, 2022</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,950,412</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.80</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 15px">Granted</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">7,000,000</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1.09</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Warrants outstanding and exercisable, December 31, 2022</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">8,950,412</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.03</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 15px">Expired</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(8,950,412</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1.03</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Warrants outstanding and exercisable, December 31, 2023</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">As at December 31, 2023, the weighted average remaining contractual life of warrants outstanding was Nil years (December 31, 2022 &#8211; 0.73 years).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Valuation of the warrant liability requires the use of estimates and assumptions including the expected stock price volatility. The expected volatility used in valuing warrants is based on volatility observed in historical periods. Changes in the underlying assumptions can materially affect the fair value estimates. The fair value of the warrant liability was calculated using the Black-Scholes model with the following weighted average assumptions and resulting fair values:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 3.7pt">December 31,</p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 3.7pt">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 3.7pt">December 31,</p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 3.7pt">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Weighted average assumptions:</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">&nbsp;Risk-free interest rate</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">-</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">%</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4.07</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">&nbsp;Expected dividend yield</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">-</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">%</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">&nbsp;Expected warrant life (years)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">-</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.73</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">&nbsp;Expected stock price volatility</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">-</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">%</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">56.80</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Weighted average fair value</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">0.05</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>15. RECLAMATION PROVISION</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Management&#8217;s estimate of the reclamation provision at December 31, 2023, is $2,195 (December 31, 2022 &#8211; $445), and the undiscounted value of the obligation is $5,491 (December 31, 2022 &#8211; $1,454).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The present value of the obligation was calculated using a risk-free interest rate of 9.82% (December 31, 2022 &#8211; 9.65%) and an inflation rate of 3.76% (December 31, 2022 &#8211; 7.82%). Reclamation activities are estimated to begin in 2025 for the San Gonzalo Mine and in 2042 for the Avino Mine.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">A reconciliation of the changes in the Company&#8217;s reclamation provision is as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 1.25pt">December 31,</p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 1.25pt">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 8.8pt">December 31,</p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 8.8pt">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Balance at beginning of the period</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">445</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">726</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Changes in estimates</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,615</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(364</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Unwinding of discount related to continuing operations</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">49</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">44</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Effect of movements in exchange rates</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">86</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">39</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Balance at end of the period</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,195</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">445</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-33-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>16. SHARE CAPITAL AND SHARE-BASED PAYMENTS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>(a)</em></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>Authorized:Unlimited common shares without par value</em></p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>&nbsp;</em></p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:30px"><em>&nbsp;</em></p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>&nbsp;</em></p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>&nbsp;</em></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>(b)</em></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>Issued:</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:8%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">(i)</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">During the year ended December 31, 2023, the Company issued 9,373,825 common shares in an at-the-market offering under prospectus supplement for gross proceeds of $5,648. The Company paid a 2.75% cash commission of $155 on gross proceeds, for net proceeds of $5,493. The Company also incurred $339 in share issuance costs related to its base shelf prospectus and prospectus supplement filings.</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">During the year ended December 31, 2023, the Company issued 1,005,333 common shares upon exercise of RSUs. As a result, $1,019 was recorded to share capital.</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">(ii)</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">During the year ended December 31, 2022, the Company issued 14,000,000 common shares as part of the acquisition of La Preciosa from Coeur Mining Inc.. As a result, $13,650 was recorded to share capital, and exploration and evaluation assets as acquisition costs, representing the closing price on the Toronto Stock Exchange on March 21, 2022, the date of the issuance and closing.</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">The Company further issued 1,075,000 common shares as payment for services provided during the acquisition, and as a result $980 was recorded to share capital and exploration and evaluation assets as acquisition costs.</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">During the year ended December 31, 2022, the Company issued 48,000 common shares following the exercise of 48,000 options. As a result, $46 was recorded to share capital, representing cash proceeds of $31 and the fair value upon issuance of $15.</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">During the year ended December 31, 2022, the Company issued 982,879 common shares upon exercise of RSUs. As a result, $899 was recorded to share capital.</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>(c)</em></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>Stock options:</em></p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">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.</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-34-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Continuity of stock options is as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Underlying </p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Shares </p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 10.65pt">Weighted Average Exercise Price (C$)</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Stock options outstanding, January 1, 2022</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,839,000</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.68</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Granted</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,390,000</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.20</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 10.6pt">Exercised</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(48,000</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.79</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 10.6pt">Expired</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(880,000</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.98</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 10.6pt">Forfeited</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(45,000</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1.40</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Stock options outstanding, December 31, 2022</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,256,000</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.36</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 10.6pt">Granted</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,545,000</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.12</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 10.6pt">Expired</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(105,000</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.30</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 10.6pt">Forfeited</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(30,000</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1.40</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Stock options outstanding, December 31, 2023</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">6,666,000</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1.27</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Stock options exercisable, December 31, 2023</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">5,959,750</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1.29</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">The following table summarizes information about the stock options outstanding and exercisable at December 31, 2023:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" colspan="2" style="width:9%;"></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">Outstanding </p></td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">Exercisable</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiry Date</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">Price (C$)</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Number of Options </p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Weighted Average Remaining Contractual Life (Years) </p></td> <td style="BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Number of Options </p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Weighted Average Remaining Contractual Life (Years)</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">August 21, 2024</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.79</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">126,000</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.64</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">126,000</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.64</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">August 4, 2025</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.64</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,660,000</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.59</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,660,000</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.59</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">March 25, 2027</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.20</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,330,000</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3.23</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,330,000</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3.23</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">May 4, 2027</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.92</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">25,000</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3.34</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">25,000</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3.34</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">March 29, 2028</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.12</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,375,000</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4.25</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,781,250</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4.25</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">July 10, 2028</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1.12</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">150,000</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">4.53</td> <td style="BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">37,500</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">4.53</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">6,666,000</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">3.05</td> <td style="BORDER-RIGHT: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">5,959,750</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">3.03</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Valuation of stock options requires the use of 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 stock options was calculated using the Black-Scholes model with the following weighted average assumptions and resulting fair values: </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-35-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 3.7pt">December 31, </p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 3.7pt">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 3.7pt">December 31,</p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 3.7pt">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Weighted average assumptions:</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">&nbsp;Risk-free interest rate</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3.10</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2.49</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">&nbsp;Expected dividend yield</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.00</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.0</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">&nbsp;Expected warrant life (years)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5.00</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5.00</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">&nbsp;Expected stock price volatility</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">61.10</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">59.98</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">&nbsp;Expected forfeiture rate</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">17</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">20</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Weighted average fair value</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">0.60</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">0.63</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">During the year ended December 31, 2023, the Company charged $924 (year ended December 31, 2022 - $869) to operations as share-based payments for the fair value of stock options granted.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>(d)</em></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>Restricted Share Units:</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">On April 19, 2018, the Company&#8217;s Restricted Share Unit (&#8220;RSU&#8221;) Plan was approved by its shareholders. The RSU Plan is administered by the Compensation Committee under the supervision of the Board of Directors as compensation to officers, directors, consultants, and employees. The Compensation Committee determines the terms and conditions upon which a grant is made, including any performance criteria or vesting period.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-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 style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">Continuity of RSUs is as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Underlying </p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Shares </p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 10.65pt">Weighted Average Price (C$)</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">RSUs outstanding, January 1, 2022</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,439,477</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.32</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 10.6pt">Granted</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,799,000</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.19</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 10.6pt">Exercised</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(982,879</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.18</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 10.6pt">Cancelled / Forfeited</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(64,932</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1.40</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">RSUs outstanding, December 31, 2022</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,190,666</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1.27</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 10.35pt">Granted</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,878,320</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.11</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 10.6pt">Exercised</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,005,334</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.37</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 10.6pt">Cancelled / Forfeited</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(68,943</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1.14</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">RSUs outstanding, December 31, 2023</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,994,709</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1.03</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">The following table summarizes information about the RSUs outstanding at December 31, 2023:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Issuance Date</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">Price (C$)</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Number of RSUs Outstanding </p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">March 25, 2022</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.19</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,162,265</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">March 29, 2023</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1.12</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,763,124</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">July 10, 2023</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">0.94</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">69,320</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,994,709</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-36-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">During the year ended December 31, 2023, 1,878,320 RSUs (year ended December 31, 2022 &#8211; 1,799,000) were granted. The weighted average fair value at the measurement date was C$1.11, based on the TSX market price of the Company&#8217;s shares on the date the RSUs were granted.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">During the year ended December 31, 2023, the Company charged $1,345 (December 31, 2022 - $1,155) to operations as share-based payments 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> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>(e)</em></p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>Earnings per share:</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">The calculations for basic earnings per share and diluted earnings per share are as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 0in">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 0in">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1.7pt">Net income for the period</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">542</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">3,096</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1.7pt">Basic weighted average number of shares outstanding</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">121,261,696</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">114,372,371</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1.7pt">Effect of dilutive share options, warrants, and RSUs (&#8216;000)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">4,084,978</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">3,243,527</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1.7pt">Diluted weighted average number of shares outstanding </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">125,346,674</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">117,615,898</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Basic and diluted earnings per share</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">0.00</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">0.03</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>17. REVENUE AND COST OF SALES</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The Company&#8217;s revenues for the year ended December 31, 2023 and 2022, are all attributable to Mexico, from shipments of concentrate from the Avino Mine.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 0in">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 0in">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1.7pt">Concentrate sales</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">43,199</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">43,648</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1.7pt">Provisional pricing adjustments </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">690</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">539</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">43,889</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">44,187</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Cost of sales is based on the weighted average cost of inventory sold for the periods and consists of the following:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 0in">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 0in">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1.7pt">Production costs</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">32,872</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">26,749</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1.7pt">Write down of equipment</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">414</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">330</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1.7pt">Depreciation and depletion </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,784</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,046</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">36,070</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">29,125</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr"></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-37-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">18. GENERAL AND ADMINISTRATIVE EXPENSES</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">General and administrative expenses on the consolidated statements of operations consist of the following:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Salaries and benefits</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,506</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,892</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Office and miscellaneous</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,399</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">647</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Professional fees</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,378</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">402</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Management and consulting fees</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">436</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">451</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Investor relations </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">245</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">227</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Directors fees </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">187</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">182</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Regulatory and compliance fees</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">164</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">170</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Depreciation</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">135</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">140</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Travel and promotion</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">170</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">70</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">5,620</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">5,156</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>19. COMMITMENTS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The Company has a cost sharing agreement to reimburse Oniva for a percentage of its overhead expenses, to reimburse 100% of its out-of-pocket expenses incurred on behalf of the Company, and to pay a percentage fee based on Oniva&#8217;s total overhead and corporate expenses. The agreement may be terminated with one-month notice by either party. Transactions and balances with Oniva are disclosed in Note 12.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; 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:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 8.75pt">December 31, </p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px 0px 0px 8.75pt">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">December 31, </p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Not later than one year</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">714</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">105</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Later than one year and not later than five years</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,241</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">347</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Later than five years</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">3,965</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">398</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">5,920</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">850</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Office lease payments recognized as an expense during the year ended December 31, 2023, totalled $29 (December 31, 2022 - $18).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-38-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>20. SUPPLEMENTARY CASH FLOW INFORMATION</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Net change in non-cash working capital items:</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:10pt">Accounts payable and accrued liabilities</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,832</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,603</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:10pt">Prepaid expenses and other assets</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(225</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(904</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:10pt">Amounts receivable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(631</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,464</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:10pt">Taxes payable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(768</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">863</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:10pt">Amounts due to related parties</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(196</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(127</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:10pt">Taxes recoverable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,842</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">71</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:10pt">Inventory</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(2,931</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(998</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(4,761</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,044</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Other non-cash supplementary information:</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:10pt">Interest paid</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">227</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">92</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:10pt">Taxes paid</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">37</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">14</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">264</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">106</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2023</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2022</p></td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Non-cash investing and financing activities:</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:10pt">Acquisition of La Preciosa, net of cash &amp; transaction costs</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">21,535</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:10pt">Shares acquired under terms of option agreements</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">95</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">83</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:10pt">Transfer of share-based payments reserve upon exercise of RSUs</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,019</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">899</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:10pt">Transfer of share-based payments reserve upon option exercise</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">15</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 10.3pt">Transfer of share-based payments reserve upon option cancellation or expiry</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">61</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">831</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 10.3pt">Equipment acquired under finance leases and equipment loans</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">3,193</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,827</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">4,368</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">25,190</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>21. FINANCIAL INSTRUMENTS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; 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, long-term investments, and warrant liability are recorded at fair value. The carrying amounts of the Company&#8217;s equipment loans, and finance lease obligations are a reasonable approximation of their fair values based on current market rates for similar financial instruments.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The Company&#8217;s financial instruments are exposed to certain financial risks, including credit risk, liquidity risk, and market risk.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-39-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong><em>&nbsp;</em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>(a)</em></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>Credit Risk</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company has exposure to credit risk through its cash, long-term investments and amounts receivable. The Company manages credit risk, in respect of cash and short-term investments, by maintaining the majority of cash and short-term investments at highly rated financial institutions.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">The Company is exposed to a significant concentration of credit risk with respect to its trade accounts receivable balance because all of its concentrate sales are with three (December 31, 2022 &#8211; two) counterparties (see Note 23). However, the Company has not recorded any allowance against its trade receivables because to-date all balances owed have been settled in full when due (typically within 60 days of submission) and because of the nature of the counterparties.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">The Company&#8217;s maximum exposure to credit risk at the end of any period is equal to the carrying amount of these financial assets as recorded in the consolidated statement of financial position. At December 31, 2023, no amounts were held as collateral.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>(b)</em></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>Liquidity Risk</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">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, 2023, in the amount of $2,688 and current assets exceeded current liabilities by $9,727 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 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">The maturity profiles of the Company&#8217;s contractual obligations and commitments as at December 31, 2023, are summarized as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.7pt; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:90%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px"><strong>Total</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px"><strong>Less Than</strong></p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px"><strong>1 Year</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px"><strong>1-5 years</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px"><strong>More Than 5 Years</strong></p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Accounts payable and accrued liabilities</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,867</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,867</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Minimum rental and lease payments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,920</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">714</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,241</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,965</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Equipment loans</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">405</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">188</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">217</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Finance lease obligations</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">3,361</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,830</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,531</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Total</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">21,553</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">14,599</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,989</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">3,965</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>(c)</em></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>Market Risk</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">Market risk consists of interest rate risk, foreign currency risk and price risk. These are discussed further below.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;"><u>Interest Rate Risk</u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">Interest rate risk consists of two components:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:8%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">(I)</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">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.</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">(ii)</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">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.</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-40-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">In management&#8217;s opinion, the Company is not materially exposed to interest rate risk, as any material debt obligations that bear interest are fixed and not subject to floating interest rates. A 10% change in the interest rate would not result in a material impact on the Company&#8217;s operations.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;"><u>Foreign Currency Risk</u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; 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: </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">December 31, 2023</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">December 31, 2022</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">MXN</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">CDN</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">MXN</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">CDN</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Cash</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">13,338</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">70</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,097</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">250</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Due from related parties</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,558</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,402</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Long-term investments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,236</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,365</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Reclamation bonds</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Amounts receivable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">18,644</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">26</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">34</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Accounts payable and accrued liabilities</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(95,662</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(150</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(85,486</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(108</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Due to related parties</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(135</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(135</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Finance lease obligations</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(1,129</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(217</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(161</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(343</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Net exposure</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(60,251</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">836</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(80,148</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,067</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">US dollar equivalent</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(3,567</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">577</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(4,136</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,526</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">Based on the net US dollar denominated asset and liability exposures as at December 31, 2023, a 10% fluctuation in the US/Mexican and Canadian/US exchange rates would impact the Company&#8217;s earnings for the year ended December 31, 2023, by approximately $304 (year ended December 31, 2022 - $275). The Company has not entered into any foreign currency contracts to mitigate this risk.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;"><u>Price Risk</u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; 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. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">The Company is exposed to price risk with respect to its amounts receivable, as certain trade accounts receivable are recorded based on provisional terms that are subsequently adjusted according to quoted metal prices at the date of final settlement. Quoted metal prices are affected by numerous factors beyond the Company&#8217;s control and are subject to volatility, and the Company does not employ hedging strategies to limit its exposure to price risk. At December 31, 2023, 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 $134 (December 31, 2022 - $65).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; 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, 2023, a 10% change in market prices would have an impact on net earnings (loss) of approximately $86 (December 31, 2022 - $175).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; 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.<strong><em> </em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-41-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>(d)</em></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>Classification of Financial Instruments</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">IFRS 13 <em>Financial Instruments: Disclosures </em>establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">Level 1 &#8211; quoted prices (unadjusted) in active markets for identical assets or liabilities;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; 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</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">Level 3 &#8211; inputs for the asset or liability that are not based on observable market data (unobservable inputs).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; 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, 2023:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Level 1</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Level 2</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Level 3</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Financial assets</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Cash </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,688</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Amounts receivable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,303</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Long-term investments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">934</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Total financial assets</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">3,622</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">3,303</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; 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, 2022:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Level 1</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Level 2</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">Level 3</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Financial assets</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Cash </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,245</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Amounts receivable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,672</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Long-term investments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,746</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Total financial assets</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">12,991</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,672</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Financial liabilities</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Warrant liability</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(475</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Total financial liabilities </strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(475</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">The Company uses Black-Scholes model to measure its Level 3 financial instruments. As at December 31, 2023, the Company&#8217;s has no Level 3 financial instruments (December 31, 2022 &#8211; consisted of the warrant liability).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-42-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>22. CAPITAL MANAGEMENT</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">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 note payable, and finance lease obligations, are listed as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">December 31,</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">December 31,</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Equity</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">106,001</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">98,021</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Note Payable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,926</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Equipment loan obligations</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">359</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Finance lease obligations</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">3,095</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,716</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">109,455</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">104,663</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">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, 2023, 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, 2023, there was no externally imposed capital requirement to which the Company was subject and with which the Company did not comply.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>23. SEGMENTED INFORMATION</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The Company&#8217;s revenues for the year ended December 31, 2023 are all attributable to Mexico, from shipments of concentrate produced by the Avino Mine, and is considered to be one single reportable operating segment.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">On the consolidated statements of operations, the Company had revenue from the following product mixes:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.05pt">Silver </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">16,642</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">16,570</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.05pt">Copper</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">13,137</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,258</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.05pt">Gold</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">20,361</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">25,875</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.05pt">Penalties, treatment costs and refining charges</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(6,251</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(8,516</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.05pt">Total revenue from mining operations</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">43,889</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">44,187</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-43-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">For the year ended December 31, 2023 and 2022, the Company had the following customers that accounted for total revenues as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.05pt">Customer #1</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">35,053</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">39,911</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.05pt">Customer #2</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">8,675</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.05pt">Customer #3</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">161</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,479</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.05pt">Other customers</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">797</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.05pt">Total revenue from mining operations</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">43,889</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">44,187</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Geographical information relating to the Company&#8217;s non-current assets (other than financial instruments) is as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">December 31, 2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">December 31,</p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Exploration and evaluation assets - Mexico</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">50,110</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">49,803</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Exploration and evaluation assets - Canada</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Total exploration and evaluation assets</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">50,111</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">49,804</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">December 31, 2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">December 31,</p> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Plant, equipment, and mining properties - Mexico</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">52,891</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">43,812</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Plant, equipment, and mining properties - Canada</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">178</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">244</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Total plant, equipment, and mining properties</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">53,069</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">44,056</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-44-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>24. INCOME TAXES</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>(a)</em></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>Income tax expense (recovery)</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">Income tax expense (recovery) included in the consolidated statements of operations and comprehensive income (loss) is as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.05pt">Current income tax expense (recovery)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(527</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,144</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.05pt">Deferred income tax expense (recovery)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(525</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">3,440</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.05pt">Total income tax expense (recovery)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(1,052</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">4,584</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The reconciliation of income taxes calculated at the Canadian statutory tax rate to the income tax expense recognized in the year is as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Net income (loss) before income taxes </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(510</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,680</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Combined statutory tax rate</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">27.00</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">27.00</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Income tax expense (recovery) at the Canadian statutory rate</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(138</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,074</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Reconciling items:</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 9pt">Effect of difference in foreign tax rates</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">57</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">326</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 9pt">Non-deductible/non-taxable items</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">892</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,205</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 9pt">Change in unrecognized deductible temporary differences</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(334</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,169</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 9pt">Impact of foreign exchange</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,574</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(351</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 9pt">Special mining duties </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">157</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">385</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 9pt">Revisions to estimates</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(19</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(215</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 9pt">Share issue costs</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(136</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(3</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 9pt">Other items </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">43</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(6</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Income tax expense (recovery) recognized in the year</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(1,052</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">4,584</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The Company recognized a non-cash recovery of $30 for the year ended December 31, 2023 (2022 &#8211; expense of $408) related to the deferred tax impact of the special mining duty. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">December 31,</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">December 31,</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Deferred income tax assets&nbsp; </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,034</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,426</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Deferred income tax liabilities&nbsp;&nbsp; </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(6,730</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(6,647</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(4,696</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(5,221</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-45-</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>AVINO SILVER &amp; GOLD MINES LTD.</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Notes to the consolidated&nbsp; financial statements</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">For the years ended December 31, 2023 and 2022</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">(Expressed in thousands of US dollars, except where otherwise noted)</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The approximate tax effects of each type of temporary difference that gives rise to potential deferred income tax assets and liabilities are as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">December 31, 2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">December 31, 2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Reclamation provision</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">979</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">167</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Other deductible temporary differences</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,055</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,259</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Exploration and evaluation assets</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(3,054</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(3,310</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Plant, equipment and mining properties</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(3,676</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(2,337</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Net deferred income tax liabilities </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(4,696</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(5,221</td> <td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>(b)</em></p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>Unrecognized deductible temporary differences:</em></p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">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.&nbsp; Unrecognized deductible temporary differences are summarized as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">December 31, 2023</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:right;margin:0px">December 31, 2022</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Tax losses carried forward - Canada</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">20,468</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">20,370</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Tax losses carried forward - Mexico</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">50,889</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">42,575</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Share issue costs</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">815</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">841</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Plant, equipment and mining properties</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">511</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">411</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Exploration and evaluation assets</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,174</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,156</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Investments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,267</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,289</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Unrecognized deductible temporary differences</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">76,124</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">66,642</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">The Company has capital losses of $7,919 carried forward and $12,549 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 2024 to 2043.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">The Company has non-capital tax losses of $50,889 carried forward available to reduce future Mexican taxable income and have an expiry date range of 2024 to 2033.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>25. SUBSEQUENT EVENTS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>At-The-Market Sales </strong>&#8211;Subsequent to December 31, 2023, the Company issued 1,886,248 common shares in at-the-market offerings under prospectus supplement for gross proceeds of $900.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">-46-</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p><body>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>avino_ex992.htm
<DESCRIPTION>MANAGEMENT DISCUSSION AND ANALYSIS
<TEXT>
<html><head><title>avino_ex992.htm</title><!--Document created using EDGARMaster--></head><body style="TEXT-ALIGN: justify; FONT: 10pt times new roman; MARGIN-LEFT: 7%; MARGIN-RIGHT: 7%"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>EXHIBIT 99.2</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; 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 and for the year ended December 31, 2023, and the notes thereto.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">This Management&#8217;s Discussion and Analysis (&#8220;MD&amp;A&#8221;) is dated March 20, 2024, 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 March 20, 2024, 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. <strong><em>We recommend that readers consult the &#8220;Cautionary Statement&#8221; on the last page of this report.</em></strong> Additional information relating to the Company is available on the Company&#8217;s website at www.avino.com and on SEDAR+ at <u>www.sedarplus.ca</u>.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Business Description</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">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 (except for the province of Quebec) and the United States, and its common shares are listed on the Toronto Stock Exchange (&#8220;TSX&#8221;), the NYSE American, and the Frankfurt and Berlin Stock Exchanges.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Discussion of Operations</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company&#8217;s production, exploration, and evaluation activities during the year ended December 31, 2023, have been conducted on its Avino Property.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; 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 Avino Mine located on the property. The Avino property also hosts the San Gonzalo Mine, which is currently on care and maintenance. The Company also holds 100% interest in Proyectos Mineros La Preciosa S.A. de C.V. (&#8220;La Preciosa&#8221;), a Mexican corporation which owns the La Preciosa Property. The Company also owns interests in mineral properties located in British Columbia and Yukon, Canada.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;1 | <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Operational Highlights</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;border-top:#000000 1px solid;border-right:#000000 1px solid;border-bottom:#000000 1px solid;border-left:#000000 1px solid;width:100%" cellpadding="0"> <tr style="height:15px;background-color:#d9d9d9"> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt"><strong>HIGHLIGHTS</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt"><strong><em>(Expressed in US$, unless otherwise noted)</em></strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Fourth Quarter 2023</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Fourth Quarter 2022</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Change</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Year</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2023</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Year</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2022</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Change</strong></p></td></tr> <tr style="height:15px;background-color:#a7a8a7"> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid;" colspan="6"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt"><strong>Operating </strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt">Tonnes Milled</p></td> <td colspan="2" style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">143,738</p></td> <td colspan="2" style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">150,292</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-4%</p></td> <td colspan="2" style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">615,373</p></td> <td colspan="2" style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">541,823</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">14%</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt">Silver Ounces Produced</p></td> <td colspan="2" style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">224,723</p></td> <td colspan="2" style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">309,856</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-27%</p></td> <td colspan="2" style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">928,643</p></td> <td colspan="2" style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">985,195</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-6%</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt">Gold Ounces Produced</p></td> <td colspan="2" style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">1,452</p></td> <td colspan="2" style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">2,426</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-40%</p></td> <td colspan="2" style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">7,335</p></td> <td colspan="2" style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">5,778</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">27%</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt">Copper Pounds Produced</p></td> <td colspan="2" style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">1,317,793</p></td> <td colspan="2" style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">1,540,851</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-14%</p></td> <td colspan="2" style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">5,304,808</p></td> <td colspan="2" style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">6,504,177</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-18%</p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt">Silver Equivalent Ounces<sup style="vertical-align:super">1</sup> Produced</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">558,460</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">770,127</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-27%</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">2,415,232</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">2,655,502</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-9%</p></td></tr> <tr style="height:15px;background-color:#a7a8a7"> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid;" colspan="6"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt"><strong>Concentrate Sales and Cash Costs</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt">Silver Equivalent Payable Ounces Sold<sup style="vertical-align:super">2</sup></p></td> <td colspan="2" style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">584,061</p></td> <td colspan="2" style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">756,536</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-23%</p></td> <td colspan="2" style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 7.1pt; text-align:right;">2,086,485</p></td> <td colspan="2" style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">2,449,704</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-15%</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt">Cash Cost per Silver Equivalent Payable Ounce<sup style="vertical-align:super">1,2,3</sup></p></td> <td style="width:2%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="width:7%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">15.04</p></td> <td style="width:2%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="width:7%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">11.76</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">28%</p></td> <td style="width:2%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="width:7%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 14.15pt; text-align:right;">15.61</p></td> <td style="width:2%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="width:7%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">10.34</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">51%</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">All-in Sustaining Cash Cost per Silver Equivalent Payable Ounce<sup style="vertical-align:super">1,2,3</sup></p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">21.67</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">18.63</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">16%</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 14.15pt; text-align:right;">21.87</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">17.91</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">22%</p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp; </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>1.</em><em>In Q4 2023, AgEq was calculated using metals prices of $23.50 oz Ag, $1,994 oz Au and $3.72 lb Cu. In Q4 2022, AgEq was calculated using metals prices of $21.18 oz Ag, $1,729 oz Au and $3.63 lb Cu. For YTD 2023, AgEq was calculated using metals prices of $23.46 oz Ag, $1,953 oz Au and $3.83 lb Cu. For YTD 2022, AgEq was calculated using metal prices of $21.75 oz Ag, $1,801 oz Au and $4.00 lb Cu. Calculated figures may not add up due to rounding.</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>2. &#8220;Silver equivalent payable ounces sold&#8221; for the purposes of cash costs and all-in sustaining costs consists of the sum of payable silver ounces, gold ounces and copper tonnes sold, before penalties, treatment charges, and refining charges, multiplied by the ratio of the average spot gold and copper prices to the average spot silver price for the corresponding period.</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>3. The Company reports non-IFRS measures which include cash cost per silver equivalent payable ounce and all-in sustaining cash cost per payable ounce. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning under IFRS 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.</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Financial Highlights</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;border-top:#000000 1px solid;border-right:#000000 1px solid;border-bottom:#000000 1px solid;border-left:#000000 1px solid;width:100%" cellpadding="0"> <tr style="height:15px;background-color:#d9d9d9"> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt"><strong>HIGHLIGHTS</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt"><strong><em>(Expressed in 000&#8217;s of US$)</em></strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Fourth Quarter 2023</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Fourth Quarter 2022</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Change</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Year</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2023</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Year</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2022</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Change</strong></p></td></tr> <tr style="height:15px;background-color:#a7a8a7"> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid;" colspan="6"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Financial Operating Performance</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt">Revenues</p></td> <td style="width:2%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="width:7%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">12,530</p></td> <td style="width:2%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="width:7%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">14,649</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-14%</p></td> <td style="width:2%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="width:7%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">43,889</p></td> <td style="width:2%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="width:7%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">44,187</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-1%</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt">Mine operating income</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">2,561</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">4,356</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-41%</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">7,819</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">15,062</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-48%</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt">Net income</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">563</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">1,296</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-57%</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">542</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">3,096</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-82%</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt">Earnings before interest, taxes and amortization (&#8220;EBITDA&#8221;)<sup style="vertical-align:super">1</sup></p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">1,120</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">3,207</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-65%</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">2,506</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">10,262</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-76%</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt">Adjusted earnings<sup style="vertical-align:super">1</sup></p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">1,972</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">4,026</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-51%</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">4,601</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">10,238</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-55%</p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt">Cash provided by operating activities</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">621</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">3,320</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-81%</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">1,488</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">11,831</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-87%</p></td></tr> <tr style="height:15px;background-color:#a7a8a7"> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid;" colspan="6"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Per Share Amounts</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt">Earnings per share &#8211; basic &amp; diluted</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 7.05pt; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">0.00</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 7.05pt; text-align:center;">0.01</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-100%</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">0.00</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">0.03</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-100%</p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt">Adjusted earnings per share<sup style="vertical-align:super">1</sup></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 7.05pt; text-align:right;">$</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">0.02</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 7.05pt; text-align:right;">0.03</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-33%</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">0.04</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">0.08</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-50%</p></td></tr> <tr style="height:15px;background-color:#d9d9d9"> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt"><strong>HIGHLIGHTS</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt"><strong><em>(Expressed in 000&#8217;s of US$)</em></strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>December 31, 2023</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>September 30, 2023</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Change</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>December 31, 2023</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>December 31, 2022</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Change</strong></p></td></tr> <tr style="height:15px;background-color:#a7a8a7"> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Liquidity &amp; Working Capital</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt">Cash</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 7.05pt; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">2,688</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 7.05pt; text-align:right;">1,856</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">45%</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">2,688</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">11,245</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">-76%</p></td></tr> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1pt">Working capital<sup style="vertical-align:super">1</sup></p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 7.05pt; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">9,727</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 7.05pt; text-align:right;">7,445</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">31%</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">9,727</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">$</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">8,821</p></td> <td style="vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">10%</p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp; </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">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 earnings, adjusted earnings per share, and working capital. 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. </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">2&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>4<sup style="vertical-align:super">th</sup> Quarter and FY 2023 Highlights</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Oxide Tailings Project</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.5in; text-align:justify;">On February 5, 2024, the Company released the results of the Preliminary Prefeasibility Study (the &#8220;PSF&#8221;) prepared in accordance with National Instrument 43-101 &#8211; Standard for Disclosure for Mineral Projects with NPV US$98 million (pre-tax) and US$61 million (post-tax) at a 5% discount rate, IRR 35% (pre-tax) and 26% (post-tax), proven and probable mineral reserves of 6.70 Million tonnes at a silver and gold grade of 55&nbsp;g/t and 0.47&nbsp;g/t respectively, nominal processing rate over a 9-year life of mine. The completion of the study is a milestone in our 5-year growth plan to become an intermediate silver producer in Mexico.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>La Preciosa Update:</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.5in; text-align:justify;">On January 9, 2024, the Company announced that it had signed a long-term land-use agreement with a local community for the development of La Preciosa in Durango, Mexico. La Preciosa hosts one of the largest undeveloped primary silver resources in Mexico and is located approximately 19 kilometres from the current Avino Mine production operations. With this long-term land-use agreement in place, the Company will start planning to commence hauling of old surface stockpiles of material to our mill at the Avino Mine for processing. In addition, the Company will now begin the filing of the environmental permit for underground extraction. The La Preciosa mine represents a key pillar in Avino&#8217;s transformational growth strategy.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Consistent Production at Avino</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.5in; text-align:justify;">On January 16, 2024, the Company released its fourth quarter production results. 558,460 silver equivalent ounces produced in Q4 2023. Achieved full year 2023 production results of 2.4 million silver equivalent ounces.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Avino Announced Best Drill Intercept in Company History</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.5in; text-align:justify;">On July 5, 2023, the Company released the results of three holes from below Level 17, the current deepest workings at the ET area of the Avino system. Drill Hole ET-23-13 showed 44.40 metres true width of mineralization and is a step-out 50 metres to the west of Avino&#8217;s most westerly drill hole at 200 metres downdip below Level 17. This mineralized intercept is exceptionally wide and has very high silver, gold and copper grades. The vein system continues to be open along strike and at depth.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Continuing Exceptional Drill Results</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.5in; text-align:justify;">On September 14, 2023, the Company released the results of four additional holes from below Level 17, the current deepest workings at the Elena Tolosa (&#8220;ET&#8221;) area of the Avino system. These latest deep step-out holes test the SW extent of the robust Avino vein, and one infill hole was drilled to confirm local continuity. This drilling follows the continuity of the steeply dipping mineralization and aids in understanding the deep source of the mineralization. The Company is looking at the potential geometry and controls of the mineralization to come up with a model. Avino has completed its planned and budgeted drilling program for the year by drilling 7,545 metres in 13 drill holes. Our geologists on site are working through the recommendations made by our consulting geologists to study the potential of the entire ore body. The 2023 results will be reviewed to determine exploration plans and budget for 2024. The drill holes hit substantial widths at grades well above our current cutoff grade on all four drill holes.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.5in; text-align:justify;">&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">3&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Dry Stack Tailings Facility: </strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;&nbsp; </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.5in; text-align:justify;">The facility has been fully operational for a year. The conveyor system is installed and is currently transporting the pressed dry residues to the previously-mined Avino open pit area. A tab is now available on our website that provides further information on our tailings management system, along with a video (in Spanish) from the minesite that can be viewed.&nbsp; In addition, a selection of short videos of the facility in operation can be viewed under Videos and Media.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;&nbsp; </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Financial Results &#8211; Three months ended December 31, 2023, compared to three months ended December 31, 2022</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>2023</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>2022</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Revenue from mining operations</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">12,530</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">14,649</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Cost of sales</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">9,969</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">10,393</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Mine operating income</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,561</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,356</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Operating expenses:</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">General and administrative expenses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,621</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,687</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Share-based payments</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">460</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">406</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Income before other items</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">480</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,263</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Other items:</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Interest and other income</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">180</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">47</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Gain (loss) on long-term investments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(31</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">400</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Fair value adjustment on warrant liability</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(297</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Unrealized foreign exchange gain (loss)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(73</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">213</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Finance cost</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(85</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Accretion of reclamation provision</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(13</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(12</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Interest expense</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(106</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(33</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Income before income taxes</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">436</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,402</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Income taxes:</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Current income tax expense</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(118</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(502</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Deferred income tax recovery (expense)</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">245</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(604</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Income tax recovery (expense)</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">127</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(1,106</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Net income</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">563</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,296</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Other comprehensive income (loss):</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Currency translation differences</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">361</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(202</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: black 3px double;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Total comprehensive income</strong></p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">819</td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">1,094</td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Earnings per share </strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Basic</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.00</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.01</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Diluted</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">0.00</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">0.01</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Weighted average number of common shares outstanding</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Basic </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">124,714,723</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">118,349,090</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Diluted</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">127,763,043</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">120,552,038</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;4 | <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Revenues</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">During the three months ended December 31, 2023, the Company recognized revenues of $12.5 million on the sale of Avino Mine bulk copper/silver/gold concentrate, compared to $14.6 million revenues for Q4 2022, a decrease of $2.1 million. The decrease is a result of lower payable silver equivalent ounces sold in the current period of 584,061 ounces, compared to 736,885 ounces in Q4 2022. This is primarily as a result of mine production in areas of lower feed grade, resulting in lower recoveries and fewer ounces produced. This was partially offset by higher realized metal prices in Q4 2023 compared to Q4 2022.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Metal prices for revenues recognized during the period were $23.50 per ounce of silver, $1,994 per ounce of gold, and $8,202 per tonne of copper, compared to averages of $21.54, $1,735, and $7,982, respectively, for the fourth quarter of 2022.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Cost of Sales &amp; Mine Operating Income</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">During the three months ended December 31, 2023, cost of sales was $10.0 million, compared to $10.4 million in Q4 2022, a decrease of $0.4 million. Cost of sales for Q4 2023 was in line with Q4 2022, with higher tonnes mined and lower tonnes processed in the current period comparatively. Tonnage mined and hauled to surface was 163,496 tonnes in Q4 2023, compared to 155,278 tonnes in Q4 2022, an increase of 5%. Tonnage processed in Q4 2023 was 143,798 tonnes, compared to 150,292 tonnes in Q4 2022, a decrease of 4%. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Mine operating income, after depreciation and depletion, was $2.6 million, compared to income of $4.4 million in Q4 2022. The mine operating income was lower than Q4 2022 as a result of lower sales volumes, which is a direct result of lower payable silver equivalent ounces sold in the current quarter, and as described in the &#8220;Revenues&#8221; section.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>General and Administrative Expenses &amp; Share-Based Payments</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">General and administrative expenses was $1.6 million, compared to $1.7 million in Q4 2022. This is in line with expectations, demonstrating another consistent quarter in managing administrative expenses. Share-based payments was $0.5 million, compared to $0.4 million in Q4 2022, consistent with prior quarter, and as a result of the vesting of previously issued options and restricted share units.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Other Items</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Other Items totaled a loss of $0.3 million for the period, a change of $0.4 million compared to income of $0.1 million related to other items in Q4 2022.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Unrealized loss on long-term investment was $0.03 million, a decrease of $0.4 million compared to a gain of $0.4 million in Q4 2022. This is a direct result of fluctuations in the Company&#8217;s investment in shares of Talisker Resources, as well as the Company&#8217;s investment in shares of Silver Wolf Exploration and Endurance Gold.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Fair value adjustment on warrant liability was $Nil compared to a gain of $0.3 million in Q4 2022. 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. All US dollar-denominated warrants expired in September 2023, thus there is no adjustment for Q4 2023.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Foreign exchange loss for the period was $0.1 million, a change of $0.3 million compared to a gain of $0.2 million in Q4 2022. Unrealized foreign exchange gains or losses result from transactions in currencies other than the Canadian dollar functional currency. During the quarter ended December 31, 2023, the Mexican peso appreciated slightly in relation to the US dollar, which resulted in an unrealized loss on the net asset position in Mexico, while in Q4 2022, the US dollar and Canadian dollar appreciated slightly resulting in an unrealized foreign exchange gain. The remaining Other Items resulted in a gain of $0.1 million, a difference of $0.3 million when compared to a loss of $0.2 million in Q4 2022.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">5&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Current and Deferred Income Taxes</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Current income tax expense of $0.1 million in Q4 2023, compared to $0.5 million in income tax expense for Q4 2022, remains fairly consistent. The movement relates primarily to movements in the calculation of the Special Mining Duty tax that applies to mining profits generated in Mexico.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Deferred income tax recovery was $0.2 million, a change of $0.8 million compared to an expense of $0.6 million in Q4 2022. Deferred income tax fluctuates due to movements in taxable and deductible temporary differences related&nbsp; 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 during the current and comparable periods primarily relate to movements in the tax bases and mining profits and/or losses in Mexico.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Net Income/Loss</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Net income was $0.6 million for the period, or $0.00 per share, compared to a net income of $1.3 million, or $0.01 per share during Q4 2022. The changes are a result of the items noted above, which are primarily decreases in revenues, cost of sales, mine operating income and movements in the fair value adjustment of the long-term investments and unrealized foreign exchange. The remain items were consistent, showing no significant variances as noted above.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>EBITDA &amp; Adjusted Income/Loss (see &#8220;Non-IFRS Measures&#8221;)</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">EBITDA was $1.1 million, a decrease of $2.1 million when compared to $3.2 million for Q4 2022. The changes in EBITDA are primarily a factor of the items above, excluding any changes in depreciation and depletion, changes in interest expense and income, as well as any changes in income taxes. See Non-IFRS Measures for a reconciliation for EBITDA. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Adjusted earnings for the period was $2.0 million, a decrease of $2.0 million when compared to adjusted earnings of $4.0 million in the corresponding quarter in 2022. Changes to adjusted earnings are a result of the items noted above in EBITDA, further excluding share-based payments, gains and losses related to warrants, and movements in unrealized foreign exchange. See Non-IFRS Measures for a reconciliation for adjusted losses.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Cash Costs &amp; All-in Sustaining Cash Costs (see &#8220;Non-IFRS Measures&#8221;)</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Cash costs per silver equivalent payable ounce was $15.04, compared to $11.76 for Q4 2022. The increase in cost per ounce is a result of higher mine cost with less ounces produced and sold in Q4 2023 when compared to Q4 2022, primarily due to lower mill productivity and performance in the current quarter. The increase is also attributable to a stronger Mexican peso during the quarter, which directly impacted labour and contractor costs.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;&nbsp; &nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">All-in sustaining cash costs per silver equivalent payable ounce was $21.67, compared to $18.63 for Q4 2022. The increase is primarily a result of items above, with no significant difference between the comparable quarter in sustaining capital and exploration costs.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">See Non-IFRS Measures for a reconciliation for cash costs and all-in sustaining cash costs.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">6&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>&nbsp;</strong></p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Annual Selected information &#8211; Year ended December 31, 2023, compared to year ended December 31, 2022:</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>2023</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>2022</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Revenue from mining operations</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">43,889</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">44,187</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Cost of sales</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">36,070</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">29,125</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Mine operating income</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,819</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">15,062</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Operating expenses</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">General and administrative expenses</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,620</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,156</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Share-based payments</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,269</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,024</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(70</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,882</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Other items</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Interest and other income</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">414</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">20</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Unrealized loss on long-term investments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(931</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,103</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Fair value adjustment on warrant liability</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">478</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,395</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Foreign exchange gain (loss)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">110</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(17</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Project evaluation expenses </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(81</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Finance cost</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(81</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(273</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Accretion of reclamation provision</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(49</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(44</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Interest expense</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(381</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(99</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Income (loss) before income taxes</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(510</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,680</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Income taxes:</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Current income tax recovery (expense)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">527</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,144</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Deferred income tax recovery (expense)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">525</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(3,440</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Income tax (expense) recovery</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,052</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(4,584</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Net income</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">542</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,096</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Other comprehensive income (loss)</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Items that may be reclassified subsequently to profit or loss:</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Currency translation differences</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">15</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(254</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Total comprehensive income</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">557</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,842</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Earnings per share </strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.95pt">Basic</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.00</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.03</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 8.95pt">Diluted</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">0.00</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">0.03</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Weighted average number of common shares outstanding</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Basic</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">121,261,696</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">114,372,371</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Diluted</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">125,346,674</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">117,615,898</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">7&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Revenues</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company recognized revenues net of penalties, treatment costs and refining charges, of $43.9 million on the sale of Avino Mine bulk copper/silver/gold concentrate, compared to $44.2 million revenues for year ended December 31, 2022, a decrease of $0.3 million. The sales are in line with prior year as a result of higher realized metal prices in 2023, primarily for gold and silver, partially offset by lower payable silver equivalent ounces sold in the current period of 2.08 million, compared to 2.45 million in 2022. This was a result of mine production in areas of lower feed grade, resulting in lower recoveries and fewer ounces produced in the current year compared to 2022. The decrease was partially offset by higher realized metal prices for silver and gold in the current year.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Metal prices for revenues recognized during the period were $23.46 per ounce of silver, $1,953 per ounce of gold, and $8,439 per tonne of copper, compared to $21.51, $1,788, and $8,552, respectively, for the same period in 2022.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Cost of Sales &amp; Mine Operating Income</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Cost of sales was $36.1 million, compared to $29.1 million in 2022, an increase of $7.0 million. The increase in cost of sales is partially attributable to 14% higher milled tonnes during 2023 compared to 2022, as well as 24% higher mined tonnes in the same period, which resulted in higher overall overhead costs despite lower ounces sold in the current year when compared to 2022. The increase is also attributable to a stronger Mexican peso during the period, which directly impacted labour and contractor costs. The Company prides itself in operating primarily with local workers and contractors for its mining operations.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Mine operating income, after depreciation and depletion, was $7.8 million, compared to $15.1 million in 2022. The decrease in mine operating income is a result of the increased cost of sales noted above. Further, unit costs were directly impacted due to a stronger Mexican Peso, especially labour and contractor costs. These increases were partially offset by higher realized metal prices during 2023 compared to 2022, as noted above.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>General and Administrative Expenses &amp; Share-Based Payments</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">General and administrative expenses was $5.6 million, compared to $5.1 million during the corresponding period in 2022, with the increases coming additional professional fees incurred following the inclusion of La Preciosa into ongoing operations.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Share-based payments was $2.3 million, compared to $2.0 million for the same period in 2022, an increase of $0.3 million. The increase is a direct result of the timing of option and RSU grants, and fluctuations in share price on the date of issuance.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Other Items</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Other Items totaled loss of $0.7 million for the period, a change of $0.5 million compared to $0.2 in 2022.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Unrealized loss on long-term investments was $0.9 million, a positive movement of $1.2 million compared to a loss of $2.1 million in 2022. This is a direct result of fluctuations in the Company&#8217;s investment in shares of Talisker Resources, and to a lesser extent, the Company&#8217;s investment in shares of Silver Wolf Exploration and Endurance Gold Corp.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Fair value adjustment on warrant liability was a gain of $0.5 million, a decrease to income of $1.9 million compared to a gain of $2.4 million in 2022. 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. All US dollar-denominated warrants expired in September 2023.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">8&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Interest expense for the period was $0.4 million, a change of $0.3 million compared to an expense of $0.1 million in the comparable period of 2022. The increase in interest expense is mainly attributable to new mining equipment acquired under leases during 2023.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Foreign exchange gain for the period was $0.1 million, a change of $0.1 million compared to a loss of Nil in the comparable period of 2022. Foreign exchange gains or losses result from transactions in currencies other than the Canadian dollar functional currency. During both periods, the Canadian dollar and the US dollar depreciated in relation to the Mexican peso, resulting in a foreign exchange loss.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The remaining Other Items resulting in a loss of $0.2 million for both years ended December 31, 2023 and 2022.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Current and Deferred Income Taxes</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Current income tax recovery was $0.5 million in 2023, a change of $1.6 million compared to $1.1 in income tax expense for the comparable period of 2022. The movements are a result of higher profits generated in 2022, resulting in increased income tax expense, whereas in 2023, the Company was in a recovery position as a result of less profitable mining operations in the early part of the year.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Deferred income tax recovery was $0.5 million, a change of $3.9 million compared to a tax expense of $3.4 million in 2022. 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 during the current and comparable periods primarily relate to movements in the tax bases and mining profits and/or losses in Mexico.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Net Income/Loss</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Net income was $0.5 million for the period, or $0.00 per share, compared to income of $3.1 million, or $0.03 per share during comparable period of 2022. The changes are a result of the items noted above, which are primarily increases in cost of sales resulting in a decrease of mine operating income, slight increases in general and administrative expenses and share-based payments. Net income was further impacted by movements in unrealized foreign exchange, fair value adjustments on the warrant liability, and a decreased unrealized loss on investments, as noted above. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>EBITDA &amp; Adjusted Income/Loss (see &#8220;Non-IFRS Measures&#8221;)</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">EBITDA was $2.5 million, a decrease of $7.8 million when compared to $10.3 million for comparable period of 2022. The changes in EBITDA are primarily a factor of the items above, excluding any changes in depreciation and depletion, changes in interest expense and income, as well as any changes in income taxes. See Non-IFRS Measures for a reconciliation for EBITDA. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Adjusted earnings for the period was $4.6 million, a decrease of $5.6 million when compared to adjusted earnings of $10.2 million in the corresponding period in 2022. Changes to adjusted losses are a result of the items noted above in EBITDA, further excluding share-based payments, gains and losses related to warrants, and movements in unrealized foreign exchange. See Non-IFRS Measures for a reconciliation for adjusted earnings.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Cash Costs &amp; All-in Sustaining Cash Costs (see &#8220;Non-IFRS Measures&#8221;)</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Cash costs per silver equivalent payable ounce, excluding stand-by costs, was $15.61, compared to $10.34 for the same period in 2022. The increase in cost per ounce is partially attributable to higher milled and mined tonnes of 24% and 14%, respectively, in the year ended December 31, 2023 compared to 2022, which resulted in higher overall costs despite lower ounces sold in the current period. The increase is also attributable to a stronger Mexican peso, which directly impacted labour and contractor costs, and as outlined in the &#8220;Cost of Sales &amp; Mine Operating Income&#8221; section. </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">9&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">All-in sustaining cash costs per silver equivalent payable ounce was $21.87, compared to $17.91 for the same period in 2022. The increase is primarily a result of the items noted above, offset by reductions in penalties, exploration expenses and sustaining capital expenditures.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">See Non-IFRS Measures for a reconciliation for cash costs and all-in sustaining cash costs.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Avino Mine Production Highlights</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;border-right:#000000 1px solid;border-bottom:#000000 1px solid;text-align:justify;width:100%" cellpadding="2"> <tr style="height:15px;background-color:#bfbfbf"> <td style="border-top:#000000 1px solid;border-left:#000000 1px solid;padding:2px;width:30%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Q4</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2023</strong></p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Q4</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2022</strong></p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Change </strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>%</strong></p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>FY</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2023</strong></p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>FY</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2022</strong></p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Change %</strong></p></td></tr> <tr style="height:15px"> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:30%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Total Mill Feed (dry tonnes)</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">143,738</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">150,292</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">-4%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">615,373</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">541,823</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">14%</p></td></tr> <tr style="height:15px"> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:30%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Feed Grade Silver (g/t)</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">56</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">70</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">-20%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">54</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">62</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">-13%</p></td></tr> <tr style="height:15px"> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:30%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Feed Grade Gold (g/t)</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">0.45</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">0.62</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">-27%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">0.51</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">0.42</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">21%</p></td></tr> <tr style="height:15px"> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:30%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Feed Grade Copper (%)</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">0.49</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">0.53</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">-7%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">0.47</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">0.61</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">-23%</p></td></tr> <tr style="height:15px"> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:30%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Recovery Silver (%)</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">87%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">92%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">-5%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">87%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">92%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">-5%</p></td></tr> <tr style="height:15px"> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:30%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Recovery Gold (%)</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">70%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">81%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">-14%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">72%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">78%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">-8%</p></td></tr> <tr style="height:15px"> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:30%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Recovery Copper (%)</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">84%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">88%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">-4%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">83%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">89%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">-7%</p></td></tr> <tr style="height:15px"> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:30%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Total Silver Produced (oz)</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">224,723</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">309,856</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">-27%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">928,643</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">985,185</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">-6%</p></td></tr> <tr style="height:15px"> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:30%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Total Gold Produced (oz)</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">1,452</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">2,426</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">-40%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">7,335</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">5,778</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">27%</p></td></tr> <tr style="height:15px"> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:30%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Total Copper Produced (lbs)</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">1,317,793</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">1,540,851</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">-14%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">5,304,808</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">6,504,177</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">-18%</p></td></tr> <tr style="height:15px"> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:30%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Total Silver Equivalent Produced (oz)<em>*</em></p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">558,460</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">770,127</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">-27%</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">2,415,232</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">2,655,502</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;width:9%;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">-9%</p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; &nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>*In Q4 2023, AgEq was calculated using metals prices of $23.50 oz Ag, $1,994 oz Au and $3.72 lb Cu. In Q4 2022, AgEq was calculated using metals prices of $21.18 oz Ag, $1,729 oz Au and $3.63 lb Cu. For YTD 2023, AgEq was calculated using metals prices of $23.46 oz Ag, $1,953 oz Au and $3.83 lb Cu. For YTD 2022, AgEq was calculated using metal prices of $21.75 oz Ag, $1,801 oz Au and $4.00 lb Cu.</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>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'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's discovery of the San Gonzalo and Avino Mine resources, and in the Company's record of mineral production and financial returns since operations at levels intended by management commenced at the San Gonzalo Mine in 2012. </em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Exploration </u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On September 14, 2023, the Company released the results of four holes from below Level 17, the current deepest workings at the ET area of the Avino system. The drill holes hit substantial widths at grades well above our current cutoff grade on all four drill holes.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;&nbsp; &nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Selected Intercept Highlights:</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td colspan="2"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Hole ET 23-13: </strong>0.70 % Cu, 31 Ag g/t and 0.21 Au g/t over 44.40 metres true width</p></td></tr> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">o</p></td> <td style="vertical-align:top;">including 1.10 % Cu, 42 Ag g/t and 0.58 Au g/t over 9.85 metres true width</td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td colspan="2"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Hole ET 23-10:</strong> 0.39 % Cu, 36 Ag g/t and 0.07 Au g/t over 27.15 metres true width</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">o</p></td> <td style="vertical-align:top;">including 0.47 % Cu, 59 Ag g/t g and 0.09 Au g/t over 13.2 metres true width</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">10&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Details are shown in the table below. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Table 1 &#8211; Summary Drill Results</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;&nbsp; </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><img src="avino_ex992img4.jpg"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong><em>1.&nbsp;</em></strong>&nbsp;</p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>AgEq in drill results above assumes $1,850/ oz Au and $22.00 oz/ Ag, and $4.00/ lb Cu, and 100% metallurgical recovery</em></strong></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">2.&nbsp;&nbsp;</p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>STW = Stockwork Veins, HX BX = Hanging wall Breccia </em></strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Avino Drills Best Intercept in Company History</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On July 5, 2023, the Company released the results of three holes from below Level 17, the current deepest workings at the ET area of the Avino system. Drill Hole ET-23-09 showed 57 metres true width of mineralization and is a step-out 50 metres to the west of Avino&#8217;s most westerly drill hole at 200 metres downdip below Level 17. This mineralized intercept is exceptionally wide and has very high silver, gold and copper grades. The vein system continues to be open along strike and at depth.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Selected Intercept Highlights:</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Hole ET 23-09: </strong>296 AgEq g/t over 57 metres true width, including 407 AgEq g/t over 37 metres true width and 2,866 AgEq g/t over 3.43 metres true width <em>(To view images of the corresponding core, please click </em><em>here</em><em>)</em></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Hole ET 23-07:</strong> 230 AgEq g/t over 11 metres true width</p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Previously, the Company reported the extension of the Avino Vein to a further 500 metres downdip below the lowest current production mining level. Drill Hole ET-23-09 shows 57 metres true width of mineralization and is a step out 50 metres to the west of Avino&#8217;s most westerly drill hole at 200 metres downdip below Level 17. This continuing exploration program is testing the continuity of the steeply dipping mineralization. Avino has enlisted world-renowned consulting geologists to contribute to the geological theory to drive understanding of the mineralization characteristics. The depth extent of at least 750 metres of known mineralization is unusual in comparison with most Mexican epithermal deposits.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">11 | <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Details are shown in the table below. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Table 1 &#8211; Summary Drill Results</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;&nbsp; &nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><img src="avino_ex992img5.jpg"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong><em>1.&nbsp;</em></strong>&nbsp;</p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>AgEq in drill results below assumes $22.00 oz/ Ag and $1,850/ oz Au and $4.00/ lb. Cu, and 100% metallurgical recovery.</em></strong></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>2.&nbsp;</strong>&nbsp;</p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>STW = Stockwork Veins </em></strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company budgeted 8,000 metres of drilling in 2023, with a focus on the area at depth below the current ET production area, and completed approximately 7,500 metres of drilling in 2023.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Additional information on the Company&#8217;s exploration and evaluation properties by region is as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">(a) <em>Avino, Mexico</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The Company&#8217;s subsidiary Avino Mexico owns 42 mineral claims and leases four mineral claims in the state of Durango, Mexico. The Company&#8217;s mineral claims in Mexico are divided into the following four groups:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">(i) Avino Mine area property</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">(ii) Gomez Palacio/Ana Maria property</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">The Ana Maria property is located near the town of Gomez Palacio, and consists of nine exploration concessions covering 2,549 hectares, and is also known as the Ana Maria property.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">12&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">&nbsp;</p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">(iii) Santiago Papasquiaro property</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">(iv) Unification La Platosa properties</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 90px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">(b) <em>La Preciosa, Mexico</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">On March 21, 2022, the Company completed the acquisition of the La Preciosa property from Coeur Mining Inc. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">La Preciosa consists of 15 exploration concessions totaling 6,011 hectares located in Durango, Mexico, within the municipalities of Panuco de Coronado and Canatlan. The property is located within 20 kilometres of the Company&#8217;s current Avino mining operations.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">(c) <em>British Columbia &amp; Yukon, Canada</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>Eagle Property - Yukon</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">During the year ended December 31, 2023, the Company sold to a subsidiary of Hecla Mining Company (&#8220;Hecla&#8221;) the Eagle Property for cash consideration of C$250.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>Minto and Olympic-Kelvin properties</strong><strong> &#8211; British Columbia</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">On May 2, 2022, the Company granted Endurance Gold Corporation the right to acquire an option to earn 100% ownership of the former Minto Gold Mine, Olympic and Kelvin gold prospects contained within a parcel of crown grant and mineral claims (the &#8220;Olympic Claims&#8221;). </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">As of December 31, 2023, Endurance was in compliance with all terms of the Option agreement. See Note 8 of the consolidated financial statements for further details.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Qualified Person(s)</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Peter Latta, P.Eng, MBA, Vice President, Technical Services, Avino, is a qualified person within the context of National Instrument 43-101, and has reviewed and approved the technical data in this document.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">13&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Non &#8211; IFRS Measures</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>EBITDA and Adjusted earnings</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Earnings, or loss, before interest, taxes and amortization (&#8220;EBITDA&#8221;) is a non IFRS financial measure which excludes the following items from net earnings:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">Income tax expense</td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">Finance cost</td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">Amortization and depletion</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Adjusted earnings excludes the following additional items from EBITDA</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Share based compensation;</p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Non-operational items including foreign exchange movements, fair value adjustments on outstanding warrants and other non-recurring items</p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Management believes EBITDA and adjusted earnings provides an indication of continuing capacity to generate operating cash flow to fund capital needs, service debt obligations and fund capital expenditures. These measures are intended to provide additional information to investors and analysts. There are not standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of operating performance prepared in accordance with IFRS.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Adjusted earnings excludes share-based payments, and non-operating or recurring items such as foreign exchange gains and losses and fair value adjustments on outstanding warrants. Under IFRS, entities must reflect within compensation expense the cost of share-based payments. 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 earnings to aid in understanding the results of the Company.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following table provides a reconciliation of net earnings in the financial statements to EBITDA and adjusted earnings:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;border-top:#000000 1px solid;border-right:#000000 1px solid;border-bottom:#000000 1px solid;text-align:left;font:10pt times new roman;border-left:#000000 1px solid;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in"><strong>Expressed in 000&#8217;s of US$, unless otherwise noted</strong></p></td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Q4 2023</strong></p></td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>Q4 2022</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>FY 2023</strong></p></td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;"><strong>FY 2022</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Net income for the period</p></td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">563</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,296</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">542</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,096</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Depreciation and depletion</p></td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">744</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">628</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">2,919</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,186</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Interest income and other</p></td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(180</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">47</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(414</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(20</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Interest expense</p></td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">106</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">33</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">381</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">99</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Finance cost</p></td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">1</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">85</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">81</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">273</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Accretion of reclamation provision</p></td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">13</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">12</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">49</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">44</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Current income tax expense</p></td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">118</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">502</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(527</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,144</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Deferred income tax (recovery) expense</p></td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(245</td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">604</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(525</td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">3,440</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">EBITDA</p></td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">1,120</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,207</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">2,506</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,262</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Fair value adjustment on warrant liability</p></td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">1</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">297</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(478</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,395</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Share-based payments</p></td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">460</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">406</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">2,269</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,024</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Write down of equipment</p></td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">319</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">330</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">414</td> <td style="BORDER-RIGHT: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">330</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Foreign exchange loss (gain)</p></td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">72</td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(214</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(110</td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">17</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Adjusted earnings</p></td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">1,972</td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">4,026</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">4,601</td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">10,238</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Shares outstanding (diluted)</p></td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid; background-color:#8e8e8e;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-TOP: #000000 0px solid; BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid; background-color:#8e8e8e;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">127,763,043</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid; background-color:#8e8e8e;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">120,097,423</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid; background-color:#8e8e8e;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-TOP: #000000 0px solid; BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid; background-color:#8e8e8e;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">125,346,674</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid; background-color:#8e8e8e;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">117,615,898</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Adjusted earnings per share</p></td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid; background-color:#8e8e8e;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">$&nbsp;</p></td> <td class="ffcell" style="BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid; background-color:#8e8e8e;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">0.02</p></td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid; background-color:#8e8e8e;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">$&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">0.03</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid; background-color:#8e8e8e;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">$&nbsp;</p></td> <td class="ffcell" style="BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid; background-color:#8e8e8e;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">0.04</p></td> <td style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 0px solid; background-color:#8e8e8e;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">$&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">0.08</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">14&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Cash Cost and All-in Sustaining Cash Cost per Silver Equivalent Payable Ounce</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; 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, before penalties, treatment charges, and refining charges, multiplied by the ratio of the average spot gold and copper prices for the corresponding period.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Cash cost per payable ounce and all-in sustaining cash cost per payable ounce 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 and all-in sustaining cash cost per payable ounce 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 as issued by the IASB, and are disclosed in addition to IFRS measures.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>Cash cost per payable ounce</em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company&#8217;s calculation of all-in sustaining cash costs includes sustaining capital expenditures of $1,041 for the year ended December 31, 2023 (December 31, 2022 - $3,473) and all of which is attributable to the Avino Mine.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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 non-IFRS 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 accurately due to rounding.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">15&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>&nbsp;</strong></p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following table reconciles cost of sales to cash cost per payable AgEq oz and all-in sustaining cash cost per payable AgEq oz for the preceding quarters:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;border-top:#000000 1px solid;border-right:#000000 1px solid;border-bottom:#000000 1px solid;text-align:left;font:10pt times new roman;border-left:#000000 1px solid;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Expressed in 000&#8217;s of US$, unless otherwise noted</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="30"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Avino &#8211; Consolidated</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>Q4 2023</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>Q3 2023</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>Q2 2023</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>Q1 2023</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>Q4 2022</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>Q3 2022</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>Q2 2022</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>Q1 2022</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Cost of sales</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">9,969</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">9,952</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">8,175</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">7,974</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">10,293</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">7,058</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">5,468</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">6,306</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Exploration expenses</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(148</td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(41</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(27</td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(95</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(472</td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(336</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(305</td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(296</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Write down of equipment and supplies and materials inventory</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(319</td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(4</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(91</td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(330</td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">-</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Depletion and depreciation</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(717</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">(720</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(677</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">(670</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(592</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">(514</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(481</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">(459</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Cash production cost</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">8,785</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">9,187</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">7,380</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">7,209</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">8,899</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">6,208</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">4,682</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">5,551</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Payable silver equivalent ounces sold</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">584,061</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">543,686</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">452,011</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">506,727</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">756,536</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">603,360</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">594,700</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">495,109</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Cash cost per silver equivalent ounce</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">15.04</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">16.90</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">16.33</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">14.22</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">11.76</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">10.29</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">7.87</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">11.21</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">General and administrative expenses</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">2,080</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,907</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">2,338</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,524</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">2,094</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,553</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">2,218</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,316</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Treatment &amp; refining charges</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">978</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,001</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">651</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">709</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">784</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">568</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">700</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">766</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Penalties</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">834</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">535</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">634</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">898</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">1,649</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,705</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">897</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">1,578</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Sustaining capital expenditures</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">318</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">289</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">270</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">164</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">639</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">672</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">1,586</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">576</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Exploration expenses</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">148</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">41</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">27</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">95</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">472</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">336</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">305</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">296</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Share-based payments and G&amp;A depreciation</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(487</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">(665</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(878</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">(374</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(442</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">(591</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(899</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">(230</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Cash operating cost</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">12,655</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">12,335</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">10,422</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">10,223</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">14,095</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">10,451</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">9,489</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">9,853</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">AISC per silver equivalent ounce</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">21.67</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">22.69</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">23.06</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">20.17</td> <td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">18.63</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">17.32</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">15.95</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">19.90</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table></p> <p style="margin:0px"></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following table reconciles cash cost per AgEq oz production cost to all-in sustaining cash cost per AgEq oz for the year ended December 31, 2023, and 2022:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;border-top:#000000 1px solid;border-right:#000000 1px solid;border-bottom:#000000 1px solid;text-align:left;font:10pt times new roman;border-left:#000000 1px solid;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Expressed in 000&#8217;s of US$, unless otherwise noted</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Avino - Consolidated</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FY 2023</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FY 2022</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Cost of sales</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">36,070</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">29,125</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Exploration expenses</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(311</td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,410</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Write down of equipment and supplies and materials inventory</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(414</td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(330</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Depletion and depreciation</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(2,784</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(2,046</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Cash production cost</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">32,561</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">25,339</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Payable silver equivalent ounces sold</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">2,086,485</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,449,704</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Cash cost per silver equivalent ounce</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">15.61</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10.34</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">General and administrative expenses</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">7,889</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,180</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Treatment &amp; refining charges</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">3,339</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,817</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Penalties</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">2,900</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,828</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Sustaining capital expenditures</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">1,041</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,473</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Exploration expenses</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">311</td> <td style="width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,410</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Share-based payments and G&amp;A depreciation</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">(2,404</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(2,164</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Cash operating cost</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">48,637</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">43,883</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">AISC per silver equivalent ounce</p></td> <td style="BORDER-LEFT: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;vertical-align:bottom; background-color:#8e8e8e;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom; background-color:#8e8e8e;text-align:right;">21.87</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%; background-color:#8e8e8e;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">17.91</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">16&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Working Capital </u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Management uses working capital to assessment the Company&#8217;s ongoing liquidity position and future requirements, and believe it provides useful information to an investor. The Company&#8217;s working capital position is as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 7.1pt; text-align:right;">December 31, </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 7.1pt; text-align:right;">2023</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">December 31, </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">2022</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Current assets </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">23,535</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">25,585</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Current liabilities&nbsp; </p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(13,808</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(16,764</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt"><strong>Working capital</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">9,727</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">8,821</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table></p> <p style="margin:0px"></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Results of Operations</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Summary of Quarterly Results</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px;background-color:#8e8e8e"> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid; BORDER-LEFT: #000000 0px solid;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>(000&#8217;s)</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2023</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2023</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2023</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2022</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2022</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2022</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2022</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-TOP: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>2022</strong></p></td> <td style="BORDER-TOP: #000000 0px solid; BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 0px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#8e8e8e"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Quarter ended</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Dec 31 </strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Q4</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Sep 30 </strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Q3</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Jun 30 </strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Q2</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Mar 31 </strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Q1</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Dec 31 </strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Q4</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Sep 30 </strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Q3</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Jun 30 </strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Q2</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Mar 31 </strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">Q1</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Revenue</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">12,530</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">12,316</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">9,218</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">9,825</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">14,649</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">9,118</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">9,370</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">11,050</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Net income (loss) </strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">563</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">(803</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">1,134</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">(352</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">1,296</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">(1,129</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">2,283</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">646</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Earnings (loss) per share - basic</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">0.00</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">(0.01</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">0.01</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">0.00</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">0.01</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">(0.01</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">0.02</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">0.01</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Earnings (loss) per share - diluted</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">0.00</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">(0.01</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">0.01</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">0.00</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">0.01</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">(0.01</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">0.02</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">0.01</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Total </strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Assets</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">128,340</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">123,493</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">120,469</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">118,606</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">121,196</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">118,404</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">118,092</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:right;">114,507</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table></p> <p style="margin:0px"></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">During Q4 2023, revenue increased compared to the comparable 2023 quarters, as a result of higher realized silver and gold metal prices and slightly higher silver equivalent ounces sold. When compared to Q4 2022, revenues were lower due to lower ounces sold. The increased revenues and ounces sold in Q4 2022 were due to better than expected grades in mining production and recoveries in the mill process, thus resulting in higher overall ounces sold. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Net income and earnings/loss per share in Q4 2023 was positive primarily due to improved operating margins compared to Q3 2023. When compared to Q4 2022, net income decreased, primarily due to the stronger operating margins realized in Q4 2022, as described above. For further details see &#8220;Financial Results&#8221; section.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Total assets have increased overall when compared to previous quarters, as result of the acquisition of La Preciosa as well as operating and financing cash flow generation, and capital investment in the operation. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; 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 these fluctuations are mainly caused by market conditions such as fluctuations in metal prices, currency fluctuations as well as variations in mineralization of the zones mined. </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">17&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Discussion and analysis relating to the Company&#8217;s financial position, as well as movements in cash flow, is as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Selected Annual Information - Statement of Financial Position</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>(000&#8217;s)</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">December 31,</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">2023</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">December 31,</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">2022</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">December 31,</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">2021</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Cash </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,688</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,245</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">24,765</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Total current assets</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">23,535</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">25,585</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">35,478</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Total assets</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">128,340</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">121,196</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">86,278</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Total current liabilities</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">13,808</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">16,764</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,843</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Total liabilities</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">22,339</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">23,175</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,771</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Share capital</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">151,688</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">145,515</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">129,953</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Accumulated deficit </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(51,423</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(52,096</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(55,953</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Total equity</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">106,001</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">98,021</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">78,507</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table></p> <p style="margin:0px"></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Cash and current assets have decreased year over year, as a result of the acquisition of La Preciosa in 2022, as well as capital re-investment into mining operations at Avino and exploration expenditures. As a result of these capital acquisitions, total assets have increased year over year.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Total current liabilities decreased in 2023 compared to 2022 as a result of the repayment of the $5 million note payable arising from the La Preciosa acquisition that closed during 2022, as well as reductions in taxes payable and the expiration of the warrants associated with the warrant liability. The decrease was partially offset by an increase in accounts payable and accrued liabilities and the current portion of finance lease obligations. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Current and total liabilities had increased in 2022 from 2021 as a result of the addition of the aforementioned $5 million note payable, as well as increases to accounts payable as the Company ramped up production mining activities during 2022.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Share capital and total equity increased year over year as a result of shares issued as partial consideration for the La Preciosa transaction in 2022 upon closing, as well as At The Market (&#8220;ATM&#8221;) share issuances for capital expansion purposes.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Accumulated deficit has decreased year over year as a result of profitable operations in both 2023 and 2022. Further details are available on operations in the &#8220;Financial Results&#8221; sections.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Cash Flow </u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>(000&#8217;s)</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">December 31,</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">2023</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">December 31,</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">2022</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Cash generated by operating activities</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,488</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,831</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Cash generated by (used in) financing activities</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,488</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,149</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Cash used in investing activities</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(13,531</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(24,101</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Change in cash </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(8,555</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(13,419</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Effect of exchange rate changes on cash </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(101</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Cash, beginning of period</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">11,245</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">24,765</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: black 3px double;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Cash, end of period</strong></p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">2,688</td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">11,245</td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">18&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Operating Activities</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Cash generated by operating activities for the year ended December 31, 2023, was $1.5 million, a decrease of $10.3 million compared to $11.8 million for the year ended December 31, 2022. Cash movements from operating activities can fluctuate with changes in net income and working capital movements. In 2023, cash generated from operating activities decreased by $10.3 million primarily due to lower mine operating income as a result of higher levels of production activities (mining and milling) with limited increase in sales volumes during the quarter and an increase in operating costs resulting from the strengthening of the Mexican Peso compared to the US dollar. Other movements are primarily a result of working capital changes between the two periods.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Financing Activities</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Cash provided by financing activities was $3.5 million for year ended December 31, 2023, compared to $1.1 million used for the year ended December 31, 2022. The movement is a result of proceeds from shares issued on the ATM, partially offset by higher payments of lease and equipment loan. During the year ended December 31, 2023, the Company received net proceeds from issuance of shares for cash of $5.2 million (December 31, 2022 &#8211; $0.03 million). The Company also made finance lease and equipment loan payments totalling $1.7 million (December 31, 2022 - $1.2 million).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Investing Activities</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Cash used in investing activities for the year ended December 31, 2023, was $13.5 million compared to $24.1 million for the year ended December 31, 2022. Cash used in investing activities included $8.5 million (December 31, 2022 - $9.0 million) spent on the acquisition of property and equipment and exploration expenditures, as well as $5.0 million related to the repayment of the promissory note associated with the acquisition of La Preciosa during the year ended December 31, 2023, compared to $15.1 million in the upfront payments in the year ended December 31, 2022.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Liquidity and Capital Resources</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; 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 continue with sustainable and profitable mining operations.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; 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. </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">19&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company&#8217;s recent financing activities are summarized in the table below.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;border-right:#000000 1px solid;border-bottom:#000000 1px solid;text-align:justify;width:100%" cellpadding="2"> <tr style="height:15px"> <td style="border-top:#000000 1px solid;border-left:#000000 1px solid;padding:2px;width:50%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Intended Use of Proceeds</strong></p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Actual Use of Proceeds</strong></p></td></tr> <tr style="height:15px"> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">During 2023, the Company received net proceeds of $5.2 million in connection with a brokered at-the-market offering issued under prospectus supplements.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">As of the date of this MD&amp;A, the Company has used the funds as intended.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">During 2023, all funds were used for exploration and evaluation activities, the acquisition of property and equipment, and the repayments of capital equipment acquired under lease and loan.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">During 2021, the Company received net proceeds of $18.1 million in connection with a brokered at-the-market offering issued under prospectus supplements, $0.8 million in connection with warrants exercised and $0.2 million in connection with stock options exercised. </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">As of the date of this MD&amp;A, the Company has used the funds as intended. During 2021, the Company announced an increase to its exploration from 12,000 to 30,600 metres of exploration and resource drilling. As of the date of this MD&amp;A, over 20,000 metres of the program had been completed.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In supporting mining operations in Mexico, the Company acquired La Preciosa for net cash consideration of $15.4 million. During 2022, the remaining $3.7 million was used for exploration and evaluation activities, the acquisition of property and equipment, the repayment of capital equipment acquired under lease and loan.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">During 2020, the Company received net proceeds of $4.7 million in connection with a brokered at-the-market offering issued under prospectus supplements and $3.7 million in connection with warrants exercised. </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="border-top:#000000 1px solid;padding-bottom:2px;padding-top:2px;padding-left:2px;border-left:#000000 1px solid;padding-right:2px;padding:2px;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">As of the date of this MD&amp;A, the Company had used the funds as intended. There has been no impact on the ability of the Company to achieve its business objectives and milestones. </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table></p> <p style="margin:0px"></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Off-Balance Sheet Arrangements</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company has no off-balance sheet arrangements.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Transactions with Related Parties</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.5in; text-align:justify;">(a) Key management personnel</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">The Company has identified its directors and certain senior officers as its key management personnel. The compensation costs for key management personnel for the years ended December 31, 2023 and 2022 is as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:85%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">2023</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">2022</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Salaries, benefits, and consulting fees</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,184</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,228</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Share-based payments</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,782</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,566</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: black 3px double;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">2,966</td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">2,794</td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table></p> <p style="margin:0px"></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.5in; text-align:justify;">(b)&nbsp; Amounts due to/(from) related parties</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">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. </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">20&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">The following table summarizes the amounts were due to/(from) related parties:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:85%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">December 31,</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">2023</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">December 31,</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">2022</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Oniva International Services Corp.</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">102</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">100</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Silver Wolf Exploration Ltd.</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(269</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(72</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: black 3px double;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">(167</td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">28</td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table></p> <p style="margin:0px"></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.5in; text-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 year ended December 31, 2023, the Company paid $285 (December 31, 2022 - $326) to ICC.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.5in; text-align:justify;">(c)&nbsp; Other related party transactions</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">The Company has a cost sharing agreement with Oniva International Services Corp. (&#8220;Oniva&#8221;) for office and administration services. Pursuant to the cost sharing agreement, the Company will reimburse Oniva for the Company&#8217;s percentage of overhead and corporate expenses and for out-of-pocket expenses incurred on behalf of the Company, with a 2.5% markup. David Wolfin, President &amp; CEO, and a director of the Company, is the sole owner of Oniva. The cost sharing agreement may be terminated with one-month notice by either party without penalty. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">The transactions with Oniva during the year ended December 31, 2023 and 2022, are summarized below:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:85%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">2023</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">2022</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Salaries and benefits</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">953</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">878</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Office and miscellaneous</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">482</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">461</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,435</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,339</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table></p> <p style="margin:0px"></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 21.3pt; text-align:justify;"><strong><u>Financial Instruments and Risks</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 21.3pt; 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, long-term investments, and warrant liability are recorded at fair value. The carrying amounts of the Company&#8217;s equipment loans, and finance lease obligations are a reasonable approximation of their fair values based on current market rates for similar financial instruments.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 21.3pt; text-align:justify;">The Company&#8217;s financial instruments are exposed to certain financial risks, including credit risk, liquidity risk, and market risk.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">(a) Credit Risk</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company has exposure to credit risk through its cash, long-term investments and amounts receivable. The Company manages credit risk, in respect of cash and short-term investments, by maintaining the majority of cash and short-term investments at highly rated financial institutions.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">21 | <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">The Company is exposed to a significant concentration of credit risk with respect to its trade accounts receivable balance because all of its concentrate sales are with three (December 31, 2022 &#8211; two) 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">The Company&#8217;s maximum exposure to credit risk at the end of any period is equal to the carrying amount of these financial assets as recorded in the unaudited condensed consolidated interim statement of financial position. At December 31, 2023, no amounts were held as collateral.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">(b) Liquidity Risk</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">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, 2023, in the amount of $2,688 and working capital of $9,727 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 note payable and finance lease obligations are due within 12 months of the condensed consolidated interim statement of financial position date. Amounts due to related parties are without stated terms of interest or repayment. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.7pt; text-align:justify;">The maturity profiles of the Company&#8217;s contractual obligations and commitments as at December 31, 2023, are summarized as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.7pt; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:85%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>Total</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>Less Than</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>1 Year</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>1-5 years</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>More Than 5</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>Years</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Accounts payable and accrued liabilities</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,867</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,867</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Minimum rental and lease payments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,920</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">714</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,241</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,965</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Equipment loans</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">405</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">188</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">217</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Finance lease obligations</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">3,361</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,830</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,531</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Total</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">21,553</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">14,599</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,989</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">3,965</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table></p> <p style="margin:0px"></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">(c) Market Risk</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.5pt; text-align:justify;">Market risk consists of interest rate risk, foreign currency risk and price risk. These are discussed further below.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.5pt; text-align:justify;"><u>Interest Rate Risk</u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.5pt; text-align:justify;">Interest rate risk consists of two components:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 53.25pt; text-align:justify;">(i) 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 53.25pt; text-align:justify;">(ii) 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.3pt; text-align:justify;">In management&#8217;s opinion, the Company is not materially exposed to interest rate risk, as any material debt obligations that bear interest are fixed and not subject to floating interest rates. A 10% change in the interest rate would not a result in a material impact on the Company&#8217;s operations.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.3pt; text-align:justify;">&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">22&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.5pt; text-align:justify;"><u>Foreign Currency Risk</u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; 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:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">December 31, 2023</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="6"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">December 31, 2022</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">MXN</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">CDN</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">MXN</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">CDN</p></td> <td style="PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Cash</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">13,338</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">70</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,097</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">250</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Due from related parties</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,558</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,402</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Long-term investments</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,164</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,365</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Reclamation bonds</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Amounts receivable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">18,644</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">26</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">34</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Accounts payable and accrued liabilities</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(95,662</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(150</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(85,486</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(108</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Due to related parties</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(135</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(135</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Finance lease obligations</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(1,129</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(217</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(161</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(343</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Net exposure</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(60,251</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">764</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(80,148</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,067</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: black 3px double;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">US dollar equivalent</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">(3,567</td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">577</td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">(4,136</td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">1,526</td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table></p> <p style="margin:0px"></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">Based on the net US dollar denominated asset and liability exposures as at December 31, 2023, a 10% fluctuation in the US/Mexican and Canadian/US exchange rates would impact the Company&#8217;s earnings for the year ended December 31, 2023, by approximately $304 (year ended December 31, 2022 - $275). The Company has not entered into any foreign currency contracts to mitigate this risk.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;"><u>Price Risk</u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; 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. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">The Company is exposed to price risk with respect to its amounts receivable, as certain trade accounts receivable are recorded based on provisional terms that are subsequently adjusted according to quoted metal prices at the date of final settlement. Quoted metal prices are affected by numerous factors beyond the Company&#8217;s control and are subject to volatility, and the Company does not employ hedging strategies to limit its exposure to price risk. At December 31, 2023, 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 $134 (December 31, 2022 - $65).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; 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, 2023, a 10% change in market prices would have an impact on net earnings (loss) of approximately $86 (December 31, 2022 - $175).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; 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.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">23&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">(d) Classification of Financial Instruments</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; 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, 2023:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;border-top:#000000 1px solid;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">Level 1</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">Level 2</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">Level 3</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Financial assets</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Cash </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,688</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Amounts receivable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,303</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Long-term investments</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">934</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Total financial assets</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">3,622</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">3,303</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table></p> <p style="margin:0px"></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; 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, 2022:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;border-top:#000000 1px solid;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">Level 1</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">Level 2</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">Level 3</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Financial assets</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Cash </p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,245</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Amounts receivable</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,672</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Long-term investments</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,746</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Total financial assets</strong></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">12,991</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,672</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Financial liabilities</strong></p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Warrant liability</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(475</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: black 3px double;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Total financial liabilities </strong></p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">(475</td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr></table></p> <p style="margin:0px"></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 35.45pt; text-align:justify;">The Company uses Black-Scholes model to measure its Level 3 financial instruments. As at December 31, 2023, the Company&#8217;s has no Level 3 financial instruments (December 31, 2022 &#8211; consisted of the warrant liability). </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Commitments</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 17.85pt; text-align:justify;">The Company has a cost sharing agreement to reimburse Oniva for a percentage of its overhead expenses, to reimburse 100% of its out-of-pocket expenses incurred on behalf of the Company, and to pay a percentage fee based on Oniva&#8217;s total overhead and corporate expenses. The agreement may be terminated with one-month notice by either party. Transactions and balances with Oniva are disclosed in Note 12 of the consolidated financial statements.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 17.85pt; 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:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:92%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 8.75pt; text-align:right;">December 31, </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 8.75pt; text-align:right;">2023</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">December 31, </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">2022</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Not later than one year</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">714</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">105</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Later than one year and not later than five years</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,241</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">347</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Later than five years</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">3,965</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">398</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: black 3px double;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">5,920</td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">850</td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table></p> <p style="margin:0px"></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.25in; text-align:justify;">Office lease payments recognized as an expense during the year ended December 31, 2023, totalled $29 (December 31, 2022 - $18).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.25in; text-align:justify;">&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">24&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Subsequent Events</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>At-The-Market Sales &#8211; </strong>Subsequent to December 31, 2023, the Company issued 1,886,248 common shares in at-the-market offerings under prospectus supplement for gross proceeds of $900.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Outstanding Share Data</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company&#8217;s authorized share capital consists of an unlimited number of common shares without par value.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">As at March 20, 2024 the following common shares, warrants, and stock options were outstanding:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 7.1pt; text-align:right;">Number of shares</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 7.1pt; text-align:right;">Exercise price</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 7.1pt; text-align:right;">Remaining life (years)</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Share capital</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">130,325,696</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Restricted Share Units (&#8220;RSUs&#8221;)</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,994,709</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 7.1pt; text-align:right;">1.01 &#8211; 2.02</p></td> <td style="width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Stock options</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">6,476,000</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 7.1pt; text-align:right;">C$0.79 - C$1.64</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 7.1pt; text-align:right;">0.42 &#8211; 4.31</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 7.1pt">Fully diluted</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">139,796,405</td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table></p> <p style="margin:0px"></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following are details of outstanding stock options as at December 31, 2023 and March 20, 2024:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;border-right:#000000 1px solid;border-bottom:#000000 1px solid;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:25%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Expiry Date</strong></p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:25%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Exercise Price Per Share </strong></p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:25%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Number of Shares Remaining Subject to Options</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>(December 31, 2023)</strong></p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:25%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Number of Shares Remaining Subject to Options </strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>(March 20, 2024)</strong></p></td></tr> <tr style="height:15px"> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1.7pt">August 21, 2024</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">C$0.79</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">126,000</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">126,000</p></td></tr> <tr style="height:15px"> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1.7pt">August 4, 2025</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">C$1.64</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">1,660,000</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">1,620,000</p></td></tr> <tr style="height:15px"> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1.7pt">March 25, 2027</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">C$1.20</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">2,330,000</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">2,255,000</p></td></tr> <tr style="height:15px"> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1.7pt">May 4, 2027</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">C$0.92</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">25,000</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">25,000</p></td></tr> <tr style="height:15px"> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1.7pt">March 29, 2028</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">C$1.12</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">2,375,000</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">2,300,000</p></td></tr> <tr style="height:15px"> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1.7pt">July 10, 2028</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">C$1.12</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">150,000</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">150,000</p></td></tr> <tr style="height:15px"> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 1.7pt"><strong>Total:</strong></p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>6,666,000</strong></p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>6,476,000</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The following are details of outstanding RSUs as at December 31, 2023 and March 20, 2024:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;border-right:#000000 1px solid;border-bottom:#000000 1px solid;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:33%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Expiry Date</strong></p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:33%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Number of Shares Remaining Subject to RSUs</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>(December 31, 2023)</strong></p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:34%;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Number of Shares Remaining Subject to RSUs</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>(March 20, 2024)</strong></p></td></tr> <tr style="height:15px"> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">March 25, 2025</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">1,162,265</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">1,162,265</p></td></tr> <tr style="height:15px"> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">March 29, 2026</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">1,832,444</p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">1,832,444</p></td></tr> <tr style="height:15px"> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Total:</strong></p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>2,994,709</strong></p></td> <td style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>2,994,709</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">25&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Recent Accounting Pronouncements</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>New and amended IFRS that are effective for the current year:</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In the current year, the Company has applied the below amendments to IFRS Standards and Interpretations issued by the IASB that were effective for annual periods that begin on or after January 1, 2023. These standards did not have a material impact on the Company&#8217;s disclosures or on the amounts in the current reporting periods.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><u>Amendments to IAS 1 &#8211; <em>Presentation of Financial Statements </em>and IFRS Practice Statement 2 <em>Making Material Judgments &#8211; Disclosure of Accounting Policies</em></u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The amendments change the requirements in IAS 1 with regards to disclosure of accounting policies. The amendments replace all instances of the term &#8220;significant accounting policies&#8221; with &#8220;material accounting policy information.&#8221; Accounting policy information is material if, when considered together with other information included in an entity&#8217;s financial statements, it can reasonable by expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events, or conditions, is immaterial and not required to be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events, or conditions, even of the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events, or conditions, is itself material. The IASB has also developed guidance and examples to explain and demonstrate the application of the &#8220;four-step materiality process&#8221; described in IFRS Practice Statement 2.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The amendments were applied effective January 1, 2023, and did not have a material impact on the Company&#8217;s interim consolidated financial statements.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><u>Amendments to IAS 8 &#8211; <em>Accounting Policies, Changes in Accounting Estimates and Errors &#8211; Definition of Accounting Estimates</em></u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The amendments replace the definition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are &#8220;monetary amounts in financial statements that are subject to measurement uncertainty.&#8221;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The definition of a change in accounting estimates was deleted; however, the IASB retained the concept of changes in accounting estimates in the Standard with the following clarifications:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">A change in accounting estimate that results from new information or new developments is not a correct of an error</td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;">The effects of a change in an input or a measurement technique used to develop an accounting estimate are changes in accounting estimates if they do not result from the correction of prior period errors</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The amendments were applied effective January 1, 2023, and did not have a material impact on the Company&#8217;s interim consolidated financial statements.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><u>Amendments to IAS 12 &#8211; <em>Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction</em> </u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The amendments clarify that companies are required to recognize deferred taxes on transactions where both assets and liabilities are recognized, such as with leases and decommissioning liabilities. The amendments were applied effective January 1, 2023, and did not have a material impact on the Company&#8217;s interim consolidated financial statements.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">26 | <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Future Changes in Accounting Policies Not Yet Effective as at December 31, 2023:</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Certain new accounting standards and interpretations have been published that are not mandatory for the current period and have not been early adopted. These standards are not expected to have a material impact on the Company in the current or future reporting periods.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><u>Amendments to IAS 1 &#8211; C<em>lassification of Liabilities as Current or Non-Current with Covenants</em></u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In addition, the amendment&nbsp; requires entities to disclose information to enable users of the financial statements to understand the risk that non-current liabilities with covenants could become repayable within twelve months. The amendments are applied on or after the first annual reporting period beginning on or after January 1, 2024, with early application permitted. The amendment is not expected to have a material impact on the Company&#8217;s consolidated financial statements.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><u>Amendments to IFRS 16 &#8211; <em>Lease Liability in a Sale and Leaseback</em></u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The amendments require a seller/lessee to subsequently measure lease liabilities arising from a leaseback in a way that it does not recognize any amount of the gain or loss that relates to the right of use it retains. The new requirements do not prevent a seller/lessee from recognizing in profit or loss any gain or loss relating to the partial or full termination of a lease. A seller-lessee applies the amendments retrospectively in accordance with IAS 8 <em>Accounting Policies, Change in Accounting Estimates and Errors </em>to sale or leaseback transactions entered into after the date of initial application.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The amendments are applied on or after the first annual reporting period beginning on or after January 1, 2024, with early application permitted. The amendment is not expected to have a material impact on the Company&#8217;s consolidated financial statements.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Disclosure Controls and Procedures</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Management, including our principal executive officer and principal financial officer, has 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 as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) and has concluded that, based on its evaluation, that the Company&#8217;s disclosure controls and procedures were effective as of December 31, 2023.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong><u>Management&#8217;s Report on Internal Control over Financial Reporting (&#8220;ICFR&#8221;)</u></strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; 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 as issued by the IASB. 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 as issued by the IASB; 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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Management, including our principal executive officer and principal financial officer, 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. Based on this evaluation, management concluded that as of December 31, 2023, 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 and as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) were effective as of December 31, 2023. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The consolidated financial statements as at December 31, 2023, and for the years ended December 31, 2023 and 2022, have been audited by Deloitte LLP, an independent registered public accounting firm, and its attestation report on management's assessment of the Company&#8217;s internal control over financial reporting as of December 31, 2023 appearing immediately preceding the Company&#8217;s audited consolidated financial statements.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Our management and the Board of Directors do not expect that our disclosure controls and procedures or internal controls over financial reporting will prevent all errors or all instances of fraud. A control system, no matter how well designed and operated, can provide only reasonable (not absolute) assurance that the control system&#8217;s objectives will be met. Further, the design, maintenance and testing of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control gaps and instances of fraud have been detected. These inherent limitations include the reality that judgment in decision-making can be faulty, and that breakdowns can occur because of simple errors or mistakes. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design, maintenance and testing of any system of controls is based in part upon certain assumptions about the likelihood of future events, and any control system may not succeed in achieving its stated goals under all potential future conditions.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em><u>Changes in Internal Control Over Financial Reporting</u></em></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) or 15d-15(f) of the Exchange Act) that occurred during the year ended December 31, 2023, that have materially affected, or are reasonably likely to materially affect, the Company&#8217;s internal control over financial reporting, other than the changes described below.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; &nbsp;&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">27&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em><u>Remediation</u></em></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">In early 2023, the Company implemented a remediation plan to address the material weakness described in the management&#8217;s discussion and analysis for the year ended December 31, 2022. The material weakness is considered remediated when the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively. The remediation of the material weakness has been completed prior to the end of the year ended December 31, 2023.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company identified and remediated efforts to improve the effectiveness of our internal control over financial reporting. The Company implemented a more formal process for the analysis and review of the proper application of IFRS accounting for non-routine transactions, as well as instituting additional diligence procedures in reviewing non-routine transactions.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Cautionary Note regarding Reserves and Resources</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">National Instrument 43-101 <em>Standards of Disclosure for Mineral Projects </em>(&#8220;NI 43-101&#8221;), issued by the Canadian Securities Administrators, lays out the standards of disclosure for mineral projects. This includes a requirement that a certified Qualified Person (&#8220;QP&#8221;) (as defined under the NI 43-101) supervises the preparation of the mineral reserves and mineral resources. Peter Latta, Vice President, Technical Services is a certified QP for the Company and has reviewed this MD&amp;A for QP technical disclosures. All NI 43-101 technical reports can be found on the Company&#8217;s website at www.avino.com or under the Company&#8217;s profile on SEDAR+ at www.sedarplus.ca.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Cautionary Note to United States Investors Concerning Estimates of Mineral Reserves and Resources</strong> </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">This MD&amp;A has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws applicable to U.S. companies. Information concerning our mineral properties has been prepared in accordance with the requirements of Canadian securities laws, which differ in respects from the requirements of the United States Securities and Exchange Commission (the &#8220;SEC&#8221;) applicable to domestic United States issuers. Accordingly, the disclosure in this MD&amp;A regarding our mineral properties may not be comparable to the disclosure of United States issuers subject to the SEC&#8217;s mining disclosure requirements.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Additional Information</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Additional information on the Company, including the Company&#8217;s Annual Information Form and the Company&#8217;s audited consolidated financial statements for the year ended December 31, 2023, is available under the Company&#8217;s profile on SEDAR+ at www.sedarplus.ca and on the Company&#8217;s website at www.avino.com. </p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">28&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:25%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex992img6.jpg"></p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>FOR THE YEAR ENDED DECEMBER 31, 2023</strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Cautionary Statement</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;border-top:#000000 1px solid;border-right:#000000 1px solid;border-bottom:#000000 1px solid;text-align:left;border-left:#000000 1px solid;width:100%" cellpadding="2"> <tr style="height:15px"> <td style="padding:2px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; 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 March 20, 2024. 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. Material linked to the Company&#8217;s website within this MD&amp;A is not deemed to be incorporated by reference nor form a part of this MD&amp;A.</p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;&nbsp;&nbsp;</p> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;">29&nbsp;| <font style="color:#7f7f7f">Page</font></p></td></tr></table></p> <p style="margin:0px"></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p><body>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm139756900750432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">AVINO SILVER & GOLD MINES LTD.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000316888<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">6-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2023<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2023<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-35254<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address Address Line 1</a></td>
<td class="text">Suite 900<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address Address Line 2</a></td>
<td class="text">570 Granville Street<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address City Or Town</a></td>
<td class="text">Vancouver<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address State Or Province</a></td>
<td class="text">BC<span></span>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address Postal Zip Code</a></td>
<td class="text">V6C 3P1<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<td>xbrli:booleanItemType</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>na</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
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<td>na</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
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<td>na</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:normalizedStringItemType</td>
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<td>na</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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