<SEC-DOCUMENT>0001477932-25-003625.txt : 20250513
<SEC-HEADER>0001477932-25-003625.hdr.sgml : 20250513
<ACCEPTANCE-DATETIME>20250513162017
ACCESSION NUMBER:		0001477932-25-003625
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250513
FILED AS OF DATE:		20250513
DATE AS OF CHANGE:		20250513

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
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35254
		FILM NUMBER:		25940432

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AVINO MINES & RESOURCES LTD
		DATE OF NAME CHANGE:	19950607
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>avino_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html><head><title>avino_6k.htm</title><!--Document created 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:justify;">&nbsp;</p><!--Document created using EDGARMaster--> <table style="font-size:1px;width:100%"> <tr > <td style="BORDER-BOTTOM: 5px solid;"></td></tr> <tr > <td style="BORDER-BOTTOM: 2px solid;"></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 0in; text-align:center;"><strong>UNITED STATES</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>SECURITIES AND EXCHANGE COMMISSION</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>Washington, D.C. 20549</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 0in; text-align:center;"><strong><font style="font-size:18pt">FORM 6-K</font></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 0in; text-align:center;"><strong>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>UNDER THE SECURITIES EXCHANGE ACT OF 1934</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 0in; text-align:center;">For the Month of&nbsp;<strong><u>May 2025</u></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 0px 0px 0in; text-align:center;">Commission File Number:&nbsp;<strong><u>001-35254</u></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:justify;margin-left:auto;margin-right:auto;width:60%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px 0px 0px 0in"><strong><font style="font-size:18pt">AVINO SILVER &amp; GOLD MINES LTD.</font></strong></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 0in; text-align:center;"><strong><u>Suite 900, 570 Granville Street, Vancouver, BC V6C 3P1</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:center;">(Address of principal executive offices)</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;">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</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;">&#9744;&nbsp; Form 20-F&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&#9746; Form 40-F</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="font-size:1px;width:100%"> <tr > <td style="BORDER-BOTTOM: 2px solid;"></td></tr> <tr > <td style="BORDER-BOTTOM: 5px solid;"></td></tr></table> <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="TEXT-INDENT: 0px;"></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 0px 0px 0in; text-align:justify;">Explanatory Note - Information Contained in this Form 6-K Report Clarifies that information submitted with the Form 6-K is &#8220;furnished&#8221; versus filed.&nbsp;&nbsp;</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;">On&nbsp;May 13,&nbsp;2025, Avino Silver &amp; Gold Mines Ltd. issued a press release announcing Avino Achieves Another Quarter of Record Financial Performance for Q1 2025.&nbsp;A copy of the press release is furnished as Exhibit 99.1 to this report on Form 6-K.</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 information contained in this report and the exhibit hereto shall not be deemed to be &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filings made by Avino Silver &amp; Gold Mines Ltd. under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.</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;">Exhibits:</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;background-color:#cceeff"> <td style="width:6%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in"><a href="avino_ex991.htm">99.1</a></p></td> <td style="width:2%;"> <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 0px 0px 0in"><a href="avino_ex991.htm">News Release dated&nbsp;May 13, 2025</a></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;"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">2</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; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>SIGNATURES</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 0in; TEXT-INDENT: 33.75pt; text-align:justify;">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</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">&nbsp;</p></td> <td colspan="2"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in"><strong>Avino Silver &amp; Gold Mines, Ltd.</strong></p></td> <td></td></tr> <tr style="height:15px"> <td style="width:50%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:3%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:35%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:12%;"> <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 0px 0px 0in">Date:&nbsp;May 13, 2025</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">By:</p></td> <td style="BORDER-BOTTOM: 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in"><em>/s/ Jennifer Trevitt</em></p></td> <td></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 0px 0px 0in">Jennifer Trevitt</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 0px 0px 0in">Corporate Secretary</p></td> <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;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;text-align:center;margin:0px">3</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><body>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>avino_ex991.htm
<DESCRIPTION>NEWS RELEASE
<TEXT>
<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">&nbsp; </p> <p style="margin:0px"> <p style="margin:0px"> <p style="margin:0px"> <table style="border-spacing:0;font-size:10pt;text-align:justify;width:100%" cellpadding="3"> <tr style="height:15px"> <td style="padding:3px;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><img src="avino_ex991img6.jpg"></p></td> <td style="padding-bottom:3px;padding-top:3px;padding-left:3px;padding-right:3px;padding:3px;width:2%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="padding-bottom:3px;padding-top:3px;padding-left:3px;padding-right:3px;padding:3px;width:30%;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 30px"><font style="color:#255b83"><strong>ASM</strong>: TSX/NYSE American</font></p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 30px"><font style="color:#255b83">&nbsp;</font></p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 30px"><strong><font style="color:#255b83">Avino Silver &amp; Gold Mines Ltd.</font></strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 30px"><font style="color:#255b83">Suite 900-570 Granville Street</font></p> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 30px"><font style="color:#255b83">Vancouver, BC V6C 3P1&nbsp;</font></p></td> <td style="padding-bottom:3px;padding-top:3px;padding-left:3px;padding-right:3px;padding:3px;width:16%;vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong><font style="color:#255b83">T (604) 682 3701</font></strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="color:#255b83">F (604) 682 3600</font></p> <p style="font-size:10pt;font-family:times new roman;margin:0px"><font style="color:#255b83">www.avino.com</font></p></td></tr> <tr style="height:15px"> <td style="padding-bottom:3px;padding-top:3px;padding-left:3px;padding-right:3px;padding:3px;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="padding-bottom:3px;padding-top:3px;padding-left:3px;padding-right:3px;padding:3px;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="padding-bottom:3px;padding-top:3px;padding-left:3px;padding-right:3px;padding:3px;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="padding-bottom:3px;padding-top:3px;padding-left:3px;padding-right:3px;padding:3px;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="padding-bottom:3px;padding-top:3px;padding-left:3px;padding-right:3px;padding:3px;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="padding-bottom:3px;padding-top:3px;padding-left:3px;padding-right:3px;padding:3px;"> <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 0px solid;padding-bottom:3px;padding-top:3px;padding-left:3px;border-left:#000000 0px solid;padding-right:3px;padding:3px; background-color:#7f7f7f;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong><font style="color:white;font-size:18pt">NEWS RELEASE</font></strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="margin: 0px"></p> <p style="margin:0px"> <p style="margin:0px"> <p style="margin:0px"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>&nbsp;</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">May 13, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </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>AVINO ACHIEVES ANOTHER QUARTER OF RECORD FINANCIAL PERFORMANCE FOR Q1 2025</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;"><strong>Avino Silver &amp; Gold Mines Ltd. (ASM: TSX/NYSE American; FSE: GV6) </strong>a long-standing silver producer in Mexico, announces its audited consolidated financial results for the first quarter of 2025. All amounts are in U.S. dollars unless stated otherwise.</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;">&#8220;Avino started off 2025 the same way we ended 2024, achieving another quarter of record financial results and strong operational execution,&#8221; said David Wolfin, President and CEO. &#8220;The Company posted record earnings and continues to demonstrate strength across key financial metrics, as our operating margins further strengthened our debt-free balance sheet with record highs in working capital. Our operating costs decreased for another consecutive quarter and further increased margins, where we delivered record quarterly earnings. Looking forward to growth, I am thrilled with the development progress at La Preciosa, as we continue to work towards being a multi-asset producer. I would like to thank our operations team for continuing to deliver positive cost improvements, your dedication to the entire operation does not go unnoticed. With strong operational performance, a healthy cash position, and record working capital of over $31 million, Avino is well-positioned to capitalize on positive market trends in the precious metals sector. We remain disciplined and committed to our organic growth strategy. Backed by our financial strength, management is actively exploring opportunities to accelerate our expansion plans. We are focused and on track to deliver sustainable growth and long-term value for all stakeholders and shareholders.</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>First Quarter 2025 Financial Highlights (compared to Q1 2024)</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="margin:0px"> <p style="margin:0px"> <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="text-align:justify;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="text-align:justify;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px"><strong>Record Quarterly Net Income:</strong> Net income after taxes was $5.6 million, or $0.04 per share, a meaningful increase from $0.6 million, or $0.00 per share. Net income was also 10% higher than the $5.1 million realized in Q4 2024.</p></td></tr> <tr style="height:15px"> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td> <p style="text-align:justify;margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px"><strong>Robust Revenues: </strong>Avino realized revenues of $18.8 revenue, representing a 52% increase from Q1 2024, primarily as a result of increased metal prices and consistent production. At the end of the quarter, there was $5.6 million in concentrate sales receivable, that was settled subsequent to quarter end.</p></td></tr> <tr style="height:15px"> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td> <p style="text-align:justify;margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px"><strong>Record Quarterly Gross Profit:</strong> Gross profit, or mine operating income, was $10.6 million and represented an increase of 352%. The significant improvement was a result of meaningful unit cost reductions and currency movements between the US dollar and Mexican Peso and builds off the $10.5 million generated in Q4 2024.</p></td></tr> <tr style="height:15px"> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td> <p style="text-align:justify;margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px"><strong>Strong EBITDA and Adjusted Earnings</strong>: The Company realized earnings before interest, taxes, depreciation and amortization, or EBITDA, of $9.7 million, up 466% and 7%, from Q1 2024 and Q4 2024, respectively. Adjusted earnings<sup style="vertical-align:super">3</sup> was $9.8 million, or $0.07 per share, an increase of 374% from Q1 2024 and a decrease of 2% from Q4 2024.</p></td></tr> <tr style="height:15px"> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td> <p style="text-align:justify;margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px"><strong>Improved Costs per Ounce Metrics: </strong>Cash costs per silver equivalent payable ounce sold<sup style="vertical-align:super">1,2,3</sup> was $12.62, and all-in sustaining cash costs per silver equivalent payable ounce sold<sup style="vertical-align:super">1,2,3</sup> was $20.08, a reduction of 15% and 1%, respectively.</p></td></tr> <tr style="height:15px"> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td> <p style="text-align:justify;margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px"><strong>Increased Working Capital from Cash Flow Prior to Working Capital Movements: </strong>The Company&#8217;s balance sheet continued to strengthen with working capital<sup style="vertical-align:super">1</sup> increasing to $31.3 million, up $6.1 million, or 24% from $25.2 million at the end of 2024, as a result of another quarter of cash generation. Cash provided by operating activities of $0.8 million was impacted by working capital movements, with $6.6 million in working capital movements, primarily in increases to amounts receivable from sales, concentrate and stockpile inventory, as well as income tax payments in Mexico during the quarter. Prior to working capital movements, cash generated from operating activities was $7.4 million, or $0.05 per share.</p></td></tr></table></p> <p style="margin:0px"></p> <p style="margin: 0px"></p> <p style="margin:0px"> <p style="margin:0px"> <p style="margin:0px"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="margin:0px"> <p style="margin:0px"> <p style="margin:0px"> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table></p> <p style="margin:0px"></p> <p style="margin: 0px"></p> <p style="margin:0px"> <p style="margin:0px"> <p style="margin:0px"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">Avino Silver &amp; Gold Mines Ltd. &#8211; March 11, 2025</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">AVINO ACHIEVES ANOTHER QUARTER OF RECORD FINANCIAL PERFORMANCE FOR Q1 2025</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">Page 2</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Financial </u></strong><strong><u>Highlights</u></strong><strong><u> </u></strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="margin:0px"> <p style="margin:0px"> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;"> <p style="margin:0px"><strong>HIGHLIGHTS</strong></p> <p style="margin:0px"><strong><em>(Expressed in 000&#8217;s of US$)</em></strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="text-align:center;margin:0px"><strong>First Quarter </strong></p> <p style="text-align:center;margin:0px"><strong>2025</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="text-align:center;margin:0px"><strong>First Quarter </strong></p> <p style="text-align:center;margin:0px"><strong>2024</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="text-align:center;margin:0px"><strong>Change</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="text-align:center;margin:0px"><strong>First Quarter </strong></p> <p style="text-align:center;margin:0px"><strong>2025</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="text-align:center;margin:0px"><strong>Fourth Quarter </strong></p> <p style="text-align:center;margin:0px"><strong>2024</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="text-align:center;margin:0px"><strong>Change</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="text-align:left;margin:0px"><strong>Financial Operating Performance</strong></p></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:8%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:8%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:8%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:8%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:8%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:8%;"></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Revenues</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">18,836</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">12,393</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">52</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">18,836</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">24,382</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-23</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Mine operating income</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">10,562</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">2,339</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">352</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">10,562</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">10,456</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">1</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Net income</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">5,617</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">599</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">838</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">5,617</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">5,092</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">10</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="text-align:left;margin:0px">Earnings before interest, taxes and amortization (&#8220;EBITDA&#8221;)<sup style="vertical-align:super">1</sup></p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">9,694</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">1,713</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">466</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">9,694</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">9,099</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">7</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Adjusted earnings<sup style="vertical-align:super">1</sup></p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">9,751</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">2,057</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">374</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">9,751</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">9,950</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-2</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="text-align:left;margin:0px">Cash provided by operating activities</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">758</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">2,347</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-68</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">758</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">15,551</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-95</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="text-align:left;margin:0px">Mine operating cash flow before taxes<sup style="vertical-align:super">1</sup></p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">11,397</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">3,160</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">261</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">11,397</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">11,878</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-4</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px"><strong>Per Share Amounts</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="text-align:left;margin:0px">Earnings per share &#8211; basic</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">0.04</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">0.00</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">100</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">0.04</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">0.04</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">0</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="text-align:left;margin:0px">Earnings per share &#8211; diluted</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">0.04</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">0.00</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">100</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">0.04</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">0.03</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">33</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="text-align:left;margin:0px">Adjusted earnings per share<sup style="vertical-align:super">1</sup></p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">0.07</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">0.02</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">250</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">0.07</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">0.07</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">0</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td></tr></table></p> <p style="margin:0px"></p> <p style="margin: 0px"></p> <p style="margin:0px"> <p style="margin:0px"> <p style="margin:0px"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="margin:0px"> <p style="margin:0px"> <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="vertical-align:bottom;"> <p style="margin:0px"><strong>HIGHLIGHTS</strong></p> <p style="margin:0px"><strong><em>(Expressed in 000&#8217;s of US$)</em></strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="text-align:center;margin:0px"><strong>March 31,</strong></p> <p style="text-align:center;margin:0px"><strong>2025</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="text-align:center;margin:0px"><strong>March 31,</strong></p> <p style="text-align:center;margin:0px"><strong>2024</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="text-align:center;margin:0px"><strong>Change</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="text-align:center;margin:0px"><strong>March 31,</strong></p> <p style="text-align:center;margin:0px"><strong>2025</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="text-align:center;margin:0px"><strong>December&nbsp;31, </strong></p> <p style="text-align:center;margin:0px"><strong>2024</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;" colspan="2"> <p style="text-align:center;margin:0px"><strong>Change</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="text-align:left;margin:0px"><strong>Liquidity &amp; Working Capital</strong></p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" colspan="2"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Cash</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:8%;vertical-align:bottom;text-align:right;">26,627</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:8%;vertical-align:bottom;text-align:right;">3,474</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:8%;vertical-align:bottom;text-align:right;">666</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:8%;vertical-align:bottom;text-align:right;">26,627</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="width:8%;vertical-align:bottom;text-align:right;">27,317</td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="width:8%;vertical-align:bottom;text-align:right;">-3</td> <td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Working capital<sup style="vertical-align:super">1</sup></p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">31,339</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">9,785</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">220</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">31,339</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">25,235</td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">24</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td></tr></table></p> <p style="margin:0px"></p> <p style="margin: 0px"></p> <p style="margin:0px"> <p style="margin:0px"> <p style="margin:0px"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp; </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Operating Highlights and Overview</u></strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="margin:0px"> <p style="margin:0px"> <p style="margin:0px"> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="vertical-align:bottom;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>HIGHLIGHTS</strong></p> <p style="font-size:10pt;font-family:times new roman;text-align:left;margin:0px"><strong><em>(Expressed in US$, unless otherwise noted)</em></strong></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;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>First Quarter</strong></p> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>2025</strong></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;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>First Quarter </strong></p> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>2024</strong></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;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>Change</strong></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;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>First Quarter</strong></p> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>2025</strong></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;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>Fourth Quarter </strong></p> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>2024</strong></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;vertical-align:bottom;text-align:center;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px"><strong>Change</strong></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"><strong>Operating&nbsp;</strong></p></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:8%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:8%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:8%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:8%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:8%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:1%;"></td> <td style="width:8%;"></td> <td style="width:1%;"></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">Tonnes Milled</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="ffcell" style="vertical-align:bottom;text-align:right;">167,853</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">169,575</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-1</td> <td style="vertical-align:bottom;white-space: nowrap;">%</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="ffcell" style="vertical-align:bottom;text-align:right;">167,853</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">181,733</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-8</td> <td style="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">Silver Ounces Produced</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="ffcell" style="vertical-align:bottom;text-align:right;">265,681</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">250,642</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">6</td> <td style="vertical-align:bottom;white-space: nowrap;">%</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="ffcell" style="vertical-align:bottom;text-align:right;">265,681</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">283,794</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-6</td> <td style="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">Gold Ounces Produced</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="ffcell" style="vertical-align:bottom;text-align:right;">2,225</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">1,778</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">25</td> <td style="vertical-align:bottom;white-space: nowrap;">%</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="ffcell" style="vertical-align:bottom;text-align:right;">2,225</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">2,560</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-13</td> <td style="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;text-align:left;margin:0px">Copper Pounds Produced</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="ffcell" style="vertical-align:bottom;text-align:right;">1,604,343</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">1,347,110</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">19</td> <td style="vertical-align:bottom;white-space: nowrap;">%</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="ffcell" style="vertical-align:bottom;text-align:right;">1,604,343</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">1,773,694</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-10</td> <td style="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;text-align:left;margin:0px">Silver Equivalent Ounces<sup style="vertical-align:super">1</sup> Produced</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="ffcell" style="vertical-align:bottom;text-align:right;">678,458</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">629,302</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">8</td> <td style="vertical-align:bottom;white-space: nowrap;">%</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="ffcell" style="vertical-align:bottom;text-align:right;">678,458</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">735,557</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-8</td> <td style="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;text-align:left;margin:0px"><strong>Concentrate Sales and Cash Costs</strong></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></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></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:left;margin:0px">Silver Equivalent Payable Ounces Sold<sup style="vertical-align:super">2</sup></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="ffcell" style="vertical-align:bottom;text-align:right;">567,811</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">610,877</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-7</td> <td style="vertical-align:bottom;white-space: nowrap;">%</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="ffcell" style="vertical-align:bottom;text-align:right;">567,811</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">889,294</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-36</td> <td style="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;text-align:left;margin:0px">Cash Cost per Silver Equivalent Payable Ounce<sup style="vertical-align:super">1,2,3</sup></p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">12.62</td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">14.89</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-15</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">12.62</td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">13.88</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-9</td> <td style="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;text-align:left;margin:0px">All-in Sustaining Cash Cost per Silver Equivalent Payable Ounce<sup style="vertical-align:super">1,2,3</sup></p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">20.08</td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">20.23</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">-1</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">20.08</td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;white-space: nowrap;">$</td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">18.62</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 style="white-space: nowrap;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td class="ffcell" style="vertical-align:bottom;text-align:right;">8</td> <td style="vertical-align:bottom;white-space: nowrap;">%</td></tr></table></p> <p style="margin:0px"></p> <p style="margin: 0px"></p> <p style="margin:0px"> <p style="margin:0px"> <p style="margin:0px"> <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>1<sup style="vertical-align:super">st</sup> Quarter Operating Highlights (Compared to Q1 2024)</u></strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="margin:0px"> <p style="margin:0px"> <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="margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="text-align:justify;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px"><strong>Silver Equivalent Production Increased 8%:</strong> Avino produced 678,458 silver equivalent ounces in Q1 2025, representing an 8% increase from Q1 of 2024. The increase was driven by improved grades in all three metals (silver, gold and copper) and offset by slightly lower mill throughput. All three metals saw increased production compared to Q1 of 2024.</p></td></tr> <tr style="height:15px"> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td> <p style="text-align:justify;margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px"><strong>Gold Production Increased 25%: </strong>Q1 2025 production of 2,225 gold ounces represented a 25% increase compared to Q1 2024. Improved feed grade of 17% accounted for the majority of the increase, alongside significant improvements in recoveries to 75% from 70% in Q1 of 2024.<strong> </strong></p></td></tr></table></p> <p style="margin:0px"></p> <p style="margin: 0px"></p> <p style="margin:0px"> <p style="margin:0px"> <p style="margin:0px"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="margin:0px"> <p style="margin:0px"> <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;"></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="margin: 0px"></p> <p style="margin:0px"> <p style="margin:0px"> <p style="margin:0px"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">Avino Silver &amp; Gold Mines Ltd. &#8211; March 11, 2025</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">AVINO ACHIEVES ANOTHER QUARTER OF RECORD FINANCIAL PERFORMANCE FOR Q1 2025</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">Page 3</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="margin:0px"> <p style="margin:0px"> <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="text-align:justify;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="text-align:justify;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px"><strong>Copper Production Increased 19%: </strong>Avino produced 1.6 million pounds of copper in Q1 2025, a 19% increase compared to Q1 2024. The increase was driven by improved copper feed grade of 17%, as well as an increase in recoveries to 87% from 84% in Q1 of 2024.</p></td></tr> <tr style="height:15px"> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td> <p style="text-align:justify;margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px"><strong>Silver Production Increased 6%:</strong> Silver production for Q1 2025 was 265,681 ounces, representing a 6% increase compared to Q1 2024, with feed grade increases of 10% driving the improvement overall. The increase was offset by a slight decrease in silver recoveries.</p></td></tr> <tr style="height:15px"> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td> <p style="text-align:justify;margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px"><strong>Jaw Crusher Upgrades Completed:</strong> In Q1 2025, replacement of the main jaw crusher was completed with limited down time.</p></td></tr></table></p> <p style="margin:0px"></p> <p style="margin: 0px"></p> <p style="margin:0px"> <p style="margin:0px"> <p style="margin:0px"> <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>La Preciosa Update</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="margin:0px"> <p style="margin:0px"> <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="margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="text-align:justify;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px">Significant progress continues at La Preciosa mine. Blasting and construction of the relatively short 360 metre decline is underway, and equipment mobilization has been swift, allowing development to advance on plan. The new jumbo drill is working on the San Fernando haulage ramp as it progresses toward intercepting the Gloria and Abundancia veins. Recent photos showcasing the work at La Preciosa are available on the Avino website &#8212; click <u>here</u> to view them.</p></td></tr> <tr style="height:15px"> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td> <p style="text-align:justify;margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="text-align:justify;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px"><font style="font-family:symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="text-align:justify;margin:0px">As previously announced on <u>January 15, 2025</u>, Avino started underground development work at La Preciosa after receiving all required permits for mining operations.</p></td></tr></table></p> <p style="margin:0px"></p> <p style="margin: 0px"></p> <p style="margin:0px"> <p style="margin:0px"> <p style="margin:0px"> <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>2025 Capital Expenditures</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;">Capital expenditures, including lease and loan payments on equipment, in Q1 2025 were $2.3 million, compared to $2.5 million in 2024, on track for our capital expenditure guidance previously disclosed in our 2025 outlook news release. </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>ESG Initiatives</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;">Avino follows the ESG Standards and the United Nations Sustainable Development goals. There are 17 Sustainable Development Goals (SDGs), which were developed as a call to action by all countries developed and developing in a global partnership.</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 two dedicated Corporate Social Responsibility (CSR) teams&#8212;one at each of our mine sites&#8212;ensuring that community engagement and social initiatives are tailored to the unique needs of each region. This localized approach allows each team to build strong relationships with local stakeholders, respond to community priorities in a timely and meaningful way, and implement programs that generate lasting social value.</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;">Mexican nationals account for 100% of our mine work force. Currently, we have approximately 483 direct jobs which includes the workers at the mine site and in our Durango offices. This translates to approximately 3 times the number of indirect jobs for services, consultants and suppliers in the surrounding communities and the Durango area.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="margin:0px"> <p style="margin:0px"> <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;"></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="margin: 0px"></p> <p style="margin:0px"> <p style="margin:0px"> <p style="margin:0px"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">Avino Silver &amp; Gold Mines Ltd. &#8211; March 11, 2025</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">AVINO ACHIEVES ANOTHER QUARTER OF RECORD FINANCIAL PERFORMANCE FOR Q1 2025</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">Page 4</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 earnings should be read in conjunction with the Company&#8217;s Financial Statements and Management&#8217;s Discussion and Analysis (&#8220;MD&amp;A&#8221;) for the corresponding period, which can be viewed on the Company&#8217;s website at www.avino.com, or on SEDAR+ at <u>www.sedarplus.ca</u> or on EDGAR at <u>www.sec.gov</u>.</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>Qualified Person</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;">Peter Latta, P. Eng, MBA, VP Technical Services, Avino, who is a qualified person within the context of National Instrument 43-101 has reviewed and approved the technical data in this news release.</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>Non-IFRS Accounting Standards Measures</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 financial results in this news release include references to non-IFRS Accounting Standards measures. These measures are used by the Company to manage and evaluate the 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. For a reconciliation of non-GAAP and GAAP measures, please refer to the &#8220;Non-IFRS Accounting Standards Measures&#8221; section of the Company&#8217;s MD&amp;A dated May 13, 2025 for the three months ended March 31, 2025, which is incorporated by reference within this news release and available on SEDAR+ at <u>www.sedarplus.ca</u>.</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>Conference Call and Webcast</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 Company&#8217;s unaudited condensed consolidated interim financial statements for the First Quarter 2025, will be released after the market closes on Tuesday, May 13, 2025.</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 conference call to discuss the Company&#8217;s Q1 2025 operational and financial results will be held on Wednesday, May 14, 2025, at 8:00 a.m. PT / 11:00 a.m. ET. To participate in the conference call or follow the webcast, please see the details below.</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;">Shareholders, analysts, investors, and media are invited to join the webcast and conference call by logging in here <u>Avino&#8217;s Q1 2025 Financial Results</u> or by dialing the following numbers five to ten minutes prior to the start time.</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;">Toll Free: 888-506-0062</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;">International: +1 973-528-0011</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;">Participant Access Code: 480429</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;">Participants will be greeted by an operator and asked for the access code. If a caller does not have the code, they can reference the company name. Participants will have the opportunity to ask questions during the Q&amp;A portion.</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 conference call and webcast will be recorded, and the replay will be available on the Company&#8217;s website later that day.</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>About Avino </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;">Avino is a silver producer from its wholly owned Avino Mine near Durango, Mexico. The Company&#8217;s silver, gold and copper production remains unhedged. The Company intends to maintain long-term sustainable and profitable mining operations to reward shareholders and the community alike through our growth at the historic Avino Property and the strategic acquisition of the adjacent La Preciosa which was finalized in Q1 2022. Avino currently controls mineral resources, as per NI 43-101, with a total mineral content of 371 million silver equivalent ounces, within our district-scale land package. Early in 2024, the pre-feasibility Study on the Oxide Tailings Project was completed. This study is a key milestone in our growth trajectory. As part of Avino&#8217;s commitment to adopting sustainable practices, we have been operating a dry stack tailings facility for more than one year now with excellent results. We are committed to managing all business activities in a safe, environmentally responsible, and cost-effective manner, while contributing to the well-being of the communities in which we operate. We encourage you to connect with us on X&nbsp;(formerly Twitter) at <u>@Avino ASM</u> and on LinkedIn at <u>Avino Silver &amp; Gold Mines.</u> To view the Avino Mine VRIFY tour, please click <u>here.</u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="margin:0px"> <p style="margin:0px"> <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;"></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="margin: 0px"></p> <p style="margin:0px"> <p style="margin:0px"> <p style="margin:0px"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">Avino Silver &amp; Gold Mines Ltd. &#8211; March 11, 2025</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">AVINO ACHIEVES ANOTHER QUARTER OF RECORD FINANCIAL PERFORMANCE FOR Q1 2025</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">Page 5</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>For Further Information, Please Contact:</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>Investor Relations</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Tel: 604-682-3701</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Email: </strong><strong><u>IR@avino.com</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;"><em>This news release contains &#8220;forward-looking information&#8221; and &#8220;forward-looking statements&#8221; (together, the &#8220;forward looking statements&#8221;) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, including the mineral resource estimate for the Company&#8217;s Avino Property, including La Preciosa, located near Durango in west-central Mexico (the &#8220;Avino Property&#8221;) with an effective date of October 16, 2023 as well as the Pre-feasibility Study dated January 16, 2024 and references to Measured, Indicated Resources, and Proven and Probable Mineral Reserves referred to in this press release. This information and these statements, referred to herein as &#8220;forward-looking statements&#8221; are made as of the date of this document. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the estimated amount and grade of mineral reserves and mineral resources, including the cut-off grade; (ii) estimates of the capital costs of constructing mine facilities and bringing a mine into production, of operating the mine, of sustaining capital, of strip ratios and the duration of financing payback periods; (iii) the estimated amount of future production, both ore processed and metal recovered and recovery rates; (iv) estimates of operating costs, life of mine costs, net cash flow, net present value (NPV) and economic returns from an operating mine; and (v) the completion of the full Technical Report, including a Preliminary Economic Assessment, and its timing. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as &#8220;expects&#8221;, &#8220;anticipates&#8221;, &#8220;plans&#8221;, &#8220;projects&#8221;, &#8220;estimates&#8221;, &#8220;envisages&#8221;, &#8220;assumes&#8221;, &#8220;intends&#8221;, &#8220;strategy&#8221;, &#8220;goals&#8221;, &#8220;objectives&#8221; or variations thereof or stating that certain actions, events or results &#8220;may&#8221;, &#8220;could&#8221;, &#8220;would&#8221;, &#8220;might&#8221; or &#8220;will&#8221; be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. These forward-looking statements are made as of the date of this news release and the dates of technical reports, as applicable. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. While we have based these forward-looking statements on our expectations about future events at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements.</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><em>Cautionary note to U.S. Investors concerning estimates of Mineral Reserves and Mineral Resources</em></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;"><em>All reserve and resource estimates reported by Avino were estimated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (&#8220;CIM&#8221;) Definition Standards. The U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) now recognizes estimates of &#8220;measured mineral resources,&#8221; &#8220;indicated mineral resources&#8221; and &#8220;inferred mineral resources&#8221; and uses new definitions of &#8220;proven mineral reserves&#8221; and &#8220;probable mineral reserves&#8221; that are substantially similar to the corresponding CIM Definition Standards. However, the CIM Definition Standards differ from the requirements applicable to US domestic issuers. US investors are cautioned not to assume that any &#8220;measured mineral resources,&#8221; &#8220;indicated mineral resources,&#8221; or &#8220;inferred mineral resources&#8221; that the Issuer reports are or will be economically or legally mineable. Further, &#8220;inferred mineral resources&#8221; are that part of a mineral resource for which quantity and grade are estimated on the basis of limited geologic evidence and sampling. Mineral resources which are not mineral reserves do not have demonstrated economic viability.</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>Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. </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;"><strong><em>Footnotes:</em></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;"><em>1.&nbsp;</em><em>In Q1 2025, AgEq was calculated using metal prices of $31.67 per oz Ag, $2,866 per oz Au and $4.17 per lb Cu. In Q4 2024, AgEq was calculated using metals prices of $31.34 oz Ag, $2,662 oz Au and $4.17 lb Cu. In Q1 2024, AgEq was calculated using metal prices of $23.36 per oz Ag, $2,072 per oz Au and $3.83 per 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">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>2.&nbsp;</em><em>&#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.&nbsp;</em><em>Non-IFRS Accounting Standard measure. 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 Accounting Standards Measures section of the Company&#8217;s Management&#8217;s Discussion &amp; Analysis for further information and detailed reconciliations.</em></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="margin:0px"> <p style="margin:0px"> <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;"></td></tr></table></p> <p style="margin:0px"></p> <p style="margin: 0px"></p> <p style="margin:0px"> <p style="margin:0px"> <p style="margin:0px"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p><body>
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