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BASIS OF PRESENTATION | 3 Months Ended
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Mar. 31, 2025
BASIS OF PRESENTATION | 2. BASIS OF PRESENTATION Statement of Compliance These unaudited condensed consolidated interim financial statements have been prepared in accordance with IAS 34 – Interim Financial Reporting under IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”). These unaudited condensed consolidated interim financial statements do not contain all of the information required for full annual consolidated financial statements. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s December 31, 2024, annual consolidated financial statements, which were prepared in accordance with IFRS Accounting Standards as issued by the IASB. Basis of Presentation These consolidated financial statements are expressed in US dollars and have been prepared on a historical cost basis except for financial instruments that have been measured at fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting on a going concern basis. The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements as if the policies have always been in effect. Foreign Currency Translation Foreign currency transactions Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the dates of the transactions. At each financial position reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at the date of the statement of financial position. Non-monetary items that are measured in terms of historical cost in a foreign currency are not re-translated. Foreign operations Subsidiaries that have functional currencies other than the US dollar translate their statement of operations items at the average rate during the year. Assets and liabilities are translated at exchange rates prevailing at the end of each reporting period. Exchange rate variations resulting from the retranslation at the closing rate of the net investment in these subsidiaries, together with differences between their statement of operations items translated at actual and average rates, are recognized in accumulated other comprehensive income (loss). On disposition or partial disposition of a foreign operation, the cumulative amount of related exchange difference is recognized in the statement of operations. Significant Accounting Judgments and Estimates The Company’s management makes judgments in its process of applying the Company’s accounting policies to the preparation of its consolidated financial statements. In addition, the preparation of financial data requires that the Company’s management make assumptions and estimates of the impacts on the carrying amounts of the Company’s assets and liabilities at the end of the reporting period from uncertain future events and on the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates and the resulting impacts on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively. The critical judgments and estimates applied in the preparation of the Company’s unaudited condensed consolidated interim financial statements for the three months ended March 31, 2025, are consistent with those applied and disclosed in Note 2 to the Company’s audited consolidated financial statements for the year ended December 31, 2024. Basis of Consolidation The audited consolidated financial statements include the accounts of the Company and its Mexican subsidiaries as follows:
Subsidiary | Ownership Interest | Jurisdiction | Nature of Operations
Oniva Silver and Gold Mines S.A. de C.V. | 100% | Mexico | Mexican administration
Nueva Vizcaya Mining, S.A. de C.V. | 100% | Mexico | Mexican administration
Promotora Avino, S.A. de C.V. (“Promotora”) | 79.09% | Mexico | Holding company
Compañía Minera Mexicana de Avino, S.A. de C.V.(“Avino Mexico”) | 98.45% direct 1.22% indirect(Promotora) 99.67% effective | Mexico | Mining and exploration
La Luna Silver & Gold Mines Ltd. | 100% | Canada | Holding company
La Preciosa Silver & Gold Mines Ltd. | 100% | Canada | Holding company
Proyectos Mineros La Preciosa S.A. de C.V. | 100% | Mexico | Mining and exploration
Cervantes LLP | 100% | U.S. | Holding company
Intercompany balances and transactions, including unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the consolidated financial statements.

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- Definition The disclosure of the basis used for the preparation of the financial statements. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard -URIDate 2023-03-23 + Details
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