Avino Silver & Gold Mines : Webcast Presentation - Q1 2024 Earnings

A Clear Path to Transformational Growth

Q1 2024 FINANCIAL RESULTS

CONFERENCE CALL & WEBCAST

MAY 9, 2024

A CLEAR PATH TO TRANSFORMATIONAL GROWTH

The Avino Mine Property

ASM: TSX/NYSE American www.avino.com				A Clear Path to Transformational Growth	2

TODAY'S SPEAKERS

DAVID WOLFIN,

PRESIDENT AND CEO

&

NATHAN HARTE,

CFO

A Clear Path to Transformational Growth	3

CAUTIONARY DISCLAIMER:

FORWARD-LOOKING STATEMENTS

This presentation contains "forward-looking information" and "forward-looking statements" (together, the "forward looking statements") 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's Avino Property, including La Preciosa, located near Durango in west-central Mexico (the "Avino Property") with an effective date of November 30, 2022, prepared for the Company, and references to Measured, Indicated, Inferred Resources dated October 16, 2023 as well as the Prefeasibility Study dated January 16, 2024 and references to Measured, Indicated Resources, and Proven and Probable Mineral Reserves referred to in this presentaton. This information and these statements, referred to herein as "forward-looking statements" 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 "expects", "anticipates", "plans", "projects", "estimates", "envisages", "assumes", "intends", "strategy", "goals", "objectives" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" 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 as 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.

Such factors and assumptions include, among others, the effects of general economic conditions, the prices of gold, silver, and copper, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgments in the course of preparing forward-looking information. In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in metal prices; title matters; uncertainties and risks related to carrying on business in foreign countries; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain of our officers, directors or promoters with certain other projects; the absence of dividends; currency fluctuations; competition; dilution; the volatility of our common share price and volume; tax consequences to U.S. investors; and other risks and uncertainties. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws. For more detailed information regarding the Company including its risk factors, investors are directed to the Company's Annual Report on Form 20-F and other periodic reports that it files with the U.S. Securities and Exchange Commission.

The Company has not based its production decisions on a feasibility study or mineral reserves demonstrating economic and technical viability, and as a result there is increased uncertainty and there are multiple technical and economic risks of failure, which are associated with these production decisions. These risks, among others, include areas that would be analyzed in more detail in a feasibility study, such as applying economic analysis to resources and reserves, more detailed metallurgy, and a number of specialized studies in areas such as mining and recovery methods, market analysis, and environmental and community impacts.

Cautionary note to U.S. Investors concerning estimates of Mineral Reserves and Mineral Resources - 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 ("CIM") Definition Standards. The U.S. Securities and Exchange Commission ("SEC") now recognizes estimates of "measured mineral resources," "indicated mineral resources" and "inferred mineral resources" and uses new definitions of "proven mineral reserves" and "probable mineral reserves" 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 "measured mineral resources," "indicated mineral resources," or "inferred mineral resources" that the Issuer reports are or will be economically or legally mineable. Further, "inferred mineral resources" 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.

Peter Latta, VP Technical Services, Avino, a Qualified Persons for the Company as required by NI 43-101, has reviewed the technical information concerning the properties contained in this presentation for accuracy and have authorized its disclosure.

ASM: TSX/NYSE American www.avino.com				A Clear Path to Transformational Growth	4

Q1 2024

FINANCIAL AND OPERATING

PERFORMANCE

Avino Property	Hauling surface stockpiles
from La Preciosa

Full financial statements

and MD&A are now

available on the website at https://avino.com/investors/financial-statements/

Dry Stack Tailings Facility and	Inside the Avino Mill
conveyer

A Clear Path to Transformational Growth	5

Q1 2024 PRODUCTION RESULTS

SILVER EQUIVALENT PRODUCTION (OZ)*

629,302

678,247

• 2024 Production - a strong start for the year

SILVER PRODUCTION (OZ)

GOLD PRODUCTION (OZ)

COPPER PRODUCTION (LBS)

250,642

234,338

1,778 2,286

• In line with targeted full year production of 2.5M to 2.8M AgEq

• Noted improvement to mill throughput of 18% vs. Q4 2023

1,347,110

1,397,637

		Q1 2024	Q1 2023

Footnotes:

1. 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. In Q4 2023, AgEq was calculated using metals prices of $23.23 oz Ag, $1,977 oz Au and $3.71 lb Cu.
2. In Q1 2023, AgEq was calculated using metal prices of $22.56 per oz Ag, $1,888 per oz Au and $4.05 per lb Cu

ASM: TSX/NYSE American www.avino.com				A Clear Path to Transformational Growth	6

Q1 2024 MILESTONES ACHIEVED AND ONGOING INITIATES

La Preciosa updates

• La Preciosa represents a key pillar in our transformational growth strategy, hosting a large endowment of silver and gold resources which we expect to process for years to come
• January - Long-termland-use agreement signed with a local community for the development of La Preciosa in Durango, MX
• Signals the beginning of a new era for Avino and the communities adjacent to the mine and a shift in the economic and social landscape
• Commenced hauling old surface stockpiles to our mill at the Avino mine for processing.
• The application for the Environmental permit has been submitted to the relevant authorities
• A further permit will be submitted shortly after receipt of the Environmental permit, required to begin construction of the portal, haulage ramp, and the mining of the Gloria and Abundancia veins
• Avino anticipates receiving these in the coming year

Oxide Tailings Project - Pre-Feasibility Study - Completed

• NPV US$98 million (pre-tax) and US$61 million (post-tax) at a 5% discount rate
• IRR 35% (pre-tax) and 26% (post-tax)
• Proven and Probable mineral reserves for the first time in Avino's long history of 6.7 Million tonnes at a silver and gold grade of 55 g/t and 0.47 g/t respectively

ASM: TSX/NYSE American www.avino.com				A Clear Path to Transformational Growth	7

FINANCIAL HIGHLIGHTS - Q1 2024

• Revenues on budget and improved margins
• Positive net income and adjusted earnings
• Continued improved per ounce costs in Q1 2024
• Operations generated cash flow - $2.3M inclusive of G&A expenses
• Improved Working Capital by $5M in last 12 months

ASM: TSX/NYSE American www.avino.com				A Clear Path to Transformational Growth	8

KEY OPERATING & FINANCIAL INFORMATION

FINANCIAL RESULTS	Q1 2024	Q1 2023	Change	Q1 2024	Q4 2023	Change
Revenues	$12.4 M	$9.8 M	26%	$12.4 M	$12.5 M	-1%
Gross profit (Mine operating income)	$2.3 M	$1.9 M	26%	$2.3 M	$2.6 M	-9%
Net income (loss)	$0.6 M	$(0.4)M	270%	$0.6 M	$0.6 M	7%
Net income (loss) - per share (diluted)	$0.00	$(0.00)	-%	$0.00	$0.00	-%
EBITDA*	$1.7 M	$0.3 M	499%	$1.7 M	$1.1 M	53%
Adjusted earnings*	$2.1 M	$1.1 M	95%	$2.1 M	$2.0 M	4%
Adjusted earnings* - per share (diluted)	$0.02	$0.01	100%	$0.02	$0.02	-%
Cash provided by operating activities (pre w/c)*	$1.6 M	$1.2 M	33%	$1.6 M	$2.2 M	-42%
Capital expenditures*	$(2.0)M	$(3.8)M	45%	$(2.0)M	$(1.1)M	-81%
Free cash flow*	$0.3 M	$(3.5)M	108%	$0.3 M	$(0.5)M	140%

*See Footnotes & Non-IFRS reconciliations sections in Appendix A

Some items may not add up due to rounding, NM = Not Meaningful

ASM: TSX/NYSE American www.avino.com				A Clear Path to Transformational Growth	9

COSTS PER OUNCE - TRENDING LOWER

Cash Cost per Ounce

Costs per Silver Equivalent Payable Ounce*

• Q1 2024 - $14.89
• FY 2023 - $15.61

$16.33

$16.90

$23.06

$22.69

$21.67

$20.23

All-in Sustaining Cash Cost per Ounce

• Q1 2024 - $20.23
• FY 2023 - $21.87

$15.04

$14.89

CASH COST			ALL-IN SUSTAINING CASH COST
Q2 2023	Q3 2023	Q4 2023	Q1 2024

*See Footnotes & Non-IFRS reconciliations sections in Appendix A

ASM: TSX/NYSE American www.avino.com				A Clear Path to Transformational Growth 10

COSTS PER TONNE - NORMALIZED

Cash Cost per Tonne

Costs per Tonne Processed*

• Q1 2024 - $53.64
• FY 2023 - $52.91

All-in Sustaining Cash Cost per Tonne

• Q1 2024 - $72.86
• FY 2023 - $74.16

$46.90

$59.46

$61.12

$53.64

$66.23

$79.84

$88.05

$72.86

CASH COST			ALL-IN SUSTAINING CASH COST
Q2 2023	Q3 2023	Q4 2023	Q1 2024

*See Footnotes & Non-IFRS reconciliations sections in Appendix A