Generates Record Quarterly Revenue and Mine Operating Income

Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American; FSE: GV6, “Avino” or “the Company”) released today its consolidated financial results for the Company’s first quarter 2022. The Financial Statements and Management’s Discussion and Analysis (MD&A) can be viewed on the Company’s website at www.avino.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

“We are very pleased with the strong start to the year, highlighted by record revenues and mine operating income,” said David Wolfin, President and CEO. “We had an outstanding first quarter and our financial performance demonstrates strong operational achievements that generated $11.1 million in revenues and $4.7 million in mine operating income, with earnings per share of $0.01 and operating cash flow and adjusted earnings per share of $0.03. During the quarter, we maintained strong and consistent margins. The closing of the acquisition of La Preciosa sets us on the pathway to expand our current mining complex through regional growth with the goal of achieving intermediate producer status. Together with exciting drill results from La Potosina and the Oxide Tailings, the events of the quarter are just the beginning of an important time in Avino’s history, and we are looking forward to the remainder of the year and beyond.”

1st Quarter 2022 Highlights

Strong Q1 2022 Financial Performance with Record Revenues and Mine Operating Income

Record revenues and mine operating income, with revenues of $11.1 million and mine operating income of $4.7 million, earnings per share of $0.01 and operating cash flow generated (pre-working capital adjustments) per share of $0.03.
Closing of Strategic Acquisition of La Preciosa Silver Project from Coeur Mining Inc. (“Coeur”)

On March 21, 2022, the Company announced that it has closed the acquisition with Coeur to acquire the La Preciosa silver project, which is located adjacent to the Avino Mine in the state of Durango, Mexico, for upfront consideration of $29.7 million, consisting of $15.3 million cash and the remaining in equity on closing, and $5 million due within 12 months of closing. Further contingent consideration including cash, royalties and a mineral reserve discovery payment.
La Potosina Exploration Results Continue to Impress

On March 9, 2022, the Company announced drill results from the La Potosina area of the Avino property, including 668 g/t AgEq over 2.95 metres. These results are following up on historic results from 2011, which included 2,737 g/t AgEq over 0.40 metres.
Advanced the Oxide Tailings Project

With the release of the results from the 110 drill-hole program, the Company is moving forward with a comprehensive metallurgical testwork program to progress this project to the next phase of development.
Working Capital & Liquidity at March 31, 2022

The Company’s cash balance at March 31, 2022, totaled $11.7 million compared to $24.8 million at December 31, 2021. Working capital totaled $14.5 million at March 31, 2022, compared to $31.6 million at December 31, 2021. Both of these figures have increased on a net basis following the upfront consideration payment of $15.3 million and addition of $5 million note payable to Coeur for the acquisition La Preciosa.
First Quarter 2022 Financial Highlights

Record revenues of $11.1 million
Record mine operating income of $4.7 million, $5.2 million net of non-cash depreciation and depletion
Net income of $0.6 million, or $0.01 per share
Cash costs per silver equivalent payable ounce sold1 - $11.81 per ounce
All in sustaining cash cost per silver equivalent payable ounce sold1 - $19.90 per ounce
Earnings before interest, taxes, depreciation and amortization (“EBITDA”)1 of $2.8 million
Adjusted earnings1 of $3.4 million, or $0.03 per share
Operating cash flows (before working capital changes) of $3.7 million, or $0.03 per share1
Financial Highlights

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https://avino.com/news/2022/avino-reports-q1-2022-financial-results/