Avino Silver & Gold Mines Ltd. · TSX:ASM
Avino Silver & Gold Mines — Investor Presentation (November 2026)
40 slides from Avino Silver & Gold Mines's investor presentation, November 2026
Slide 1: A Clear Path To Transformational Growth
A Clear Path To Transformational Growth www.avino.com November 2026 TSX: ASM NYSE American: ASM
Slide 2: Cautionary Note
TSX: ASM NYSE American: ASM 2 Cautionary Note 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
Slide 3: A Primary Silver Producer and Explorer in Mexico
TSX: ASM NYSE American: ASM 3 A Primary Silver Producer and Explorer in Mexico A growth strategy that positions Avino to intermediate-producer scale PROJECT PORTFOLIO Avino Mine - Production Disciplined Producer generating free cash flow 500 year history & decades of mine life ahead 2,500 tonnes per
Slide 4: Medium-Term Outlook: 8-10 Moz AgEq Producer
TSX: ASM NYSE American: ASM 4 Medium-Term PRODUCTION Outlook: PROFILE BY 8PROJECT – 10Moz AgEq Producer – 5 YEAR GROWTH TARGET Building a platform for sustained silver production growth 9,000,000 8,000,000 Pathway to 10+ Million Silver Equivalent Ounces • 2026 Production Guidance: 2.2M – 2.5M AgEq o
Slide 5: Production Profile – Return to Primary Silver
TSX: ASM NYSE American: ASM 5 Production Profile – Return to Primary Silver Revenue Mix by Metal 100% 15% 10% 90% 18% 31% 15% 80% 17% 70% 24% 60% 20% 50% 40% 75% 68% 30% 58% 49% 20% 10% 0% 2025 2026 2027 LT Target Silver Gold Copper A Clear Path to Transformational Growth
Slide 6: Long Reserve Lives
TSX: ASM NYSE American: ASM 6 Long Reserve Lives Avino’s Avg Reserve Mine Life: 13 years Industry Peers Avg Reserve Mine Life: 8 years Sources: Company materials, LSEG workspace Peers include: Americas Gold & Silver, Andean Precious Metals, Coeur Mining, Endeavour Silver, First Majestic, Hecla Minin
Slide 7: The silver price from January 2022 until June 2026
$120 $100 $80 $60 $40 $20 $0 *The silver price from January 2022 until June 2026
Slide 8: Financial Highlights – Q3 2026
TSX: ASM NYSE American: ASM 8 Financial Highlights – Q3 2026 Financial and Operating Results • Quarterly revenues of $33.4M • 55% of revenues generated from silver ounces sold, over 90% from precious metals • 44% gross profit margin, 49% on a cash basis • Net income after taxes – $6.1M ($0.03/share)
Slide 9: The Avino Mine – 500 years of history
TSX: ASM NYSE American: ASM 9 The Avino Mine – 500 years of history • Mine type: Underground • ~ 12 years of Mineral Reserves • Metals Mined: Ag, Au, Cu • Large Mineral Resource inventory • 2,500 tpd flotation plant • ~ 2-3 M AgEq ozs annually since 2015 A Clear Path to Transformational Growth
Slide 10: Avino Mine Reserves and Resources
TSX: ASM NYSE American: ASM 10 Avino Mine Reserves and Resources 1 KM 100 m 200 m 300 m 400 m 500 m 600 m 650 m NI 43-101 effective date of October 31, 2025. A Clear Path to Transformational Growth
Slide 11: La Preciosa
TSX: ASM NYSE American: ASM 11 La Preciosa • Acquired in 2022 • Metals : ~90% Ag, ~10% Au • One of the largest permitted silver assets in Mexico • 3,000 metres development completed to date The Avino Advantage - Infrastructure • 19 km to Avino’s 2,500 tpd mill • Paved road • High water supply • 100%
Slide 12: La Preciosa Reserves and Resources
12 La Preciosa Reserves and Resources 2 KM 100 m 300 m 500 m Reserves Proven & Probable
Slide 13: La Preciosa: 14+ Months of Progress
TSX: ASM NYSE American: ASM 13 La Preciosa: 14+ Months of Progress Decline to Level 4 underway (3,000m advanced) What We’ve learned • Recent drilling suggests wider Gloria vein structures • Original mine plan continues to evolve • Optimization opportunities are being identified • Independent Engin
Slide 14: Financial Results
TSX: ASM NYSE American: ASM 14 Financial Results FINANCIAL RESULTS Q3 2026 Q3 2025 Change YTD 2026 YTD 2025 Change Revenues $33.4 M $21.0 M 59% $99.6 M $61.7 M 61% Gross profit (mine operating income) $14.8 M $9.9 M 50% $51.2 M $30.7 M 67% Net income $6.1 M $7.7 M -21% $32.9 M $16.2 M 103% Net incom
Slide 15: Operating Metrics
TSX: ASM NYSE American: ASM 15 OPERATING METRICS FINANCIAL RESULTS La Q3 Q3 Avino Change Preciosa 2026 2025 Cash cost per AgEq oz* $24.77 $40.58 $27.87 $17.09 63% All-in sustaining cash cost (“AISC”) per AgEq oz* $32.40 $44.16 $34.71 $24.06 44% Cash cost per tonne processed* $59.60 $133.92 $71.40 $5
Slide 16: Q3 2026 Consolidated Production Results
TSX: ASM NYSE American: ASM 16 Q3 2026 Consolidated Production Results Three months ended September 30, Nine months ended September 30, 2026 2026 Avino La Preciosa Total Avino La Preciosa Total 160,140 30,239 190,379 Total Mill Feed (dry tonnes) 487,189 72,980 560,169 58 147 72 Feed Grade Silver (g/
Slide 17: 2026 Key Goals and 2025 Milestones
TSX: ASM NYSE American: ASM 17 2026 Key Goals and 2025 Milestones La Preciosa • 15,000 metres budgeted - Exploration for 2026 (10,675 metres completed at end of Q3) • Increased production – Goal of 500 tonnes per day • Updated Mineral Reserve and Resource estimate – April 2026 • AI Integration of al
Slide 18: La Preciosa – 1,500 Drill Holes Well Defined
TSX: ASM NYSE American: ASM 18 La Preciosa – 1,500 Drill Holes Well Defined HISTORICAL AG DRILLING WITH VEINS A Clear Path to Transformational Growth
Slide 19: La Preciosa – Resource Table
TSX: ASM NYSE American: ASM 19 La Preciosa – Resource Table MARTHA 2 MARTHA GLORIA ABUNDANCIA La Preciosa Property – Inclusive of Mineral Reserves Summary – Effective Date October 31, 2025 Grade Metal contents Classification Tonnage Ag Au Cu AgEq Ag Au Cu AgEq Mt g/t g/t % g/t M oz K oz % M oz Total
Slide 20: La Preciosa 2026 Drill Results
TSX: ASM NYSE American: ASM 20 La Preciosa 2026 Drill Results Selected Intercept Highlights: • Hole PMLP 26-17: 616 g/t Ag and 0.32 g/t Au over 4.86 metres true width • Hole PMLP 26-20: 554 g/t Ag and 0.54 g/t Au over 2.76 metres true width including 750 g/t Ag and 0.68 g/t Au over 1.46 metres true
Slide 21: La Preciosa Drill Results Since 2025 Mineral Reserve
TSX: ASM NYSE American: ASM 21 La Preciosa Drill Results Since 2025 Mineral Reserve The intercept grades are significantly higher than the average grades outlined in the current reserve – Selected Intercepts Shown* Ag Au AgEQ Hole Number True Width (metres) (g/t) (g/t) (g/t) PLMP 26-17 4.86 616 0.32
Slide 22: Consolidated Proven and Probable Mineral Reserves and Mineral Resources
TSX: ASM NYSE American: ASM 22 Consolidated Proven and Probable Mineral Reserves and Mineral Resources The full technical report is available on www.avino.com, SEDAR+ and Edgar. 127 million AgEq oz of proven and probable mineral reserves NI 43-101 effective date October 31, 2025 301 million AgEq oz
Slide 23: Capital Structure and Shareholder Foundation
TSX: ASM NYSE American: ASM 23 Capital Structure and Shareholder Foundation Capital Structure Top 5 Shareholders: Share Price Avino Management closing price November 3, 2026 CAD $5.97 USD $4.27 Tidal/Toroso Investments LLC Shares issued and outstanding1 170 M BlackRock Fund Advisors Market Capitaliz
Slide 24: A Disciplined Silver Producer with scale, growth and financial strength
TSX: ASM NYSE American: ASM 24 A Disciplined Silver Producer with scale, growth and financial strength Silver Weighted Growth with Milestones Financial Strength Exposure Execution Delivered & Longevity • Silver-focused • Clear roadmap to 8- • La Preciosa → • $138M cash (as at producer & explorer 10+
Slide 25: Thank you!
Thank you! For more information Visit our website at: www.avino.com A Clear Path To Transformational Growth November 2026 TSX: ASM NYSE American: ASM
Slide 26: Analyst and Newsletter Coverage
TSX: ASM NYSE American: ASM 26 Analyst and Newsletter Coverage Analyst Coverage Company Analyst H.C. Wainwright & Co. Heiko Ihle Alliance Global Partners Jake Sekelsky Roth Capital Partners Joe Reagor Cantor Fitzgerald Canada Matthew O’Keefe National Bank of Canada NBCCM Alex Terentiew Newsletter Co
Slide 27: Board of Directors
TSX: ASM NYSE American: ASM 27 Board of Directors Ronald Andrews, Mr. Andrews is the President of West Wind Property Inc., which is a property management and holding company. Mr. Andrews is the former owner and operator of Andrews Chairman & Independent Orchards; and was a former Director of Coral G
Slide 28: Avino Management
28 Avino Management David Wolfin Mr. Wolfin has over 35 years of public company experience in mineral resources, including exploration, development, construction, and operations in precious metals across North America.He currently serves as President, CEO, and Director of Avino Silver & Gold Preside
Slide 29: Proven and Probable Mineral Reserves
TSX: ASM NYSE American: ASM 29 Proven and Probable Mineral Reserves NI 43-101 effective date October 31, 2025 *Notes for UG Reserves, Oxide Tailings Reserves and Resources can be found in the appendix of this slide presentation. A Clear Path to Transformational Growth
Slide 30: Mineral Resources Inclusive of Mineral Reserves
TSX: ASM NYSE American: ASM 30 Mineral Resources Inclusive of Mineral Reserves NI 43-101 effective date October 31, 2025 *Notes for UG Reserves, Oxide Tailings Reserves and Resources can be found in the appendix of this slide presentation. A Clear Path to Transformational Growth
Slide 31: Appendix A: IFRS to Non-GAAP Measures Reconciliations
TSX: ASM NYSE American: ASM 31 APPENDIX A IFRS ACCOUNTING STANDARDS TO NON- GAAP MEASURES RECONCILIATIONS A Clear Path to Transformational Growth
Slide 32: Non-IFRS Reconciliations: EBITDA & Adjusted Earnings
TSX: ASM NYSE American: ASM 32 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS EBITDA & ADJUSTED EARNINGS Expressed in 000’s of US$, unless otherwise noted Q3 2026 Q3 2025 YTD 2026 YTD 2025 Net income for the period $6,103 $7,705 $32,915 $16,183 Depreciation and depletion 1,708 940 6,516 2,
Slide 33: Cash Cost & AISC per Payable AgEq Oz
TSX: ASM NYSE American: ASM NON-IFRS ACCOUNTING STANDARDS MEASURES 33 - RECONCILIATIONS CASH COST & AISC PER PAYABLE AgEq Oz Expressed in 000’s of US$, unless otherwise noted Consolidated Q3 2026 Q3 2025 YTD 2026 YTD 2025 Cost of sales $18,553 $11,137 $48,384 30,992 Exploration expenses (881) (378)
Slide 34: Cash Cost & AISC per Payable AgEq Oz
TSX: ASM NYSE American: ASM NON-IFRS ACCOUNTING STANDARDS MEASURES 34 - RECONCILIATIONS CASH COST & AISC PER PAYABLE AgEq Oz Expressed in 000’s of US$, unless otherwise noted Q3 2026 Q3 2025 Avino La Preciosa Total Avino La Preciosa Total Cost of sales $12,484 $6,069 $18,553 $11,137 $- $11,137 Explo
Slide 35: Cash Cost & AISC per Payable AgEq Oz (2026 Guidance Ratios)
TSX: ASM NYSE American: ASM 35 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS CASH COST & AISC PER PAYABLE AgEq Oz (2026 GUIDANCE AgEq RATIOS) Expressed in 000’s of US$, unless otherwise noted Q3 2026 Q3 2025 Avino La Preciosa Total Avino La Preciosa Total Cost of sales $12,484 $6,069 $18,
Slide 36: Cash Cost & AISC per Tonne
TSX: ASM NYSE American: ASM 36 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS CASH COST & AISC PER TONNE Expressed in 000’s of US$, unless otherwise noted Consolidated Q3 2026 Q3 2025 YTD 2026 YTD 2025 Cost of sales $18,553 $11,137 $48,384 30,992 Exploration expenses (881) (378) (3,057) (9
Slide 37: Cash Cost & AISC per Tonne
TSX: ASM NYSE American: ASM 37 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS CASH COST & AISC PER TONNE Expressed in 000’s of US$ Q3 2026 Q3 2025 Avino La Preciosa Total Avino La Preciosa Total Cost of sales $12,484 $6,069 $18,553 $11,137 $- $11,137 Exploration expenses (436) (445) (881)
Slide 38: Non-IFRS Reconciliations: Free Cash Flow
TSX: ASM NYSE American: ASM 38 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS FREE-CASH FLOW Q3 2026 Q3 2025 YTD 2026 YTD 2025 Cash flow statement – cash provided by operating activities $12.7 M $8.3 M $39.6 M $17.4 M Cash flow statement – net changes in non-cash working capital items $(0.
Slide 39: Non-IFRS Reconciliations: Mine Operating Cash Flow
TSX: ASM NYSE American: ASM 39 NON-IFRS ACCOUNTING STANDARDS MEASURES - RECONCILIATIONS NON-IFRS MINE ACCOUNTING STANDARDS OPERATING MEASURES CASH FLOW BEFORE -TAXES RECONCILIATIONS Q3 2026 Q3 2025 YTD 2026 YTD 2025 Statement of comprehensive income - mine operating income (gross $14.8 M $9.9 M $51.
Slide 40: Footnotes
TSX: ASM NYSE American: ASM 40 Footnotes Slide 4 1. “AgEq” production forecasts were made using long-term metal price forecasts at the time and material changes to these prices will impact AgEq production totals in future periods. Slide 5, 8, 14-16 1. Silver equivalent or “AgEq” was calculated using
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