Avino Reports High-Grade Silver Intercepts and Wider Mineralized Zones at La Preciosa

Avino Silver & Gold Mines Ltd. (ASM) has reported assay results for 13 holes, totaling approximately 3,300 meters, from the first phase of its 2026 La Preciosa infill and extension drilling program. The assays cover the La Gloria and Abundancia veins, as well as recently discovered splays including Ramal 1-3 and Abundancia Splay 1. With all 13 holes now reported, the company has completed roughly 22% of the planned 15,000-meter program for 2026.

Key intercepts from the La Gloria vein, calculated at true widths with an AgEq grade based on $4,000/oz gold and $50/oz silver prices and 100% recovery, include:

• PMLP 26-23 (La Gloria + Abundancia junction): 32.57 m downhole / 23.60 m true width at 132 g/t Ag + 0.37 g/t Au (AgEq 162 g/t), including 0.84 m true width at 309 g/t Ag (AgEq 355 g/t) and 1.64 m true width at 360 g/t Ag (AgEq 402 g/t)
• PMLP 26-17 (La Gloria): 8.45 m / 4.86 m true width at 616 g/t Ag + 0.32 g/t Au (AgEq 642 g/t)
• PMLP 26-20 (La Gloria): 3.78 m / 2.76 m true width at 554 g/t Ag + 0.54 g/t Au (AgEq 597 g/t), including 1.46 m true width at AgEq 804 g/t
• PMLP 26-19 (La Gloria): 4.04 m / 2.75 m true width at AgEq 548 g/t
• PMLP 26-15 (La Gloria): 4.00 m / 2.76 m true width at AgEq 367 g/t
• PMLP 26-18 (La Gloria): 4.50 m / 3.26 m true width at AgEq 347 g/t
• PMLP 26-21 (La Gloria): 6.00 m / 5.16 m true width at AgEq 187 g/t
• PMLP 26-22 (La Gloria): 4.30 m / 2.61 m true width at AgEq 89 g/t
• PMLP 26-24 (La Gloria): 1.50 m / 0.90 m true width at AgEq 185 g/t
• PMLP 26-27 (La Gloria): 4.55 m / 2.82 m true width at AgEq 49 g/t
• PMLP 26-16 (Ramal): 1.55 m / 1.55 m true width at AgEq 627 g/t

Intercepts from the Abundancia vein generally ranged between 20 and 160 g/t AgEq. Notable results included PMLP 26-20 with 7.19 m true width at AgEq 28 g/t, PMLP 26-21 with 3.54 m true width at AgEq 156 g/t, and PMLP 26-27 with 3.88 m true width at AgEq 116 g/t.

Avino stated that none of the reported holes, nor the majority of the 2025 holes, are included in the current reserve or resource estimate. The company noted that high grades were recorded from the infill holes, while most extension holes returned low to medium grades as expected. The release highlighted that understanding how the veins are constrained was an important finding from the extension testing.

Avino Silver & Gold Mines Ltd. (ASM) released drill results that do not alter the company’s financial profile or production outlook. The firm reported FY2025 revenue of $92.2 million and net income of $26.6 million, while H1 2026 figures showed revenue of $66.2 million, net income of $26.8 million, cash holdings of $144.8 million, and no debt. These figures remain unchanged by the current release.

The latest drilling focused on infill and extension work at the La Preciosa mine. The most recent significant intercepts prior to this release were reported on 26 Jan 2026, including PMLP 25-12, which returned 637 g/t AgEq over 4.90 m true width (3,121 g.m), and PMLP 25-14, which returned 745 g/t AgEq over 4.52 m true width (3,367 g.m). The highest-grade intersection previously disclosed in company materials was PMLP 25-03, reporting 1,812 g/t AgEq over 7.90 m true width (14,315 g.m).

Avino’s shares have seen significant volatility, rising from C$6.52 on 27 Oct 2025 to a peak of C$15.26 on 28 Jan 2026, before returning to C$6.50 on 23 Oct 2026. The stock is currently trading near its 52-week low, having given back the gains realized earlier in the year.

The best grade-by-width result from the current release was hole 26-23, which returned 3,823 g.m at 162 g/t AgEq. This result is in line with previous intercepts 25-04 and 25-14, below 25-06, and significantly lower than the historic high of 25-03. The highest-grade hole in the current release was 26-17, reporting 642 g/t AgEq over 4.86 m true width, a result similar to the earlier PMLP 25-12. While the headline hole was low-grade, the company noted a genuine width increase at the La Gloria/Abundancia junction, though the material was below reserve grade.

Infill drilling at La Gloria confirmed grades above the La Preciosa reserve average of approximately 236 g/t AgEq. Five infill holes reported the following results: * 26-17: 642 g/t AgEq over 2.7 m true width * 26-20: 597 g/t AgEq over 2.9 m true width * 26-19: 548 g/t AgEq over 3.1 m true width * 26-15: 367 g/t AgEq over 4.0 m true width * 26-18: 347 g/t AgEq over 4.9 m true width

However, extension drilling did not result in resource expansion. The company maintains a market capitalization of approximately US$0.8 billion, with 27 million tonnes of reserves and 388 million ounces of silver-equivalent resources. The thirteen infill holes released today do not change the reserve or resource estimates until the next official update, nor do they impact near-term production.

Avino’s 2026 guidance projects production of 2.4 to 2.7 million ounces of silver-equivalent, compared to 2.6 million ounces achieved in 2025. Analysts expect the share price to move between -3% and +5%, with the infill confirmation providing mild support at current lows, while the low grade of the headline intersection and lack of extension success limit upside potential.

Avino Silver & Gold Mines Ltd. (ASM) is a primary-silver-focused producer and developer operating entirely in Durango, Mexico. The company manages three distinct assets: the Avino Mine, the La Preciosa project, and the Oxide Tailings Project.

The Avino Mine is an operating underground facility with a long history and approximately 12-13 years of reserve life. It feeds a 2,500 tpd flotation plant comprising four circuits. The mine produced the bulk of the company’s 2025 output but is currently mining out-of-reserve oxidised surface material to relieve pressure on the Elena Tolosa deposit, which has seen lower silver ounce recovery.

La Preciosa, acquired 100% from Coeur Mining in 2022 with all royalties and contingent payments repurchased, is one of Mexico's largest undeveloped primary silver resources. Located 19 km from the Avino mill via paved road, the project has permits, water access, and a dedicated 7.3 MW powerline with 2 MW of excess capacity. The company is targeting 500 tpd and is conducting a trade-off study on hauling versus a stand-alone processing facility.

The Oxide Tailings Project is located on the Avino property. A Preliminary Feasibility Study (PFS) was completed in 2024 on an open-pit dry in-situ basis.

Reserve and resource data, effective 31 Oct 2025 under NI 43-101 standards, are as follows:

• Proven and probable reserves: 27.19 Mt at 109 g/t Ag, 0.41 g/t Au, 0.31% Cu, and 144.89 g/t AgEq, totaling 126.66 moz AgEq (95.3 moz Ag, 356 koz Au, 85.1 Mlb Cu). La Preciosa contributes 11 Mt at 206 g/t Ag and 0.37 g/t Au.
• Measured and indicated resources: 67.7 Mt at 162 g/t AgEq, totaling 301.3 moz AgEq.
• Inferred resources: 24.8 Mt at 123 g/t AgEq, totaling 87.6 moz AgEq.
• La Preciosa underground measured and indicated resources: 33.2 Mt at 148 g/t Ag and 0.27 g/t Au (174 g/t AgEq), totaling 185 moz AgEq, with a cut-off of 120 g/t AgEq.

Financial position data from the prior period, not disclosed in today's release, shows cash of US$144.8M and working capital of US$140.8M at 30 June 2026. The company is essentially debt-free, holds a US$60M ATM programme, and has an NCIB for up to ~5% of shares. FY2025 revenue was US$92.2M and net income was US$26.6M.

The company reports in US dollars. The provided price series is treated as the TSX (Canadian dollar) series, consistent with a market capitalisation near US$0.8 billion on 169.9M shares. If the price series is instead the NYSE American US-dollar series, market capitalisation would be roughly US$1.1 billion and the valuation multiples quoted below would rise by about a third. The currency of the price series is not explicitly labelled in the data provided.