Avino Announces Inaugural Consolidated Mineral Reserves

• Event: Inaugural Consolidated Mineral Reserve and Resource Estimate released on April 16, 2026.
• Reserves: 127 million silver equivalent ounces (AgEq) across three assets (La Preciosa, Avino Mine, Oxide Tailings).
• Resources: Measured & Indicated resources increased 9% to 301 million AgEq oz despite depletion.
• Conversion: 42% of mineral resources converted to reserves, a significant technical milestone.
• Economic Assumptions: Silver $36.90/oz, Gold $3,210/oz, Copper $4.4/lb. These assumptions are aggressive relative to historical averages and imply high confidence in sustained metal prices.
• Drilling: 4,560 meters completed recently; 30,000 meters committed for 2026.
• Context: Follows record FY2025 earnings (March 10) and a Normal Course Issuer Bid (NCIB) announcement (April 6).

• Positive Validation: The reserve estimate removes technical uncertainty regarding the La Preciosa project, which was previously in development. This confirms the asset base supports the company's mid-tier producer strategy.
• Expectation Alignment: High-grade drilling results were reported throughout late 2025 (Jan, Oct, Nov). This news formalizes those findings into reserves rather than providing unexpected new discovery data. Hence, it is Material - Positive but not a "Game Changer" relative to the market's prior pricing of La Preciosa success.
• Financial Implications: The reserve base supports long-term valuation models. However, the economic assumptions ($36.90 Ag) are elevated; if metal prices correct, reserve tonnage could shrink significantly in future updates.
• Capital Allocation: The news coincides with an NCIB (buyback), signaling management confidence that shares are undervalued relative to this new reserve data.

• Overview: Avino Silver & Gold Mines is a Canadian-based mining company operating in Durango, Mexico. It focuses on silver, gold, and copper production.
• Flagship Project: The Avino Mine (primary producer) and La Preciosa (development/early production).
• Development Status: La Preciosa transitioned from exploration to development in 2025, with first production targeted late 2025. It is now contributing to reserves and cash flow.
• Royalties: La Preciosa royalties were fully acquired in August 2025 ($13.25M upfront + $8.75M deferred), making it royalty-free except for the deferred payment obligation. Avino Mine properties appear largely owned, though specific legacy NSRs on non-La Preciosa assets are not detailed in recent releases.