Please wait

AVINO SILVER & GOLD MINES LTD.

 

Condensed Consolidated

Interim Financial Statements

 

For the three and six months ended June 30, 2026 and 2025

 

(Unaudited)

 

 

 

 

 

 

avino_ex991img1.jpg 

 TSX: ASM | NYSE AMERICAN: ASM

avino_ex991img2.jpg

 

 

 

 

Condensed Consolidated Interim Statements of Financial Position

 

(Expressed in Thousands of US Dollars - Unaudited)

 

 

 

Note

 

 

June 30, 2026

 

 

December 31, 2025

 

ASSETS

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash

 

 

 

 

$144,783

 

 

$101,724

 

Amounts receivable

 

 

 

 

 

2,019

 

 

 

12,003

 

Amounts due from related parties

 

 

10(b)

 

 

141

 

 

 

141

 

Taxes recoverable

 

 

4

 

 

 

2,314

 

 

 

1,770

 

Derivative asset

 

 

 

 

 

 

630

 

 

 

1,314

 

Prepaid expenses and other assets

 

 

 

 

 

 

3,977

 

 

 

2,920

 

Inventory

 

 

5

 

 

 

15,913

 

 

 

12,196

 

Total current assets

 

 

 

 

 

 

169,777

 

 

 

132,068

 

Exploration and evaluation assets

 

 

7

 

 

 

15,752

 

 

 

15,699

 

Plant, equipment and mining properties

 

 

9

 

 

 

131,945

 

 

 

125,365

 

Long-term investments

 

 

6

 

 

 

3,203

 

 

 

4,151

 

Other assets

 

 

 

 

 

 

1,847

 

 

 

1,749

 

Total assets

 

 

 

 

 

$322,524

 

 

$279,032

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

 

 

 

 

 

11,155

 

 

 

14,204

 

Taxes payable

 

 

 

 

 

 

5,512

 

 

 

7,143

 

Deferred consideration payable

 

 

9

 

 

 

8,650

 

 

 

8,326

 

Current portion of finance lease obligations

 

 

 

 

 

 

2,838

 

 

 

2,632

 

Current portion of equipment loans

 

 

 

 

 

 

848

 

 

 

201

 

Total current liabilities

 

 

 

 

 

 

29,003

 

 

 

32,506

 

Finance lease obligations

 

 

 

 

 

 

3,794

 

 

 

2,994

 

Equipment loans

 

 

 

 

 

 

1,099

 

 

 

187

 

Reclamation provision

 

 

11

 

 

 

3,131

 

 

 

2,921

 

Deferred income tax liabilities

 

 

 

 

 

 

2,927

 

 

 

6,394

 

Total liabilities

 

 

 

 

 

 

39,954

 

 

 

45,002

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Share capital

 

 

12

 

 

 

271,149

 

 

 

243,317

 

Equity reserves

 

 

 

 

 

 

10,965

 

 

 

11,689

 

Treasury shares

 

 

 

 

 

 

(97)

 

 

(97)

Accumulated other comprehensive loss

 

 

 

 

 

 

(9,644)

 

 

(4,264)

Retained earnings (accumulated deficit)

 

 

 

 

 

 

10,197

 

 

 

(16,615)

Total equity

 

 

 

 

 

 

282,570

 

 

 

234,030

 

Total liabilities and equity

 

 

 

 

 

$322,524

 

 

$279,032

 

Commitments & Contingencies – Note 15

Subsequent Events – Note 19

 

Approved by the Board of Directors on August 12, 2026

 

Michael Clark

 

Director

 

David Wolfin

 

Director

 

The accompanying notes are an integral part of the condensed consolidated interim financial statements

 

avino_ex991img28.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

2 

 

 

 

 

Condensed Consolidated Interim Statements of Operations

and Comprehensive Income (Loss)

 

(Expressed in Thousands of US Dollars, other than per share amounts - Unaudited)

 

 

 

Note

 

 

Three months

ended

June 30, 2026

 

 

Three months

ended

June 30, 2025

 

 

Six months

ended

June 30, 2026

 

 

Six months

ended

June 30, 2025

 

Revenue from mining operations

 

 

13

 

 

$26,787

 

 

$21,805

 

 

$66,220

 

 

$40,641

 

Cost of sales

 

 

13

 

 

 

13,816

 

 

 

11,581

 

 

 

29,831

 

 

 

19,855

 

Mine operating income

 

 

 

 

 

 

12,971

 

 

 

10,224

 

 

 

36,389

 

 

 

20,786

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

14

 

 

 

2,340

 

 

 

1,973

 

 

 

5,315

 

 

 

4,096

 

Share-based payments

 

 

12

 

 

 

1,465

 

 

 

1,320

 

 

 

2,340

 

 

 

1,682

 

Income before other items

 

 

 

 

 

 

9,166

 

 

 

6,931

 

 

 

28,734

 

 

 

15,008

 

OTHER ITEMS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

 

 

 

 

1,135

 

 

 

170

 

 

 

2,061

 

 

 

333

 

Gain (loss) on long-term investments

 

 

6

 

 

 

(995)

 

 

(81)

 

 

(438)

 

 

363

 

Unrealized gain (loss) on derivatives

 

 

 

 

 

 

441

 

 

 

1,509

 

 

 

(684)

 

 

1,914

 

Foreign exchange gain (loss)

 

 

 

 

 

 

2,476

 

 

 

(1,431)

 

 

5,670

 

 

 

(1,530)

Finance cost

 

 

 

 

 

 

(166)

 

 

(4)

 

 

(331)

 

 

(9)

Accretion of reclamation provision

 

 

11

 

 

 

(69)

 

 

(52)

 

 

(134)

 

 

(100)

Interest expense

 

 

 

 

 

 

(122)

 

 

(110)

 

 

(244)

 

 

(191)

Other expenses

 

 

 

 

 

 

-

 

 

 

(421)

 

 

-

 

 

 

(421)

Income before income taxes

 

 

 

 

 

 

11,866

 

 

 

6,511

 

 

 

34,634

 

 

 

15,367

 

INCOME TAXES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current income tax expense

 

 

 

 

 

 

(4,394)

 

 

(3,061)

 

 

(11,289)

 

 

(5,093)

Deferred income tax recovery (expense)

 

 

 

 

 

 

3,427

 

 

 

(586)

 

 

3,467

 

 

 

(1,793)

Income tax expense

 

 

 

 

 

 

(967)

 

 

(3,647)

 

 

(7,822)

 

 

(6,886)

Net income

 

 

 

 

 

 

10,899

 

 

 

2,864

 

 

 

26,812

 

 

 

8,481

 

OTHER COMPREHENSIVE INCOME (LOSS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation differences

 

 

 

 

 

 

(2,938)

 

 

1,419

 

 

 

(5,380)

 

 

1,514

 

Total comprehensive income

 

 

 

 

 

$7,961

 

 

$4,283

 

 

$21,432

 

 

$9,995

 

INCOME PER SHARE

 

 

12(e)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

$0.06

 

 

$0.02

 

 

$0.16

 

 

$0.06

 

Diluted

 

 

 

 

 

$0.06

 

 

$0.02

 

 

$0.15

 

 

$0.06

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING

 

 

12(e)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

170,022,896

 

 

 

144,108,234

 

 

 

168,298,839

 

 

 

142,194,583

 

Diluted

 

 

 

 

 

 

175,512,841

 

 

 

154,134,484

 

 

 

173,996,975

 

 

 

151,901,381

 

 

The accompanying notes are an integral part of the condensed consolidated interim financial statements

 

avino_ex991img27.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

3

 

 

 

 

Condensed Consolidated Interim Statements of Changes in Equity

 

(Expressed in Thousands of US Dollars - Unaudited)

 

 

 

Note

 

 

Number of

Common

Shares

 

 

Share

Capital

Amount

 

 

Equity

Reserves

 

 

Treasury

Shares

 

 

Accumulated Other

Comprehensive Income (Loss)

 

 

Retained Earnings Accumulated (Deficit)

 

 

Total

Equity

 

Balance, January 1, 2025

 

 

 

 

 

140,565,642

 

 

$163,325

 

 

$11,529

 

 

$(97)

 

$(6,035)

 

$(43,323)

 

$125,399

 

Common shares issued:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At the market issuances

 

 

12

 

 

 

2,872,200

 

 

 

7,331

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

7,331

 

Exercise of options

 

 

 

 

 

 

1,819,879

 

 

 

2,255

 

 

 

(1,155)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,100

 

Vesting of RSUs

 

 

 

 

 

 

1,308,296

 

 

 

1,008

 

 

 

(1,008)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Carrying value of RSU forfeited for withholding taxes

 

 

12

 

 

 

-

 

 

 

-

 

 

 

(342)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(342)

Issuance costs

 

 

12

 

 

 

-

 

 

 

(392)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(392)

Share-based payments

 

 

12

 

 

 

-

 

 

 

-

 

 

 

1,682

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,682

 

Net income for the period

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8,481

 

 

 

8,481

 

Currency translation differences

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,514

 

 

 

-

 

 

 

1,514

 

Balance, June 30, 2025

 

 

 

 

 

 

146,566,017

 

 

$173,527

 

 

$10,706

 

 

$(97)

 

$(4,521)

 

$(34,842)

 

$144,773

 

Balance, January 1, 2026

 

 

 

 

 

 

162,308,988

 

 

 

243,317

 

 

 

11,689

 

 

 

(97)

 

 

(4,264)

 

 

(16,615)

 

 

234,030

 

Common shares issued:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At the market issuances

 

 

12

 

 

 

3,099,435

 

 

 

25,656

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

25,656

 

Exercise of options

 

 

12

 

 

 

3,275,404

 

 

 

4,780

 

 

 

(1,717)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,063

 

Vesting of RSUs

 

 

12

 

 

 

1,691,983

 

 

 

1,347

 

 

 

(1,347)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Shares repurchased and cancelled

 

 

12

 

 

 

(508,039)

 

 

(3,031)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,031)

Issuance costs

 

 

12

 

 

 

-

 

 

 

(920)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(920)

Share-based payments

 

 

12

 

 

 

-

 

 

 

-

 

 

 

2,340

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,340

 

Net income for the period

 

 

12

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

26,812

 

 

 

26,812

 

Currency translation differences

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(5,380)

 

 

-

 

 

 

(5,380)

Balance, June 30, 2026

 

 

 

 

 

 

169,867,771

 

 

$271,149

 

 

$10,965

 

 

$(97)

 

$(9,644)

 

$10,197

 

 

$282,570

 

 

The accompanying notes are an integral part of the condensed consolidated interim financial statements

 

avino_ex991img26.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

4

 

 

 

 

Condensed Consolidated Interim Statements of Cash Flows

 

(Expressed in Thousands of US Dollars - Unaudited)

 

 

 

Note

 

 

2026

 

 

2025

 

OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

$26,812

 

 

$8,481

 

Adjustments for non-cash items:

 

 

 

 

 

 

 

 

 

 

 

Deferred income tax expense (recovery)

 

 

 

 

 

(3,467)

 

 

1,793

 

Depreciation and depletion

 

 

 

 

 

4,808

 

 

 

1,796

 

Accretion of reclamation provision

 

 

11

 

 

 

134

 

 

 

100

 

Loss (gain) on investments

 

 

6

 

 

 

438

 

 

 

(363)

Unrealized loss (gain) on derivatives

 

 

17

 

 

 

684

 

 

 

(1,914)

Unrealized loss (gain) on foreign exchange

 

 

 

 

 

 

(5,148)

 

 

1,470

 

Write down of equipment and materials

 

 

 

 

 

 

18

 

 

 

164

 

Other expenses

 

 

 

 

 

 

-

 

 

 

421

 

Finance costs on deferred consideration payable

 

 

 

 

 

 

324

 

 

 

-

 

Share-based payments

 

 

12(c)(d)

 

 

2,340

 

 

 

1,682

 

 

 

 

 

 

 

 

26,943

 

 

 

13,630

 

Net change in non-cash working capital items

 

 

16

 

 

 

(51)

 

 

(4,522)

Cash provided by operating activities

 

 

 

 

 

 

26,892

 

 

 

9,108

 

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued for cash, net of issuance costs

 

 

 

 

 

 

24,736

 

 

 

6,939

 

Proceeds from option exercises and RSU vesting, net

 

 

 

 

 

 

3,063

 

 

 

757

 

Shares repurchased and cancelled

 

 

 

 

 

 

(3,031)

 

 

-

 

Lease liability payments

 

 

 

 

 

 

(1,865)

 

 

(906)

Equipment loan payments

 

 

 

 

 

 

(186)

 

 

(155)

Cash provided by financing activities

 

 

 

 

 

 

22,717

 

 

 

6,635

 

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sale of long-term investments

 

 

 

 

 

 

386

 

 

 

-

 

Exploration and evaluation expenditures

 

 

 

 

 

 

(59)

 

 

(451)

Additions to plant, equipment and mining properties

 

 

 

 

 

 

(6,856)

 

 

(5,306)

Cash used in investing activities

 

 

 

 

 

 

(6,529)

 

 

(5,757)

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in cash

 

 

 

 

 

 

43,080

 

 

 

9,986

 

Effect of exchange rate changes on cash

 

 

 

 

 

 

(21)

 

 

(24)

Cash, beginning of period

 

 

 

 

 

 

101,724

 

 

 

27,317

 

Cash, ending of period

 

 

 

 

 

$144,783

 

 

$37,279

 

Supplementary Cash Flow Information (Note 16)

 

The accompanying notes are an integral part of the condensed consolidated interim financial statements

 

avino_ex991img25.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

5

 

 

 

 

AVINO SILVER & GOLD MINES LTD.

 

Notes to Unaudited Condensed

Consolidated Interim Financial Statements

 

For the six months ended June 30, 2026, and 2025

 

(Expressed in Thousands of US Dollars – except where otherwise noted)

 

1. Nature of Operations

 

Avino Silver & Gold Mines Ltd. (the “Company” or “Avino”) was incorporated in 1968 under the laws of the Province of British Columbia, Canada. The Company is engaged in the production and sale of silver, gold, and copper and the acquisition, exploration, and advancement of mineral properties.

 

The Company’s head office and principal place of business is Suite 900, 570 Granville Street, Vancouver, BC, Canada. The Company is a reporting issuer in Canada (except for the province of Quebec) and the United States, and trades on the Toronto Stock Exchange (“TSX”) under the ticker ASM:TSX, the NYSE American under the ticker ASM:NYSE-A, and the Frankfurt and Berlin Stock Exchanges under the ticker GV6.

 

The Company operates the Elena Tolosa Mine (“ET Mine” or “Avino Mine”), which produces copper, silver and gold at the historic Avino property in the state of Durango, Mexico. The Avino property also hosts the San Gonzalo Mine, which is currently on care and maintenance. The Company also holds 100% interest in Proyectos Mineros La Preciosa S.A. de C.V. (“La Preciosa”), a Mexican corporation, which owns the La Preciosa Property.

 

2. Basis of Presentation

 

Statement of Compliance

 

These unaudited condensed consolidated interim financial statements have been prepared in accordance with IAS 34 – Interim Financial Reporting under IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”). These unaudited condensed consolidated interim financial statements do not contain all of the information required for full annual consolidated financial statements. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s December 31, 2025 annual consolidated financial statements, which were prepared in accordance with IFRS Accounting Standards as issued by the IASB. In particular, the Company’s material accounting policy information was presented in Note 3 of the annual audited consolidated financial statements for the year ended December 31, 2025, and have been consistently applied in the preparation of these condensed consolidated interim financial statements, except as follows:

 

avino_ex991img29.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

6

 

 

 

 

 

 

Plant, equipment and mining properties

 

Effective April 16, 2026, and the date of the Company’s NI 43-101 Technical Report, the Company commenced depleting mining properties using the units of production method based on the estimated remaining life of the mine, for its mining operations that have achieved management’s intended production levels. The change in accounting policy did not have a significant impact on depreciation in the current period nor will it have a significant impact in subsequent periods. 

 

Basis of Presentation

 

These consolidated financial statements are expressed in US dollars and have been prepared on a historical cost basis except for financial instruments that have been measured at fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting on a going concern basis. The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements as if the policies have always been in effect.

 

Foreign Currency Translation

 

Foreign Currency Transactions

 

Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the dates of the transactions. At each financial position reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at the date of the statement of financial position. Non-monetary items that are measured in terms of historical cost in a foreign currency are not re-translated.

 

Foreign Operations

 

Subsidiaries that have functional currencies other than the US dollar translate their statement of operations items at the average rate during the year. Assets and liabilities are translated at exchange rates prevailing at the end of each reporting period. Exchange rate variations resulting from the retranslation at the closing rate of the net investment in these subsidiaries, together with differences between their statement of operations items translated at actual and average rates, are recognized in accumulated other comprehensive income (loss). On disposition or partial disposition of a foreign operation, the cumulative amount of related exchange difference is recognized in the statement of operations.

 

Significant Accounting Judgments and Estimates

 

The Company’s management makes judgments in its process of applying the Company’s accounting policies to the preparation of its consolidated financial statements. In addition, the preparation of financial data requires that the Company’s management make assumptions and estimates of the impacts on the carrying amounts of the Company’s assets and liabilities at the end of the reporting period from uncertain future events and on the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates and the resulting impacts on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively.

 

The critical judgments and estimates applied in the preparation of the Company’s unaudited condensed consolidated interim financial statements for the six months ended June 30, 2026, are consistent with those applied and disclosed in Note 2 to the Company’s annual consolidated financial statements for the year ended December 31, 2025.

 

avino_ex991img30.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

7

 

 

 

 

 

Basis of Consolidation

 

The financial statements include the accounts of the Company and its Mexican subsidiaries as follows:

 

Subsidiary

Ownership Interest

Jurisdiction

Nature of Operations

Oniva Silver and Gold Mines S.A. de C.V.

100%

Mexico

Mexican administration

Nueva Vizcaya Mining, S.A. de C.V.

100%

Mexico

Mexican administration

Promotora Avino, S.A. de C.V. (“Promotora”)

79.09%

Mexico

Holding company

Compañía Minera Mexicana de Avino, S.A. de C.V.

(“Avino Mexico”)

98.45% direct

1.22% indirect (Promotora)

99.67% effective

Mexico

Mining and exploration

La Luna Silver & Gold Mines Ltd.

100%

Canada

Holding company

La Preciosa Silver & Gold Mines Ltd.

100%

Canada

Holding company

Proyectos Mineros La Preciosa S.A. de C.V.

100%

Mexico

Mining and exploration

Cervantes LLP

100%

U.S.

Holding company

 

Intercompany balances and transactions, including unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the consolidated financial statements.

 

3. Recent Accounting Pronouncements

 

New and amended IFRS Accounting Standards that are effective for the current year:

 

Certain new accounting standards and interpretations have been published that are either applicable in the current year or are not mandatory for the current period and have not been early adopted.

 

During the six months ended June 30, 2026, the Company adopted amendments to IFRS 9 Financial Instruments and related amendments to IAS 7 Statement and of Cash Flows and IFRS 7 Financial Instruments: Disclosures, related to the settlement of financial assets and financial liabilities through electronic payment systems. The amendments clarify the timing of recognition and derecognition of financial assets and financial liabilities settled electronically and introduce and optional exception for certain electronic payment arrangements. We have assessed these amendments and the adoption of these amendments did not have a material impact on the Company’s consolidated financial statements.

 

avino_ex991img31.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

8

 

 

 

 

4. Taxes Recoverable

 

The Company’s taxes recoverable consist of the Mexican I.V.A. (“VAT”) and income taxes recoverable and Canadian sales taxes (“GST/HST”) recoverable.

 

 

 

June 30, 2026

 

 

December 31, 2025

 

VAT recoverable

 

$2,246

 

 

$1,731

 

GST recoverable

 

 

51

 

 

 

22

 

Income taxes recoverable

 

 

17

 

 

 

17

 

 

 

$2,314

 

 

$1,770

 

 

5. Inventory

 

 

 

June 30, 2026

 

 

December 31, 2025

 

Process material stockpiles

 

$3,147

 

 

$3,016

 

Concentrate inventory

 

 

6,830

 

 

 

4,230

 

Materials and supplies

 

 

5,936

 

 

 

4,950

 

 

 

$15,913

 

 

$12,196

 

 

The amount of inventory recognized as an expense for the three and six months ended June 30, 2026 totaled $13,797 and $29,813 (three and six months ended June 2025 – $11,581 and $19,855). See Note 13 for further details.

 

6. Long-Term Investments

 

The Company classifies its long-term investments as designated at fair value through profit and loss under IFRS 9. Long-term investments are summarized as follows:

 

For the six months ended June 30, 2026

 

Fair Value

December 31, 2025

 

 

Net

Additions /

 (Disposals)

 

 

Movements

in foreign

exchange

 

 

Fair value

 Adjustments

 for the

 period

 

 

Fair Value

June 30, 2026

 

Talisker Resources Common Shares

 

$2,351

 

 

$(226)

 

$(61)

 

$(463)

 

$1,601

 

Silver Wolf Exploration Ltd. Common Shares

 

 

1,114

 

 

 

-

 

 

 

(34)

 

 

(205)

 

 

875

 

Silver Wolf Exploration Ltd. Warrants

 

 

184

 

 

 

-

 

 

 

(4)

 

 

(64)

 

 

116

 

Endurance Gold Corp. Common Shares

 

 

376

 

 

 

-

 

 

 

(17)

 

 

94

 

 

 

453

 

Endurance Gold Corp. Warrants

 

 

126

 

 

 

-

 

 

 

(7)

 

 

39

 

 

 

158

 

 

 

$4,151

 

 

$(226)

 

$(123)

 

$(599)

 

$3,203

 

 

avino_ex991img32.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

9

 

 

 

 

7. Exploration and Evaluation Assets

 

The Company has accumulated the following acquisition, exploration and evaluation costs which are not subject to depletion:

 

 

 

Note

 

 

Avino, Mexico

 

 

La Preciosa,

Mexico

 

 

Total

 

Balance, December 31, 2024

 

 

 

 

$15,992

 

 

$36,898

 

 

$52,890

 

Drilling and exploration

 

 

 

 

 

70

 

 

 

310

 

 

 

380

 

Assessments and taxes

 

 

 

 

 

185

 

 

 

12

 

 

 

197

 

Transfer to other assets

 

 

 

 

 

-

 

 

 

(2,215)

 

 

(2,215)

Transfer to mining properties

 

 

10

 

 

 

-

 

 

 

(35,005)

 

 

(35,005)

Disposition of Ana Maria and El Laberinto claims

 

 

 

 

 

 

(556)

 

 

-

 

 

 

(556)

Effect of movements in exchange rates

 

 

 

 

 

 

8

 

 

 

-

 

 

 

8

 

Balance, December 31, 2025

 

 

 

 

 

$15,699

 

 

$-

 

 

$15,699

 

Drilling and exploration

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

Assessments and taxes

 

 

 

 

 

 

107

 

 

 

-

 

 

 

107

 

Effect of movements in exchange rates

 

 

 

 

 

 

(54)

 

 

-

 

 

 

(54)

Balance, June 30, 2026

 

 

 

 

 

$15,752

 

 

$-

 

 

$15,752

 

 

A. Avino, Mexico

 

The Company’s subsidiary Avino Mexico owns 42 mineral claims and leases four mineral claims in the state of Durango, Mexico. The Company’s mineral claims in Mexico are divided into the following two groups:

 

1. Avino Mine Area Property

 

The Avino Mine area property is situated around the towns of Panuco de Coronado and San Jose de Avino and surrounding the historic Avino mine site. There are four exploration concessions covering 154.4 hectares, 24 exploitation concessions covering 1,284.7 hectares, and one leased exploitation concession covering 98.83 hectares.

 

2. Unification La Platosa Properties

 

The Unification La Platosa properties, consist of three leased concessions in addition to the leased concessions situated within the Avino mine area property near the towns of Panuco de Coronado and San Jose de Avino and surrounding the Avino Mine.

 

In February 2012, the Company’s wholly-owned Mexican subsidiary entered into a new agreement with Minerales de Avino, S.A. de C.V. (“Minerales”) whereby Minerales has indirectly granted to the Company the exclusive right to explore and mine the La Platosa property known as the “ET zone”. The ET zone includes the Avino Mine, where production at levels intended by management was achieved on July 1, 2015.

 

Under the agreement, the Company has obtained the exclusive right to explore and mine the property for an initial period of 15 years, with the option to extend the agreement for another 5 years. In consideration of the granting of these rights, the Company issued 135,189 common shares with a fair value of C$250 during the year ended December 31, 2012. The Company has agreed to pay to Minerales a royalty equal to 3.5% of net smelter returns (“NSR”). In addition, after the start of production, if the minimum monthly processing rate of the mine facilities is less than 15,000 tonnes, then the Company must pay to Minerales a minimum royalty equal to the applicable NSR royalty based on the processing at a monthly rate of 15,000 tonnes.

 

avino_ex991img33.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

10

 

 

 

 

 

Minerales has also granted to the Company the exclusive right to purchase a 100% interest in the property at any time during the term of the agreement (or any renewal thereof), upon payment of $8 million within 15 days of the Company’s notice of election to acquire the property. The purchase would be subject to a separate purchase agreement for the legal transfer of the property.

 

B. La Preciosa, Mexico

 

La Preciosa is a development stage mineral property located in the state of Durango, Mexico, within the municipalities of Pánuco de Coronado and Canatlán. The Project is hosting one of the largest undeveloped primary silver resources in Mexico, and is located adjacent to Avino’s existing operations at the Avino Property in Durango, Mexico. The property covers an area of approximately 1,134 hectares and is located on the eastern flank of the Sierra Madre Occidental mountain range.

 

On April 1, 2025, the Company determined that La Preciosa had demonstrated technical feasibility and commercial viability to support the reclassification from the exploration and evaluation asset stage to the development stage and mining properties with plant, equipment and mining properties.

 

As such, the Company performed an assessment for impairment under IFRS 6 prior to reclassification. Management assessed whether or not the assets were impaired using a quantitative assessment of the recoverable value.

 

Based on these factors, all of the criteria required by IAS 36.10 have been met, and the Company determined that the recoverable amount exceeds the carrying value, and no impairment was recorded.

 

8. Non-Controlling Interest

 

At June 30, 2026, the Company had an effective 99.67% (December 31, 2025 - 99.67%) interest in its subsidiary Avino Mexico and the remaining 0.33% (December 31, 2025 - 0.33%) interest represents a non-controlling interest. The accumulated deficit and current period income attributable to the non-controlling interest are insignificant and accordingly have not been presented separately in the consolidated financial statements.

 

avino_ex991img11.jpg

AVINO SILVER & GOLD MINES 

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

11

 

 

 

 

9. Plant, Equipment and Mining Properties

 

 

 

Mining

properties

 

 

Office

equipment, furniture,

and

fixtures

 

 

Computer equipment

 

 

Mine

machinery

and

transportation equipment

 

 

Mill

machinery

and

processing

equipment

 

 

Buildings

and

construction

in

process

 

 

Total

 

COST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2025

 

$19,230

 

 

$1,191

 

 

$1,763

 

 

$16,331

 

 

$28,222

 

 

$14,982

 

 

$81,719

 

Additions / Transfers

 

 

4,436

 

 

 

55

 

 

 

200

 

 

 

8,973

 

 

 

4,425

 

 

 

842

 

 

 

18,931

 

Transfer from exploration and evaluation assets (Note 7)

 

 

35,005

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

35,005

 

Royalty buyback

 

 

21,787

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

21,787

 

Writedowns

 

 

-

 

 

 

(12)

 

 

(7)

 

 

(1,716)

 

 

(343)

 

 

-

 

 

 

(2,078)

Effect of movements in exchange rates

 

 

12

 

 

 

-

 

 

 

-

 

 

 

3

 

 

 

-

 

 

 

27

 

 

 

42

 

Balance at December 31, 2025

 

 

80,470

 

 

 

1,234

 

 

 

1,956

 

 

 

23,591

 

 

 

32,304

 

 

 

15,851

 

 

 

155,406

 

Additions

 

 

4,653

 

 

 

41

 

 

 

55

 

 

 

6,158

 

 

 

48

 

 

 

1,249

 

 

 

12,204

 

Writedowns

 

 

-

 

 

 

(1)

 

 

(5)

 

 

(96)

 

 

(20)

 

 

-

 

 

 

(122)

Effect of movements in exchange rates

 

 

(766)

 

 

-

 

 

 

-

 

 

 

47

 

 

 

2

 

 

 

(15)

 

 

(732)

Balance at June 30, 2026

 

 

84,357

 

 

 

1,274

 

 

 

2,006

 

 

 

29,700

 

 

 

32,334

 

 

 

17,085

 

 

 

166,756

 

ACCUMULATED DEPLETION

AND DEPRECIATION / IMPAIRMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2025

 

 

9,899

 

 

 

643

 

 

 

1,000

 

 

 

5,297

 

 

 

7,849

 

 

 

3,230

 

 

 

27,918

 

Additions

 

 

503

 

 

 

148

 

 

 

410

 

 

 

1,523

 

 

 

774

 

 

 

329

 

 

 

3,687

 

Writedowns

 

 

-

 

 

 

(11)

 

 

(5)

 

 

(1,455)

 

 

(93)

 

 

-

 

 

 

(1,564)

Balance at December 31, 2025

 

 

10,402

 

 

 

780

 

 

 

1,405

 

 

 

5,365

 

 

 

8,530

 

 

 

3,559

 

 

 

30,041

 

Additions

 

 

302

 

 

 

77

 

 

 

216

 

 

 

483

 

 

 

3,599

 

 

 

197

 

 

 

4,874

 

Writedowns

 

 

-

 

 

 

(1)

 

 

(5)

 

 

(89)

 

 

(9)

 

 

-

 

 

 

(104)

Balance at June 30, 2026

 

 

10,704

 

 

 

856

 

 

 

1,616

 

 

 

5,759

 

 

 

12,120

 

 

 

3,756

 

 

 

34,811

 

NET BOOK VALUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At June 30, 2026

 

 

73,653

 

 

 

418

 

 

 

390

 

 

 

23,941

 

 

 

20,214

 

 

 

13,329

 

 

 

131,945

 

At December 31, 2025

 

$70,068

 

 

$454

 

 

$551

 

 

$18,226

 

 

$23,774

 

 

$12,292

 

 

$125,365

 

 

Included in Buildings and construction in process above are assets under construction of $5,047 as at June 30, 2026 (December 31, 2025 - $5,019) on which no depreciation was charged in the periods then ended. Once the assets are available for use, they will be transferred to the appropriate class of plant, equipment and mining properties.

 

As of June 30, 2026, the Company recorded a write-down of $18 (December 31, 2025 - $514) against the carrying value of mine and mill machinery and transportation equipment due to damage and obsolescence.

 

As at June 30, 2026, plant, equipment and mining properties included a net carrying amount of $10,758 (December 31, 2025 - $9,162) for mining equipment and right of use assets under lease.

 

avino_ex991img12.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

12

 

 

 

 

 

On August 25, 2025, the Company acquired all outstanding royalties and obligations held by Deterra Royalties Inc., on the La Preciosa property. Consideration for the transaction was $13.25 million upfront payment, followed by an $8.75 million payment deferred for one year. The consideration has been measured at fair value as of the transaction date and recorded as an addition to mineral properties. The present value of the deferred obligation payment was calculated using a discount interest rate of 7.47%.

 

10. Related Party Transactions and Balances

 

All related party transactions are recorded at the exchange amount which is the amount agreed to by the Company and the related party.

 

A. Key management personnel

 

The Company has identified its directors and certain senior officers as its key management personnel. The compensation costs for key management personnel is as follows:

 

 

 

Three months

ended

June 30, 2026

 

 

Three months

ended

June 30, 2025

 

 

Six months

ended

June 30, 2026

 

 

Six months

ended

June 30, 2025

 

Salaries, benefits, and consulting fees

 

$470

 

 

$347

 

 

$882

 

 

$923

 

Share-based payments

 

 

1,271

 

 

 

1,048

 

 

 

2,011

 

 

 

1,336

 

 

 

$1,741

 

 

$1,395

 

 

$2,893

 

 

$2,259

 

 

B. Amounts due to/from related parties

 

In the normal course of operations, the Company transacts with companies related to Avino’s directors or officers. All amounts payable and receivable are non-interest bearing, unsecured and due on demand.

 

The following table summarizes the amounts were due to/(from) related parties:

 

 

 

June 30, 2026

 

 

December 31, 2025

 

Oniva International Services Corp.

 

$95

 

 

$98

 

Silver Wolf Exploration Ltd.

 

 

(236)

 

 

(239)

 

 

$(141)

 

$(141)

 

For consulting services provided to the Company by the President and Chief Executive Officer, the Company pays Intermark Capital Corporation (“ICC”), a company controlled by the Company’s President and CEO and director. For the six months ended June 30, 2026, the Company paid $181 (June 30, 2025 - $259) to ICC.

 

C. Other related party transactions

 

The Company has a cost sharing agreement with Oniva International Services Corp. (“Oniva”) for office and administration services. Pursuant to the cost sharing agreement, the Company will reimburse Oniva for the Company’s percentage of overhead and corporate expenses and for out-of-pocket expenses incurred on behalf of the Company, with a 2.5% markup. The President & CEO, and director of the Company, is the sole owner of Oniva. The cost sharing agreement may be terminated with one-month notice by either party without penalty.

 

avino_ex991img14.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

13

 

 

 

 

 

The transactions with Oniva are summarized below:

 

 

 

Three months

ended

June 30, 2026

 

 

Three months

ended

June 30, 2025

 

 

Six months

ended

June 30, 2026

 

 

Six months

ended

June 30, 2025

 

Salaries and benefits

 

$400

 

 

$262

 

 

$940

 

 

$573

 

Office and miscellaneous

 

 

132

 

 

 

137

 

 

 

372

 

 

 

271

 

 

 

$532

 

 

$399

 

 

$1,312

 

 

$844

 

 

11. Reclamation Provision

 

Management’s estimate of the reclamation provision at June 30, 2026, is $3,131 (December 31, 2025 – $2,921), and the undiscounted value of the obligation is $6,316 (December 31, 2025 – $5,573).

 

The present value of the obligation was calculated using a risk-free interest rate of 9.13% (December 31, 2025 – 9.13%) and an inflation rate of 3.84% (December 31, 2025 – 3.84%). Reclamation activities are estimated to begin in 2028 for the San Gonzalo Mine and in 2043 for the Avino Mine and La Preciosa Mine.

 

A reconciliation of the changes in the Company’s reclamation provision is as follows:

 

 

 

June 30, 2026

 

 

December 31, 2025

 

Balance at beginning of the period

 

$2,921

 

 

$2,062

 

Changes in estimates

 

 

-

 

 

 

349

 

Unwinding of discount

 

 

134

 

 

 

204

 

Effect of movements in exchange rates

 

 

76

 

 

 

306

 

Balance at end of the period

 

$3,131

 

 

$2,921

 

 

12. Share Capital and Share-Based Payments

 

A. Authorized

 

Unlimited common shares without par value

 

B. Issued

 

 

i.

During the six months ended June 30, 2026, the Company issued 3,099,435 common shares through an at- the-market offering via a prospectus supplement for gross proceeds of $25,656. The Company paid a 2.75% cash commission of $706 on gross proceeds, for net proceeds of $24,950. The Company also incurred $214 in share issuance costs related to its base shelf prospectus and prospectus supplement filings.

 

 

 

 

During the six months ended June 30, 2026, the Company issued 3,275,404 common shares following the exercise of 3,289,500 stock options, with 14,096 shares being forfeit for net exercise. As a result, $4,780 was recorded to share capital, representing cash proceeds of $3,063 and the fair value upon issuance of $1,717.

 

 

 

 

During the six months ended June 30, 2026, the Company issued 1,691,983 common shares upon vesting of RSUs. As a result, $1,347 was recorded to share capital.

 

avino_ex991img15.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

14

 

 

 

 

 

 

On April 6, 2026, the Company received acceptance from the Toronto Stock Exchange (the “TSX”) of the Company’s Notice of Intention to make a Normal Course Issuer Bid (the “NCIB”) to repurchase, for cancellation, up to an aggregate of 8,428,566 common shares at prevailing market prices commencing on April 8, 2026 and ending on the earlier of April 7, 2027, and the date on which the Company reaches the maximum purchases permitted under the NCIB. During the six months ended June 30, 2026, the Company repurchased and subsequently cancelled 508,039 common shares at an incurred cost of $3,031.

 

 

 

 

ii.

During the year ended December 31, 2025, the Company issued 16,504,560 common shares through an at- the-market offering via a prospectus supplement for gross proceeds of $77,024. The Company paid a 2.75% cash commission of $2,118 on gross proceeds, for net proceeds of $74,906. The Company also incurred $690 in share issuance costs related to its base shelf prospectus and prospectus supplement filings.

 

 

 

 

During the year ended December 31, 2025, the Company issued 3,930,490 common shares following the exercise of 4,251,000 stock options, with 320,510 shares being forfeit for net exercise. As a result, $4,768 was recorded to share capital, representing cash proceeds of $2,617 and the fair value upon issuance of $2,151.

 

 

 

 

During the year ended December 31, 2025, the Company issued 1,308,296 common shares upon vesting of RSUs. As a result, $1,008 was recorded to share capital.

 

C. Stock Options

 

The Company has a stock option plan to purchase the Company’s common shares, under which it may grant stock options of up to 10% of the Company’s total number of shares issued and outstanding on a non-diluted basis. The stock option plan provides for the granting of stock options to directors, officers, and employees, and to persons providing investor relations or consulting services, the limits being based on the Company’s total number of issued and outstanding shares per year. The stock options vest on the date of grant, except for those issued to persons providing investor relations services, which vest over a period of one year. The option price must be greater than or equal to the discounted market price on the grant date, and the option term cannot exceed ten years from the grant date.

 

Continuity of stock options is as follows:

 

 

 

Underlying Shares

 

 

Weighted Average 

Exercise Price (C$)

 

Stock options outstanding, January 1, 2025

 

 

7,675,000

 

 

$1.15

 

Granted

 

 

2,547,000

 

 

$2.24

 

Exercised

 

 

(4,251,000)

 

$1.32

 

Expired

 

 

(100,000)

 

$1.64

 

Stock options outstanding, December 31, 2025

 

 

5,871,000

 

 

$1.50

 

Granted

 

 

737,908

 

 

$9.43

 

Exercised

 

 

(3,289,500)

 

$1.32

 

Cancelled

 

 

(1,336)

 

$9.41

 

Stock options outstanding, June 30, 2026

 

 

3,318,072

 

 

$3.43

 

Stock options exercisable, June 30, 2026

 

 

2,690,643

 

 

$2.03

 

 

avino_ex991img18.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

15

 

 

 

 

 

The following table summarizes information about the stock options outstanding and exercisable at June 30, 2026:

 

 

 

 

 

 

Outstanding

 

 

Exercisable

 

Expiry Date

 

Price (C$)

 

 

Number of Options

 

 

Weighted Average Remaining Contractual Life (Years)

 

 

Number of Options

 

 

Weighted Average

Remaining Contractual

 Life (Years)

 

March 25, 2027

 

$1.20

 

 

 

27,500

 

 

 

0.73

 

 

 

27,500

 

 

 

0.73

 

March 29, 2028

 

$1.12

 

 

 

450,000

 

 

 

1.75

 

 

 

450,000

 

 

 

1.75

 

March 25, 2029

 

$0.78

 

 

 

535,000

 

 

 

2.74

 

 

 

535,000

 

 

 

2.74

 

April 9, 2030

 

$2.11

 

 

 

1,494,000

 

 

 

3.78

 

 

 

1,494,000

 

 

 

3.78

 

May 27, 2030

 

$4.38

 

 

 

75,000

 

 

 

3.91

 

 

 

75,000

 

 

 

3.91

 

March 16, 2031

 

$9.41

 

 

 

436,572

 

 

 

4.71

 

 

 

109,143

 

 

 

4.71

 

June 4, 2031

 

$9.47

 

 

 

300,000

 

 

 

4.93

 

 

 

-

 

 

 

4.93

 

 

 

 

 

 

 

 

3,318,072

 

 

 

3.54

 

 

 

2,690,643

 

 

 

3.24

 

 

Valuation of stock options requires the use of estimates and assumptions including the expected stock price volatility. The expected volatility used in valuing stock options is based on volatility observed in historical periods. Changes in the underlying assumptions can materially affect the fair value estimates. The fair value of the stock options was calculated using the Black-Scholes model with the following weighted average assumptions and resulting fair values:

 

 

 

June 30, 2026

 

 

December 31, 2025

 

Weighted average assumptions

 

 

 

 

 

 

Risk-free interest rate

 

 

3.03%

 

 

2.80%

Expected dividend yield

 

 

0%

 

 

0%

Expected life

 

4.4 years

 

 

5 years

 

Expected stock price volatility

 

 

62.46%

 

 

60.28%

Expected forfeiture rate

 

 

12%

 

 

13%

Weighted average fair value

 

C$4.29

 

 

C$1.06

 

 

During the six months ended June 30, 2026, the Company charged $1,287 (December 31, 2025 - $1,781) to operations as share-based payments for the fair value of stock options granted.

 

D. Restricted Share Units

 

On April 19, 2018, the Company’s Restricted Share Unit (“RSU”) Plan was approved by its shareholders. The RSU Plan is administered by the Compensation Committee under the supervision of the Board of Directors as compensation to officers, directors, consultants, and employees. The Compensation Committee determines the terms and conditions upon which a grant is made, including any performance criteria or vesting period.

 

Upon vesting, each RSU entitles the participant to receive one common share, provided that the participant is continuously employed with or providing services to the Company. RSUs track the value of the underlying common shares, but do not entitle the recipient to the underlying common shares until such RSUs vest, nor do they entitle a holder to exercise voting rights or any other rights attached to ownership or control of the common shares, until the RSU vests and the RSU participant receives common shares.

 

avino_ex991img19.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

16

 

 

 

 

 

Continuity of RSUs is as follows:

 

 

 

Underlying Shares

 

 

Weighted Average

 Price (C$)

 

RSUs outstanding, January 1, 2025

 

 

3,540,868

 

 

$1.08

 

Granted

 

 

1,547,715

 

 

$2.50

 

Exercised

 

 

(1,308,296)

 

$1.10

 

Cancelled / Forfeited

 

 

(443,572)

 

$1.11

 

RSUs outstanding, December 31, 2025

 

 

3,336,715

 

 

$1.72

 

Granted

 

 

209,805

 

 

$9.41

 

Exercised

 

 

(1,690,911)

 

$1.50

 

Cancelled / Forfeited

 

 

(30,443)

 

$1.21

 

RSUs outstanding, June 30, 2026

 

 

1,825,166

 

 

$2.82

 

 

The following table summarizes information about the RSUs outstanding at June 30, 2026:

 

Issuance Date

 

Price (C$)

 

 

Number of RSUs Outstanding

 

April 1, 2024

 

$1.02

 

 

 

582,000

 

April 9, 2025

 

$2.41

 

 

 

984,000

 

May 27, 2025

 

$4.38

 

 

 

50,000

 

March 16, 2026

 

$9.41

 

 

 

209,166

 

 

 

 

 

 

 

 

1,825,166

 

 

During the six months ended June 30, 2026, 209,805 RSUs (December 31, 2025 – 1,547,715) were granted. The weighted average fair value at the measurement date was C$9.41, based on the TSX market price of the Company’s shares on the date the RSUs were granted.

 

During the six months ended June 30, 2026, the Company charged $1,053 (June 30, 2025 – $819) to operations as share-based payments for the fair value of the RSUs vested. The fair value of the RSUs is recognized over the vesting period with reference to vesting conditions and the estimated RSUs expected to vest.

 

E. Earnings Per Share

 

The calculations for basic earnings per share and diluted earnings per share are as follows:

 

 

 

Three months

ended

June 30, 2026

 

 

Three months

ended

June 30, 2025

 

 

Six months

ended

June 30, 2026

 

 

Six months

ended

June 30, 2025

 

Net income for the period

 

$10,899

 

 

$2,864

 

 

$26,812

 

 

$8,481

 

Basic weighted average number of shares outstanding

 

 

170,022,896

 

 

 

144,108,234

 

 

 

168,298,839

 

 

 

142,194,583

 

Effect of dilutive share options and RSUs (‘000)

 

 

5,489,945

 

 

 

10,026,250

 

 

 

5,698,136

 

 

 

9,706,798

 

Diluted weighted average number of shares outstanding

 

 

175,512,841

 

 

 

154,134,484

 

 

 

173,996,975

 

 

 

151,901,381

 

Basic income per share

 

$0.06

 

 

$0.02

 

 

$0.16

 

 

$0.06

 

Diluted income per share

 

$0.06

 

 

$0.02

 

 

$0.15

 

 

$0.06

 

 

avino_ex991img20.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

17

 

 

 

 

13. Revenue and Cost of Sales

 

The Company’s revenues for the six months ended June 30, 2026 and 2025, are all attributable to Mexico, from shipments of concentrate from the Avino Mine and processing of development material from the La Preciosa Mine.

 

 

 

Three months

ended

June 30, 2026

 

 

Three months

ended

June 30, 2025

 

 

Six months

ended

June 30, 2026

 

 

Six months

ended

June 30, 2025

 

Concentrate sales

 

$32,013

 

 

$21,941

 

 

$74,006

 

 

$37,702

 

Provisional pricing adjustments

 

 

(5,226)

 

 

(136)

 

 

(7,786)

 

 

2,939

 

 

 

$26,787

 

 

$21,805

 

 

$66,220

 

 

$40,641

 

 

Cost of sales consists of changes in inventories, direct costs including personnel costs, mine site costs, energy costs (principally diesel fuel and electricity), maintenance and repair costs, operating supplies, external services, third party transport fees, depreciation and depletion, and other expenses for the periods. Direct costs include the costs of extracting co-products.

 

Cost of sales is based on the weighted average cost of inventory sold for the periods and consists of the following for the six months ended June 30, 2026 and 2025:

 

 

 

Three months ended

 June 30, 2026

 

 

Three months ended

 June 30, 2025

 

 

Six months

 ended

 June 30, 2026

 

 

Six months

 ended

 June 30, 2025

 

Production costs

 

$12,368

 

 

$10,531

 

 

$25,088

 

 

$17,971

 

Write down of equipment and materials and supplies inventory

 

 

18

 

 

 

164

 

 

 

18

 

 

 

164

 

Depreciation and depletion

 

 

1,430

 

 

 

886

 

 

 

4,725

 

 

 

1,720

 

 

 

$13,816

 

 

$11,581

 

 

$29,831

 

 

$19,855

 

 

avino_ex991img21.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

18

 

 

 

 

14. General and Administrative Expenses

 

General and administrative expenses consist of the following:

 

 

 

Three months

ended

June 30, 2026

 

 

Three months

ended

June 30, 2025

 

 

Six months

ended

June 30, 2026

 

 

Six months

ended

June 30, 2025

 

Salaries and benefits

 

$1,133

 

 

$826

 

 

$2,344

 

 

$1,826

 

Office and miscellaneous

 

 

267

 

 

 

480

 

 

 

960

 

 

 

926

 

Professional fees

 

 

398

 

 

 

240

 

 

 

889

 

 

 

427

 

Management and consulting fees

 

 

133

 

 

 

101

 

 

 

266

 

 

 

348

 

Investor relations

 

 

155

 

 

 

131

 

 

 

313

 

 

 

226

 

Regulatory and compliance fees

 

 

98

 

 

 

58

 

 

 

197

 

 

 

102

 

Directors’ fees

 

 

82

 

 

 

52

 

 

 

170

 

 

 

86

 

Travel and promotion

 

 

33

 

 

 

46

 

 

 

93

 

 

 

79

 

Depreciation

 

 

41

 

 

 

39

 

 

 

83

 

 

 

76

 

 

 

$2,340

 

 

$1,973

 

 

$5,315

 

 

$4,096

 

 

15. Commitments & Contingencies

 

The Company has a cost sharing agreement to reimburse Oniva for a percentage of its overhead expenses, to reimburse 100% of its out-of-pocket expenses incurred on behalf of the Company, and to pay a percentage fee based on Oniva’s total overhead and corporate expenses. The agreement may be terminated with one-month notice by either party. Transactions and balances with Oniva are disclosed in Note 10.

 

The Company and its subsidiaries have various operating lease agreements for their office premises, use of land, and equipment. Commitments in respect of these lease agreements are as follows:

 

 

 

June 30, 2026

 

 

December 31, 2025

 

Not later than one year

 

$803

 

 

$459

 

Later than one year and not later than five years

 

 

1,229

 

 

 

1,677

 

Later than five years

 

 

3,075

 

 

 

3,210

 

 

 

$5,107

 

 

$5,346

 

 

Office lease payments recognized as an expense during the six months ended June 30, 2026, totaled $22 (December 31, 2025 - $39).

 

Due to the nature of the Company’s activities, the Company is from time to time involved in various claims and legal proceedings arising in the conduct of its business. At the reporting date, none of such claims and legal proceedings are considered probable of resulting in a material loss or judgment against the Company.

 

avino_ex991img21.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

19

 

 

 

 

16. Supplementary Cash Flow Information

 

 

 

For the six

months ended

June 30, 2026

 

 

For the six

months ended

June 30, 2025

 

NET CHANGE IN NON-CASH WORKING CAPITAL ITEMS

 

 

 

 

 

 

Inventory

 

$(3,651)

 

$(2,841)

Prepaid expenses and other assets

 

 

(1,179)

 

 

(257)

Taxes recoverable

 

 

(544)

 

 

(508)

Taxes payable

 

 

(1,631)

 

 

288

 

Accounts payable and accrued liabilities

 

 

(3,031)

 

 

2,079

 

Amounts receivable

 

 

9,984

 

 

 

(3,135)

Amounts due to related parties

 

 

1

 

 

 

(148)

 

 

$(51)

 

$(4,522)

OTHER SUPPLEMENTARY INFORMATION

 

 

 

 

 

 

 

 

Interest paid

 

$254

 

 

$136

 

Taxes paid

 

 

13,843

 

 

 

3,590

 

 

 

$14,097

 

 

$3,726

 

NON-CASH INVESTING AND FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Transfer of share-based payments reserve upon vesting of RSUs

 

$1,347

 

 

$1,008

 

Transfer of share-based payments reserve upon exercise of stock options

 

 

4,780

 

 

 

1,155

 

Equipment acquired under finance leases and equipment loans

 

 

4,918

 

 

 

4,014

 

 

 

$11,045

 

 

$6,177

 

 

17. Financial Instruments

 

The fair values of the Company’s amounts receivable not subject to provisional pricing, due to/from related parties and accounts payable approximate their carrying values because of the short-term nature of these instruments. Cash, amounts receivable subject to provisional pricing, long-term investments are recorded at fair value. The carrying amounts of the Company’s deferred consideration payable, equipment loans, and finance lease obligations are a reasonable approximation of their fair values based on current market rates for similar financial instruments.

 

The Company’s financial instruments are exposed to certain financial risks, including credit risk, liquidity risk, and market risk.

 

A. Credit Risk

 

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company has exposure to credit risk through its cash, long-term investments and amounts receivable. The Company manages credit risk, in respect of cash and short-term investments, by maintaining the majority of cash and short-term investments at highly rated financial institutions.

 

avino_ex991img22.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

20

 

 

 

 

 

The Company is exposed to a significant concentration of credit risk with respect to its trade accounts receivable balance because all of its concentrate sales are with two (December 31, 2025 – two) counterparties (see Note 18). However, the Company has not recorded any allowance against its trade receivables because to-date all balances owed have been settled in full when due (typically within 60 days of submission) and because of the nature of the counterparties.

 

The Company’s maximum exposure to credit risk at the end of any period is equal to the carrying amount of these financial assets as recorded in the consolidated statement of financial position. At June 30, 2026, no amounts were held as collateral.

 

B. Liquidity Risk

 

Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due. The Company manages its liquidity risk by forecasting cash flows required by its operating, investing and financing activities. The Company had cash at June 30, 2026, in the amount of $144,783 and current assets exceeded current liabilities by $140,774 in order to meet short-term business requirements. Accounts payable have contractual maturities of approximately 30 to 90 days, or are due on demand and are subject to normal trade terms. The current portions of finance lease obligations are due within 12 months of the consolidated statement of financial position date. Amounts due to related parties are without stated terms of interest or repayment.

 

The maturity profiles of the Company’s contractual obligations and commitments as at June 30, 2026, are summarized as follows:

 

 

 

Total

 

 

Less Than

 1 Year

 

 

1-5 years

 

 

More Than

 5 Years

 

Accounts payable and accrued liabilities

 

$11,155

 

 

$11,155

 

 

$-

 

 

$-

 

Deferred consideration payable

 

 

8,750

 

 

 

8,750

 

 

 

-

 

 

 

-

 

Equipment loans

 

 

1,947

 

 

 

848

 

 

 

1,099

 

 

 

-

 

Finance lease obligations

 

 

7,102

 

 

 

3,187

 

 

 

3,915

 

 

 

-

 

Total

 

$28,954

 

 

$23,940

 

 

$5,014

 

 

$-

 

 

C. Market Risk

 

Market risk consists of interest rate risk, foreign currency risk and price risk. These are discussed further below.

 

Interest Rate Risk

 

Interest rate risk consists of two components:

 

 

i.

To the extent that payments made or received on the Company’s monetary assets and liabilities are affected by changes in the prevailing market interest rates, the Company is exposed to interest rate cash flow risk.

 

ii.

To the extent that changes in prevailing market rates differ from the interest rates on the Company’s monetary assets and liabilities, the Company is exposed to interest rate price risk.

 

In management’s opinion, the Company is not materially exposed to interest rate risk, as any material debt obligations that bear interest are fixed and not subject to floating interest rates. A 10% change in the interest rate would not result in a material impact on the Company’s operations.

 

Foreign Currency Risk

 

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company is exposed to foreign currency risk to the extent that the following monetary assets and liabilities are denominated in Mexican pesos and Canadian dollars:

 

avino_ex991img23.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

21

 

 

 

 

 

 

 

 

 

June 30, 2026

 

 

 

 

December 31, 2025

 

 

 

MXN

 

 

CDN

 

 

MXN

 

 

CDN

 

Cash

 

$30,176

 

 

$3,055

 

 

$29,172

 

 

$1,710

 

Due from related parties

 

 

-

 

 

 

335

 

 

 

4,026

 

 

 

-

 

Long-term investments

 

 

-

 

 

 

4,552

 

 

 

-

 

 

 

5,690

 

Reclamation bonds

 

 

-

 

 

 

6

 

 

 

-

 

 

 

6

 

Amounts receivable

 

 

10,094

 

 

 

73

 

 

 

11,461

 

 

 

30

 

Accounts payable and accrued liabilities

 

 

(73,823)

 

 

(190)

 

 

(73,792)

 

 

(311)

Due to related parties

 

 

-

 

 

 

(135)

 

 

-

 

 

 

(135)

Finance lease obligations

 

 

(1,881)

 

 

(374)

 

 

(4,320)

 

 

(430)

Net exposure

 

 

(35,434)

 

 

7,322

 

 

 

(33,453)

 

 

6,560

 

US dollar equivalent

 

$(2,023)

 

$5,152

 

 

$(1,863)

 

$4,785

 

 

Based on the net US dollar denominated asset and liability exposures as at June 30, 2026, a 10% fluctuation in the US/Mexican and Canadian/US exchange rates would impact the Company’s earnings for the six months ended June 30, 2026, by approximately $44 (December 31, 2025 – $248). The Company has entered into certain foreign currency contracts to mitigate this risk and at June 30, 2026, recorded a derivative asset of $630 (December 31, 2025 – derivative asset of $1,314).

 

Price Risk

 

Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices, other than those arising from interest rate risk or foreign currency risk.

 

The Company is exposed to price risk with respect to its amounts receivable, as certain trade accounts receivable are recorded based on provisional terms that are subsequently adjusted according to quoted metal prices at the date of final settlement. Quoted metal prices are affected by numerous factors beyond the Company’s control and are subject to volatility, and the Company does not employ hedging strategies to limit its exposure to price risk. At June 30, 2026, based on outstanding accounts receivable that were subject to pricing adjustments, a 10% change in metals prices would have an impact on net earnings (loss) of approximately $36 (December 31, 2025 - $743).

 

The Company is exposed to price risk with respect to its long-term investments, as these investments are carried at fair value based on quoted market prices. Changes in market prices result in gains or losses being recognized in net income (loss). At June 30, 2026, a 10% change in market prices would have an impact on net earnings (loss) of approximately $293 (December 31, 2025 - $384).

 

The Company’s profitability and ability to raise capital to fund exploration, evaluation and production activities is subject to risks associated with fluctuations in mineral prices. Management closely monitors commodity prices, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company.

 

D. Classification of Financial Instruments

 

IFRS 13 Financial Instruments: Disclosures establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value as follows:

 

Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;

 

Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and

 

avino_ex991img24.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

22

 

 

 

 

 

Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs).

 

The following table sets forth the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as at June 30, 2026:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

FINANCIAL ASSETS

 

 

 

 

 

 

 

 

 

Cash

 

$144,783

 

 

$-

 

 

$-

 

Amounts receivable

 

 

-

 

 

 

-

 

 

 

-

 

Derivative asset

 

 

-

 

 

 

630

 

 

 

-

 

Long-term investments

 

 

2,931

 

 

 

-

 

 

 

272

 

Total financial assets

 

$147,714

 

 

$630

 

 

$272

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$-

 

 

$(356)

 

$-

 

Derivative liability

 

 

-

 

 

 

-

 

 

 

-

 

Total financial liabilities

 

$-

 

 

$(356)

 

$-

 

 

The following table sets forth the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as at December 31, 2025:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

FINANCIAL ASSETS

 

 

 

 

 

 

 

 

 

Cash

 

$101,724

 

 

$-

 

 

$-

 

Amounts receivable

 

 

-

 

 

 

7,430

 

 

 

-

 

Derivative asset

 

 

-

 

 

 

1,314

 

 

 

-

 

Long-term investments

 

 

3,843

 

 

 

-

 

 

 

308

 

Total financial assets

 

$105,567

 

 

$8,744

 

 

$308

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Derivative liability

 

 

-

 

 

 

-

 

 

 

-

 

Total financial liabilities

 

$-

 

 

$-

 

 

$-

 

 

18. Segmented Information

 

The Company reviews its segment reporting to ensure it reflects the operational structure of the Company and enables the Company’s Chief Operating Decision Maker (the Company’s CEO) to review operating segment performance at the mine operating income or loss level, as well as on the basis of total comprehensive income. Effective December 31, 2025, it was determined that the Company has two reportable operating segments, located in Mexico (Avino and La Preciosa). The Company also has a Corporate segment located in Canada. Revenues, cost of sales, operating expenses, other items and income taxes are attributed to the operation in which they arise. Segment results are presented net of intersegment transactions where services are performed on behalf of other segments within the Company. There are no amounts unallocated to reportable segments. Previously, the Company only had one reportable segment. Following this change in the composition of reportable segments, the Company has restated the corresponding segment information for the three and six months ended June 30, 2025.

 

avino_ex991img24.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

23

 

 

 

 

 

The following tables represent the statement of operations and other comprehensive income by segment:

 

For the three months ended

June 30, 2026 and 2025

 

 

 

Revenue

 

 

Cost of

sales

(production costs)

 

 

Cost of

sales

(depreciation)

 

 

Mine

operating

income

 

 

Total

comprehensive

income

 

MEXICO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avino

 

2026

 

$23,056

 

 

$9,971

 

 

$1,213

 

 

$11,872

 

 

$8,803

 

 

 

2025

 

 

21,805

 

 

 

10,695

 

 

 

886

 

 

 

10,224

 

 

 

9,177

 

La Preciosa

 

2026

 

 

3,731

 

 

 

2,415

 

 

 

217

 

 

 

1,099

 

 

 

1,034

 

 

 

2025

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

CANADA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

2026

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,296)

 

 

2025

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4,894)

Consolidated

 

2026

 

$26,787

 

 

$12,386

 

 

$1,430

 

 

$12,971

 

 

$8,541

 

 

 

2025

 

$21,805

 

 

$10,695

 

 

$886

 

 

$10,224

 

 

$4,283

 

 

For the six months ended

June 30, 2026 and 2025

 

 

 

Revenue

 

 

Cost of

sales

(production costs)

 

 

Cost of

sales

(depreciation)

 

 

Mine

operating

income

 

 

Total

comprehensive

income

 

MEXICO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avino

 

2026

 

$58,036

 

 

$21,178

 

 

$4,396

 

 

$32,462

 

 

$20,757

 

 

 

2025

 

 

40,641

 

 

 

18,135

 

 

 

1,720

 

 

 

20,786

 

 

 

16,497

 

La Preciosa

 

2026

 

 

8,184

 

 

 

3,927

 

 

 

329

 

 

 

3,927

 

 

 

3,523

 

 

 

2025

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

CANADA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

2026

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,268)

 

 

2025

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(6,502)

Consolidated

 

2026

 

$66,220

 

 

$24,932

 

 

$2,667

 

 

$36,389

 

 

$22,012

 

 

 

2025

 

$40,641

 

 

$18,135

 

 

$1,720

 

 

$20,786

 

 

$9,995

 

 

avino_ex991img24.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

24

 

 

 

 

 

The following table represents information from the consolidated statement of financial position by segment:

 

As at

June 30, 2026 and December 31, 2025

 

 

 

PP&E

assets (incl.

mineral properties)

 

 

E&E assets

 

 

Total

mining

assets

 

 

Total

assets

 

 

Total

liabilities

 

MEXICO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avino

 

2026

 

$60,333

 

 

$15,752

 

 

$76,085

 

 

$119,188

 

 

$21,344

 

 

 

2025

 

 

59,892

 

 

 

15,699

 

 

 

75,591

 

 

 

116,941

 

 

 

28,390

 

La Preciosa

 

2026

 

 

71,351

 

 

 

-

 

 

 

71,351

 

 

 

83,170

 

 

 

9,490

 

 

 

2025

 

 

65,154

 

 

 

-

 

 

 

65,154

 

 

 

73,626

 

 

 

6,389

 

CANADA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

2026

 

 

261

 

 

 

-

 

 

 

261

 

 

 

120,166

 

 

 

9,120

 

 

 

2025

 

 

319

 

 

 

-

 

 

 

319

 

 

 

88,465

 

 

 

10,022

 

Consolidated

 

2026

 

$131,945

 

 

$15,752

 

 

$147,697

 

 

$322,524

 

 

$39,954

 

 

 

2025

 

$125,365

 

 

$15,699

 

 

$141,064

 

 

$279,032

 

 

$44,801

 

 

On the consolidated statements of operations and other comprehensive income for the three months ended June 30, 2026 and 2025, the Company had revenue from the following product mixes, all deriving from its Mexico operations:

 

 

 

Three months

 ended

June 30, 2026

 

 

Three months

 ended

June 30, 2025

 

 

Six months

 ended

 June 30, 2026

 

 

Six months

 ended

 June 30, 2025

 

Silver

 

$14,617

 

 

$9,048

 

 

$38,725

 

 

$15,948

 

Copper

 

 

2,512

 

 

 

7,275

 

 

 

11,904

 

 

 

14,335

 

Gold

 

 

9,866

 

 

 

6,741

 

 

 

16,634

 

 

 

13,117

 

Penalties, treatment costs and refining charges

 

 

(208)

 

 

(1,259)

 

 

(1,043)

 

 

(2,759)

Total revenue from mining operations

 

$26,787

 

 

$21,805

 

 

$66,220

 

 

$40,641

 

 

For the three and six months ended June 30, 2026 and 2025, the Company had the following customers that accounted for total revenues as follows:

 

 

 

Three months

 ended

June 30, 2026

 

 

Three months

 ended

June 30, 2025

 

 

Six months

 ended

 June 30, 2026

 

 

Six months

 ended

 June 30, 2025

 

Customer #1

 

$25,788

 

 

$19,791

 

 

$64,402

 

 

$37,484

 

Customer #2

 

 

999

 

 

 

2,014

 

 

 

1,818

 

 

 

3,157

 

Other customers

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total revenue from mining operations

 

$26,787

 

 

$21,805

 

 

$66,220

 

 

$40,641

 

 

avino_ex991img24.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

25

 

 

 

 

19. Subsequent Events

 

Normal Course Issuer Bid (“NCIB”)

 

Subsequent to June 30, 2026, the Company repurchased and cancelled 40,000 common shares through its NCIB at an average price of $5.65 for a total cost of $226.

 

Stock Option Exercises

 

Subsequent to June 30, 2026, the Company issued 27,500 common shares through the exercise of 27,500 stock options at an average exercise price of C$1.20 for proceeds of C$33.

 

avino_ex991img24.jpg

AVINO SILVER & GOLD MINES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

26