Avino Achieves Net Earnings of $3.1 Million in 2022; Record Quarterly & Annual Revenues of $14.6 & $44.2 Million

VANCOUVER, BC, March 28, 2023

Fourth Quarter 2022 Financial Highlights

• Revenues of $14.6 million
• Mine operating income of $4.4 million, $5.3 million net of non-cash costs of sales
• Net income of $1.3 million, or $0.01 per share
• Cash costs per silver equivalent payable ounce sold^1,2 - $11.76 per ounce
• All in sustaining cash cost per silver equivalent payable ounce sold^1,2 - $18.63 per ounce
• Earnings before interest, taxes, depreciation and amortization ("EBITDA") ³ of $3.2 million
• Adjusted earnings³ of $4.0 million, or $0.03 per share
• Cash provided by operating activities of $3.3 million

Full Year 2022 Financial Highlights

• Revenues of $44.2 million
• Mine operating income of $15.1 million, $17.6 million net of non-cash costs of sales
• Net income of $3.1 million, or $0.03 per share
• Cash cost per silver equivalent payable ounces sold^1,2 - $10.34 per ounce
• All in sustaining cash cost per silver equivalent payable ounce sold^1,2 - $17.91 per ounce
• Earnings before interest, taxes, depreciation and amortization ("EBITDA")³ of $10.3 million
• Adjusted earnings³ of $10.2 million, or $0.08 per share
• Cash provided by operating activities of $11.8 million

"We are very pleased to report that we have posted record revenue for the fourth quarter and the full year of 2022. This year was highlighted by record 3^rd and 4^th quarterly production levels not seen in Avino's recent history as we increased our mill throughput by 228% year over year to almost 542,000 tonnes. This reflects the steady ramp up at the Avino mine," said David Wolfin, President and CEO. "In a year impacted by inflation, global conflicts, and an uneasy economic outlook, we have demonstrated resilient operational achievements at Avino that have generated a significant 294% increase of yearly revenues to $44.2 million and $15.1 million in yearly mine operating income. We are focused on our clear path to transformation growth, with a collective effort of initiative, resilience, and once again strong cost management both corporately and at the mine site. We remain well-positioned to manage through any near-term pressures arising from an overall economic slowdown and focused on delivering the best performance to our shareholders and stakeholders, while executing on our growth plan to become an intermediate producer in Mexico."

Financial Highlights