Avino Reports Q1 2023 Financial Results; Realizes Numerous Operational Achievements

VANCOUVER, BC, May 10, 2023

First Quarter 2023 Financial Highlights

• Revenues of $9.8 million, impacted by timing of concentrate shipments
• Mine operating income of $1.9 million, $2.6 million net of non-cash costs of sales
• Net loss of $0.4 million, or $Nil per share
• Cash costs per silver equivalent payable ounce sold^1,2 - $14.22 per ounce
• All in sustaining cash cost per silver equivalent payable ounce sold^1,2 - $20.17 per ounce
• Earnings before interest, taxes, depreciation and amortization ("EBITDA") ³ of $0.3 million
• Adjusted earnings³ of $1.1 million, or $0.01 per share
• Cash provided by operating activities of $0.4 million
• Cash was drawn down by the $5M final payment to Coeur Mining for the acquisition of La Preciosa and impacted by the timing of concentrate sales

"The quarter was highlighted by steady production levels which increased 48% over Q1 2022," said David Wolfin, President and CEO. "We presented our updated mineral resource estimate which added significant mineral resources, totalling 368 million silver equivalent ounces across all properties and integrated La Preciosa into one single report. These results indicate decades of tonnage for future production. We also were able to share the results of our comprehensive metallurgical testwork program on the Oxide Tailings Project. We are focused on our clear path to transformational and organic growth, and we remain well-positioned to manage through any near-term pressures arising from an overall economic slowdown. We are focused on delivering the best performance to our shareholders and stakeholders, while executing on our growth plan to become an intermediate silver producer in Mexico."

Financial Highlights