Good morning, and welcome to the 2025 Financial Results Conference Call and Webcast. As a reminder, all participants are in listen-only mode, and this conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then 1. You may also signal an operator by pressing star. I would now like to turn the conference over to Jennifer North, Head of Investor Relations. Ma'am, please go ahead.

Thank you, operator. Good morning, everyone, and welcome to Avino Silver & Gold Mines Ltd.'s Q4 and Year-End 2025 Earnings Call and Webcast. To join this webcast and conference call, there is a link in our news release of yesterday's date, which can be found on our new website under Investor Center, then News and Media. In addition, a link can be found on the home page of the Avino Silver & Gold Mines Ltd. website. The full financial statements and MD&A are now available on our website under the Investor Center tab, then Reports and Financials. In addition, the full statements are available on Avino Silver & Gold Mines Ltd.'s profile on SEDAR+ and on EDGAR. Before we get started, I remind you to view our precautionary language regarding forward-looking statements and the risk factors pertaining to these statements, and note that certain statements made today on this call by the management team may include forward-looking information within the meaning of applicable securities laws. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results to be materially different than those expressed by or implied by such forward-looking statements. For additional information, we refer you to our detailed cautionary note in the presentation related to this call or on our press release of yesterday's date. On the call today, we have the company's President and CEO, David Wolfin; our Chief Financial Officer, Nathan Harte; our Chief Operating Officer, Carlos Rodriguez; and our VP of Technical Services, Peter Latta. I would like to remind everyone that this conference call is being recorded and will be available for replay later today. The replay information and the presentation slides from this conference call and webcast will be available on the website. Also, note that all figures stated are in U.S. dollars unless otherwise noted. Thank you. I will now hand over the call to Avino Silver & Gold Mines Ltd.'s President and CEO, David Wolfin.

Thanks, Jen. Good morning, everyone, and welcome to Avino Silver & Gold Mines Ltd.'s 2026 outlook discussion, followed by a Q&A. I will start with the discussion on operations and overall performance, and then I will turn it over to Nathan Harte, Avino Silver & Gold Mines Ltd.'s CFO, to discuss the financial performance for this period. Please turn to Slide 5. We are transforming Avino Silver & Gold Mines Ltd. from a single-mine operator into a multi-asset Mexican mid-tier producer. Avino Silver & Gold Mines Ltd. achieved a number of important milestones in 2025, underpinned by strong performance at the Avino mine and the commencement of development and material extraction at La Preciosa. The 2025 year represents a return to being a primary silver producer as silver production represented over 50% of our consolidated silver-equivalent production and puts us on our way to our long-term target. Our continued investment in infrastructure development and mine optimization reflects a disciplined approach to being a scalable multi-asset production platform. As we look forward, our focus remains on executing the next phase of our growth strategy and delivering long-term value for shareholders. The first key driver contributing to our success in 2025 was our continued disciplined approach to financial management and capital allocation. At the end of the year, Avino Silver & Gold Mines Ltd. achieved record revenues of $92,200,000 and held cash of $102,000,000 and a working capital position of $99,000,000, providing another quarter of strong financial performance. A strong balance sheet will provide the foundation to support our transformational growth plan to become a Mexican-focused mid-tier primary silver producer. Nathan will provide a detailed overview of the financials later in the call. Next, key drivers stem from increased development tonnage at La Preciosa. We commenced extraction, haulage, and processing of mineralized development material from La Osa during the quarter at an average rate of 200 tons per day. In total, 11,995 tons of material were processed at the Avino milling and processing facility, which is located 19 kilometers away from the entrance of the La Preciosa mine. The third driver reflected portfolio optimization, highlighted by the August announcement of the acquisition of outstanding royalties and contingent payments on La Preciosa. This milestone reinforces the consolidation of ownership at La Preciosa, improving project economics and operational flexibility. Removing third-party obligations reduces complexity and strengthens Avino Silver & Gold Mines Ltd.'s asset portfolio. We believe this enhances shareholder value by strengthening our portfolio and positioning Avino Silver & Gold Mines Ltd. for sustained growth. Another key driver underpinning our results is the commitment we have made to strategic exploration and drilling that further unlock additional resource potential. We reported drill results from La Preciosa in October 2025, which followed up from August 2025 drilling, and also announced further holes in January. The results exceeded our expectations. Highlights included 7.9 meters true width of 1.6 kilograms of silver and 2 grams gold, including 15 kilograms of silver and 1.55 grams gold over 0.37 meters of true width. Another significant intercept was over 5 meters of true width of 787 grams silver and 0.5 grams of gold. The full results are available in the news release, which can be found on our website. The intercepts are significantly higher than the average grades outlined in our current resource, highlighting the potential we aim to capture by using underground mining methods. In addition, larger widths encountered at both La Gloria and Abundancia were a welcomed surprise, underscoring that there is still much to learn about the deposit despite the 1,500 drill holes on the property and substantial exploration investment performed by previous operators. Since acquiring La Preciosa, we have learned that recent drilling intercepts suggest wider vein structures on Gloria. The original mine plan is evolving to reflect improved geological understanding. Optimization opportunities are being identified that could reduce mining costs. We have engaged independent engineers to deliver a strategic plan that looks beyond the original project scope. The next driver was increasing silver revenues at the right time, a return to primary silver with 54% silver revenue in Q4, and record revenues, operational cash flow, and free cash flow generation in Q4. Our final driver for Q4 and year-end included stronger metal prices alongside increasing market recognition. Higher metal prices at the end of 2025 and into early 2026 have supported our strong performance. Avino Silver & Gold Mines Ltd.'s continued growth and strength in market recognition resulted in being named fifth among the top-performing companies on the Toronto Stock Exchange's 2025 TSX 30. For the three years ended 06/30/2025, Avino Silver & Gold Mines Ltd.'s share price performance increased 610% and the market capitalization increased 778%. In addition to this, Avino Silver & Gold Mines Ltd. has been added to several ETFs: MarketVector's Junior Gold Miners Index and VanEck's Junior Gold Miners ETF, the GDXJ, Global X Silver Miners, and more. ETF inclusion signals institutional recognition while improving liquidity and expanding global investor access. These achievements demonstrate the meaningful progress made in advancing Avino Silver & Gold Mines Ltd.'s transformational growth strategy while reinforcing the company's investment case. Moving to Slide 6, we turn to our Q4 and year-end 2025 production results, which were released in mid-January and reflect steady operational performance. On this slide, we show our production results compared to Q4 and year-end 2024, with production remaining consistent at approximately 2,600,000 silver-equivalent ounces while total mill feed increased 14% year over year. On Slide 7, we highlighted production by operation, showing contributions from both Avino and La Preciosa for the year. We are particularly pleased to add just under 12,000 tons of La Preciosa material to our production results. At this time, I will now hand it over to Nathan Harte, Avino Silver & Gold Mines Ltd.'s CFO, to present a record financial performance for Q4 and year-end 2025.

Thank you, David, and thank you to all of you for taking the time to join us as we recap a record year with our financial and operating results for the fourth quarter and full year 2025. Here on Slide 8, we have an overview of some key financial and operating highlights and our improved balance sheet, with the full table on the next slide. In the fourth quarter, we generated record revenues of over $30,000,000 and a further record of $92,000,000 for the full year, despite lower ounces sold. With higher silver production, the fourth quarter marks a return to primary silver with revenues of 54% being generated from silver in the quarter, with expectations of that to continue into 2026 and beyond. Gross profit was $17,800,000, and on a cash basis, $19,000,000 after removing non-cash expenses. The gross profit margin was 58% inclusive of the non-cash items and 62% excluding these items. This is significantly improved from the 43% margin in the fourth quarter of last year, as well as the 46% in the third quarter. Avino Silver & Gold Mines Ltd. earned its highest-ever earnings for Q4 and the full year 2025 with $10,500,000 in net income, or $0.06 per share, in the fourth quarter, beating last quarter's record of $7,700,000 and $0.05 per share. For the full year 2025, net income was $26,600,000, or $0.17 per share. Fourth quarter adjusted earnings were a record $16,300,000, or $0.10 per share, compared to $10,000,000, or $0.07 per share, in Q4 of last year. The 2025 full-year adjusted earnings were a record $46,500,000, or $0.29 per share, compared to $21,000,000, or $0.15 per share, in 2024. Operating cash flows and free cash flow both improved in the fourth quarter compared to last year as well as compared to the previous quarter. We generated operating cash flows before working capital adjustments of $19,000,000, or $0.12 per share. For the full year, Avino Silver & Gold Mines Ltd. generated $35,300,000 in operating cash flows, or $0.22 per share, with figures being quarterly and annual records. Fourth quarter free cash flow generation was $15,600,000, excluding La Preciosa development cost, and the annual free cash flow generation was just over $24,000,000. Moving to liquidity and treasury, our cash position was a record $102,000,000 at the end of the year and working capital was just shy of $100,000,000. Avino Silver & Gold Mines Ltd. has no secured debt other than leases on operating equipment at both Avino and La Preciosa mining operations. And coming to Slide 9, we see all other financial metrics for the fourth quarter and full year, as well as the year-over-year changes. As everyone can see, almost all categories saw meaningful increases. Highlighting again some of the key per-share metrics for the quarter where we saw $0.06 earnings per share and $0.10 on an adjusted earnings basis. Operating cash flows before working capital changes were $0.12 per share, and free cash flow generated excluding La Preciosa was $15,600,000, translating to $0.09 per share. For the year, net income was $0.17 per share, and adjusted earnings were $0.29 per share. Operating cash flows before working capital changes were $0.22 per share, and free cash flow was $0.16 per share, or $24,300,000. Here on Slide 10, we have an overview of operating results on a per-ounce and per-ton basis, as well as margins at our operations. Cash cost per silver-equivalent payable ounce for 2025 was $16.13, a 9% increase compared to $14.84 in 2024. All-in sustaining cash costs were $23.75 for the year, a 15% increase from $20.57 in 2024. On a per-ton basis, cash costs were $53.69, which was down 3% compared to $55.43 in 2024, and all-in cost per ton were flat compared to 2024, both years being around $78 per ton, demonstrating the consistency of our operation. Our mine operating income and margins for 2025 were significantly increased from 2024, with margins at 53% on the year and $48,500,000 in mine operating income generated, once again demonstrating the leverage producers have in this price environment. In the fourth quarter, we did see some increase in costs for a few reasons, one being the addition of processing La Preciosa development material. I do want to remind everyone that this is development material running through the mill. We are in a unique position that a lot of the development at La Preciosa is in ore and has allowed us to offset some of the costs associated with development work we would have had to do regardless. These costs for La Preciosa are not indicative of long-term cost per ounce and per ton expectations. However, at current metal prices, each ton of development material mined is being done so at a profit. Another item to highlight is that the movement in silver price did have an impact on our silver-equivalent payable ounce calculation, which did have an impact on our cash cost per ounce figures and all-in sustaining cost per ounce figures. Using prices from our forecast at the end of 2025 of $30 silver, $2,700 per ounce of gold, and $9,200 per ton of copper, our cash cost per ounce for the fourth quarter and full year would have come in at $16.50 and $15.17, respectively, in line with our expectations when we set out 2025. On an all-in sustaining cash cost basis, a similar story is told with the silver price impacting figures. Using the same budget prices, our all-in sustaining cost per silver-equivalent payable ounce was $26.68 for Q4. Our full-year 2025 figure would have been $22.43, once again more in line with expectations. We look forward to further economies of scale as La Preciosa begins contributing more and more to our overall production profile in 2026 and the coming years. Going back to the revenue side, here are our expectations for production by metal moving forward. Given the recent price movement in silver, we expect that the silver portion as it relates to revenues will be higher than the estimated production-by-metal figures shown here. In the fourth quarter, Avino Silver & Gold Mines Ltd. generated 54% of its revenues from silver, marking the first quarter with over 50% in silver revenues since we were operating the San Gonzalo mine prior to 2020, and delivering on our promise of a return to primary silver for our future. At this point, I will now turn it back over to David to run through upcoming activities.

Thanks, Nathan. As we summarize our key goals for 2026, our focus remains on strategic exploration and drilling to unlock the full potential of our resource base. This includes the integration of AI technology to enhance data analysis, improve target generation, and increase overall exploration efficiency. We are currently integrating our historical and ongoing geological data into AI-driven models to support the resource and reserve expansion and to identify new exploration opportunities. In 2026, we have planned approximately 30,000 meters of drilling, 15,000 meters allocated to each of the Avino and La Preciosa projects. We also look forward to releasing updated mineral resource estimates and announcing our inaugural mineral reserves at the end of the first half of the year. At La Preciosa, our goal is to reach a production rate of 500 tons per day. As outlined on Slide 13, I would like to again highlight the company's growth strategy. Within a 20-kilometer footprint, we have three key assets including the operating mill complex, which currently processes material from Avino and La Preciosa. We have access to water, power, and tailings storage, critical infrastructure that supports our ability to expand production efficiently. Collectively, our assets host 277,000,000 silver-equivalent ounces in the measured and indicated mineral resources and an additional 94,000,000 silver-equivalent ounces in the inferred mineral resources, providing a strong foundation for future growth. All of our operations are in the safe jurisdiction of Durango, in an area of rolling farmland with several small communities located near both the Avino and La Preciosa projects. We are proud to be one of the largest employers in this area, supported by a 100% Mexican workforce drawn largely from the surrounding communities. Alongside our operational growth initiatives, we continue to advance our CSR programs across both Avino and La Preciosa, supporting local communities and contributing to long-term social and economic development in the region. Our investor relations team is currently preparing the company's second annual sustainability report, which will be published on our website upon completion. The report is intended to provide transparency on how responsible mining practices, strong governance, and community engagement support Avino Silver & Gold Mines Ltd.'s operational performance and long-term growth. Avino Silver & Gold Mines Ltd.'s strong operating foundation supports our long-term growth strategy. As you can see on this slide, our goal is to scale up by 2029 through contributions from our three key assets. By leveraging our existing infrastructure assets and resource base, we believe we are well positioned to execute our growth plans efficiently and effectively. We concluded the quarter and the year with more record-breaking financial metrics, which reflect the strength of our strategy and the dedication of our team, both of which drive our success as we pursue the next phase of growth. On behalf of the leadership, thank you to our entire team for your efforts and contributions. With a clear growth strategy, a strong balance sheet, and significant resource potential across our assets, we believe Avino Silver & Gold Mines Ltd. is well positioned to create lasting value for our shareholders. We will now open for questions.

Thank you. Ladies and gentlemen, at this time, we will be conducting a question-and-answer session. As a reminder, if you would like to ask a question, please press star then 1 on your telephone keypad. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Our first question is coming from Heiko Ihle with H.C. Wainwright. Your line is live.

Hello, David and team. Thanks for taking my questions. So just thinking out loud here, there is obviously a newfound fear in the market. I am just trying to see what you think this will do to M&A opportunities. I mean, we have got silver at $85 and we have got gold just below $5,200. Are the opportunities that you are seeing offset by the fear in the market, or do you see discount rates being at a place where there might be interesting things out there? Just what are you seeing?

Hey, Heiko. Nathan here. I will take that one. We always say this, but everything is for sale at the right price. I do not think the markets will generally dictate fully all the M&A moves in the industry. Given current prices and the discount rate environment, there is obviously some good stuff out there. But if we are looking at specifically how it affects us, we are focused on organic growth and what we already have.

Fair enough. Speaking of the things you already have, the price environment has changed markedly over the past three, six, twelve months. What are you seeing with labor costs, and should there be anything that we should change in our model compared to where we were a year ago?

I will take this one again, Heiko. On labor cost, we saw a huge jump in 2024 and 2025. Obviously, the post-COVID inflation hit everyone in the mining industry. That has stabilized a little bit based on what we are seeing, but in a rising price environment, there is generally a little bit of cost creep, so we are doing our best to manage that. We are not expecting any material changes at this time.

Okay. So once we get the Q1 numbers, we can use those and trend-line them a bit.

I would say that is fair. Thanks.

I will get back in queue. Thank you, guys.

Thanks, Heiko.

Our next question is coming from Jacob G. Sekelsky with Alliance Global Partners.

Hey, David, Nathan, and team. Thanks for taking my questions. Just looking at the strong balance sheet, I am curious if there are any levers you feel you might be able to pull in order to accelerate some of the planned work at La Preciosa.

We just ordered a new jumbo, so that is going to help. Basically, it is underground development work, so we are working on that. SRK Engineering is revising and looking at a larger mine plan. These are the things that we are looking at. Anything else? That is it, Jake.

Okay. That is helpful. And on that larger mine plan scenario, when do you think we might see some news on that front?

Hey, Jake. Peter here. We are evaluating a few different scenarios and we want to take our time with it because it is a volatile environment. We really want to evaluate a number of different options because we do have optionality with the deposit, with the size that it is, and how we integrate those two operations now, including how that dovetails with oxide tailings, that third leg in the stool. We are taking our time with that optimization.

Got it. Okay, that is all for me. Thanks again.

Thanks, Jake.

Thank you. Our next question is coming from Richard Larson, who is an investor. Sir, your line is live.

Hello? My question is about your share count and your at-the-money. I realize silver prices have kind of struggled for fifteen years or so. It is tempting to issue shares to strengthen the balance sheet. Looking out two, three, four years, you could be doing 8,000,000 production at margins of $60 over kind of mine operating income. I am wondering what is your strategy on potential capital returns or at least minimizing the amount of share dilution? And how are you thinking about that on the balance sheet going forward?

It is a fair question. Nathan Harte here. Shareholder returns are prevalent in the industry and it is a big discussion point at this time. We do have a few levers we are looking at and some things that are in the works. But at this time, we are focused on delivering the organic growth, and that will require capital. Having said that, the use of the ATM has really been as we have hit 52-week or all-time highs. Now, with a bit of a market pullback, we are staying put at this time.

Okay. Thank you. Appreciate it.

Thank you. Our next question is coming from Joseph George Reagor with ROTH Capital Partners. Your line is live.

Hey, David, Nate, and team. Thanks for taking my questions. Jake kind of touched on this already, but thinking about the fact you have over $100,000,000 on the balance sheet, and I realize you are going through options, is it fair to say that we can start assuming there will be some form of mill expansion coming within the next year or two?

Absolutely. That is a safe assumption, Joe. We are doing the work right now to figure out what is the appropriate size and whether it is at just Avino or if we build a new one, potentially both. We will let the market know once we have made some ideas and decisions on that.

Okay. That is fair. As you think about the operating cost side, inflation has been putting a lot of pressure on everybody. Are there any optimization things that you can do to bring down operating costs, or given margins are where they are, is that not a huge focus?

As you mentioned, inflation has hit the industry more so in previous years, not necessarily in the last year or so. As far as operating costs go, we are seeing fairly consistent operating costs. There is some volatility with diesel and gasoline prices, but on the labor side, we are seeing fairly stable increases as we reward our employees, but fairly stable overall.

The tonnage cost.

Our cost per ton has been steady. The evidence is in our cost per ton year over year, and it is very steady.

Can you remind us how much exposure you have to diesel prices? What percentage of cost is fuel?

It is not overly high, unlike some fairly capital-intensive operations out there. We are not talking high double digits or anything like that. I would have to give you an exact number offline if you want, but in Mexico it is fairly subsidized by the government, and so prices do not get too out of whack.

Fair enough. I will turn it over. Thanks, guys.

Thanks, Joe.

Thank you. Our next question is coming from Chen Lin with Lin Asset Management. Your line is live.

Thank you, David and Nathan, for taking my questions. A great year. Congratulations. I am just curious, because some of my questions already got answered. Do you see any chance, with the changing Mexico to a more pro-mining environment, that La Preciosa can potentially be an open pit, or are you going to continue the underground operation?

Thanks, Chen. That is one of the scenarios in the four scenarios we are looking at. Coeur did a feasibility study back in 2013, so it is outdated. We are revisiting that.

Okay. So if potentially Mexico opens for the open pit, what kind of impact would that have for your production outlook? Or would you need to upgrade your mill much more significantly?

Chen, Nathan here. It is premature to put any numbers on it, but if anyone wants to have a look, that study is still available on SEDAR+. But yes, obviously, it would be a lot of growth.

Okay. Great. Thank you.

Thank you. If you have any further questions or comments, please. Okay. As we have no further questions in the queue at this time, I would like to hand back over to management for any closing remarks.

Thank you. It has been a year and a final quarter of record-breaking achievements, and we remain focused on executing our organic growth plan. We look forward to building on this momentum and delivering additional milestones and sustained growth for the Avino Silver & Gold Mines Ltd. shareholders. Thank you again for participating in our conference call. Have a great day.

Thank you. Ladies and gentlemen, this does conclude today's conference, and you may disconnect your lines at this time. We thank you for your participation.