6-K - ASM - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the Month of November, 2025

Commission File Number:

001-35254

AVINO SILVER & GOLD MINES LTD.

Suite 900, 570 Granville Street, Vancouver, BC V6C 3P1

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

☐ Form 20-F ☒ Form 40-F

Explanatory Note

Avino Silver & Gold Mines Ltd. (the “Company”) is furnishing this Form 6-K to provide its financial information for the three and nine months ended September 30, 2025, and to incorporate such financial information into the Company’s registration statement referenced below.

Exhibits:

The following exhibits are filed as part of this Form 6-K.

Exhibit No.	Document
99.1	Condensed Consolidated Interim Financial Statements For the three and nine months ended September 30, 2025 and 2024
99.2	Management’s Discussion and Analysis
99.3	Certification of Interim Filings--CEO
99.4	Certification of Interim Filings--CFO
101.INS	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as inline XBRL).
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	AVINO SILVER & GOLD MINES LTD.
Date: November 06, 2025	By:	/s/ Jennifer Trevitt
		Jennifer Trevitt
		Corporate Secretary
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avino_ex991.htm EXHIBIT 99.1

AVINO SILVER & GOLD MINES LTD.

Condensed Consolidated Interim Financial Statements

For the three and nine months ended September 30, 2025 and 2024

(Unaudited)

AVINO SILVER & GOLD MINES LTD.<br><br>Condensed Consolidated Interim Statements of Financial Position<br><br>(Expressed in Thousands of US Dollars - Unaudited)
	Note		September 30, 2025			December ** 31, 2024**
---	---	---	---	---	---	---	---	---
ASSETS
Current assets
Cash			$	57,331		$	27,317
Amounts receivable				4,802			3,350
Amounts due from related parties		10(b)		210			18
Taxes recoverable		4		1,136			195
Derivative asset				1,525			-
Prepaid expenses and other assets				2,745			2,278
Inventory		5		12,000			7,611
Total current assets				79,749			40,769
Exploration and evaluation assets		7		16,242			52,890
Plant, equipment and mining properties		9		120,022			53,801
Long-term investments		6		3,579			1,247
Other assets				2,266			4
Total assets			$	221,858		$	148,711
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities			$	12,768		$	10,292
Taxes payable				5,478			3,125
Deferred consideration payable		9		8,161			-
Derivative liability				-			475
Current portion of finance lease obligations				2,305			1,476
Current portion of equipment loans				242			166
Total current liabilities				28,954			15,534
Finance lease obligations				1,890			960
Equipment loans				231			27
Reclamation provision		11		2,468			2,062
Deferred income tax liabilities				6,193			4,729
Total liabilities				39,736			23,312
EQUITY
Share capital		12		203,434			163,325
Equity reserves				11,456			11,529
Treasury shares				(97	)		(97	)
Accumulated other comprehensive loss				(5,596	)		(6,035	)
Accumulated deficit				(27,075	)		(43,323	)
Total equity				182,122			125,399
Total liabilities and equity			$	221,858		$	148,711

Commitments & Contingencies – Note 15

Subsequent Events – Note 19

Approved by the Board of Directors on November 6, 2025.

Michael Clark	Director	David Wolfin	Director

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

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AVINO SILVER & GOLD MINES LTD.<br><br>Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss)<br><br>(Expressed in Thousands of US Dollars - Unaudited)
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			Three months ended<br><br>September 30,						Nine months ended<br><br>September 30,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Note		2025			2024			2025			2024
Revenue from mining operations		13	$	21,042		$	14,616		$	61,683		$	41,796
Cost of sales		13		11,137			8,907			30,992			29,051
Mine operating income				9,905			5,709			30,691			12,745
Operating expenses
General and administrative expenses		14		1,832			1,455			5,928			4,518
Share-based payments		12		1,165			531			2,847			1,601
Income before other items				6,908			3,723			21,916			6,626
Other items
Interest and other income				342			(77	)		675			77
Gain (loss) on long-term investments		6		2,383			(268	)		2,746			87
Unrealized gain on derivative				86			-			2,000			-
Foreign exchange gain (loss)				1,139			170			(391	)		342
Finance cost				(69	)		(5	)		(78	)		(10	)
Accretion of reclamation provision		11		(56	)		(49	)		(156	)		(151	)
Interest expense				(27	)		(77	)		(218	)		(248	)
Other expenses				-			-			(421	)		-
Write-down of uncollectible account				-			(621	)		-			(621	)
Income before income taxes				10,706			2,796			26,073			6,102
Income taxes:
Current income tax expense				(3,333	)		(1,258	)		(8,426	)		(2,033	)
Deferred income tax (expense) recovery				329			(369	)		(1,464	)		(1,061	)
Income tax expense				(3,004	)		(1,627	)		(9,890	)		(3,094	)
Net income				7,702			1,169			16,183			3,008
Other comprehensive income (loss)
Currency translation differences				(1,075	)		1			439			(123	)
Total comprehensive income			$	6,627		$	1,170		$	16,622		$	2,885
Income per share		12 (e)
Basic			$	0.05		$	0.01		$	0.11		$	0.02
Diluted			$	0.05		$	0.01		$	0.10		$	0.02
Weighted average number of common shares outstanding		12 (e)
Basic				147,988,156			135,070,079			144,682,370			132,925,193
Diluted				157,140,213			140,429,861			154,716,640			138,723,903

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

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AVINO SILVER & GOLD MINES LTD.<br>Condensed Consolidated Interim Statements of Changes in Equity <br>(Expressed in Thousands of US Dollars - Unaudited)
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	Note		Number of<br><br>Common<br><br>Shares		Share<br><br>Capital<br><br>Amount			Equity Reserves			Treasury Shares			Accumulated ** Other<br><br>Comprehensive Income (Loss)**			Accumulated Deficit			Total Equity
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Balance, January 1, 2024				128,728,248	$	151,688		$	11,041		$	(97	)	$	(5,208	)	$	(51,423	)	$	106,001
Common shares issued:
At the market issuances		12		5,050,585		3,906			-			-			-			-			3,906
Exercise of options				561,000		572			(200	)											372
Vesting of RSUs		12		1,197,709		1,018			(1,018	)		-			-			-			-
Issuance costs		12		-		(276	)		-			-			-			-			(276	)
Share-based payments		12		-		-			1,601			-			-			-			1,601
Net income for the period				-		-			-			-			-			3,008			3,008
Currency translation differences				-		-			-			-			(123	)		-			(123	)
Balance, September ** 30, 2024**				135,537,542	$	156,908		$	11,424		$	(97	)	$	(5,331	)	$	(48,415	)	$	114,489
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		9,953,995		37,538			-			-			-			-			37,538
Exercise of options		12		2,562,615		3,165			(1,505	)		-			-			-			1,660
Vesting of RSUs		12		1,308,296		1,008			(1,008	)		-			-			-			-
Carrying value of RSUs forfeited for withholding taxes				-		-			(342	)		-			-			-			(342	)
Issuance costs		12		-		(1,602	)		-			-			-			-			(1,602	)
Share-based payments		12		-		-			2,847			-			-			-			2,847
Expiration of options		12		-		-			(65	)		-			-			65			-
Net income for the period		12		-		-			-			-			-			16,183			16,183
Currency translation differences				-		-			-			-			439			-			439
Balance, September ** 30, 2025**				154,390,548	$	203,434		$	11,456		$	(97	)	$	(5,596	)	$	(27,075	)	$	182,122

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

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AVINO SILVER & GOLD MINES LTD.<br>Condensed Consolidated Interim Statements of Cash Flows <br>(Expressed in Thousands of US Dollars - Unaudited)
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			Nine months ended September 30,
---	---	---	---	---	---	---	---	---
	Note		2025			2024
Operating Activities
Net income			$	16,183		$	3,008
Adjustments for non-cash items:
Deferred income tax expense				1,464			1,061
Depreciation and depletion				2,736			2,504
Accretion of reclamation provision		11		156			151
Gain on investments		6		(2,746	)		(87	)
Unrealized gain on derivatives				(2,000	)		-
Unrealized foreign exchange loss (gain)				1,369			(283	)
Write down of uncollectible account				-			621
Write down of equipment and materials and supplies inventory				413			566
Finance costs on deferred consideration payable				64			-
Other expenses				425			-
Share-based payments				2,847			1,601
				20,911			9,142
Net change in non-cash working capital items		17		(3,474	)		(1,569	)
Cash provided by operating activities				17,437			7,573
Financing ** Activities**
Shares issued for cash, net of issuance costs				35,936			3,630
Proceeds from option exercises and RSU vesting, net				1,318			372
Lease liability payments				(1,608	)		(1,371	)
Equipment loan payments				(240	)		(126	)
Cash provided by financing activities				35,406			2,505
Investing ** Activities**
Exploration and evaluation expenditures				(568	)		(1,920	)
Additions to plant, equipment and mining properties				(22,258	)		(3,112	)
Cash used in investing activities				(22,826	)		(5,032	)
Change in cash				30,017			5,046
Effect of exchange rate changes on cash				(3	)		33
Cash, beginning				27,317			2,688
Cash, ending			$	57,331		$	7,767

Supplementary Cash Flow Information (Note 16)

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

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AVINO SILVER & GOLD MINES LTD.<br><br>Notes to the Unaudited Condensed Consolidated Financial Statements<br><br>For the nine Months Ended September 30, 2025, and 2024<br><br>(Expressed in Thousands of US Dollars - Unaudited)
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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, 2024, annual consolidated financial statements, which were prepared in accordance with IFRS Accounting Standards as issued by the IASB.

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.

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AVINO SILVER & GOLD MINES LTD.<br><br>Notes to the Unaudited Condensed Consolidated Financial Statements<br><br>For the nine Months Ended September 30, 2025, and 2024<br><br>(Expressed in Thousands of US Dollars - Unaudited)
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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 nine months ended September 30, 2025, are consistent with those applied and disclosed in Note 2 to the Company’s audited consolidated financial statements for the year ended December 31, 2024.

Basis of Consolidation

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

Subsidiary	Ownership Interest	Jurisdiction	Nature of<br><br>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.<br><br>(“Avino Mexico”)	98.45% direct<br><br>1.22% indirect (Promotora)<br><br>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<br><br>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.

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AVINO SILVER & GOLD MINES LTD.<br><br>Notes to the Unaudited Condensed Consolidated Financial Statements<br><br>For the nine Months Ended September 30, 2025, and 2024<br><br>(Expressed in Thousands of US Dollars - Unaudited)
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Amendments to IAS 21 – Lack of Exchangeability

The amendments clarify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. In addition, the amendments require the disclosure of information that enables users of financial statements to understand the impact of currency not being exchangeable. There was no material impact on the Company’s consolidated financial statements from the adoption of these amendments.

Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial instruments

The amendments provide guidance on the derecognition of a financial liability settled through electronic transfer, as well as the classification of financial assets for: contractual terms consistent with a basic lending arrangement; assets with non-recourse features and contractually linked instruments.

Additionally, the amendments introduce new disclosure requirements related to investments in equity instruments designated at fair value through other comprehensive income (“FVOCI”), and additional disclosures for financial instruments with contingent features.

The amendments to IFRS 9 and IFRS 7 regarding the Classification and Measurement of Financial Instruments with a mandatory application of the standard on annual reporting periods beginning on or after January 1, 2026. We are currently assessing these standards, and their potential impact on the Company in the current or future reporting periods.

Amendments to IFRS 18 – Presentation and Disclosure in Financial Statements

In April 2024, the IASB released IFRS 18. IFRS 18 replaces IAS 1 while carrying forward many of the requirements in IAS 1. IFRS 18 introduces new requirements: i) present specified categories and defined subtotals in the statement of earnings, ii) provide disclosures on management defined performance measures (MPMs) in the notes to the financial statements, iii) improve aggregation and disaggregation. IFRS 18 requires retrospective application with specific transition provisions.

IFRS 18 regarding the Presentation and Disclosure of Financial Statements with a mandatory application of the standard on annual reporting periods beginning on or after January 1, 2027. We are currently assessing these standards, and their potential impact on the Company in future reporting periods.

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AVINO SILVER & GOLD MINES LTD.<br><br>Notes to the Unaudited Condensed Consolidated Financial Statements<br><br>For the nine Months Ended September 30, 2025, and 2024<br><br>(Expressed in Thousands of US Dollars - Unaudited)
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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.

			December 31,<br><br>2024
VAT recoverable	$	1,101	$	179
GST recoverable		19		16
Income taxes recoverable		16		-
	$	1,136	$	195

5. INVENTORY

	September 30,<br><br>2025		December 31,<br><br>2024
Process material stockpiles	$	3,045	$	2,520
Concentrate inventory		3,439		1,861
Materials and supplies		5,516		3,230
	$	12,000	$	7,611

The amount of inventory recognized as an expense for the three and nine months ended September 30, 2025 totaled $11,137 and $30,579 (three and nine months ended September 2024 - $8,725 and $28,485). See Note 14 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 nine months ended September 30, 2025:

			Net Additions /			Movements<br><br>in foreign		Fair value<br><br>adjustments		Fair Value<br><br>September 30,
	2024		(Disposals)			exchange		for the period		2025
Talisker Resources Common<br><br>Shares	$	685	$	(466	)	$	40	$	2,442	$	2,701
Silver Wolf Exploration Ltd.<br><br>Common Shares		359		-			7		129		495
Silver Wolf Exploration Ltd.<br><br>Warrants		20		-			-		7		27
Endurance Gold Corp.<br><br>Common Shares		146		-			4		125		275
Endurance Gold Corp.<br><br>Warrants		37		-			1		43		81
	$	1,247	$	(466	)	$	52	$	2,746	$	3,579
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AVINO SILVER & GOLD MINES LTD.<br><br>Notes to the Unaudited Condensed Consolidated Financial Statements<br><br>For the nine Months Ended September 30, 2025, and 2024<br><br>(Expressed in Thousands of US Dollars - Unaudited)
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7. EXPLORATION AND EVALUATION ASSETS

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

	Avino, Mexico			La Preciosa,<br><br>Mexico			Canada			Total
Balance, December 31, 2023	$	15,698		$	34,412		$	1		$	50,111
Drilling and exploration		130			1,449			-			1,579
Assessments and taxes		195			1,018			-			1,213
Effect of movements in exchange rates		(31	)		19			-			(12	)
Disposition of Olympic claims		-			-			(1	)		(1	)
Balance, December 31, 2024	$	15,992		$	36,898		$	-		$	52,890
Drilling and exploration		60			310			-			370
Assessments and taxes		185			12			-			197
Transfer to other assets		-			(2,215	)					(2,215	)
Transfer to mining properties (Note 9)		-			(35,005	)					(35,005	)
Effect of movements in exchange rates		5			-			-			5
Balance, September 30, 2025	$	16,242		$	-		$	-		$	16,242

(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:

(i)	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.
(ii)	Gomez Palacio/Ana Maria property
	The Ana Maria property is located near the town of Gomez Palacio, and consists of nine exploration concessions covering 2,549 hectares.
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AVINO SILVER & GOLD MINES LTD.<br><br>Notes to the Unaudited Condensed Consolidated Financial Statements<br><br>For the nine Months Ended September 30, 2025, and 2024<br><br>(Expressed in Thousands of US Dollars - Unaudited)
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Option Agreement – Silver Wolf Exploration Ltd. (“Silver Wolf”)

On March 11, 2021, the Company entered into an option agreement to grant Silver Wolf the exclusive right to acquire a 100% interest in the Ana Maria and El Laberinto properties in Mexico (the “Option Agreement”).

All exploration expenditure requirements on the properties have been met as of September 30, 2025, and Silver Wolf is in compliance with the terms of the Option Agreement as of September 30, 2025. As of September 30, 2025, the final milestone payments and the transfer of title of the claims comprising the properties remain outstanding.

The Option Agreement between the Company and Silver Wolf is considered a related party transaction as the two companies have directors in common.

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.

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.

10
AVINO SILVER & GOLD MINES LTD.<br><br>Notes to the Unaudited Condensed Consolidated Financial Statements<br><br>For the nine Months Ended September 30, 2025, and 2024<br><br>(Expressed in Thousands of US Dollars - Unaudited)
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(c) British Columbia, Canada

Minto and Olympic-Kelvin properties – British Columbia

On May 2, 2022, the Company granted Endurance Gold Corporation the right to acquire an option to earn 100% ownership of the former Minto Gold Mine, Olympic and Kelvin gold prospects contained within a parcel of crown grant and mineral claims (the “Olympic Claims”).

During the year ended December 31, 2024, Endurance exercised the option to acquire 100% ownership of the Olympic Claims by satisfying all required terms of the option agreement.

8. NON-CONTROLLING INTEREST

At September 30, 2025, the Company had an effective 99.67% (December 31, 2024 - 99.67%) interest in its subsidiary Avino Mexico and the remaining 0.33% (December 31, 2024 - 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.

11
AVINO SILVER & GOLD MINES LTD.<br><br>Notes to the Unaudited Condensed Consolidated Financial Statements<br><br>For the nine Months Ended September 30, 2025, and 2024<br><br>(Expressed in Thousands of US Dollars - Unaudited)
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9. PLANT, EQUIPMENT AND MINING PROPERTIES



COST
Balance at January 1, 2024
Additions / Transfers
Writedowns		)	)	)	)	)	)
Effect of movements in exchange rates	)	)	)		)	)	)
Balance at December 31, 2024
Additions / Transfers
Transfer from exploration and evaluation assets (Note 7)
Royalty buyback
Writedowns		)	)	)	)		)
Effect of movements in exchange rates
Balance at September 30, 2025
ACCUMULATED DEPLETION AND DEPRECIATION / IMPAIRMENT
Balance at January 1, 2024
Additions
Writedowns		)	)	)	)	)	)
Balance at December 31, 2024
Additions
Writedowns		)	)	)	)		)
Balance at September 30, 2025
NET BOOK VALUE
At September 30, 2025
At December 31, 2024

All values are in US Dollars.

12
AVINO SILVER & GOLD MINES LTD.<br><br>Notes to the Unaudited Condensed Consolidated Financial Statements<br><br>For the nine Months Ended September 30, 2025, and 2024<br><br>(Expressed in Thousands of US Dollars - Unaudited)
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Included in Buildings and construction in process above are assets under construction of $4,098 as at September 30, 2025 (December 31, 2024 - $3,443) 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 September 30, 2025, the Company recorded a write-down of $413 (December 31, 2024 - $988) against the carrying value of mine and mill machinery and transportation equipment due to damage and obsolescence.

As at September 30, 2025, plant, equipment and mining properties included a net carrying amount of $7,949 (December 31, 2024 - $5,162) for mining equipment and right of use assets under lease.

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 assigned 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 September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Salaries, benefits, and consulting fees	$	304	$	273	$	1,227	$	886
Share-based payments		949		424		2,285		1,318
	$	1,253	$	697	$	3,512	$	2,204

(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:

	September 30,<br><br>2025			December 31,<br><br>2024
Oniva International Services Corp.	$	97		$	95
Silver Wolf Exploration Ltd.		(307	)		(113	)
	$	(210	)	$	(18	)
13
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AVINO SILVER & GOLD MINES LTD.<br><br>Notes to the Unaudited Condensed Consolidated Financial Statements<br><br>For the nine Months Ended September 30, 2025, and 2024<br><br>(Expressed in Thousands of US Dollars - Unaudited)
---

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 nine months ended September 30, 2025, the Company paid $333 (September 30, 2024 - $212) 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.

The transactions with Oniva are summarized below:

	Three months ended<br><br>September 30,				Nine months ended<br><br>September 30,
	2025		2024		2025		2024
Salaries and benefits	$	261	$	235	$	834	$	731
Office and miscellaneous		131		95		402		342
	$	392	$	330	$	1,236	$	1,073

11. RECLAMATION PROVISION

Management’s estimate of the reclamation provision at September 30, 2025, is $2,468 (December 31, 2024 – $2,062), and the undiscounted value of the obligation is $5,389 (December 31, 2024 – $4,825).

The present value of the obligation was calculated using a risk-free interest rate of 9.71% (December 31, 2024 – 9.70%) and an inflation rate of 3.69% (December 31, 2024 – 3.69%). Reclamation activities are estimated to begin in 2027 for the San Gonzalo Mine and in 2042 for the Avino Mine.

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

			December 31,<br><br>2024
Balance at beginning of the period	$	2,062	$	2,195
Changes in estimates		-		84
Unwinding of discount		156		197
Effect of movements in exchange rates		250		(414	)
Balance at end of the period	$	2,468	$	2,062
14
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AVINO SILVER & GOLD MINES LTD.<br><br>Notes to the Unaudited Condensed Consolidated Financial Statements<br><br>For the nine Months Ended September 30, 2025, and 2024<br><br>(Expressed in Thousands of US Dollars - Unaudited)
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12. SHARE CAPITAL AND SHARE-BASED PAYMENTS

(a) Authorized: Unlimited common shares without par value

(b) Issued:

(i)	During the nine months ended September 30, 2025, the Company issued 9,953,995 common shares in an at- the-market offering under prospectus supplement for gross proceeds of $37,538. The Company paid a 2.75% cash commission of $1,032 on gross proceeds, for net proceeds of $36,506. Professional fees incurred associated with the base shelf and prospectus supplements were $570.
	During the nine months ended September 30, 2025, the Company issued 1,308,296 common shares upon vesting of RSUs. As a result, $1,008 was recorded to share capital and $342 was recorded as a result of RSUs forfeit for withholding taxes.
	During the nine months ended September 30, 2025, the Company issued 2,562,615 common shares following the exercise of 2,839,750 stock options, with 277,135 shares being forfeit for net exercise. As a result, $3,165 was recorded to share capital, representing cash proceeds of $1,660 and the fair value upon issuance of $1,505.
(ii)	During the year ended December 31, 2024, the Company issued 9,338,685 common shares in an at- the-market offering under prospectus supplement for gross proceeds of $9,732. The Company paid a 2.75% cash commission of $268 on gross proceeds, for net proceeds of $9,464. The Company also incurred $360 in share issuance costs related to its base shelf prospectus and prospectus supplement filings.
	During the year ended December 31, 2024, the Company issued 1,197,709 common shares upon vesting of RSUs. As a result, $1,018 was recorded to share capital.
	During the year ended December 31, 2024, the Company issued 1,301,000 common shares following the exercise of 1,301,000 stock options. As a result, $1,515 was recorded to share capital, representing cash proceeds of $986 and the fair value upon issuance of $529.

(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.

15
AVINO SILVER & GOLD MINES LTD.<br><br>Notes to the Unaudited Condensed Consolidated Financial Statements<br><br>For the nine Months Ended September 30, 2025, and 2024<br><br>(Expressed in Thousands of US Dollars - Unaudited)
---

Continuity of stock options is as follows:


Stock options outstanding, January 1, 2024	6,666,000
Granted	2,500,000
Exercised	(1,301,000	)
Cancelled / Forfeited	(190,000	)
Stock options outstanding, December 31, 2024	7,675,000
Granted	2,547,000
Exercised	(2,839,750	)
Expired	(100,000	)
Stock options outstanding, September 30, 2025	7,282,250
Stock options exercisable, September 30, 2025	5,372,000

All values are in US Dollars.

The following table summarizes information about the stock options outstanding and exercisable at September 30, 2025:

		Outstanding				Exercisable
Expiry Date	Price (C)	Number of Options		Weighted Average Remaining<br><br>Contractual Life (Years)		Number of Options		Weighted Average Remaining Contractual Life<br><br>(Years)
March 25, 2027			1,462,500		1.48		1,462,500		1.48
March 29, 2028			1,580,000		2.50		1,580,000		2.50
July 10, 2028			150,000		2.78		150,000		2.78
March 25, 2029			1,624,000		3.48		1,624,000		3.48
April 9, 2030			2,315,750		4.53		518,000		4.53
May 27, 2030			150,000		4.66		37,500		4.66
			7,282,250		3.21		5,372,000		2.74

All values are in US Dollars.

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:

	September 30,2025		December 31,2024
Weighted average assumptions:
Risk-free interest rate		%		%
Expected dividend yield		%		%
Expected life (years)
Expected stock price volatility		%		%
Expected forfeiture rate		%		%
Weighted average fair value	C1.06		C0.43

All values are in US Dollars.

During the nine months ended September 30, 2025, the Company charged $1,463 (nine months ended September 30, 2024 - $610) to operations as share-based payments for the fair value of stock options granted.

16
AVINO SILVER & GOLD MINES LTD.<br><br>Notes to the Unaudited Condensed Consolidated Financial Statements<br><br>For the nine Months Ended September 30, 2025, and 2024<br><br>(Expressed in Thousands of US Dollars - Unaudited)
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(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.

Continuity of RSUs is as follows:


RSUs outstanding, January 1, 2024	2,994,709
Granted	1,881,000
Exercised	(1,197,709	)
Cancelled / Forfeited	(137,132	)
RSUs outstanding, December 31, 2024	3,540,868
Granted	1,547,715
Exercised	(1,308,296	)
Cancelled / Forfeited	(443,572	)
RSUs outstanding, September 30, 2025	3,336,715

All values are in US Dollars.

The following table summarizes information about the RSUs outstanding at September 30, 2025:

Issuance Date	Price (C)	Number of RSUs Outstanding
March 29, 2023			560,000
July 10, 2023			25,000
April 1, 2024			1,204,000
April 9, 2025			1,476,000
May 27, 2025			71,715
			3,336,715

All values are in US Dollars.

During the nine months ended September 30, 2025, the Company charged $1,384 (September 30, 2024 - $991) 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.

17
AVINO SILVER & GOLD MINES LTD.<br><br>Notes to the Unaudited Condensed Consolidated Financial Statements<br><br>For the nine Months Ended September 30, 2025, and 2024<br><br>(Expressed in Thousands of US Dollars - Unaudited)
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(e) Earnings per share:

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

	Three months ended<br><br>September 30,				Nine months ended<br><br>September 30,
	2025		2024		2025		2024
Net income for the period	$	7,702	$	1,169	$	16,183	$	3,008
Basic weighted average number of shares outstanding		147,988,156		135,070,079		144,682,370		132,925,193
Effect of dilutive share options, warrants, and RSUs (‘000)		9,152,058		5,359,782		10,034,270		5,798,710
Diluted weighted average number of shares outstanding		157,140,213		140,429,861		154,716,640		138,723,903
Basic income per share	$	0.05	$	0.01	$	0.11	$	0.02
Diluted income per share	$	0.05	$	0.01	$	0.10	$	0.02

13. REVENUE AND COST OF SALES

The Company’s revenues for the nine months ended September 30, 2025 and 2024, are all attributable to Mexico, from shipments of concentrate from the Avino Mine.

	Three months ended<br><br>September 30,					Nine months ended<br><br>September 30,
	2025			2024		2025		2024
Concentrate sales	$	21,425		$	13,974	$	59,127	$	40,994
Provisional pricing adjustments		(383	)		642		2,556		802
	$	21,042		$	14,616	$	61,683	$	41,796

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.

18
AVINO SILVER & GOLD MINES LTD.<br><br>Notes to the Unaudited Condensed Consolidated Financial Statements<br><br>For the nine Months Ended September 30, 2025, and 2024<br><br>(Expressed in Thousands of US Dollars - Unaudited)
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Cost of sales is based on the weighted average cost of inventory sold for the periods and consists of the following for the nine months ended September 30, 2025 and 2024:

	Three months ended<br><br>September 30,				Nine months ended<br><br>September 30,
	2025		2024		2025		2024
Production costs	$	9,992	$	7,952	$	27,963	$	26,095
Write down of equipment and materials and supplies inventory		249		182		413		566
Depreciation and depletion		896		773		2,616		2,390
	$	11,137	$	8,907	$	30,992	$	29,051

14. GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses consist of the following:

	Three months ended<br><br>September 30,				Nine months ended<br><br>September 30,
	2025		2024		2025		2024
Salaries and benefits	$	455	$	585	$	2,281	$	1,440
Office and miscellaneous		697		308		1,623		1,266
Professional fees		312		240		739		709
Management and consulting fees		122		126		470		391
Investor relations		60		44		286		225
Regulatory and compliance fees		45		52		147		145
Directors’ fees		49		38		135		128
Travel and promotion		47		23		126		100
Depreciation		45		39		121		114
	$	1,832	$	1,455	$	5,928	$	4,518

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 9.

19
AVINO SILVER & GOLD MINES LTD.<br><br>Notes to the Unaudited Condensed Consolidated Financial Statements<br><br>For the nine Months Ended September 30, 2025, and 2024<br><br>(Expressed in Thousands of US Dollars - Unaudited)
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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:

	September 30,<br><br>2025		December 31,<br><br>2024
Not later than one year	$	733	$	180
Later than one year and not later than five years		1,641		1,052
Later than five years		3,159		3,312
	$	5,533	$	4,544

Office lease payments recognized as an expense during the nine months ended September 30, 2025, totaled $28 (September 30, 2024 - $30).

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.

16. SUPPLEMENTARY CASH FLOW INFORMATION

	For the nine months ended
	September 30,<br><br>2025			September 30,<br><br>2024
Net change in non-cash working capital items:
Inventory	$	(4,512	)	$	(2,050	)
Prepaid expenses and other assets		(1,082	)		(432	)
Taxes recoverable		(940	)		3,088
Taxes payable		2,353			529
Accounts payable and accrued liabilities		2,351			(2,622	)
Amounts receivable		(1,452	)		273
Amounts due to related parties		(192	)		(355	)
	$	(3,474	)	$	(1,569	)
	September 30,<br><br>2025		September 30,<br><br>2024
---	---	---	---	---
Other supplementary information:
Interest paid	$	240	$	187
Taxes paid		5,133		13
	$	5,373	$	200
	September 30,<br><br>2025		September 30,<br><br>2024
Non-cash investing and financing activities:
Transfer of share-based payments reserve upon vesting of RSUs	$	1,008	$	1,018
Transfer of share-based payments reserve upon exercise of stock options		3,165		572
Equipment acquired under finance leases and equipment loans		3,915		887
	$	8,088	$	2,477
20
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AVINO SILVER & GOLD MINES LTD.<br><br>Notes to the Unaudited Condensed Consolidated Financial Statements<br><br>For the nine Months Ended September 30, 2025, and 2024<br><br>(Expressed in Thousands of US Dollars - Unaudited)
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17. FINANCIAL INSTRUMENTS

The fair values of the Company’s amounts due to related parties and accounts payable approximate their carrying values because of the short-term nature of these instruments. Cash, amounts receivable, 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.

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, 2024 – 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 September 30, 2025, 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 September 30, 2025, in the amount of $57,331 and current assets exceeded current liabilities by $50,795 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 September 30, 2025, are summarized as follows:

	Total		Less Than<br><br>1 Year		1-5 years		More Than 5<br><br>Years
Accounts payable and accrued liabilities	$	12,768	$	12,768	$	-	$	-
Deferred consideration payable		8,750		8,750		-		-
Equipment loans		516		271		245		-
Finance lease obligations		4,528		2,535		1,993		-
Total	$	26,562	$	24,324	$	2,238	$	-
21
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AVINO SILVER & GOLD MINES LTD.<br><br>Notes to the Unaudited Condensed Consolidated Financial Statements<br><br>For the nine Months Ended September 30, 2025, and 2024<br><br>(Expressed in Thousands of US Dollars - Unaudited)
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(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:

							December 31, 2024
	MXN			CDN			MXN			CDN
Cash	$	18,295		$	475		$	13,989		$	396
Due from related parties		5,678			-			2,287			-
Long-term investments		-			4,983			-			1,742
Reclamation bonds		-			6			-			6
Amounts receivable		23,083			26			3,599			24
Accounts payable and accrued liabilities		(67,882	)		(458	)		(65,989	)		(46	)
Due to related parties		-			(238	)		-			(136	)
Finance lease obligations		(5,000	)		-			(2,031	)		(549	)
Net exposure		(25,826	)		4,794			(48,145	)		1,437
US dollar equivalent	$	(1,408	)	$	3,443		$	(2,349	)	$	998

Based on the net US dollar denominated asset and liability exposures as at September 30, 2025, a 10% fluctuation in the US/Mexican and Canadian/US exchange rates would impact the Company’s earnings for the nine months ended September 30, 2025, by approximately $172 (year ended December 31, 2024 - $144). The Company has entered into certain foreign currency contracts to mitigate this risk and at September 30, 2025, recorded a derivative asset of $1,525 (December 31, 2024 – derivative liability of $475).

22
AVINO SILVER & GOLD MINES LTD.<br><br>Notes to the Unaudited Condensed Consolidated Financial Statements<br><br>For the nine Months Ended September 30, 2025, and 2024<br><br>(Expressed in Thousands of US Dollars - Unaudited)
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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 September 30, 2025, 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 $292 (December 31, 2024 - $36).

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 September 30, 2025, a 10% change in market prices would have an impact on net earnings (loss) of approximately $323 (December 31, 2024 - $119).

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

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 September 30, 2025:

	Level 1		Level 2		Level 3
Financial assets
Cash	$	57,331	$	-	$	-
Amounts receivable		-		4,802		-
Due from related parties		210		-		-
Derivative asset		-		1,525		-
Long-term investments		3,471		-		108
Total financial assets	$	61,012	$	6,327	$	108
Financial liabilities
Derivative liability		-		-		-
Total financial liabilities	$	-	$	-	$	-
23
---
AVINO SILVER & GOLD MINES LTD.<br><br>Notes to the Unaudited Condensed Consolidated Financial Statements<br><br>For the nine Months Ended September 30, 2025, and 2024<br><br>(Expressed in Thousands of US Dollars - Unaudited)
---

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, 2024:

	Level 1		Level 2			Level 3
Financial assets
Cash	$	27,317	$	-		$	-
Amounts receivable		-		3,350			-
Due from related parties		18		-			-
Derivative asset		-		-			-
Long-term investments		1,190		-			57
Total financial assets	$	28,525	$	3,350		$	57
Financial liabilities
Derivative liability		-		(475	)		-
Total financial liabilities	$	-	$	(475	)	$	-

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. We have determined that each producing mine represents an operating segment, of which there is one as of September 30, 2025.

The Company’s revenues for the nine months ended September 30, 2025 of $61,683 (September 30, 2024 - $41,796) are all attributable to Mexico, from shipments of concentrate produced by the Avino Mine, and is considered to be one single reportable operating segment.

On the consolidated statements of operations, the Company had revenue from the following product mixes:

	Three months ended<br><br>September 30,						Nine months ended<br><br>September 30,
	2025			2024			2025			2024
Silver	$	9,195		$	6,462		$	25,143		$	18,246
Copper		6,461			6,497			20,796			18,329
Gold		6,367			3,359			19,484			9,894
Penalties, treatment costs and refining charges		(981	)		(1,702	)		(3,740	)		(4,673	)
Total revenue from mining operations	$	21,042		$	14,616		$	61,683		$	41,796

For the three and nine months ended September 30, 2025 and 2024, the Company had the following customers that accounted for total revenues as follows:

	Three months ended<br><br>September 30,					Nine months ended<br><br>September 30,
	2025			2024		2025		2024
Customer #1	$	20,170		$	14,117	$	57,654	$	35,404
Customer #2		(6	)		487		3,151		5,930
Other customers		878			12		878		462
Total revenue from mining operations	$	21,042		$	14,616	$	61,683	$	41,796
24
---
AVINO SILVER & GOLD MINES LTD.<br><br>Notes to the Unaudited Condensed Consolidated Financial Statements<br><br>For the nine Months Ended September 30, 2025, and 2024<br><br>(Expressed in Thousands of US Dollars - Unaudited)
---

Geographical information relating to the Company’s non-current assets (other than financial instruments) is as follows:

	September 30,<br><br>2025			December 31,<br><br>2024
Exploration and evaluation assets - Mexico		$	16,242	$	52,890
Total exploration and evaluation assets		$	16,242	$	52,890
	September 30,<br><br>2025			December 31,<br><br>2024
---	---	---	---	---	---
Plant, equipment, and mining properties - Mexico		$	119,682	$	53,400
Plant, equipment, and mining properties - Canada			340		401
Total plant, equipment, and mining properties		$	120,022	$	53,801

19. SUBSEQUENT EVENTS

At-The-Market Sales – Subsequent to September 30, 2025, the Company issued 1,150,000 common shares in at- the-market offerings under prospectus supplement for gross proceeds of $6,437.

Stock Options Exercises – Subsequent to September 30, 2025, the Company issued 1,307,875 common shares through the exercise of 1,351,250 stock options at an average exercise price of C$1.20 for proceeds of C$1,575

25

avino_ex992.htm EXHIBIT 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

The following discussion and analysis of the operations, results, and financial position of Avino Silver & Gold Mines Ltd. (the “Company” or “Avino”) should be read in conjunction with the Company’s condensed consolidated interim financial statements for the three months and nine ended September 30, 2025, and the Company’s audited consolidated financial statements as at and for the year ended December 31, 2024, and the notes thereto.

This Management’s Discussion and Analysis (“MD&A”) is dated November 6, 2025, and discloses specified information up to that date. The consolidated financial statements are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). Unless otherwise cited, references to dollar amounts are in US dollars. This MD&A contains “forward-looking statements” that are subject to risk factors including those set out in the “Cautionary Statement” at the end of this MD&A. All information contained in this MD&A is current and has been approved by the Company’s Board of Directors as of November 6, 2025, unless otherwise indicated. Throughout this report we refer to “Avino”, the “Company”, “we”, “us”, “our”, or “its”. All these terms are used in respect of Avino Silver & Gold Mines Ltd. We recommend that readers consult the “Cautionary Statement” on the last page of this report. Additional information relating to the Company is available on the Company’s website at www.avino.com and on SEDAR+ at www.sedarplus.ca.

Business Description

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 its common shares are listed 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.

Discussion of Operations

The Company’s production, exploration, and evaluation activities during the nine months ended September 30, 2025, have been conducted on the Avino Property and the La Preciosa Property.

The Company holds a 99.67% effective interest in Compañía Minera Mexicana de Avino, S.A. de C.V. (“Avino Mexico”), a Mexican corporation which owns the Avino Property. The Avino Property covers approximately 1,104 contiguous hectares, and is located approximately 80 km north-east of the city of Durango. The Avino Property is equipped with milling and processing facilities that presently process all output from the Avino Mine located on the property. 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.

Page 1

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

Operational and Financial Highlights

HIGHLIGHTS<br> <br>(In US$, unless otherwise noted)	Third<br> <br>Quarter 2025		Third<br> <br>Quarter 2024		Change			YTD 2025		YTD 2024		Change

| Tonnes Milled | | 188,757 | | 156,512 | | 21 | % | | 547,597 | | 467,041 | | 17 | % |

| Silver Ounces Produced | | 263,231 | | 281,831 | | -7 | % | | 812,530 | | 825,420 | | -2 | % |

| Gold Ounces Produced | | 1,935 | | 1,625 | | 19 | % | | 5,933 | | 4,917 | | 21 | % |

| Copper Pounds Produced | | 1,307,429 | | 1,771,250 | | -26 | % | | 4,372,752 | | 4,423,909 | | -1 | % |

| Silver Equivalent Ounces^1^ Produced | | 580,780 | | 670,887 | | -13 | % | | 1,904,840 | | 1,916,940 | | -1 | % |

| Silver Equivalent Payable Ounces Sold^2^ | | 562,604 | | 525,003 | | 9 | % | | 1,806,939 | | 1,672,917 | | 8 | % |

| Cash Cost per Silver Equivalent Payable Ounce^1,2,3^ | $ | 17.09 | $ | 14.94 | | 14 | % | $ | 14.95 | $ | 15.35 | | -3 | % |

| All-in Sustaining Cost per Silver Equivalent Payable Ounce^1,2,3^ | $ | 24.06 | $ | 22.06 | | 9 | % | $ | 21.64 | $ | 21.61 | | 0 | % |

| Financial Operating Performance (in 000’s) | | | | | | | | | | | | | | |

| Revenues | $ | 21,042 | $ | 14,616 | | 44 | % | $ | 61,683 | $ | 41,796 | | 48 | % |

| Mine operating income | $ | 9,905 | $ | 5,709 | | 73 | % | $ | 30,691 | $ | 12,745 | | 141 | % |

| Net income | $ | 7,702 | $ | 1,169 | | 559 | % | $ | 16,183 | $ | 3,008 | | 438 | % |

| Earnings before interest, taxes and amortization (“EBITDA”)^3^ | $ | 11,456 | $ | 3,816 | | 200 | % | $ | 28,586 | $ | 8,938 | | 220 | % |

| Adjusted earnings^3^ | $ | 11,645 | $ | 4,980 | | 134 | % | $ | 30,327 | $ | 11,384 | | 166 | % |

| Cash provided by operating activities | $ | 8,329 | $ | 4,148 | | 101 | % | $ | 17,437 | $ | 7,573 | | 130 | % |

| Mine operating cash flow before taxes^3^ | $ | 11,050 | $ | 6,664 | | 66 | % | $ | 33,720 | $ | 15,701 | | 115 | % |

| Earnings per share - diluted | $ | 0.05 | $ | 0.01 | | 400 | % | $ | 0.10 | $ | 0.02 | | 400 | % |

| Adjusted earnings per share^3^ | $ | 0.07 | $ | 0.04 | | 75 | % | $ | 0.20 | $ | 0.08 | | 150 | % |

| Liquidity & Working Capital (in 000’s) | | | | | | | | | | | | | | |

| Cash | $ | 57,331 | $ | 37,279 | | 54 | % | $ | 57,331 | $ | 27,317 | | 110 | % |

| Working capital^3^ | $ | 50,795 | $ | 40,615 | | 25 | % | $ | 50,795 | $ | 25,235 | | 101 | % |

^1.^

In Q3 2025, AgEq was calculated using metal prices of $39.38 per oz Ag, $3,454 per oz Au and $4.45 per lb Cu. In Q3 2024, AgEq was calculated using metals prices of $29.42 oz Ag, $2,476 oz Au and $4.18 lb Cu. For YTD 2025, AgEq was calculated using metal prices of $34.98 per oz Ag, $3,199 per oz Au and $4.34 per lb Cu. For YTD 2024, AgEq was calculated using metal prices of $27.21 oz Ag, $2,295 oz Au and $4.15 lb Cu. Calculated figures may not add up due to rounding.

^2.^

“Silver equivalent payable ounces sold” for the purposes of cash costs and all-in sustaining costs consists of the sum of payable silver ounces, gold ounces and copper tonnes sold, before penalties, treatment charges, and refining charges, multiplied by the ratio of the average spot gold and copper prices to the average spot silver price for the corresponding period.

^3.^

Non-IFRS Accounting Standard measure. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning under IFRS Accounting Standards and the calculation methods may differ from methods used by other companies with similar reported measures. See Non-IFRS Accounting Standards Measures section for further information and detailed reconciliations.

Record Cash and Working Capital Position

·	Avino had $57.3 million in cash at September 30, 2025, and remains debt-free, excluding operating equipment leases and the deferred royalty repurchase payment. Our working capital position of $50.8 million and strong balance sheet will provide the foundation to support our transformational growth plan to become Mexico’s next mid-tier silver producer.

Page 2

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

TSX Recognition and Index Inclusion

·	On September 9, 2025, Avino announced its inclusion in the Toronto Stock Exchange’s TSX30^TM^. Avino has distinguished itself by reaching the 5th position on the TSX30 2025 ranking, which is a flagship program recognizing the 30 top-performing TSX stocks on a dividend-adjusted share price appreciation over a three-year period.
·	On September 16, 2025, Avino announced that it has been added to the Market Vectors Junior Gold Miners Index (“MVGDXJTR”) and the VanEck Junior Gold Miners ETF ("GDXJ"), effective at market close on September 19, 2025, pursuant to the GDXJ's semi-annual review and quarterly rebalance.

3^rd^ Quarter 2025 Financial Highlights

·	Revenues of $21.0 million, an increase of 44% from Q3 2024.
·	Gross profit (mine operating income) of $9.9 million, an increase of 73% from Q3 2024.
·	Net income of $7.7 million, or $0.05 per share.
·	Adjusted earnings of $11.6 million, or $0.07 per diluted share, an increase of 134% and 75%, respectively, from Q3 2024.
·	Cash flow provided by operating activities of $8.3 million, an increase of 101%. Prior to working capital adjustments, cash flow provided from operating activities was $7.3 million, an increase of 30%.
·	Mine operating cash flow before taxes of $11.0 million, an increase of 65% from Q3 2024.
·	Earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $11.5 million, an increase of 200% from Q3 2024.
·	Cash costs per silver equivalent payable ounce sold of $17.09, an increase of 14% from Q3 2024.
·	All in sustaining costs per silver equivalent payable ounce sold of $24.06, an increase of 9% from Q3 2024.

3^rd^ Quarter Operational Highlights

·	La Preciosa Royalty Repurchase : During the quarter, Avino acquired all outstanding royalties and obligations held by Deterra Royalties Inc. “Deterra”, for consideration of $13.25 million upfront payment followed by an $8.75 million deferred payment, achieving 100% interest on the La Preciosa property. The deferred payment to Deterra is due in Q3 2026.
·	Silver Equivalent Production Decreased 13% : Avino produced 580,780 silver equivalent ounces in Q3 2025, representing a decrease from Q3 of 2024. The decrease was driven by lower feed grades in all three metals (silver, gold and copper), as we moved through a lower grade section of the mine plan and was partially offset by significantly improved mill availability of 21%.
·	Continued Elevated Mill Throughput : In Q3 2025, Avino achieved 21% higher mill throughput versus Q3 2024, totalling 188,757 tonnes of material. These throughput levels built off last quarter’s record and were a result of previous upgrades and automation enhancements made by our operations team, demonstrating significant improvements in mill availability.
·	Gold Production Increased 19% : Q3 2025 production of 1,935 gold ounces represented a 19% increase compared to Q3 2024. This improved production resulted from the increased tonnes processed, alongside significant improvements in gold recoveries to 74% from 69% in Q3 of 2024.
·	Silver and Copper Production Decreased 7% and 26% : Avino produced 263,231 silver ounces and 1.3 million pounds of copper in Q3 2025, a decrease in both metals from Q3 of 2024. This decrease was result of lower feed grade from certain areas in our planned mine sequencing, which did have an impact on recoveries as well. This was partially offset by significantly improved mill availability of 21%.

Page 3

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

La Preciosa Updates

Royalty & Obligations Repurchase

On August 25, 2025, Avino announced the acquisition of 100% interest of La Preciosa by purchasing and extinguishing all of the outstanding royalties and contingent payment obligations (the “La Preciosa Obligations”) currently held by Deterra Royalties Limited (“Deterra”). The consideration for the La Preciosa Obligations was a $13.25 million upfront payment upon closing, followed by an $8.75 million payment deferred for one year after closing. The deferred payment was already accounted for in the existing royalty agreement with Deterra.

The La Preciosa Obligations are comprised of:

·	a cash payment of US$8.75 million, to be paid no later than 12 months after initial production at La Preciosa (the “Contingent Production Payment”);

| · | a 1.25% net smelter returns royalty on the Gloria and Abundancia areas of La Preciosa, and a 2.00% gross value returns royalty on all other areas of La Preciosa; and |

| · | a payment of $0.25 per silver equivalent ounce (subject to inflationary adjustment) of new mineral reserves (as defined by NI 43-101) discovered and declared outside of the current mineral resource area at La Preciosa, subject to a cap of $50 million, with any such payments to be credited against any existing or future payments owing on the gross value returns royalty. |

The La Preciosa Obligations were initially issued to Coeur Mining, Inc. (“Coeur”) in connection with the acquisition of La Preciosa by Avino in March 2022. Details of the Company’s acquisition of La Preciosa are available on the Company’s website here. Following the acquisition, Coeur sold the La Preciosa Obligations to Trident Royalties Plc (“Trident”) in May 2023, with Deterra subsequently acquiring the La Preciosa Obligations by way of its acquisition of Trident in September 2024.

Exploration & Confirmatory Drilling

On August 18, 2025 and October 27, 2025, Avino announced the results of eight drill holes from La Preciosa which were drilled to twin previous drilling. Assay results for the intercepts of the La Gloria and Abundancia veins were very positive and are shown in Table 1 and Table 2 below.

Selected Intercept Highlights:

·	Hole PMLP 25-03: 1,638 g/t Ag and 1.92 g/t Au over 7.90 metres true width

o	including 15,352 g/t Ag and 1.55 g/t Au over 0.37 metres true width

·	Hole PMLP 25-04: 544 g/t Ag and 0.46 g/t Au over 6.42 metres true width

o	including 1,739 g/t Ag and 0.74 g/t Au over 0.66 metres true width

·	Hole PMLP 25-06: 787 g/t Ag and 0.51 g/t Au over 5.22 metres true width

o	including 3,206 g/t Ag and 1.02 g/t Au over 0.77 metres true width

·	Hole PMLP 25-08 at Gloria: 306 g/t Ag and 1.15 g/t Au over 3.98 metres true width

o	including 699 g/t Ag and 5.80 g/t Au over 0.63 metres true width

·	Hole PMLP 25-08 at Abundancia: 463 g/t Ag and 0.61 g/t Au over 4.00 metres true width

o	including 642 g/t Ag and 0.60 g/t Au over 0.95 metres true width

The variation of grades and thicknesses within relatively short distances (under 10 metres) compared with previously drilled intercepts were expected due to the “pinch and swell” geometry of the La Preciosa veins and the high nugget effects. The drill results exceeded grade expectations and verified the geometry of the current vein-based resource model. Higher grades intersected in the northern portion of the La Gloria Vein (in hole PMLP-25-02) are expected to continue further to the North and warrant additional step-out drilling to potentially expand the mineral resource defined on the shallow La Gloria Vein.

Page 4

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

Assays were received on eight (8) holes totalling approximately 2,000 metres drilled at La Preciosa, intersecting the La Gloria vein in all eight holes, the Abundancia vein in seven holes, and additional unnamed and splay veins in four of the holes. Assays were processed under Avino’s standard QA/QC program, with no indications of bias or contamination detected. Unlike the Avino Mine, the La Preciosa deposit contains no notable copper mineralization, so no copper values are reported.

Sampling and Assay Methods

Following detailed geological and geotechnical logging, selected drill core areas were cut in half. One half of the core was submitted to the SGS Laboratory facility in Durango, Mexico, and the other half was retained on-site for verification and reference. Gold is assayed by fire assay with an AA finish. Any samples exceeding 3.0 gold g/t are re-assayed and followed by a gravimetric finish. Multi-element analyses are also completed for each sample by SGS ICP14B methods. Silver is fire assayed with a gravimetric finish for samples assaying over 100 g/t. Avino uses a series of standard reference materials, blank reference materials, and duplicates as part of their QA/QC program during assaying.

Table 1 – Summary Drill Results

Structure	Hole Number	From<br> <br>(m)	To<br> <br>(m)	Intercept Length<br> <br>(m)	True width<br> <br>(m)	Ag<br> <br>(g/t)	Au<br> <br>(g/t)	AgEq¹<br> <br>(g/t)

| La Gloria | PMLP-25-01 | 84.35 | 88.5 | 4.15 | 3.41 | 398 | 0.36 | 431 |

| | Including | 85.05 | 86.8 | 1.75 | 1.44 | 601 | 0.36 | 634 |

| Abundancia | PMLP-25-01 | 166.35 | 182.6 | 16.25 | 14.80 | 257 | 0.38 | 292 |

| | Including | 166.35 | 171.85 | 5.5 | 5.04 | 594 | 0.72 | 660 |

| | Including | 169 | 170 | 1 | 0.92 | 1173 | 1.00 | 1,264 |

| Unnamed_1 | PMLP-25-02 | 72.6 | 75.82 | 3.22 | 2.92 | 282 | 0.19 | 299 |

| | Including | 73.34 | 75.1 | 1.76 | 1.6 | 422 | 0.20 | 440 |

| La Gloria | PMLP-25-02 | 99.1 | 103.3 | 4.2 | 3.45 | 970 | 0.44 | 1,010 |

| | Including | 99.72 | 102.65 | 2.93 | 2.41 | 1260 | 0.52 | 1,307 |

| | Including | 100.3 | 101.73 | 1.43 | 1.17 | 1936 | 0.64 | 1,994 |

| Abundancia | PMLP-25-02 | 281.6 | 287 | 5.4 | 5.27 | 112 | 0.19 | 129 |

| La Gloria | PMLP-25-03 | 106.4 | 116.05 | 9.65 | 7.90 | 1638 | 1.92 | 1,812 |

| | Including | 113.8 | 116.05 | 2.25 | 1.84 | 5006 | 0.61 | 5,061 |

| | Including | 113.8 | 114.25 | 0.45 | 0.37 | 15352 | 1.55 | 15,493 |

| Unnamed_2 | PMLP-25-03 | 134.9 | 136.8 | 1.9 | 1.30 | 525 | 1.20 | 635 |

| Abundancia | PMLP-25-03 | 288.8 | 290.05 | 1.25 | 1.22 | 45 | 0.18 | 61 |

| La Gloria | PMLP-25-04 | 183.83 | 192.5 | 8.67 | 6.42 | 544 | 0.46 | 585 |

| | including | 190.96 | 191.85 | 0.89 | 0.66 | 1739 | 0.74 | 1,807 |

| Abundanica Splay 1 | PMLP-25-04 | 214.14 | 214.98 | 0.84 | 0.83 | 125 | 0.28 | 150 |

| Unnamed_3 | PMLP-25-04 | 271.84 | 272.4 | 0.56 | 0.51 | 174 | 0.33 | 204 |

| Unnamed_4 | PMLP-25-04 | 274.5 | 275.2 | 0.7 | 0.66 | 369 | 0.82 | 444 |

1.	AgEq in drill results above assumes $3,000/oz Au and $33.00/oz Ag, and 100% metallurgical recovery

Page 5

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

Table 2 – Summary Drill Results – October 27, 2025 News Release

Structure	Hole Number	From<br> <br>(m)	To<br> <br>(m)	Intercept<br> <br>Length (m)	True width<br> <br>(m)	Au<br> <br>(g/t)	Ag<br> <br>(g/t)	AgEq¹<br> <br>(g/t)

| La Gloria | PMLP-25-05 | 223.25 | 226.45 | 3.2 | 2.48 | 0.66 | 425 | 484 |

| | Including | 225.7 | 226.45 | 0.75 | 0.58 | 1.60 | 1299 | 1441 |

| Abun Splay 1 | PMLP-25-05 | 234.5 | 237.6 | 3.1 | 3.07 | 0.16 | 34 | 48 |

| Abundancia | PMLP-25-05 | 303.75 | 304.55 | 0.8 | 0.78 | 1.21 | 513 | 621 |

| Unnamed_5 | PMLP-25-05 | 221.3 | 221.8 | 0.5 | 0.40 | 1.02 | 455 | 546 |

| Unnamed_6 | PMLP-25-05 | 261.71 | 263.06 | 1.35 | 0.90 | 0.29 | 74 | 100 |

| La Gloria | PMLP-25-06 | 169.8 | 176.6 | 6.8 | 5.22 | 0.51 | 787 | 832 |

| | Including | 174.45 | 175.45 | 1 | 0.77 | 1.02 | 3206 | 3297 |

| Abundancia | PMLP-25-06 | 219.4 | 220.9 | 1.5 | 1.47 | 0.86 | 635 | 711 |

| La Gloria | PMLP-25-07 | 175.9 | 181.7 | 5.8 | 2.84 | 0.39 | 216 | 251 |

| | Including | 176.93 | 178 | 1.07 | 0.52 | 0.35 | 490 | 521 |

| Abundancia | PMLP-25-07 | 227.2 | 227.75 | 0.55 | 0.52 | 0.24 | 93 | 114 |

| La Gloria | PMLP-25-08 | 53.15 | 58.5 | 5.35 | 3.98 | 1.15 | 306 | 408 |

| | Including | 53.15 | 54.00 | 0.85 | 0.63 | 5.80 | 699 | 1215 |

| Abundancia | PMLP-25-08 | 135.60 | 139.80 | 4.20 | 4.00 | 0.61 | 463 | 517 |

| | Including | 136.6 | 137.6 | 1 | 0.95 | 0.60 | 642 | 696 |

1.	AgEq in drill results above assumes $4,000/oz Au and $45.00/oz Ag, and 100% metallurgical recovery.

Page 6

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

Financial Results – Three months ended September 30, 2025, compared to three months ended September 30, 2024

In 000’s	Three months ended September 30,

| | **** 2025 | | | **** 2024 | | |

| Revenue from mining operations | $ | 21,042 | | $ | 14,616 | |

| Cost of sales | | 11,137 | | | 8,907 | |

| Mine operating income | | 9,905 | | | 5,709 | | | Operating expenses: | | | | | | |

| General and administrative expenses | | 1,832 | | | 1,455 | |

| Share-based payments | | 1,165 | | | 531 | |

| Income before other items | | 6,908 | | | 3,723 | |

| Interest and other income | | 342 | | | (77 | ) |

| Gain (loss) on long-term investments | | 2,383 | | | (268 | ) |

| Unrealized gain on derivative | | 86 | | | - | |

| Foreign exchange gain | | 1,139 | | | 170 | |

| Finance cost | | (69 | ) | | (5 | ) |

| Accretion of reclamation provision | | (56 | ) | | (49 | ) |

| Interest expense | | (27 | ) | | (77 | ) |

| Write-down of uncollectible account | | - | | | (621 | ) |

| Income before income taxes | | 10,706 | | | 2,796 | |

| Current income tax expense | | (3,333 | ) | | (1,258 | ) |

| Deferred income tax recovery (expense) | | 329 | | | (369 | ) |

| Income tax expense | | (3,004 | ) | | (1,627 | ) |

| Net income | $ | 7,702 | | $ | 1,169 | |

| Other **** comprehensive income (loss): | | | | | | |

| Currency translation differences | | (1,075 | ) | | 1 | |

| Total comprehensive **** income | $ | 6,627 | | $ | 1,170 | |

| Basic | $ | 0.05 | | $ | 0.01 | |

| Diluted | $ | 0.05 | | $ | 0.01 | |

| Weighted average number of common shares outstanding | | | | | | |

| Basic | | 147,988,156 | | | 135,070,079 | |

| Diluted | | 157,140,213 | | | 140,429,861 | |

Page 7

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

Revenues

The Company recognized revenues of $21.0 million on the sale of Avino Mine bulk copper/silver/gold concentrate, compared to $14.6 million revenues for Q3 2024, an increase of $6.4 million.

The increase is a result of higher average realized metal prices for both silver and copper, as well as 9% higher payable silver equivalent ounces sold in the current period.

Metal prices for revenues recognized during the period were $38.21 per ounce of silver, $3,458 per ounce of gold, and $9,793 per tonne of copper, with comparable prices for Q3 2024 were $29.17 per ounce of silver, $2,445 per ounce of gold, and $9,154 per tonne of copper.

Payable silver equivalent ounces sold in the current period were 569,968 ounces, compared to 525,003 ounces in Q3 2024.

Cost of Sales & Mine Operating Income

Cost of sales were $11.1 million, compared to $8.9 million in Q3 2024, an increase of $2.2 million. The increase is mainly attributable to a more volume sold and tonnes processed, as well as a stronger average Mexican Peso compared to the US Dollar during the current quarter, with an average of $18.66 Mexican Pesos to 1 US Dollar in Q3 2025 compared to an average of $18.90 Mexican Pesos to 1 US Dollar in Q3 2024.

Mine operating income, after depreciation and depletion, was $9.9 million, compared to $5.7 million in Q3 2024. The increase in mine operating income is a result of the items noted above, and partially offset by provisional pricing adjustments that had a negative impact of $0.4 million in Q3 2025 compared with a positive impact of $0.6 million on revenues and mine operating income in Q3 2024.

General and Administrative Expenses & Share-Based Payments

General and administrative expenses were $1.8 million, compared to $1.5 million in Q3 2024. The increase is a result of higher salaries and benefits primarily as a result of increase in operations and increased employee benefits and profit sharing accruals from improved financial performance.

Share-based payments were $1.2 million, compared to $0.5 million in Q3 2024, an increase of $0.7 million. The increase is a direct result of the timing of option and RSU grants, and fluctuations in share price at the time of the grants.

Other Items

Gain on long-term investments was $2.4 million compared to a loss of $0.3 million in Q3 2024. This is a direct result of fluctuations in the Company’s investment in shares of Talisker Resources, as well as minor movements in the Company’s investment in shares of Silver Wolf Exploration and Endurance Gold.

Unrealized gain on derivative liability was $0.1 million with no comparable transaction in Q3 2024. This is a direct result of US Dollar/Mexican Peso foreign exchange forward contracts entered into during the year to mitigate risks surrounding the Company of material foreign exchange movements that could cause the Company to incur material losses.

Foreign exchange gain for the period was $1.1 million, a positive movement of $0.9 million compared to a gain of $0.2 million in Q3 2024. Foreign exchange gains or losses result from transactions in currencies other than the Canadian dollar functional currency. During the three months ended September 30, 2025, the US dollar depreciated in relation to the Mexican Peso and strengthened against the Canadian dollar, resulting in foreign exchange gains overall.

Page 8

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

Current and Deferred Income Taxes

Current income tax expense was $3.3 million in Q3 2025, a change of $2.0 million compared to an income tax expense of $1.3 million for Q3 2024. The movement relates primarily to increased operating profits generated in Q3 2025, which resulted in increased income tax expense.

Deferred income tax recovery was $0.3 million, a change of $0.7 million compared to an expense of $0.4 million in Q3 2024. Deferred income taxes fluctuates due to movements in taxable and deductible temporary differences related to changes in inventory, plant, equipment and mining properties, and exploration and evaluation assets, amongst other factors. The changes in current income taxes and deferred income taxes during the current and comparable periods primarily relate to movements in the tax bases and mining profits and/or losses in Mexico.

Net Income

Net income was $7.7 million for the period, or $0.05 per basic and diluted share, compared to net income of $1.2 million, or $0.01 per basic and diluted share for Q3 2024. The increase is a result of the items noted above, including increases in revenues, mine operating income, gain on long-term investments, gain on foreign exchange and interest income. The positive movements were partially offset by increases to current income tax expense.

EBITDA & Adjusted Income/Loss (see “Non-IFRS Accounting Standards Measures”)

EBITDA was $11.5 million for the period, an increase of $7.7 million when compared to $3.8 million for Q3 2024. The changes in EBITDA are primarily a factor of the items above, excluding any changes in depreciation and depletion, changes in interest expense and income, as well as any changes in income taxes. See Non-IFRS Accounting Standards Measures for a reconciliation for EBITDA.

Adjusted earnings for the period was $11.6 million, an increase of $6.6 million when compared to adjusted earnings of $5.0 million in the corresponding quarter in 2024. Changes to adjusted earnings are a result of the items noted above in EBITDA, further excluding share-based payments, unrealized gains and losses related to derivative liabilities, write-downs of equipment and movements in foreign exchange. See Non-IFRS Accounting Standards Measures for a reconciliation for adjusted earnings.

Cash Costs & All-in Sustaining Costs (see “Non-IFRS Accounting Standard Measures”)

Cash costs per silver equivalent payable ounce sold was $17.09, compared to $14.94 for Q3 2024. The increase in costs of 14% is attributable to increased tonnes mined and milled albeit with lower feed grade and recoveries for copper, where production was down by 26% compared to Q3 2024.

All-in sustaining costs per silver equivalent payable ounce sold was $24.06, compared to $22.06 for Q3 2024. The costs remained constant is a result of the items mentioned above, with no significant difference between the comparable quarter in sustaining capital and exploration costs, as well as general and administrative expenses.

See Non-IFRS Accounting Standard Measures for a reconciliation for cash costs and all-in sustaining costs

Page 9

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

Financial Results - Nine months ended September 30, 2025, compared to the nine months ended September 30, 2024:

In 000’s	Nine months ended September 30,

| | 2025 | | | 2024 | | |

| Revenue from mining operations | $ | 61,683 | | $ | 41,796 | |

| Cost of sales | | 30,992 | | | 29,051 | |

| Mine operating income | | 30,691 | | | 12,745 | | | Operating expenses: | | | | | | |

| General and administrative expenses | | 5,928 | | | 4,518 | |

| Share-based payments | | 2,847 | | | 1,601 | |

| Income before other items | | 21,916 | | | 6,626 | | | Other items: | | | | | | |

| Interest and other income | | 675 | | | 77 | |

| Gain on long-term investments | | 2,746 | | | 87 | |

| Unrealized gain on derivative | | 2,000 | | | - | |

| Foreign exchange (loss) gain | | (391 | ) | | 342 | |

| Finance cost | | (78 | ) | | (10 | ) |

| Accretion of reclamation provision | | (156 | ) | | (151 | ) |

| Interest expense | | (218 | ) | | (248 | ) |

| Other expenses | | (421 | ) | | - | |

| Write-down of uncollectible account | | - | | | (621 | ) |

| Income before income taxes | | 26,073 | | | 6,102 | | | Income taxes: | | | | | | |

| Current income tax expense | | (8,426 | ) | | (2,033 | ) |

| Deferred income tax expense | | (1,464 | ) | | (1,061 | ) |

| Income tax expense | | (9,890 | ) | | (3,094 | ) |

| Net income | | 16,183 | | | 3,008 | | | Other comprehensive income (loss): | | | | | | |

| Currency translation differences | | 439 | | | (123 | ) |

| Total comprehensive income | $ | 16,622 | | $ | 2,885 | |

| Basic | $ | 0.11 | | $ | 0.02 | |

| Diluted | $ | 0.10 | | $ | 0.02 | |

| Weighted average number of common shares outstanding | | | | | | |

| Basic | | 144,682,370 | | | 132,925,193 | |

| Diluted | | 154,716,640 | | | 138,723,903 | |

Page 10

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

Revenues

The Company recognized revenues net of penalties, treatment costs and refining charges, of $61.7 million on the sale of Avino Mine bulk copper/silver/gold concentrate, compared to revenues of $41.8 million for 2024, an increase of $19.9 million.

The increase in revenues is a result of higher average metal prices as described below, and 9% higher payable silver equivalent ounces sold in the current period.

Metal prices for revenues recognized during the period were $35.49 per ounce of silver, $3,278 per ounce of gold, and $9,632 per tonne of copper, with comparable prices for the nine months ended September 30, 2024, of $27.82 per ounce of silver, $2,321 per ounce of gold, and $9,222 per tonne of copper.

Cost of Sales & Mine Operating Income

Cost of sales for the period were $31.0 million, compared to $29.1 million in the 2024 period, an increase of $1.9 million. The increase in cost of sales is attributable to higher tonnes milled and higher ounces sold as mentioned above, which resulted in higher overall costs despite minimally improved cost per ounce metrics.

Mine operating income for the period was $30.7 million, compared to $12.7 million in 2024. The increase in mine operating income is a result of higher revenues, with cost of sales being similar to the comparative period, as noted above.

General and Administrative Expenses & Share-Based Payments

General and administrative expenses were $5.9 million, compared to $4.5 million in the comparable period, with any increases coming from additional salaries and benefits and office expenses in the period, as result of increased operations in Mexico.

Share-based payments were $2.8 million, compared to $1.6 million in the comparable period, an increase of $1.2 million. The increase is a direct result of the timing of stock option and RSU grants, and fluctuations in share price on the grant dates.

Other Items

Unrealized gain on derivative liability was $2.0 million with no comparable transaction in Q3 2024. This is a direct result of US dollar/Mexican Peso foreign exchange forward contracts entered into mitigate risks surrounding the Company of material foreign exchange movements that could cause the Company to incur material losses.

Unrealized foreign exchange loss for the period was $0.4 million, a negative movement of $0.7 million compared to a gain of $0.3 million in the comparable period in 2024. Foreign exchange gains or losses result from transactions in currencies other than the Canadian dollar functional currency. During the period, the Mexican Peso appreciated against the US dollar, with the Canadian dollar remaining constant, resulting in an overall foreign exchange loss for the period. During the nine months ended September 30, 2024, the US dollar remained constant in relation to the Canadian dollar but depreciated compared to the Mexican peso by the end of first semester, resulting in a foreign exchange gain.

Current and Deferred Income Taxes

Current income tax expense for the period was $8.4 million, compared to a current income tax expense of $2.0 million in the comparable period. The movements are a result of higher profits generated in 2025, resulting in increased income tax expense, whereas in 2024, the Company had losses available to partially offset taxable income in Mexico.

Page 11

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

Deferred income tax expense was $1.5 million, a change of $0.4 million compared to an expense of $1.1 million in 2024. Deferred income tax fluctuates due to movements in taxable and deductible temporary differences related to the special mining duty in Mexico and to changes in inventory, plant, equipment and mining properties, and exploration and evaluation assets, amongst other factors. The changes in current income taxes and deferred income taxes during the current and comparable periods primarily relate to movements in the tax bases and mining profits and/or losses in Mexico.

Net Income

Net income was $16.2 million for the period, or $0.11 per basic share and $0.10 per diluted share, compared to net income of $3.0 million, or $0.02 per share during the comparable period in 2024. The changes are a result of the items noted above, which are primarily increases in revenues, mine operating income and gains on long-term investments between the two comparable periods. The increase was partially offset by increases in general and administrative expenses, share-based payments, and foreign exchange loss. Net income was further impacted by movements in the unrealized derivative liability / asset and other expenses.

EBITDA & Adjusted Income/Loss (see “Non-IFRS Accounting Standards Measures”)

EBITDA for the period was $28.6 million, an increase of $19.7 million when compared to $8.9 million for the comparable period. The changes in EBITDA are primarily a factor of the items above, excluding any changes in depreciation and depletion, and any changes in income taxes. See Non-IFRS Accounting Standards Measures for a reconciliation for EBITDA.

Adjusted earnings for the period was $30.2 million, an increase of $18.8 million when compared to adjusted earnings of $11.4 million in the corresponding period in 2024. Changes to adjusted earnings are a result of the items noted above in EBITDA, further excluding share-based payments, unrealized gains and losses related to derivative liabilities, write-downs of equipment and movements in foreign exchange. See Non-IFRS Accounting Standards Measures for a reconciliation for adjusted earnings.

Cash Costs & All-in Sustaining Costs (see “Non-IFRS Accounting Standards Measures”)

Cash costs per silver equivalent payable ounce sold was $14.95, compared to $15.35 for the comparable period in 2024. Cash costs per ounce improved compared with the prior year period, which is attributable to higher silver equivalent ounces sold by 8% offset by higher tonnes milled of 17% compared to the year to date period in 2024.

All-in sustaining costs per silver equivalent payable ounce sold was $21.64, compared to $21.61 for the comparable period in 2024, with no significant changes period over period.

See Non-IFRS Accounting Standards Measures for a reconciliation for cash costs and all-in sustaining costs

Page 12

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

Production Highlights

Q3 2025	Q3 2024	Change %		YTD 2025	YTD 2024	Change %

| 188,757 | 156,512 | 21% | Total Mill Feed (dry tonnes) | 547,597 | 467,041 | 17% |

| 52 | 63 | -18% | Feed Grade Silver (g/t) | 54 | 63 | -14% |

| 0.43 | 0.46 | -6% | Feed Grade Gold (g/t) | 0.45 | 0.47 | -4% |

| 0.39 | 0.58 | -33% | Feed Grade Copper (%) | 0.43 | 0.50 | -14% |

| 84% | 89% | -6% | Recovery Silver (%) | 85% | 88% | -4% |

| 74% | 69% | 7% | Recovery Gold (%) | 74% | 70% | 6% |

| 81% | 88% | -8% | Recovery Copper (%) | 84% | 87% | -4% |

| 263,231 | 281,831 | -7% | Total Silver Produced (oz) | 812,530 | 825,420 | -2% |

| 1,935 | 1,625 | 19% | Total Gold Produced (oz) | 5,933 | 4,917 | 21% |

| 1,307,429 | 1,771,250 | -26% | Total Copper Produced (lbs) | 4,372,752 | 4,423,909 | -1% |

| 580,780 | 670,887 | -13% | Total Silver Equivalent Produced (oz)^1^ | 1,904,840 | 1,916,940 | -1% |

Under National Instrument 43-101, the Company is required to disclose that it has not based its production decisions on NI 43-101-compliant reserve estimates, preliminary economic assessments, or feasibility studies, and historically projects without such reports have increased uncertainty and risk of economic viability. The Company's decision to place a mine into operation at levels intended by management, expand a mine, make other production-related decisions, or otherwise carry out mining and processing operations is largely based on internal non-public Company data, and on reports based on exploration and mining work by the Company and by geologists and engineers engaged by the Company.

Qualified Person(s)

Peter Latta, P.Eng, MBA, Vice President, Technical Services, is a qualified person within the context of National Instrument 43-101, and has reviewed and approved the technical data in this document.

Page 13

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

Non – IFRS Accounting Standards Measures

EBITDA and Adjusted earnings

Earnings, or loss, before interest, taxes and amortization (“EBITDA”) is a non IFRS financial measure which excludes the following items from net earnings:

·	Income tax expense

| · | Finance costs |

| · | Amortization and depletion |

Adjusted earnings excludes the following additional items from EBITDA

·	Share based compensation;

| · | Non-operational items including foreign exchange movements, fair value adjustments on derivative liability movements and other non-recurring items |

Management believes EBITDA and adjusted earnings provides an indication of continuing capacity to generate operating cash flow to fund capital needs, service debt obligations and fund capital expenditures. These measures are intended to provide additional information to investors and analysts and are indicative of the Company’s financial performance. There are not standardized definitions under IFRS Accounting Standards and should not be considered in isolation or as a substitute for measures of operating performance prepared in accordance with IFRS Accounting Standards.

Adjusted earnings excludes share-based payments, and non-operating or recurring items such as foreign exchange gains and losses, writedown of equipment or supplies and materials inventory, fair value adjustments on outstanding warrants and fair value adjustments on derivative liabilities. Under IFRS Accounting Standards, entities must reflect within compensation expense the cost of share-based payments. In the Company’s circumstances, share-based compensation can involve significant amounts that will not be settled in cash but are settled by issuance of shares in exchange. The Company discloses adjusted earnings to aid in understanding the results of the Company.

Adjusted earnings per share is calculated taking adjusted earnings divided by the weighted average number of diluted common shares per the financial statements.

Page 14

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

The following table provides a reconciliation of net earnings in the financial statements to EBITDA, adjusted earnings and adjusted earnings per share:

Expressed in 000’s of US$, unless otherwise noted	Q3 2025			Q3 2024			YTD 2025			YTD 2024

| Net income for the period | $ | 7,702 | | $ | 1,169 | | $ | 16,183 | | $ | 3,008 | |

| Depreciation and depletion | | 940 | | | 812 | | | 2,736 | | | 2,504 | |

| Interest income and other | | (342 | ) | | 77 | | | (675 | ) | | (77 | ) |

| Interest expense | | 27 | | | 77 | | | 218 | | | 24 | |

| Finance cost | | 69 | | | 5 | | | 78 | | | 10 | |

| Accretion of reclamation provision | | 56 | | | 49 | | | 156 | | | 151 | |

| Current income tax expense | | 3,333 | | | 1,258 | | | 8,426 | | | 2,033 | |

| Deferred income tax expense | | (329 | ) | | 369 | | | 1,464 | | | 1,061 | |

| EBITDA | $ | 11,456 | | $ | 3,816 | | $ | 28,586 | | $ | 8,938 | |

| Unrealized gain on derivatives | | (86 | ) | | - | | | (2,000 | ) | | - | |

| Share-based payments | | 1,165 | | | 531 | | | 2,847 | | | 1,601 | |

| Write down of equipment and supplies and materials inventory | | 249 | | | 182 | | | 413 | | | 566 | |

| Write-down of uncollectible asset | | - | | | 621 | | | - | | | 621 | |

| Unrealized foreign exchange (gain) loss | | (1,139 | ) | | (170 | ) | | 391 | | | (342 | ) |

| Adjusted **** earnings | $ | 11,645 | | $ | 4,980 | | $ | 30,237 | | $ | 11,384 | |

| Shares outstanding (diluted) | | 157,140,213 | | | 140,429,861 | | | 154,716,640 | | | 138,723,903 | |

| Adjusted **** earnings **** per share | $ | 0.07 | | $ | 0.04 | | $ | 0.20 | | $ | 0.08 | |

Cash Cost and All-in Sustaining Cost per Silver Equivalent Payable Ounce Sold

The following tables provide a reconciliation of cost of sales from the consolidated financial statements to cash cost and all-in sustaining cost per silver equivalent payable ounce sold. In each table, “silver equivalent payable ounces sold” consists of the sum of payable silver ounces, gold ounces and copper tonnes sold, before penalties, treatment charges, and refining charges, multiplied by the ratio of the average spot silver, gold and copper prices for the corresponding period.

Cash cost per payable ounce and all-in sustaining cost per payable ounce are measures developed by mining companies in an effort to provide a comparable standard. However, there can be no assurance that our reporting of these non-IFRS Accounting Standard measures is similar to that reported by other mining companies. Total cash cost per payable ounce and all-in sustaining cost per payable ounce are measures used by the Company to manage and evaluate operating performance of the Company’s mining operations, and are widely reported in the silver and gold mining industry as benchmarks for performance, but do not have standardized meanings prescribed by IFRS Accounting Standards, and are disclosed in addition to IFRS Accounting Standards measures.

Page 15

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

Cash cost per silver equivalent payable ounce

Management believes that the Company’s ability to control the cash cost per silver equivalent payable ounce is one of its key performance drivers impacting both the Company’s financial condition and results of operations. Achieving a low silver equivalent production cost base allows the Company to remain profitable from mining operations even during times of low commodity prices, and provides more flexibility in responding to changing market conditions. In addition, a profitable operation results in the generation of positive cash flows, which then improve the Company’s financial condition.

The Company’s calculation of all-in sustaining costs includes sustaining capital expenditures of $1,752 for the nine months ended September 30, 2025 and all of which is attributable to the Avino Mine.

To facilitate a better understanding of these measures as calculated by the Company, detailed reconciliations between the non-IFRS Accounting Standard measures and the Company’s consolidated financial statements are provided below. The non-IFRS Accounting Standard measures presented are intended to provide additional information, and should not be considered in isolation nor should they be considered substitutes for IFRS measures. Calculated figures may not add up accurately due to rounding.

The following table reconciles cost of sales to cash cost per payable AgEq oz and all-in sustaining cost per payable AgEq oz for the preceding quarters:

Expressed ** in 000’s of US$,<br> <br>unless otherwise noted**	Avino

| | Q3 2025 | | | Q2 2025 | | | Q1 2025 | | | Q4 2024 | | | Q3 2024 | | | Q2 2024 | | | Q1 2024 | | | | Q4 2023 | |

| Cost of sales | $ | 11,137 | | $ | 11,581 | | $ | 8,274 | | $ | 13,926 | | $ | 8,907 | | $ | 10,090 | | $ | 10,054 | | $ | 9,969 | |

| Exploration expenses | | (378 | ) | | (307 | ) | | (274 | ) | | (158 | ) | | (111 | ) | | (163 | ) | | (135 | ) | | (148 | ) |

| Write down of equipment and supplies and materials inventory | | (249 | ) | | (163 | ) | | (1 | ) | | (578 | ) | | (182 | ) | | (384 | ) | | - | | | (319 | ) |

| Depletion and depreciation | | (896 | ) | | (886 | ) | | (834 | ) | | (843 | ) | | (773 | ) | | (796 | ) | | (821 | ) | | (717 | ) |

| Cash production cost | | 9,615 | | | 10,225 | | | 7,165 | | | 12,347 | | | 7,841 | | | 8,747 | | | 9,098 | | | 8,785 | |

| Silver equivalent payable ounces sold | | 562,604 | | | 676,453 | | | 567,881 | | | 889,294 | | | 525,003 | | | 537,037 | | | 610,877 | | | 584,061 | |

| Cash cost per silver equivalent payable ounce sold | $ | 17.09 | | $ | 15.11 | | $ | 12.62 | | $ | 13.88 | | $ | 14.94 | | $ | 16.29 | | $ | 14.89 | | $ | 15.04 | |

| General and administrative expenses | | 2,927 | | | 3,198 | | | 2,485 | | | 2,141 | | | 1,986 | | | 2,439 | | | 1,695 | | | 2,080 | |

| Treatment & refining charges | | 595 | | | 654 | | | 610 | | | 1,087 | | | 787 | | | 763 | | | 890 | | | 978 | |

| Penalties | | 386 | | | 605 | | | 890 | | | 745 | | | 915 | | | 626 | | | 692 | | | 834 | |

| Sustaining capital expenditures | | 848 | | | 525 | | | 379 | | | 555 | | | 510 | | | 162 | | | 306 | | | 318 | |

| Exploration expenses | | 378 | | | 307 | | | 274 | | | 158 | | | 111 | | | 163 | | | 135 | | | 148 | |

| Share-based payments and G&A depreciation | | (1,210 | ) | | (1,359 | ) | | (399 | ) | | (473 | ) | | (570 | ) | | (687 | ) | | (459 | ) | | (487 | ) |

| Cash operating cost | $ | 13,539 | | $ | 14,155 | | $ | 11,404 | | $ | 16,560 | | $ | 11,580 | | $ | 12,214 | | $ | 12,357 | | $ | 12,656 | |

| AISC per silver equivalent payable ounce sold | $ | 24.06 | | $ | 20.93 | | $ | 20.08 | | $ | 18.62 | | $ | 22.06 | | $ | 22.74 | | $ | 20.23 | | $ | 21.67 | |

*Certain amounts shown may not add exactly to the total due to rounding differences

*General and administrative expenses for Q2 and Q3 2025 excludes $67 and $96 in expenses attributable to La Preciosa

Page 16

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

The following table reconciles cash cost per AgEq oz production cost to all-in sustaining cost per AgEq oz for the nine months ended September 30, 2025, and 2024:

Expressed in 000’s of US$, unless otherwise noted	Avino

| | YTD 2025 | | | YTD 2024 | | |

| Cost of sales | $ | 30,992 | | $ | 29,051 | |

| Exploration expenses | | (959 | ) | | (409 | ) |

| Write down of equipment and supplies and materials inventory | | (413 | ) | | (566 | ) |

| Depletion and depreciation | | (2,616 | ) | | (2,390 | ) |

| Cash production cost | | 27,005 | | | 25,686 | |

| Silver equivalent payable ounces sold | | 1,806,939 | | | 1,672,917 | |

| Cash cost per silver equivalent payable ounce sold | $ | 14.95 | | $ | 15.35 | |

| General and administrative expenses | | 8,610 | | | 6,120 | |

| Treatment & refining charges | | 1,859 | | | 2,440 | |

| Penalties | | 1,881 | | | 2,233 | |

| Sustaining capital expenditures | | 1,752 | | | 978 | |

| Exploration expenses | | 959 | | | 409 | |

| Share-based payments and G&A depreciation | | (2,968 | ) | | (1,715 | ) |

| Cash operating cost | $ | 39,098 | | $ | 36,151 | |

| AISC per silver equivalent payable ounce sold | $ | 21.64 | | $ | 21.61 | |

*Certain amounts shown may not add exactly to the total due to rounding differences

*General and administrative expenses excludes $165 in expenses attributable to La Preciosa

Mine Operating Cash Flow Before Taxes

Mine operating cash flow before taxes is a non-IFRS Accounting Standard measure that does not have a standardized meaning prescribed by IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. Mine operating cash flow before taxes is calculated as mine operating income less depreciation and depletion in cost of sales and write down or reversals of equipment and supplies and materials inventory. Mine operating cash flow before taxes is used by management to assess the performance of the mine operations, excluding corporate activities and is provided to investors as a measure of the Company’s operating performance.

In 000’s	Q3 2025		Q3 2024		YTD 2025		YTD 2024

| Mine operating income – per financial statements | $ | 9,905 | $ | 5,709 | $ | 30,691 | $ | 12,745 |

| Depreciation and depletion included in cost of sales | | 896 | | 773 | | 2,616 | | 2,390 |

| Write down of equipment and supplies and materials inventory | | 249 | | 182 | | 413 | | 566 |

| Mine operating cash flow before taxes | $ | 11,050 | $ | 6,664 | $ | 33,720 | $ | 15,701 |

Page 17

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

Working Capital

Management uses working capital to assess the Company’s ongoing liquidity position and future requirements, and believe it provides useful information to an investor. The Company’s working capital position is as follows:

In 000’s	September 30,<br> <br>2025			December 31,<br> <br>2024

| Current assets | $ | 79,749 | | $ | 40,769 | |

| Current liabilities | | (28,954 | ) | | (15,534 | ) |

| Working capital | $ | 50,795 | | $ | 25,235 | |

Results of Operations - Summary of Quarterly Results

In 000’s	2025		2025		2025		2024		2024		2024		2024		2023

| Revenue | $ | 21,042 | $ | 21,805 | $ | 18,836 | $ | 24,382 | $ | 14,616 | $ | 14,787 | $ | 12,393 | $ | 12,530 |

| Net income (loss) | $ | 7,702 | $ | 2,864 | $ | 5,617 | $ | 5,092 | $ | 1,169 | $ | 1,240 | $ | 599 | $ | 563 |

| Earnings **** (loss) **** per share - basic | $ | 0.05 | $ | 0.02 | $ | 0.04 | $ | 0.04 | $ | 0.01 | $ | 0.01 | $ | 0.00 | $ | 0.00 |

| Earnings **** (loss) **** per share - diluted | $ | 0.05 | $ | 0.02 | $ | 0.04 | $ | 0.03 | $ | 0.01 | $ | 0.01 | $ | 0.00 | $ | 0.00 |

| Total Assets | $ | 221,858 | $ | 174,680 | $ | 157,693 | $ | 148,711 | $ | 135,366 | $ | 133,702 | $ | 128,644 | $ | 128,340 |

During Q3 2025, revenue was consistent with the previous three quarters, mainly due to elevated silver prices offset by lower silver equivalent ounces sold in the current quarter. When compared to quarters prior to Q4 2024, revenues were higher as a result of higher realized metal prices.

Net income and earnings per share in Q3 2025 were the highest in the Company’s history. Earnings overall have increased quarter over quarter, other than Q2 2025, mainly due to better metal realized prices, volume sold and lower costs due to cost management as well as positive movements between the USD and Mexican Peso exchange rates. For further details see “Financial Results” section.

Total assets continue to increase overall when compared to previous quarters, as result of operating and financing cash flow generation, and capital investment in the operation.

Quarterly results will fluctuate with changes in revenues, cost of sales, general and administrative expenses, including non-cash items such as share-based payments, and other items including foreign exchange and deferred income taxes. These fluctuations are mainly caused by market conditions such as fluctuations in metal prices, currency fluctuations as well as variations in mineralization of the zones mined.

Page 18

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

Cash Flow

	September 30,<br> <br>2025			September 30,<br> <br>2024

| Cash generated by operating activities | $ | 17,437 | | $ | 7,573 | |

| Cash generated by financing activities | | 35,406 | | | 2,505 | |

| Cash used in investing activities | | (22,826 | ) | | (5,032 | ) |

| Change in cash | | 30,017 | | | 5,046 | |

| Effect of exchange rate changes on cash | | (3 | ) | | 33 | |

| Cash, beginning of period | | 27,317 | | | 2,688 | |

| Cash, end of period | $ | 57,331 | | $ | 7,767 | |

Operating Activities

Cash generated by operating activities for the nine months ended September 30, 2025, was $17.4 million, an increase of $9.8 million compared to $7.6 million generated for the nine months ended September 30, 2024. Cash movements from operating activities can fluctuate with changes in net income and working capital movements. In the nine months ended September 30, 2025, cash generated from operating activities increased primarily as a result of increases to net income by $13.2 million, offset primarily by non-cash adjustments for gains on long-term investments and derivatives totalling $4.7 million, as well as smaller movements in other non-cash items.

Financing Activities

Cash generated by financing activities was $35.4 million for the nine months ended September 30, 2025, compared to $2.5 million generated for the nine months ended September 30, 2024. The movement is a result of proceeds from shares issued on the ATM and option exercises, partially offset by higher payments of lease and equipment loan. During the nine months ended September 30, 2025, the Company received net proceeds from issuance of shares for cash and from options exercise of $37.2 million (September 30, 2024 – $4.0 million). The Company also made lease and equipment loan payments totaling $1.8 million (September 30, 2024 - $1.5 million).

Investing Activities

Cash used in investing activities for the nine months ended September 30, 2025, was $22.8 million compared to $5.0 million for the nine months ended September 30, 2024. Cash used in investing activities included $22.3 million (September 30, 2024 - $3.1 million) spent on additions to plant, equipment and mining properties and $0.6 million on exploration expenditures (September 30, 2024 - $1.9 million). Additions to plant, equipment and mining properties included $13.25 million spent on the repurchase of royalty obligations on La Preciosa in the current period.

Liquidity and Capital Resources

The Company’s ability to generate sufficient amounts of cash, in both the short term and the long term, to maintain existing capacity and to fund ongoing exploration, is dependent upon the discovery of economically recoverable reserves or resources and the ability of the Company to continue with sustainable and profitable mining operations.

Management expects that the Company’s ongoing liquidity requirements will be funded from cash generated from current operations. If required to fund ongoing exploration activities, and meet its objectives, including ongoing advancement at the Avino Mine further financing may be required. The Company continues to evaluate financing opportunities to advance its projects. The Company’s ability to secure adequate financing is, in part, dependent on overall market conditions, the prices of silver, gold, and copper, and other factors.

Page 19

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

The Company’s recent financing activities are summarized in the table below.

Intended Use of Proceeds	Actual Use of Proceeds

| On June 13, 2025, to company announced the renewal of the at-the-market (“2025 ATM”) sales agreement. At September 30, 2025, the Company received net proceeds of $32.4 million in connection with the 2025 ATM. Proceeds from the 2025 ATM are intended for development activities focused at La Preciosa, sustaining capital and development activities at the Avino Mine, including equipment lease and loan payments, and general working capital purposes. | As of the date of this MD&A, the Company is using the funds as intended. During this period, all funds were used for exploration and evaluation activities, the acquisition of sustaining capital equipment and development of the Avino Mine and the repayments of capital equipment acquired under lease and loan. Remaining funds have remained in treasury for further acquisitions or investments into the existing operations |

| Since the at-the-market (“2023 ATM”) sales agreement was initiated in Q2 2023 which expired on May 2025, the Company received net proceeds of $20.6 million in connection the 2023 ATM. Proceeds from the 2023 ATM were intended for exploration and evaluation activities focused at La Preciosa, sustaining capital and development activities at the Avino Mine, including equipment lease and loan payments, and general working capital purposes. | As of the date of this MD&A, the Company is using the funds as intended. During the period between May 2023 and June 2025, all funds were used for exploration and evaluation activities, the acquisition of sustaining capital equipment and development of the Avino Mine and the repayments of capital equipment acquired under lease and loan. Remaining funds have remained in treasury for further acquisitions or investments into the existing operations. |

Off-Balance Sheet Arrangements

The Company has no off-balance sheet arrangements other than those disclosed in the Commitments section of this MD&A.

Transactions with Related Parties

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 September 30,				Nine months ended September 30,

| | 2025 | | 2024 | | 2025 | | 2024 | |

| Salaries, benefits, and consulting fees | $ | 304 | $ | 273 | $ | 1,227 | $ | 886 |

| Share-based payments | | 949 | | 424 | | 2,285 | | 1,318 |

| | $ | 1,253 | $ | 697 | $ | 3,512 | $ | 2,204 |

(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.

Page 20

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

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

	September 30,<br> <br>2025			December 31,<br> <br>2024

| Oniva International Services Corp. | $ | 97 | | $ | 95 | |

| Silver Wolf Exploration Ltd. | | (307 | ) | | (113 | ) |

| | $ | (210 | ) | $ | (18 | ) |

For 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 consulting services. For the nine months ended September 30, 2025, the Company paid $333 (September 30, 2024 - $212) to ICC.

*(c)*Other related party transactions

The transactions with Oniva during the three and nine months ended September 30, 2025 and 2024 are summarized below:

	Three months ended September 30,				Nine months ended September 30,

| | 2025 | | 2024 | | 2025 | | 2024 | |

| Salaries and benefits | $ | 261 | $ | 235 | $ | 834 | $ | 731 |

| Office and miscellaneous | | 131 | | 95 | | 402 | | 342 |

| | $ | 392 | $ | 330 | $ | 1,236 | $ | 1,073 |

Financial Instruments and Risks

The fair values of the Company’s amounts due to related parties and accounts payable approximate their carrying values because of the short-term nature of these instruments. Cash, amounts receivable, long-term investments, and warrant liability are recorded at fair value. The carrying amounts of the Company’s 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

Page 21

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

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, 2024 – two) counterparties. 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.

(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 September 30, 2025, in the amount of $57,331 and current assets exceeded current liabilities by $50,795 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 September 30, 2025, are summarized as follows:

	Total		Less Than<br> <br>1 Year		1-5 years		More Than 5<br> <br>Years

| Accounts payable and accrued liabilities | $ | 12,768 | $ | 12,768 | $ | - | $ | - |

| Deferred payment | | 8,750 | | 8,750 | | - | | - |

| Equipment loans | | 516 | | 271 | | 245 | | - |

| Finance lease obligations | | 4,528 | | 2,535 | | 1,993 | | - |

| Total | $ | 26,562 | $ | 24,324 | $ | 2,238 | $ | - |

(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 a result in a material impact on the Company’s operations.

Page 22

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

Foreign Currency Risk

	September 30, 2025						December 31, 2024

| | MXN | | | CDN | | | MXN | | | CDN | | |

| Cash | $ | 18,295 | | $ | 475 | | $ | 13,989 | | $ | 396 | |

| Due from related parties | | 5,678 | | | - | | | 2,287 | | | - | |

| Long-term investments | | - | | | 4,983 | | | - | | | 1,742 | |

| Reclamation bonds | | - | | | 6 | | | - | | | 6 | |

| Amounts receivable | | 23,083 | | | 26 | | | 3,599 | | | 24 | |

| Accounts payable and accrued liabilities | | (67,882 | ) | | (458 | ) | | (65,989 | ) | | (46 | ) |

| Due to related parties | | - | | | (238 | ) | | - | | | (136 | ) |

| Finance lease obligations | | (5,000 | ) | | - | | | (2,031 | ) | | (549 | ) |

| Net exposure | | (25,826 | ) | | 4,794 | | | (48,145 | ) | | 1,437 | |

| US dollar equivalent | $ | (1,408 | ) | $ | 3,443 | | $ | (2,349 | ) | $ | 998 | |

Based on the net US dollar denominated asset and liability exposures as at September 30, 2025, a 10% fluctuation in the US/Mexican and Canadian/US exchange rates would impact the Company’s earnings for the nine months ended September 30, 2025, by approximately $172. (December 31, 2024 - $144). The Company has entered into certain foreign currency contracts to mitigate this risk and at September 30, 2025, recorded a derivative asset of $1,525 (December 31, 2024 – derivative liability of $475).

Price Risk

Page 23

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

(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

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 September 30, 2025:

	Level 1		Level 2		Level 3

| Cash | $ | 57,331 | $ | - | $ | - |

| Amounts receivable | | - | | 4,802 | | - |

| Due from related parties | | 210 | | 1,525 | | - |

| Derivative asset | | - | | - | | - |

| Long-term investments | | 3,471 | | - | | 108 |

| Total financial **** assets | $ | 61,012 | $ | 6,327 | $ | 108 | | Financial **** liabilities | | | | | | |

| Derivative liability | | - | | - | | - |

| Total financial liabilities | $ | - | $ | - | $ | - |

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, 2024:

	Level 1		Level 2			Level 3

| Cash | $ | 27,317 | $ | - | | $ | - |

| Amounts receivable | | - | | 3,350 | | | - |

| Due from related parties | | 18 | | - | | | - |

| Derivative asset | | - | | - | | | - |

| Long-term investments | | 1,190 | | - | | | 57 |

| Total financial assets | $ | 28,525 | $ | 3,350 | | $ | 57 | | Financial liabilities | | | | | | | |

| Derivative liability | | - | | (475 | ) | | - |

| Total financial liabilities | $ | - | $ | (475 | ) | $ | - |

Page 24

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

Commitments

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:

	September 30,<br> <br>2025		December 31,<br> <br>2024

| Not later than one year | $ | 733 | $ | 180 |

| Later than one year and not later than five years | | 1,641 | | 1,052 |

| Later than five years | | 3,159 | | 3,312 |

| | $ | 5,533 | $ | 4,544 |

Office lease payments recognized as an expense during the nine months ended September 30, 2025, totaled $28 (September 30, 2024 - $30).

Subsequent Events

At-The-Market Sales – Subsequent to September 30, 2025, the Company issued 1,150,000 common shares in at- the-market offerings under prospectus supplement for gross proceeds of $6,437.

Outstanding Share Data

The Company’s authorized share capital consists of an unlimited number of common shares without par value.

As at November 6, 2025 the following common shares, warrants, and stock options were outstanding:

	Number of shares		Exercise price	Remaining life (years)

| Share capital | | 156,848,423 | | | - |

| Restricted Share Units (“RSUs”) | | 3,336,715 | | 0.39 – 2.56 | |

| Stock options | | 5,931,000 | C1.12 - C4.38 | 1.38 – 4.56 | |

| Fully diluted | | 165,116,138 | | | |

All values are in US Dollars.

Page 25

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

The following are details of outstanding stock options as at September 30, 2025 and November 6, 2025:

Expiry Date	Exercise Price Per Share		Number of Shares Remaining Subject to Options<br> <br>(November 6, 2025)

| March 25, 2027 | C1.20 | 1,462,500 | | 300,000 |

| March 29, 2028 | C1.12 | 1,580,000 | | 1,410,000 |

| July 10, 2028 | C1.12 | 150,000 | | 150,000 |

| March 25, 2029 | C0.78 | 1,624,000 | | 1,624,000 |

| April 9, 2030 | C2.11 | 2,315,750 | | 2,297,000 |

| May 27, 2030 | C4.38 | 150,000 | | 150,000 |

| Total: | | 7,282,250 | **** | 5,931,000 |

All values are in US Dollars.

The following are details of outstanding RSUs as at September 30, 2025 and November 6, 2025:

Expiry Date	Number of Shares Remaining Subject to RSUs<br> <br>(September 30, 2025)		Number of Shares Remaining Subject to RSUs<br> <br>(November 6, 2025)

| March 29, 2026 | | 585,000 | | 585,000 |

| April 1, 2027 | | 1,204,000 | | 1,204,000 |

| April 9, 2028 | | 1,476,000 | | 1,476,000 |

| April 9, 2028 | | 71,715 | | 71,715 |

| Total: | | 3,336,715 | **** | 3,336,715 |

Recent Accounting Pronouncements

New and amended IFRS 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.

Amendments to IAS 21 – Lack of Exchangeability

Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial instruments

Page 26

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

Amendments to IFRS 18 – Presentation and Disclosure in Financial Statements

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) or 15d- 15(f) of the Exchange Act, and by the Canadian Securities Administrators) that occurred during the nine months ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Cautionary Note regarding Reserves and Resources

National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), issued by the Canadian Securities Administrators, lays out the standards of disclosure for mineral projects. This includes a requirement that a certified Qualified Person (“QP”) (as defined under the NI 43-101) supervises the preparation of the mineral reserves and mineral resources. Peter Latta, Vice President, Technical Services is a certified QP for the Company and has reviewed this MD&A for QP technical disclosures. All NI 43-101 technical reports can be found on the Company’s website at www.avino.com or under the Company’s profile on SEDAR+ at www.sedarplus.ca.

Page 27

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

Cautionary Note to United States Investors Concerning Estimates of Mineral Reserves and Resources

This MD&A has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws applicable to U.S. companies. Information concerning our mineral properties has been prepared in accordance with the requirements of Canadian securities laws, which differ in respects from the requirements of the United States Securities and Exchange Commission (the “SEC”) applicable to domestic United States issuers. Accordingly, the disclosure in this MD&A regarding our mineral properties may not be comparable to the disclosure of United States issuers subject to the SEC’s mining disclosure requirements.

Additional Information

Additional information on the Company, including the Company’s most recently file AIF and the condensed consolidated interim financial statements for the three and nine months ended September 30, 2025, is available under the Company’s profile on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.avino.com.

Cautionary Statement

This MD&A is based on a review of the Company’s operations, financial position and plans for the future based on facts and circumstances as of November 6, 2025. Except for historical information or statements of fact relating to the Company, this document contains “forward-looking statements” within the meaning of applicable Canadian securities regulations. Forward- looking statements in this document include, but are not limited to, those regarding the economic outlook for the mining industry, expectations regarding metals prices, expectations regarding production output, production costs, cash costs and other operating results, expectations regarding growth prospects and the outlook for the Company’s operations, and statements regarding the Company’s liquidity, capital resources, and capital expenditures. There can be no assurance that such statements will prove to be accurate, and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company’s documents filed from time to time via SEDAR+ with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates or opinions change, except as required by applicable securities regulations. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Material linked to the Company’s website within this MD&A is not deemed to be incorporated by reference nor form a part of this MD&A.

Page 28

avino_ex993.htm EXHIBIT 99.3

Form 52-109F2

Certification of Interim Filings

Full Certificate

I, David Wolfin, Chief Executive Officer, of Avino Silver & Gold Mines Ltd.,** certify the following:

1.	Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Avino Silver & Gold Mines Ltd. (the “issuer”) for the interim period ended September 30, 2025.
2.	No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
3.	Fair presentation: **** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
4.	Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
5.	Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)	designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)	material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
(ii)	information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)	designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1	Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).
5.2	ICFR – material weakness relating to design – N/A
5.3	Limitation on scope of design - ** N/A**
6.	Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July1, 2025 and ended on September 30, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: November 6, 2025

“David Wolfin”

| David Wolfin |

| Chief Executive Officer |

avino_ex994.htm EXHIBIT 99.4

Form 52-109F2

Certification of Interim Filings

Full Certificate

I, Nathan Harte, Chief Financial Officer, of Avino Silver & Gold Mines Ltd., certify the following:

1.	Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Avino Silver & Gold Mines Ltd. (the “issuer”) for the interim period ended September 30, 2025.
2.	No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
3.	Fair presentation: **** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
4.	Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
5.	Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)	designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)	material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
(ii)	information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)	designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1	Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).
5.2	ICFR – material weakness relating to design – N/A
5.3	Limitation on scope of design - ** N/A**
6.	Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July 1, 2025 and ended on September 30, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: November 6, 2025

“Nathan Harte”

| Nathan Harte |

| Chief Financial Officer |