6-K

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 May, 2026

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 months ended March 31, 2026, 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 months ended March 31, 2026 and 2025
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: May 13, 2026	By:	/s/ Jennifer Trevitt
		Jennifer Trevitt
		Corporate Secretary
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avino_ex991.htm EXHIBIT 99.1

AVINO SILVER & GOLD MINES LTD.

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Condensed Consolidated Interim Financial Statements

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For the three months ended March 31, 2026 and 2025

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(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		March 31,<br><br>2026			December 31,<br><br>2025
---	---	---	---	---	---	---	---	---
ASSETS
Current assets
Cash			$	138,646		$	101,724
Amounts receivable				12,146			12,003
Amounts due from related parties		10(b)		146			141
Taxes recoverable		4		1,517			1,770
Derivative asset				190			1,314
Prepaid expenses and other assets				3,538			2,920
Inventory		5		12,801			12,196
Total current assets				168,984			132,068
Exploration and evaluation assets		7		15,749			15,699
Plant, equipment and mining properties		9		128,145			125,365
Long-term investments		6		4,246			4,151
Other assets				1,714			1,749
Total assets			$	318,838		$	279,032
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities			$	12,018		$	14,204
Taxes payable				5,280			7,143
Deferred consideration payable		9		8,487			8,326
Current portion of finance lease obligations				3,076			2,632
Current portion of equipment loans				399			201
Total current liabilities				29,260			32,506
Finance lease obligations				4,503			2,994
Equipment loans				366			187
Reclamation provision		11		2,962			2,921
Deferred income tax liabilities				6,354			6,394
Total liabilities				43,445			45,002
EQUITY
Share capital		12		272,020			243,317
Equity reserves				10,878			11,689
Treasury shares				(97	)		(97	)
Accumulated other comprehensive loss				(6,706	)		(4,264	)
Accumulated deficit				(702	)		(16,615	)
Total equity				275,393			234,030
Total liabilities and equity			$	318,838		$	279,032

Commitments & Contingencies – Note 15

Subsequent Events – Note 19

Approved by the Board of Directors on May 13, 2026.

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, other than per share amounts - Unaudited)
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			Three months ended March 31,
---	---	---	---	---	---	---	---	---
	Note		2026			2025
Revenue from mining operations		13	$	39,433		$	18,836
Cost of sales		13		16,015			8,274
Mine operating income				23,418			10,562
Operating expenses
General and administrative expenses		14		2,975			2,123
Share-based payments		12 (c)(d)		875			362
				19,568			8,077
Other items
Interest and other income				926			163
Gain on long-term investments		6		556			444
Unrealized gain (loss) on derivatives		17 (c)		(1,124	)		405
Foreign exchange gain (loss)				3,194			(99	)
Finance cost				(165	)		(5	)
Accretion of reclamation provision		11		(65	)		(48	)
Interest expense				(122	)		(81	)
Income before income taxes				22,768			8,856
Income taxes:
Current income tax expense				(6,895	)		(2,032	)
Deferred income tax (expense) recovery				40			(1,207	)
Income tax expense				(6,855	)		(3,239	)
Net income				15,913			5,617
Other comprehensive income (loss)
Items that may be reclassified subsequently to profit or loss:
Currency translation differences				(2,442	)		95
Total comprehensive income			$	13,471		$	5,712
Earnings per share		12 (e)
Basic			$	0.10		$	0.04
Diluted			$	0.09		$	0.04
Weighted average number of common shares outstanding		12 (e)
Basic				166,536,039			140,863,356
Diluted				173,627,257			147,827,215

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>Condensed Consolidated Interim Statements of Changes in Equity<br><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, 2025				140,565,642	$	163,325		$	11,529		$	(97	)	$	(6,035	)	$	(43,323	)	$	125,399
Common shares issued:
At the market issuances		12		1,300		3			-			-			-			-			3
Exercise of options				793,581		1,207			(452	)		-			-			-			755
Carrying value of RSUs exercised				334,989		279			(279	)		-			-			-			-
Carrying value of RSU forfeited for withholding taxes		12		-		-			(122	)		-			-			-			(122	)
Issuance costs		12		-		179			-			-			-			-			179
Share-based payments		12		-		-			362			-			-			-			362
Net income for the period				-		-			-			-			-			5,617			5,617
Currency translation differences				-		-			-			-			95			-			95
Balance, March 31, 2025				141,695,512	$	164,993		$	11,038		$	(97	)	$	(5,940	)	$	(37,706	)	$	132,288
Balance, January 1, 2026				162,308,988	$	243,317		$	11,689		$	(97	)	$	(4,264	)	$	(16,615	)	$	234,030
Common shares issued:
At the market issuances		12		3,099,435		25,656			-			-			-			-			25,656
Exercise of options		12		2,681,654		3,580			(1,299	)		-			-			-			2,281
Vesting of RSUs		12		481,254		387			(387	)		-			-			-			-
Issuance costs		12		-		(920	)		-			-			-			-			(920	)
Share-based payments		12		-		-			875			-			-			-			875
Net income for the period		12		-		-			-			-			-			15,913			15,913
Currency translation differences				-		-			-			-			(2,442	)		-			(2,442	)
Balance, March 31, 2026				168,571,331	$	272,020		$	10,878		$	(97	)	$	(6,706	)	$	(702	)	$	275,393

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>Condensed Consolidated Interim Statements of Cash Flows<br><br>(Expressed in Thousands of US Dollars - Unaudited)
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	Note		2026			2025
---	---	---	---	---	---	---	---	---
Operating Activities
Net income			$	15,913		$	5,617
Adjustments for non-cash items:
Deferred income tax expense (recovery)				(40	)		1,207
Depreciation and depletion				3,337			872
Accretion of reclamation provision		11		65			48
Gain on investments		6		(556	)		(444	)
Unrealized loss (gain) on derivatives		17		1,124			(405	)
Unrealized loss (gain) on foreign exchange				(2,199	)		103
Write down of equipment and materials and supplies inventory				8			1
Finance costs on deferred consideration payable				161			-
Share-based payments		12 (c)(d)		875			362
				18,688			7,361
Net change in non-cash working capital items		16		(5,057	)		(6,603	)
Cash provided by operating activities				13,631			758
Financing Activities
Shares issued for cash, net of issuance costs				24,736			182
Proceeds from option exercises and RSU vesting, net				2,281			634
Lease liability payments				(918	)		(396	)
Equipment loan payments				(66	)		(70	)
Cash provided by financing activities				26,033			350
Investing Activities
Exploration and evaluation expenditures				(53	)		(410	)
Additions to plant, equipment and mining properties				(2,661	)		(1,386	)
Cash used in investing activities				(2,714	)		(1,796	)
Change in cash				36,950			(688	)
Effect of exchange rate changes on cash				(28	)		(2	)
Cash, beginning				101,724			27,317
Cash, ending			$	138,646		$	26,627

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 unaudited condensed consolidated interim financial statements<br><br>For the three months ended March 31, 2026, and 2025<br><br>(Expressed in Thousands of US Dollars – except where otherwise noted)
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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, 2025 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 unaudited condensed consolidated interim financial statements<br><br>For the three months ended March 31, 2026, and 2025<br><br>(Expressed in Thousands of US Dollars – except where otherwise noted)
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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 three months ended March 31, 2026, are consistent with those applied and disclosed in Note 2 to the Company’s annual consolidated financial statements for the year ended December 31, 2025.

Basis of Consolidation

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

Subsidiary	Ownership Interest	Jurisdiction	Nature of Operations
Oniva Silver and Gold Mines S.A. de C.V.	100%	Mexico	Mexican administration
Nueva Vizcaya Mining, S.A. de C.V.	100%	Mexico	Mexican administration
Promotora Avino, S.A. de C.V. (“Promotora”)	79.09%	Mexico	Holding company
Compañía Minera Mexicana de Avino, S.A. de C.V.<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.

During the three months ended March 31, 2026, the Company adopted amendments to IFRS 9 Financial Instruments and related amendments to IAS 7 Statement and of Cash Flows and IFRS 7 Financial Instruments: Disclosures, related to the settlement of financial assets and financial liabilities through electronic payment systems. The amendments clarify the timing of recognition and derecognition of financial assets and financial liabilities settled electronically and introduce and optional exception for certain electronic payment arrangements. We have assessed these amendments and the adoption of these amendments did not have a material impact on the Company’s consolidated financial statements.

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AVINO SILVER & GOLD MINES LTD.<br><br>Notes to unaudited condensed consolidated interim financial statements<br><br>For the three months ended March 31, 2026, and 2025<br><br>(Expressed in Thousands of US Dollars – except where otherwise noted)
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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.

	March 31,<br><br>2026		December 31,<br><br>2025
VAT recoverable	$	1,478	$	1,731
GST recoverable		22		22
Income taxes recoverable		17		17
	$	1,517	$	1,770

5) INVENTORY

	March 31,<br><br>2026		December 31,<br><br>2025
Process material stockpiles	$	3,062	$	3,016
Concentrate inventory		4,231		4,230
Materials and supplies		5,508		4,950
	$	12,801	$	12,196

The amount of inventory recognized as an expense for the three months ended March 31, 2026 totaled $16,015 (2025 – $8,274). See Note 13 for further details.

During the three months ended March 31, 2026 and 2025, the Company had no write downs of materials and supplies inventory due to obsolescence.

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:

	Fair Value<br><br>December 31,		Net Additions /			Movements<br><br>in foreign			Fair value<br><br>adjustments		Fair Value<br><br>March 31,
	2025		(Disposals)			exchange			for the period		2026
Talisker Resources Common Shares	$	2,351	$	(228	)	$	(116	)	$	122	$	2,129
Silver Wolf Exploration Ltd.<br><br>Common Shares		1,114		-			(62	)		84		1,136
Silver Wolf Exploration Ltd.<br><br>Warrants		184		-			(10	)		7		181
Endurance Gold Corp.<br><br>Common Shares		376		-			(32	)		235		579
Endurance Gold Corp.<br><br>Warrants		126		-			(13	)		108		221
	$	4,151	$	(228	)	$	(233	)	$	556	$	4,246
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AVINO SILVER & GOLD MINES LTD.<br><br>Notes to unaudited condensed consolidated interim financial statements<br><br>For the three months ended March 31, 2026, and 2025<br><br>(Expressed in Thousands of US Dollars – except where otherwise noted)
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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			Total
Balance, December 31, 2024	$	15,992		$	36,898		$	52,890
Drilling and exploration		70			310			380
Assessments and taxes		185			12			197
Transfer to other assets		-			(2,215	)		(2,215	)
Transfer to mining properties (Note 10)		-			(35,005	)		(35,005	)
Disposition of Ana Maria and El Laberinto claims		(556	)		-			(556	)
Effect of movements in exchange rates		8			-			8
Balance, December 31, 2025	$	15,699		$	-		$	15,699
Drilling and exploration		-			-			-
Assessments and taxes		108			-			108
Effect of movements in exchange rates		(58	)		-			(58	)
Balance, March 31, 2026	$	15,749		$	-		$	15,749

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<br><br><br><br>154.4 hectares, 24 exploitation concessions covering 1,284.7 hectares, and one leased exploitation concession covering 98.83 hectares.

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.

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AVINO SILVER & GOLD MINES LTD.<br><br>Notes to unaudited condensed consolidated interim financial statements<br><br>For the three months ended March 31, 2026, and 2025<br><br>(Expressed in Thousands of US Dollars – except where otherwise noted)
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Minerales has also granted to the Company the exclusive right to purchase a 100% interest in the property at any time during the term of the agreement (or any renewal thereof), upon payment of $8 million within 15 days of the Company’s notice of election to acquire the property. The purchase would be subject to a separate purchase agreement for the legal transfer of the property.

b) La Preciosa, Mexico

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

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

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

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

8) NON-CONTROLLING INTEREST

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

9
AVINO SILVER & GOLD MINES LTD.<br><br>Notes to unaudited condensed consolidated interim financial statements<br><br>For the three months ended March 31, 2026, and 2025<br><br>(Expressed in Thousands of US Dollars – except where otherwise noted)
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9) PLANT, EQUIPMENT AND MINING PROPERTIES

	Mining properties		Office equipment, furniture, andfixtures		Computer equipment		Mine machinery andtransportation equipment		Mill machinery and processingequipment		Buildings and construction inprocess		Total
COST
Balance at January 1, 2025
Additions / Transfers
Transfer from exploration and evaluation assets (Note 7)
Royalty buyback
Writedowns				)		)		)		)				)
Effect of movements in exchange rates
Balance at December 31, 2025
Additions
Writedowns				)		)		)						)
Effect of movements in exchange rates		)										)		)
Balance at March 31, 2026
ACCUMULATED DEPLETION AND DEPRECIATION / IMPAIRMENT
Balance at January 1, 2025
Additions
Writedowns				)		)		)		)				)
Balance at December 31, 2025
Additions
Writedowns				)		)		)						)
Balance at March 31, 2026
NET BOOK VALUE
At March 31, 2026
At December 31, 2025

All values are in US Dollars.

10
AVINO SILVER & GOLD MINES LTD.<br><br>Notes to unaudited condensed consolidated interim financial statements<br><br>For the three months ended March 31, 2026, and 2025<br><br>(Expressed in Thousands of US Dollars – except where otherwise noted)
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Included in Buildings and construction in process above are assets under construction of $5,291 as at March 31, 2026 (December 31, 2025 - $5,019) on which no depreciation was charged in the periods then ended. Once the assets are available for use, they will be transferred to the appropriate class of plant, equipment and mining properties.

As of March 31, 2026, the Company recorded a write-down of $8 (December 31, 2025 - $514) against the carrying value of mine and mill machinery and transportation equipment due to damage and obsolescence.

As at March 31, 2026, plant, equipment and mining properties included a net carrying amount of $8,427 (December 31, 2025 - $9,162) 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 measured at fair value as of the transaction date and recorded as an addition to mineral properties. The present value of the deferred obligation payment was calculated using a discount interest rate of 7.47%.

10) RELATED PARTY TRANSACTIONS AND BALANCES

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

a) Key management personnel

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

	Three months ended March 31,
	2026		2025
Salaries, benefits, and consulting fees	$	412	$	576
Share-based payments		740		288
	$	1,152	$	864

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:

	March 31,<br><br>2026			December 31,<br><br>2025
Oniva International Services Corp.	$	97		$	98
Silver Wolf Exploration Ltd.		(243	)		(239	)
	$	(146	)	$	(141	)

For consulting services provided to the Company by the President and Chief Executive Officer, the Company pays Intermark Capital Corporation (“ICC”), a company controlled by the Company’s President and CEO and director. For the three months ended March 31, 2026, the Company paid $91 (March 31, 2025 - $185) to ICC.

11
AVINO SILVER & GOLD MINES LTD.<br><br>Notes to unaudited condensed consolidated interim financial statements<br><br>For the three months ended March 31, 2026, and 2025<br><br>(Expressed in Thousands of US Dollars – except where otherwise noted)
---

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 March 31,
	2026		2025
Salaries and benefits	$	540	$	311
Office and miscellaneous		240		134
	$	780	$	445

11) RECLAMATION PROVISION

Management’s estimate of the reclamation provision at March 31, 2026, is $2,962 (December 31, 2025 – $2,921), and the undiscounted value of the obligation is $6,110 (December 31, 2025 – $5,573).

The present value of the obligation was calculated using a risk-free interest rate of 9.13% (December 31, 2025 – 9.13%) and an inflation rate of 3.84% (December 31, 2025 – 3.84%). Reclamation activities are estimated to begin in 2028 for the San Gonzalo Mine and in 2042 for the Avino Mine and La Preciosa Mine.

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

	March 31,<br><br>2026			December 31,<br><br>2025
Balance at beginning of the period	$	2,921		$	2,062
Changes in estimates		-			349
Unwinding of discount		65			204
Effect of movements in exchange rates		(24	)		306
Balance at end of the period	$	2,962		$	2,921
12
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AVINO SILVER & GOLD MINES LTD.<br><br>Notes to unaudited condensed consolidated interim financial statements<br><br>For the three months ended March 31, 2026, and 2025<br><br>(Expressed in Thousands of US Dollars – except where otherwise noted)
---

12) SHARE CAPITAL AND SHARE-BASED PAYMENTS

a) Authorized: Unlimited common shares without par value

b) Issued:

(i)	During the three months ended March 31, 2026, the Company issued 3,099,435 common shares through an at- the-market offering via a prospectus supplement for gross proceeds of $25,656. The Company paid a 2.75% cash commission of $706 on gross proceeds, for net proceeds of $24,950. The Company also incurred $215 in share issuance costs related to its base shelf prospectus and prospectus supplement filings.
	During the three months ended March 31, 2026, the Company issued 2,681,654 common shares following the exercise of 2,695,750 stock options, with 14,096 shares being forfeit for net exercise. As a result, $3,580 was recorded to share capital, representing cash proceeds of $2,281 and the fair value upon issuance of $1,299.
	During the three months ended March 31, 2026, the Company issued 480,182 common shares upon vesting of RSUs. As a result, $387 was recorded to share capital.
(ii)	During the year ended December 31, 2025, the Company issued 16,504,560 common shares through an at- the-market offering via a prospectus supplement for gross proceeds of $77,024. The Company paid a 2.75% cash commission of $2,118 on gross proceeds, for net proceeds of $74,906. The Company also incurred $690 in share issuance costs related to its base shelf prospectus and prospectus supplement filings.
	During the year ended December 31, 2025, the Company issued 3,930,490 common shares following the exercise of 4,251,000 stock options, with 320,510 shares being forfeit for net exercise. As a result, $4,768 was recorded to share capital, representing cash proceeds of $2,617 and the fair value upon issuance of $2,151.
	During the year ended December 31, 2025, the Company issued 1,308,296 common shares upon vesting of RSUs. As a result, $1,008 was recorded to share capital.

c) Stock options:

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

13
AVINO SILVER & GOLD MINES LTD.<br><br>Notes to unaudited condensed consolidated interim financial statements<br><br>For the three months ended March 31, 2026, and 2025<br><br>(Expressed in Thousands of US Dollars – except where otherwise noted)
---

Continuity of stock options is as follows:

	Underlying<br><br>Shares			Weighted Average Exercise Price (C)
Stock options outstanding, January 1, 2025		7,675,000
Granted		2,547,000
Exercised		(4,251,000	)
Expired		(100,000	)
Stock options outstanding, December 31, 2025		5,871,000
Granted		437,908
Exercised		(2,695,750	)
Stock options outstanding, March 31, 2026		3,613,158
Stock options exercisable, March 31, 2026		2,538,500

All values are in US Dollars.

The following table summarizes information about the stock options outstanding and exercisable at March 31, 2026:

		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			115,000		0.98		115,000		0.98
March 29, 2028			450,000		2.00		450,000		2.00
March 25, 2029			610,000		2.99		610,000		2.99
April 9, 2030			1,925,250		4.03		1,326,000		4.03
May 27, 2030			75,000		4.16		37,500		4.16
March 16, 2031			437,908		4.96		-		4.96
			3,613,158		3.62		2,538,500		3.28

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:

	March 31,<br><br>2026			December 31,<br><br>2025
Weighted average assumptions:
Risk-free interest rate		2.99	%		2.80	%
Expected dividend yield		0	%		0	%
Expected life (years)		5			5
Expected stock price volatility		61.40	%		60.28	%
Expected forfeiture rate		12	%		13	%
Weighted average fair value	C$	4.51		C$	1.06

During the three months ended March 31, 2026, the Company charged $269 (December 31, 2025 - $1,781) to operations as share-based payments for the fair value of stock options granted.

14
AVINO SILVER & GOLD MINES LTD.<br><br>Notes to unaudited condensed consolidated interim financial statements<br><br>For the three months ended March 31, 2026, and 2025<br><br>(Expressed in Thousands of US Dollars – except where otherwise noted)
---

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:

	Underlying<br><br>Shares			Weighted AveragePrice (C)
RSUs outstanding, January 1, 2025		3,540,868
Granted		1,547,715
Exercised		(1,308,296	)
Cancelled / Forfeited		(443,572	)
RSUs outstanding, December 31, 2025		3,336,715
Granted		209,805
Exercised		(480,182	)
Cancelled / Forfeited		(29,804	)
RSUs outstanding, March 31, 2026		3,036,534

All values are in US Dollars.

The following table summarizes information about the RSUs outstanding at March 31, 2026:

Issuance Date	Price (C)	Number of RSUs Outstanding
March 29, 2023			75,000
July 10, 2023			25,000
April 1, 2024			1,179,014
April 9, 2025			1,476,000
May 27, 2025			71,715
March 16, 2026			209,805
			3,036,534

All values are in US Dollars.

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

During the three months ended March 31, 2026, the Company charged $606 (December 31, 2025 - $1,945) 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.

15
AVINO SILVER & GOLD MINES LTD.<br><br>Notes to unaudited condensed consolidated interim financial statements<br><br>For the three months ended March 31, 2026, and 2025<br><br>(Expressed in Thousands of US Dollars – except where otherwise noted)
---

e) Earnings per share:

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

	Three months ended March 31,
	2026		2025
Net income for the period	$	15,913	$	5,617
Basic weighted average number of shares outstanding		166,536,039		140,863,392
Effect of dilutive share options, warrants, and RSUs (‘000)		7,091,218		6,963,858
Diluted weighted average number of shares outstanding		173,627,257		147,827,215
Basic income per share	$	0.10	$	0.04
Diluted income per share	$	0.09	$	0.04

13) REVENUE AND COST OF SALES

The Company’s revenues for the three months ended March 31, 2026 and 2025, are all attributable to Mexico, from shipments of concentrate from the Avino Mine and processing of development material from the La Preciosa Mine.

	March 31, 2026			March 31, 2025
Concentrate sales	$	41,993		$	15,761
Provisional pricing adjustments		(2,560	)		3,075
	$	39,433		$	18,836

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

Cost of sales is based on the weighted average cost of inventory sold for the periods and consists of the following for the three months ended March 31, 2026 and 2025:

	March 31,<br><br>2026		March 31,<br><br>2025
Production costs	$	12,720	$	7,440
Depreciation and depletion		3,295		834
	$	16,015	$	8,274
16
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AVINO SILVER & GOLD MINES LTD.<br><br>Notes to unaudited condensed consolidated interim financial statements<br><br>For the three months ended March 31, 2026, and 2025<br><br>(Expressed in Thousands of US Dollars – except where otherwise noted)
---

14) GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses consist of the following:

	March 31,<br><br>2026		March 31,<br><br>2025
Salaries and benefits	$	1,211	$	1,000
Office and miscellaneous		693		446
Professional fees		491		187
Management and consulting fees		133		247
Investor relations		158		95
Regulatory and compliance fees		99		44
Directors’ fees		88		34
Travel and promotion		60		33
Depreciation		42		37
	$	2,975	$	2,123

15) COMMITMENTS & CONTINGENCIES

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

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

	March 31,<br><br>2026		December 31,<br><br>2025
Not later than one year	$	767	$	459
Later than one year and not later than five years		1,190		1,677
Later than five years		2,989		3,210
	$	4,946	$	5,346

Office lease payments recognized as an expense during the three months ended March 31, 2026, totaled $11 (December 31, 2025 - $39).

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

17
AVINO SILVER & GOLD MINES LTD.<br><br>Notes to unaudited condensed consolidated interim financial statements<br><br>For the three months ended March 31, 2026, and 2025<br><br>(Expressed in Thousands of US Dollars – except where otherwise noted)
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16) SUPPLEMENTARY CASH FLOW INFORMATION

	March 31,<br><br>2026			March 31,<br><br>2025
Net change in non-cash working capital items:
Inventory	$	(756	)	$	(2,193	)
Prepaid expenses and other assets		(365	)		(815	)
Taxes recoverable		253			(354	)
Taxes payable		(1,863	)		(941	)
Accounts payable and accrued liabilities		(2,178	)		352
Amounts receivable		(143	)		(2,525	)
Amounts due to related parties		(5	)		(127	)
	$	(5,057	)	$	(6,603	)
	March 31, 2026		March 31, 2025
---	---	---	---	---
Other supplementary information:
Interest paid	$	109	$	68
Taxes paid		9,017		1,457
	$	9,126	$	1,525
	March 31,<br><br>2026		March 31,<br><br>2025
---	---	---	---	---
Non-cash investing and financing activities:
Transfer of share-based payments reserve upon vesting of RSUs		387		1,207
Transfer of share-based payments reserve upon exercise of stock options		3,580		279
Equipment acquired under finance leases and equipment loans		3,426		3,009
	$	7,393	$	4,495
18
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AVINO SILVER & GOLD MINES LTD.<br><br>Notes to unaudited condensed consolidated interim financial statements<br><br>For the three months ended March 31, 2026, and 2025<br><br>(Expressed in Thousands of US Dollars – except where otherwise noted)
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17) FINANCIAL INSTRUMENTS

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

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

a) Credit Risk

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

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

The Company’s maximum exposure to credit risk at the end of any period is equal to the carrying amount of these financial assets as recorded in the consolidated statement of financial position. At March 31, 2026, no amounts were held as collateral.

b) Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due. The Company manages its liquidity risk by forecasting cash flows required by its operating, investing and financing activities. The Company had cash at March 31, 2026, in the amount of $138,646 and current assets exceeded current liabilities by $139,724 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 March 31, 2026, 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	$	12,018	$	12,018	$	-	$	-
Deferred consideration payable		8,750		8,750		-		-
Equipment loans		825		444		381		-
Finance lease obligations		8,175		3,517		4,658		-
Total	$	29,768	$	24,729	$	5,039	$	-
19
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AVINO SILVER & GOLD MINES LTD.<br><br>Notes to unaudited condensed consolidated interim financial statements<br><br>For the three months ended March 31, 2026, and 2025<br><br>(Expressed in Thousands of US Dollars – except where otherwise noted)
---

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:

	March 31, 2026						December 31, 2025
	MXN			CDN			MXN			CDN
Cash	$	22,483		$	2,814		$	29,172		$	1,710
Due from related parties		4,104			-			4,026			-
Long-term investments		-			5,918			-			5,690
Reclamation bonds		-			6			-			6
Amounts receivable		9,809			31			11,461			30
Accounts payable and accrued liabilities		(61,583	)		(232	)		(73,792	)		(311	)
Due to related parties		-			(135	)		-			(135	)
Finance lease obligations		(3,047	)		(402	)		(4,320	)		(430	)
Net exposure		(28,234	)		8,000			(33,453	)		6,560
US dollar equivalent	$	(1,558	)	$	5,738		$	(1,863	)	$	4,785

Based on the net US dollar denominated asset and liability exposures as at March 31, 2026, a 10% fluctuation in the US/Mexican and Canadian/US exchange rates would impact the Company’s earnings for the three months ended March 31, 2026, by approximately $366 (December 31, 2025 - $248). The Company has entered into certain foreign currency contracts to mitigate this risk and during the three months ended March 31, 2026, recorded a derivative asset of $190 (December 31, 2025 – derivative asset of $1,314).

20
AVINO SILVER & GOLD MINES LTD.<br><br>Notes to unaudited condensed consolidated interim financial statements<br><br>For the three months ended March 31, 2026, and 2025<br><br>(Expressed in Thousands of US Dollars – except where otherwise noted)
---

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 March 31, 2026, based on outstanding accounts receivable that were subject to pricing adjustments, a 10% change in metals prices would have an impact on net earnings (loss) of approximately $487 (December 31, 2025 - $743).

The Company is exposed to price risk with respect to its long-term investments, as these investments are carried at fair value based on quoted market prices. Changes in market prices result in gains or losses being recognized in net income (loss). At March 31, 2026, a 10% change in market prices would have an impact on net earnings (loss) of approximately $1,177 (December 31, 2025 - $384).

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

d) Classification of Financial Instruments

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

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

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

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 March 31, 2026:

	Level 1		Level 2		Level 3
Financial assets
Cash	$	138,646	$	-	$	-
Amounts receivable		-		4,870		-
Derivative asset		-		190		-
Long-term investments		3,846		-		400
Total financial assets	$	142,492	$	5,060	$	400
Financial liabilities
Derivative liability		-		-		-
Total financial liabilities	$	-	$	-	$	-
21
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AVINO SILVER & GOLD MINES LTD.<br><br>Notes to unaudited condensed consolidated interim financial statements<br><br>For the three months ended March 31, 2026, and 2025<br><br>(Expressed in Thousands of US Dollars – except where otherwise noted)
---

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

	Level 1		Level 2		Level 3
Financial assets
Cash	$	101,724	$	-	$	-
Amounts receivable		-		7,430		-
Derivative asset		-		1,314		-
Long-term investments		3,843		-		308
Total financial assets	$	105,567	$	8,744	$	308
Financial liabilities
Derivative liability		-		-		-
Total financial liabilities	$	-	$	-	$	-

18) SEGMENTED INFORMATION

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

The following table represents the statement of operations and other comprehensive income by segment:

For the three months ended March 31, 2026 and 2025		Revenue		Cost of sales - production costs		Cost of sales - depreciation		Mine operating income		Total comprehensive income
Mexico
Avino	2026	$	34,980	$	11,208	$	3,183	$	20,589	$	11,954
	2025		18,836		7,440		834		10,562		7,320
La Preciosa	2026	****	4,453	****	1,512	****	112	****	2,829	****	2,489
	2025		-		-		-		-		-
Canada
Corporate	2026		-		-		-		-		(972	)
	2025		-		-		-		-		(1,608	)
Consolidated	2026	$	39,433	$	12,720	$	3,295	$	23,418	$	13,471
	2025	$	18,836	$	7,440	$	834	$	10,562	$	5,712
22
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AVINO SILVER & GOLD MINES LTD.<br><br>Notes to unaudited condensed consolidated interim financial statements<br><br>For the three months ended March 31, 2026, and 2025<br><br>(Expressed in Thousands of US Dollars – except where otherwise noted)
---

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

As at March 31, 2026 and December 31, 2025		PP&E assets (including mineral properties		E&E assets		Total mining assets		Total assets		Total liabilities
Mexico
Avino	2026	$	59,557	$	15,749	$	75,306	$	119,127	$	26,711
	2025		59,892		15,699		75,591		116,941		28,390
La Preciosa	2026		68,299		-		68,299		80,450		7,592
	2025		65,154		-		65,154		73,626		6,389
Canada
Corporate	2026		289		-		289		119,261		9,142
	2025		319		-		319		88,465		10,022
Consolidated	2026	$	128,145	$	15,749	$	143,894	$	318,838	$	43,445
	2025	$	125,365	$	15,699	$	141,064	$	279,032	$	44,801

On the consolidated statements of operations and other comprehensive income for the three months ended March 31, 2026 and 2025, the Company had revenue from the following product mixes, all deriving from its Mexico operations:

	March 31,<br><br>2026			March 31,<br><br>2025
Silver	$	24,108		$	6,900
Copper		9,392			7,060
Gold		6,768			6,376
Penalties, treatment costs and refining charges		(835	)		(1,500	)
Total revenue from mining operations	$	39,433		$	18,836

For the three months ended March 31, 2026 and 2025, the Company had the following customers that accounted for total revenues as follows:

	March 31,<br><br>2026		March 31,<br><br>2025
Customer #1	$	38,614	$	17,693
Customer #2		-		1,143
Other customers		819		-
Total revenue from mining operations	$	39,433	$	18,836

19) SUBSEQUENT EVENTS

Stock Options Exercises – Subsequent to March 31, 2026, the Company issued 418,750 common shares through the exercise of 418,750 stock options at an average exercise price of C$2.00 for proceeds of C$837.

RSU Vesting – Subsequent to March 31, 2026, the Company issued 1,210,729 common shares through the vesting of 1,210,729 RSUs.

23

avino_ex992.htm EXHIBIT 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

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 ended March 31, 2026, and the notes thereto.

This Management’s Discussion and Analysis (“MD&A”) is dated May 13, 2026, 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 May 13, 2026, 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

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 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 three months ended March 31, 2026, 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.

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.

Page 1

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

Operational and Financial Highlights

<br> <br>HIGHLIGHTS<br> <br>(In US$, unless otherwise noted)**	First<br> <br>Quarter 2026		First<br> <br>Quarter 2025		Change			First Quarter<br> <br>**** 2026		Fourth Quarter<br> <br>2025		Change

| Operating | | | | | | | | | | | | | | |

| Tonnes Milled | | 185,497 | | 167,853 | | 11 | % | | 185,497 | | 189,338 | | -2 | % |

| Silver Ounces Produced | | 263,057 | | 265,681 | | -1 | % | | 263,057 | | 345,298 | | -24 | % |

| Gold Ounces Produced | | 1,851 | | 2,225 | | -17 | % | | 1,851 | | 1,687 | | 10 | % |

| Copper Pounds Produced | | 1,343,654 | | 1,604,343 | | -16 | % | | 1,343,654 | | 1,295,244 | | 4 | % |

| Silver Equivalent Ounces1 Produced | | 568,112 | | 631,249 | | -10 | % | | 568,112 | | 671,583 | | -15 | % |

| Concentrate Sales and Costs | | | | | | | | | | | | | | |

| Silver Equivalent Payable Ounces Sold^2^ | | 483,724 | | 567,811 | | -15 | % | | 483,724 | | 555,567 | | -13 | % |

| Average Realized Silver Price per Ounce Sold | $ | 86.42 | $ | 31.67 | | 173 | % | $ | 86.42 | $ | 59.52 | | 45 | % |

| Cash Cost per Silver Equivalent Payable Ounce^2,3^ | $ | 24.46 | $ | 12.62 | | 94 | % | $ | 24.46 | $ | 21.10 | | 16 | % |

| All-in Sustaining Cost per Silver Equivalent Payable Ounce^2,3^ | $ | 34.72 | $ | 20.08 | | 73 | % | $ | 34.72 | $ | 31.59 | | 10 | % |

| Cash Cost per Tonne Processed^3^ | $ | 64.04 | $ | 51.93 | | 23 | % | $ | 64.04 | $ | 59.99 | | 7 | % |

| All-in Sustaining Cost per Tonne Processed^3^ | $ | 90.80 | $ | 77.18 | | 18 | % | $ | 90.80 | $ | 90.78 | | 0 | % |

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

| Revenues | $ | 39,433 | $ | 18,836 | | 109 | % | $ | 39,433 | $ | 30,544 | | 29 | % |

| Mine operating income | $ | 23,418 | $ | 10,562 | | 122 | % | $ | 23,418 | $ | 17,844 | | 31 | % |

| Net income | $ | 15,913 | $ | 5,617 | | 183 | % | $ | 15,913 | $ | 10,460 | | 52 | % |

| Earnings before interest, taxes and amortization (“EBITDA”)^3^ | $ | 25,531 | $ | 9,694 | | 163 | % | $ | 25,531 | $ | 14,409 | | 77 | % |

| Adjusted earnings^3^ | $ | 24,336 | $ | 9,751 | | 150 | % | $ | 24,336 | $ | 16,297 | | 49 | % |

| Cash provided by operating activities | $ | 13,631 | $ | 758 | 1698% | | | $ | 13,631 | $ | 9,986 | | 36 | % |

| Operating cash flow before working capital adjustments^3^ | $ | 18,688 | $ | 7,361 | | 154 | % | | 18,688 | $ | 18,953 | | -1 | % |

| Mine operating cash flow before taxes^3^ | $ | 26,713 | $ | 11,397 | | 134 | % | $ | 26,713 | $ | 18,989 | | 41 | % |

| Per Share Amounts | | | | | | | | | | | | | | |

| Earnings per share - diluted | $ | 0.09 | $ | 0.04 | | 125 | % | $ | 0.09 | $ | 0.06 | | 50 | % |

| Adjusted earnings per share^3^ | $ | 0.14 | $ | 0.07 | | 100 | % | $ | 0.14 | $ | 0.10 | | 40 | % |

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

| | March 31,<br> <br>**** 2026 | | March 31,<br> <br>**** 2025 | | Change | | | March 31,<br> <br>**** 2026 | | December 31, **** 2025 | | Change | | |

| Cash | $ | 138,646 | $ | 26,627 | | 421 | % | $ | 138,646 | $ | 101,724 | | 36 | % |

| Working capital^3^ | $ | 139,724 | $ | 31,339 | | 346 | % | $ | 139,724 | $ | 99,562 | | 40 | % |

1.	Silver equivalent or “AgEq” was calculated using metal prices of $45.30 per oz Ag, $3,929 per oz Au and $4.85 per lb Cu. These metal prices are based on the Company’s 2026 budget as approved by the Board of Directors, and previous periods have been recalculated using these prices for comparability purposes. 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.

Page 2

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

1^st^  Quarter 2026 Financial Highlights

·	Record revenues of $39.4 million, an increase of 109% from Q1 2025, and 29% from Q4 2025, our previous quarterly record.
·	Mine operating income of $23.4 million, an increase of 122% from Q1 2025 and 31% from Q4 2025.
·	Net income of $15.9 million, or $0.09 per share on a diluted basis.
·	Adjusted earnings of $24.3 million, or $0.14 per diluted share, an increase of 150% and 100%, respectively, from Q1 2025.
·	Cash flow provided by operating activities of $13.6 million, a significant increase compared to $0.8 million in Q1 2025. Prior to working capital adjustments, cash flow provided from operating activities was $18.7 million, an increase of 154% compared to Q1 2025.
·	Mine operating cash flow before taxes of $26.7 million, an increase of 134% from Q1 2025 and 41% from Q4 2025.
·	Earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $25.5 million, an increase of 163% from Q1 2025 and 77% from Q4 2025.
·	Cash costs per AgEq payable ounce sold of $24.46, an increase of 94% from Q1 2025 and 16% from Q4 2025, primarily due to lower silver equivalent ounces sold. Using budget prices as per the Company’s 2026 guidance, cash costs per AgEq payable ounce sold was $19.82, within the Company’s consolidated cost guidance of $19.00 - $21.00 per AgEq oz (see February 19, 2026 news release here).
·	All in sustaining costs per AgEq payable ounce sold of $34.72, an increase of 73% from Q1 2025 and 10% from Q4 2025, again primarily due to lower silver equivalent ounces sold. Using budget prices as per the Company’s 2026 guidance, all in sustaining costs per AgEq payable ounce sold was $28.14, slightly above the upper range of the Company’s consolidated cost guidance of $25.00 - $27.00 per AgEq oz (see February 19, 2026 news release here).
·	Avino had $138.6 million in cash at March 31, 2026, and remains debt-free, excluding operating equipment leases and the deferred royalty repurchase payment. Our working capital position of $139.7 million and strong balance sheet will provide the foundation to support our transformational growth plan to become a Mexico-focused mid-tier primary silver producer.

2026 Highlights

·	Normal Course Issuer Bid Approval: On April 6, 2026, Avino announced that the TSX has accepted the Company’s Notice of Intention to make a Normal Course Issuer Bid (the “NCIB”) to repurchase for cancellation, up to an aggregate of 8,428,566 common shares, or approximately 5% of the Company issued and outstanding shares.
·	Inaugural Mineral Reserve Estimate at Avino & La Preciosa: On April 16, 2026, Avino announced the completion of a new Mineral Reserve Estimate and updated Mineral Resource Estimate (“MRE”) which includes La Preciosa, the Avino Mine (consisting of the Elena Tolosa (“ET”) deposit, Guadalupe, and La Potosina) with an effective date of October 31, 2025.
·	Steady Progress at La Preciosa : Ongoing extraction, haulage, and processing of mineralized development material from La Preciosa was slightly below plan early in the quarter, primarily due to mill availability and the intentional processing of lower-grade development ore. This approach allowed the Company to capitalize on strong silver prices while leveraging previously stockpiled higher-grade material.
·	Enhanced Mill Throughput : In Q1 2026, Avino achieved an 11% increase in mill throughput year-over-year. This performance reflects the impact of targeted upgrades and automation initiatives led by our operations and maintenance teams, which have improved mill availability and supported higher, more consistent throughput levels.
·	Silver and Gold Production : Avino produced 568,112 silver equivalent^1^ ounces in Q1 2026, representing a slight decrease compared to Q1 2025. The decrease reflects planned mining sequencing into lower-grade areas, planned for the first quarter. Development production from La Preciosa contributed 49,830 silver ounces, slightly higher than Q4 2025.

Page 3

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

Operational Updates

Development – La Preciosa

During Q1 2026, development mining was ongoing on the north faces of both La Gloria and Abundancia veins with development ore being trucked to the mill for processing. Subsequent to Q1, development mining and haulages rates increased to allow for Mill Circuit 2 to switch from Avino ore to La Preciosa development ore, ahead of planned increases to La Preciosa processing throughput. Mine engineering was focused on the publication of reserves and resources mentioned above. Engineering efforts have now pivoted to mine planning scenario analysis to optimize the two deposits in parallel and determine maximum and optimum mining, processing and haulage rates. Work will be ongoing throughout the rest of the year.

Inaugural Mineral Reserve and Updated Mineral Resource Estimates

The Company released the details of most recent mineral reserve estimate and updated mineral resource estimate on April 16th, 2026. The highlights included inaugural proven and probable mineral reserves at two of the Company’s three assets, totaling 27 million tonnes containing 95 million ounces of silver at a grade of 109 g/t, 356 thousand ounces of gold at a grade of 0.41 g/t, and 85 million pounds of copper at a grade of 0.31%. This results to 127 million silver equivalent ounces at a grade of 145 g/t. The full news release can be viewed here. The mineral resources and reserves estimate are being included in an updated technical report (the “Updated Technical Report” prepared by Tetra Tech Canada Inc. in accordance with the requirements of NI-43-101), which will be available on SEDAR+ at www.sedarplus.ca under the Company’s profile and filed on Form 6-K with the SEC within 45 days.

Measured and Indicated Mineral Resources are reported inclusive of Mineral Reserves, and all Mineral Resources reflect mining depletion through to October 31, 2025.

Table 1. Proven and Probable Mineral Reserves.

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Page 4

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

Notes for UG Reserves

1.	Totals may not sum due to rounding.

| 2. | Underground Mineral Reserves as of October 31, 2025 are derived from Measured & Indicated Resources, account for depletion to that date, and are reported with a reference point of mined ore delivered to the plant. |

| 3. | Metal prices considered for the underground Mineral Reserves estimates were US$36.90/t.oz Ag, US$3,210/t.oz Au, and US$4.4/lb Cu. Other key assumptions and parameters include metal recoveries (89% Cu, 74–70% Au, and 87–80% Ag), payable factors applied on a deposit-specific basis (83–96% Ag, 95% Au, and 96.75% Cu), treatment and other smelter charges (US$134.25–68 per dry metric tonne), freight to smelter (US$45 per wet metric tonne), refining charges for silver, gold, and copper (US$0.30/oz Ag, US$6.00/oz Au, and US$0.07/lb Cu), and applicable concentrate penalties. Mining, processing, and G&A operating costs for the Gloria, Abundancia, and Martha veins were estimated at US$75.31/t, US$55.21/t, and US$60.89/t for mining; US$18.45/t for processing; and US$16.80/t for G&A, respectively, resulting in NSR breakeven cut off values of US$110.56/t for Gloria, US$90.46/t for Abundancia, and US$96.14/t for Martha. |

| 4. | AgEQ grade is estimated considering metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the selling contract as of effective date |

Notes for Oxide Tailings Reserves

1.	No material change has occurred since the 2024 PFS; reviewed by the QP and remains valid under current assumptions.

| 2. | The effective date of the Oxide Tailings Reserves Estimate is January 16, 2024. |

| 3. | Reserves estimated assuming open pit mining methods |

| 4. | Reserves are reported on a dry in-situ basis |

| 5. | Reserves are based on a gold price of US $1850/tr oz., and silver price of US $22/tr oz, mining cost of US$1.00/t mined, milling costs of US$18.00/t feed, and USG&A cost of US$3.00/t feed. |

| 6. | Mineral Reserve includes consideration for 1% mining dilution and 99% mining recovery. |

| 7. | Ore-waste cut-off was based on US$21.00/t of NSR. |

| 8. | AgEQ grade is estimated considering metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the selling contract as of effective date. |

Table 2. Mineral Resources Inclusive of the Mineral Reserves.

Page 5

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

Notes for Resources

1.	Totals may not sum due to rounding.

| 2. | Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. |

| 3. | The Mineral Resource estimate is classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves incorporated by reference into NI 43-101 Standards of Disclosure for Mineral Projects (“NI-43-101”). |

| 4. | The Measured and Indicated Mineral Resources are inclusive of those Mineral Resources modified to produce the Mineral Reserves |

| 5. | Based on recent mining costs, Mineral Resources are reported for Avino at cut-off grades of 55 g/t, 130 g/t, 100 g/t for Avino ET, Guadalupe, and La Potosina, respectively. |

| 6. | Based on recent mining costs, Mineral Resources are reported at La Preciosa Ag recovery 80%, Au Recovery 70%, Ag price $36.90/t. oz., Au price $3,210/t. oz. Cut-off grades in silver equivalent grades (AgEQ), Avino Mine – 55 g/t, La Preciosa Underground – 120 g/t, Oxide Tailings -50 g/t. |

Qualified Person(s)

The Qualified Persons as defined by NI 43-101, who are responsible for the technical content and have verified the underlying data of the information above are Michael O’Brien P.Geo., Senior Principal Consultant, Red Pennant Communications Corp., and Peter Latta, P.Eng, Avino’s VP, Technical Services. The mineral resource estimate and mineral reserve estimate above were prepared under the supervision of, or were reviewed by both Mr. Latta and Mr. O’Brien, both of whom are qualified persons within the context of NI 43-101.

Exploration & Confirmatory Drilling

At Avino, two drills were turning during the quarter. The first drill was focused on infill drilling in the upper area in the eastern portion of the system. The second drill at Avino was focused on extension drilling in the footwall breccia area in the upper east portion.  At La Preciosa, two drills were also turning during the first quarter. The first drill rig focused on infill drilling on La Gloria and Abundancia. This will transition to extension drilling in subsequent quarters. The second drill rig was more focused on true exploration drilling and evaluating the relationship between Martha and the Eastern gap zones, with minimal drilling done in this area previously. An update from drilling at both properties and the four active drill rigs will be released in due course when results are received and compiled.

La Preciosa Drilling Highlights – Q1 2026

In January 2026, Avino announced the results of its most recent 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 below.

Selected Intercept Highlights:

•	Hole PMLP 25-12: 585 g/t Ag and 0.65 g/t Au over 4.90 metres true width

o	including 2,218 g/t Ag and 1.92 g/t Au over 0.51 metres true width

•	Hole PMLP 25-14 at La Gloria: 694 g/t Ag and 0.63 g/t Au over 4.52 metres true width

o	including 2,275 g/t Ag and 1.28 g/t Au over 0.61 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 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.

Assays were received on fourteen (14) holes totalling approximately 3,500 metres drilled at La Preciosa during 2025, intersecting the La Gloria vein in all 14 holes, the Abundancia vein in 13 holes, and additional unnamed and splay veins in multiple 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.

Page 6

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

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 – January 26, 2026 News Release

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

| La Gloria | PMLP-25-09 | 130.96 | 136.40 | 5.44 | 4.30 | 0.37 | 489 | 519 |

| | Including | 133.96 | 135.18 | 1.22 | 0.96 | 0.48 | 799 | 837 |

| Abundancia | PMLP-25-09 | 242.90 | 246.95 | 4.05 | 3.94 | 0.18 | 106 | 120 |

| | Including | 244.95 | 246.05 | 1.10 | 0.87 | 0.17 | 169 | 182 |

| La Gloria | PMLP-25-10 | 122.60 | 126.35 | 3.75 | 2.41 | 0.60 | 563 | 611 |

| | Including | 125.65 | 126.35 | 0.70 | 0.45 | 0.93 | 778 | 853 |

| Abundancia Splay 1 | PMLP-25-10 | 181.05 | 181.60 | 0.55 | 0.54 | 0.05 | 7 | 11 |

| Abundancia | PMLP-25-10 | 208.65 | 211.15 | 2.50 | 2.47 | 0.40 | 68 | 100 |

| La Gloria | PMLP-25-11 | 149.30 | 152.25 | 2.95 | 1.88 | 0.65 | 442 | 494 |

| | Including | 151.30 | 152.25 | 0.95 | 0.61 | 0.96 | 590 | 666 |

| Abundancia Splay 1 | PMLP-25-11 | 189.10 | 189.50 | 0.40 | 0.39 | 0.07 | 6 | 12 |

| Abundancia | PMLP-25-11 | 225.40 | 226.60 | 1.20 | 1.19 | 0.60 | 233 | 281 |

| La Gloria | PMLP-25-12 | 139.25 | 148.40 | 9.15 | 4.90 | 0.65 | 585 | 637 |

| | Including | 144.00 | 144.95 | 0.95 | 0.51 | 1.92 | 2218 | 2372 |

| | Including | 146.83 | 147.60 | 0.77 | 0.41 | 1.91 | 1107 | 1260 |

| Abundancia | PMLP-25-12 | 206.70 | 208.30 | 1.60 | 1.58 | 0.74 | 260 | 320 |

| La Gloria | PMLP-25-13 | 153.60 | 157.70 | 4.10 | 2.91 | 0.49 | 406 | 444 |

| | Including | 156.60 | 157.70 | 1.10 | 0.78 | 0.54 | 598 | 642 |

| Abundancia Splay 1 | PMLP-25-13 | 194.80 | 195.45 | 0.65 | 0.64 | 0.39 | 34 | 65 |

| Unnamed | PMLP-25-13 | 241.50 | 242.00 | 0.50 | 0.50 | 0.07 | 54 | 59 |

| La Gloria | PMLP-25-14 | 134.40 | 141.05 | 6.65 | 4.52 | 0.63 | 694 | 745 |

| | Including | 138.20 | 139.10 | 0.90 | 0.61 | 1.28 | 2275 | 2377 |

| Abundancia Splay 1 | PMLP-25-14 | 182.85 | 183.75 | 0.90 | 0.89 | 0.13 | 72 | 83 |

| Abundancia | PMLP-25-14 | 200.85 | 201.45 | 0.60 | 0.58 | 0.62 | 340 | 390 |

1.	AgEq in drill results above assumes $4,000/oz Au and $50.00/oz Ag, and 100% metallurgical recovery.

Page 7

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

Financial Results – Three months ended March 31, 2026, compared to three months ended March 31, 2025

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In 000’s

| | Q1 2026 | | | Q1 2025 | | |

| Revenue from mining operations | $ | 39,433 | | $ | 18,836 | |

| Cost of sales | | 16,015 | | | 8,274 | |

| Mine operating income | | 23,418 | | | 10,562 | | | Operating expenses: | | | | | | |

| General and administrative expenses | | 2,975 | | | 2,123 | |

| Share-based payments | | 875 | | | 362 | |

| | | 19,568 | | | 8,077 | |

| Other items: | | | | | | |

| Interest and other income | | 926 | | | 163 | |

| Gain on long-term investments | | 556 | | | 444 | |

| Unrealized loss on derivative | | (1,124 | ) | | (405 | ) |

| Foreign exchange gain (loss) | | 3,194 | | | (99 | ) |

| Finance cost | | (165 | ) | | (5 | ) |

| Accretion of reclamation provision | | (65 | ) | | (48 | ) |

| Interest expense | | (122 | ) | | (81 | ) |

| Income before income taxes | | 22,768 | | | 8,856 | |

| Income taxes: | | | | | | |

| Current income tax expense | | (6,895 | ) | | (2,032 | ) |

| Deferred income tax recovery (expense) | | 40 | | | (1,207 | ) |

| Income tax expense | | (6,855 | ) | | (3,239 | ) |

| Net income | $ | 15,913 | | $ | 5,617 | |

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

| Items that may be reclassified subsequently to profit or loss: | | | | | | |

| Currency translation differences | | (2,442 | ) | | 95 | |

| Total comprehensive income | $ | 13,471 | | $ | 5,712 | |

| Income per share | | | | | | |

| Basic | $ | 0.10 | | $ | 0.04 | |

| Diluted | $ | 0.09 | | $ | 0.04 | |

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

| Basic | | 166,536,039 | | | 140,863,356 | |

| Diluted | | 173,627,257 | | | 147,827,215 | |

Page 8

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

Revenues

During the three months ended March 31, 2026, the Company recognized revenues of $39.4 million on the sale of Avino Mine bulk copper/silver/gold concentrate and La Preciosa silver/gold concentrate, compared to $18.8 million revenues for 2025, an increase of $20.6 million. The increase is a result of higher average realized metal prices for silver, gold and copper for the period.

Metal prices for revenues recognized during the period were $86.42 per ounce of silver, $4,882 per ounce of gold, and $12,650 per tonne of copper, with comparable prices for Q1 2025 were $31.67 per ounce of silver, $2,866 per ounce of gold, and $9,194 per tonne of copper.

Payable silver equivalent ounces sold in the current period were 483,724 ounces, compared to 555,567 ounces in Q1 2025. Payable silver equivalent ounces sold were lower in the current period than previous periods as a result of higher silver prices impacting the silver:gold and silver:copper ratios used to calculate silver equivalent ounces.

Cost of Sales & Mine Operating Income

During the three months ended March 31, 2026, cost of sales was $16 million, compared to $8.3 million in Q1 2025, an increase of $7.7 million. The increase is mainly attributable to higher depreciation as well as a stronger average Mexican Peso compared to the US Dollar during the current quarter, with an average of $17.56 Mexican Pesos to 1 US Dollar in Q1 2026 compared to an average of $20.43 Mexican Pesos to 1 US Dollar in Q1 2025, a strengthening of approximately 14%.

Mine operating income was $23.4 million, compared to $10.6 million in Q1 2025. The increase in mine operating income is a result of the items noted above as well as mark to market movements resulting from changes in metal prices and metal contents from provisional to final invoicing. Provisional adjustments had a negative impact of $2.6 million in Q1 2026 compared to a positive impact of $3.1 million in Q1 2025.

General and Administrative Expenses & Share-Based Payments

General and administrative expenses were $3.0 million, compared to $2.1 million in Q1 2025. 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 $0.9 million, compared to $0.4 million in Q1 2025, an increase of $0.5 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 $0.6 million compared to $0.4 million in Q1 2025. 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 loss on derivative liability was $1.1 million compared to a gain of 0.4 million in Q1 2025. 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 $3.2 million compared to a loss of $0.1 million in Q1 2025. Foreign exchange gains or losses result from transactions in currencies other than the Canadian dollar functional currency. During the three months ended March 31, 2026, the US dollar appreciated in relation to the Mexican Peso and the Canadian dollar, resulting in foreign exchange gains overall.

Page 9

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

Current and Deferred Income Taxes

Current income tax expense was $6.9 million in Q1 2026, an increase of $4.9 million compared to an income tax expense of $2.0 million for Q1 2025. The movement relates primarily to additional taxable income in Avino due to increased profits, which resulted in increased income tax expense.

Deferred income tax expense was relatively flat for Q1 2026 compared to an expense of $1.2 million in Q1 2025. Deferred income taxes fluctuate 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 $15.9 million for the period, or $0.10 per basic and $0.09 diluted share, compared to net income of $5.6 million, or $0.04 per basic and diluted share for Q1 2025. 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 $25.5 million for the period, an increase of $15.8 million when compared to $9.7 million for Q1 2025. 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 $24.3 million, an increase of $14.5 million when compared to adjusted earnings of $9.8 million in the corresponding quarter in 2025. 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 $24.46, compared to $12.62 for Q1 2025. The increase is attributable to lower payable silver equivalent ounces sold in the current period than previous periods as a result of higher silver prices impacting the silver:gold and silver:copper ratios used to calculate silver equivalent ounces, as well as lower volumes sold of silver, gold and copper. Using the silver:gold and silver:copper ratios from the Company’s 2026 guidance, cash costs per AgEq payable ounce sold was $19.82

All-in sustaining costs per silver equivalent payable ounce sold was $34.72, compared to $20.08 for Q1 2025. As noted above, the increase is primarily due to lower payable silver equivalent ounces sold in the current period than previous periods as a result of higher silver prices impacting the silver:gold and silver:copper ratios used to calculate silver equivalent ounces, as well as lower volumes sold of silver, gold and copper. This was further impacted by increased sustaining capital expenditures and increased general & administrative expenses in the current period compared to Q1 2025. Using the silver:gold and silver:copper ratios from the Company’s 2026 guidance, all-in sustaining costs per AgEq payable ounce sold was $28.14

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

Page 10

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

Production Highlights

Q1<br> <br>2026	Q1<br> <br>2025	Change<br> <br>%		Q1<br> <br>2026	Q4<br> <br>2025	Change<br> <br>%

| 185,497 | 167,853 | 11% | Total Mill Feed (dry tonnes) | 185,497 | 189,338 | -2% |

| 56 | 58 | -3% | Feed Grade Silver (g/t) | 56 | 70 | -20% |

| 0.42 | 0.55 | -24% | Feed Grade Gold (g/t) | 0.42 | 0.40 | 5% |

| 0.42 | 0.50 | -16% | Feed Grade Copper (%) | 0.42 | 0.40 | 5% |

| 81% | 85% | -5% | Recovery Silver (%) | 81% | 82% | -1% |

| 73% | 75% | -3% | Recovery Gold (%) | 73% | 70% | 4% |

| 84% | 87% | -3% | Recovery Copper (%) | 84% | 83% | 1% |

| 263,057 | 265,681 | -1% | Total Silver Produced (oz) | 263,057 | 345,298 | -24% |

| 1,851 | 2,225 | -17% | Total Gold Produced (oz) | 1,851 | 1,687 | 10% |

| 1,343,654 | 1,603,343 | -16% | Total Copper Produced (lbs) | 1,343,654 | 1,295,244 | 4% |

| 568,112 | 631,249 | -10% | Total Silver Equivalent Produced (oz)^1^ | 568,112 | 671,583 | -15% |

Production Results by Operation – Q1 2026	Avino	La Preciosa	Total

| Total Mill Feed (dry tonnes) | 171,399 | 14,098 | 185,497 |

| Feed Grade Silver (g/t) | 47 | 172 | 56 |

| Feed Grade Gold (g/t) | 0.44 | 0.29 | 0.42 |

| Feed Grade Copper (%) | 0.42 | - | 0.42 |

| Recovery Silver (%) | 82% | 64% | 81% |

| Recovery Gold (%) | 74% | 64% | 73% |

| Recovery Copper (%) | 84% | -% | 84% |

| Total Silver Produced (oz) | 213,227 | 49,830 | 263,057 |

| Total Gold Produced (oz) | 1,766 | 85 | 1,851 |

| Total Copper Produced (lbs) | 1,343,654 | - | 1,343,654 |

| Total Silver Equivalent*^1^* Produced (oz) | 510,915 | 57,197 | 568,112 |

1.	Silver equivalent or “AgEq” was calculated using metal prices of $45.30 per oz Ag, $3,929 per oz Au and $4.85 per lb Cu. These metal prices are based on the Company’s 2026 budget as approved by the Board of Directors, and previous periods have been recalculated using these prices for comparability purposes. Calculated figures may not add up due to rounding.

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 11

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

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 12

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

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	Q1 2026			Q1 2025			Q1 2026			Q4 2025

| Net income for the period | $ | 15,913 | | $ | 5,617 | | $ | 15,913 | | $ | 10,460 | |

| Depreciation and depletion | | 3,337 | | | 867 | | | 3,337 | | | 1,009 | |

| Interest income and other | | (926 | ) | | (163 | ) | | (926 | ) | | (739 | ) |

| Interest expense | | 122 | | | 81 | | | 122 | | | 98 | |

| Finance cost | | 165 | | | 5 | | | 165 | | | 168 | |

| Accretion of reclamation provision | | 65 | | | 48 | | | 65 | | | 48 | |

| Current income tax expense | | 6,895 | | | 2,032 | | | 6,895 | | | 3,164 | |

| Deferred income tax expense | | (40 | ) | | 1,207 | | | (40 | ) | | 201 | |

| EBITDA | $ | 25,531 | | $ | 9,694 | | $ | 25,531 | | $ | 14,409 | |

| Unrealized (gain) loss on derivatives | | 1,124 | | | (405 | ) | | 1,124 | | | 211 | |

| Share-based payments | | 875 | | | 362 | | | 875 | | | 879 | |

| Write down of equipment and supplies and materials inventory | | - | | | 1 | | | - | | | 180 | |

| Loss on sale of mineral properties | | - | | | - | | | - | | | 304 | |

| Foreign exchange (gain) loss | | (3,194 | ) | | 99 | | | (3,194 | ) | | 314 | |

| Adjusted earnings | $ | 24,336 | | $ | 9,751 | | $ | 24,336 | | $ | 16,297 | |

| Shares outstanding (diluted) | | 173,627,257 | | | 147,827,215 | | | 173,627,257 | | | 164,389,466 | |

| Adjusted earnings per share | $ | 0.14 | | $ | 0.07 | | $ | 0.14 | | $ | 0.10 | |

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

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 and per tonne processed. 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. Tonnes processed consists of tonnes of ore that were processed at the Company’s milling facilities.

Cash cost per payable ounce and all-in sustaining cost per payable ounce and per tonne processed 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.

The Company’s calculation of all-in sustaining costs includes sustaining capital expenditures of $309 for the three months ended March 31, 2026 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 Accounting Standards measures. Calculated figures may not add up accurately due to rounding.

Page 13

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

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

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

| | Q1 2026 | | | Q1 2025 | | | Q1 2026 | | | Q4 2025 | | |

| Cost of sales | $ | 16,015 | | $ | 8,274 | | $ | 16,015 | | $ | 13,328 | |

| Exploration expenses | | (888 | ) | | (274 | ) | | (888 | ) | | (458 | ) |

| Write down of equipment and supplies and materials inventory | | - | | | (1 | ) | | - | | | (180 | ) |

| Depletion and depreciation | | (3,295 | ) | | (834 | ) | | (3,295 | ) | | (966 | ) |

| Cash production cost | | 11,832 | | | 7,165 | | | 11,832 | | | 11,724 | |

| Silver equivalent payable ounces sold | | 483,724 | | | 567,881 | | | 483,724 | | | 555,567 | |

| Cash cost per silver equivalent ounce | $ | 24.46 | | $ | 12.62 | | $ | 24.46 | | $ | 21.10 | |

| General and administrative expenses | | 3,850 | | | 2,485 | | | 3,850 | | | 3,711 | |

| Treatment & refining charges | | 430 | | | 608 | | | 430 | | | 568 | |

| Penalties | | 405 | | | 890 | | | 405 | | | 547 | |

| Sustaining capital expenditures | | 309 | | | 379 | | | 309 | | | 1,467 | |

| Exploration expenses | | 888 | | | 274 | | | 888 | | | 458 | |

| Share-based payments and G&A depreciation | | (917 | ) | | (399 | ) | | (917 | ) | | (922 | ) |

| Cash operating cost | $ | 16,797 | | $ | 11,402 | | $ | 16,797 | | $ | 17,553 | |

| AISC per silver equivalent ounce | $ | 34.72 | | $ | 20.08 | | $ | 34.72 | | $ | 31.59 | |

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

The following table reconciles cost of sales to cash cost and all-in sustaining cost per payable AgEq oz at each of the Company’s mining operations:

Expressed **** in **** 000’s **** of **** US$, unless otherwise noted	Q1 2026									Q4 2025

| | Avino | | | La Preciosa | | | Total | | | Avino | | | La Preciosa | | | Total | | |

| Cost of sales | $ | 14,391 | | $ | 1,624 | | $ | 16,015 | | $ | 12,365 | | $ | 963 | | $ | 13,328 | |

| Exploration expenses | | (333 | ) | | (555 | ) | | (888 | ) | | (458 | ) | | - | | | (458 | ) |

| Write down of equipment and supplies and materials inventory | | - | | | - | | | - | | | (180 | ) | | - | | | (180 | ) |

| Depletion and depreciation | | (3,183 | ) | | (112 | ) | | (3,295 | ) | | (933 | ) | | (33 | ) | | (966 | ) |

| Cash production cost | | 10,875 | | | 957 | | | 11,832 | | | 10,794 | | | 930 | | | 11,724 | |

| Silver equivalent payable ounces sold | | 433,758 | | | 49,966 | | | 483,724 | | | 529,913 | | | 25,654 | | | 555,567 | |

| Cash cost per silver equivalent payable ounce sold | $ | 25.07 | | $ | 19.14 | | $ | 24.46 | | $ | 20.37 | | $ | 36.27 | | $ | 21.10 | |

| General and administrative expenses | | 3,580 | | | 270 | | | 3,850 | | | 3,450 | | | 261 | | | 3,711 | |

| Treatment & refining charges | | 428 | | | 2 | | | 430 | | | 543 | | | 25 | | | 568 | |

| Penalties | | 405 | | | - | | | 405 | | | 547 | | | - | | | 547 | |

| Sustaining capital expenditures | | 309 | | | - | | | 309 | | | 1,467 | | | - | | | 1,467 | |

| Exploration expenses | | 333 | | | 555 | | | 888 | | | 458 | | | - | | | 458 | |

| Share-based payments and G&A depreciation | | (827 | ) | | (90 | ) | | (917 | ) | | (866 | ) | | (56 | ) | | (922 | ) |

| Cash operating cost | $ | 15,103 | | $ | 1,694 | | $ | 16,797 | | $ | 16,393 | | $ | 1,160 | | $ | 17,553 | |

| AISC per silver equivalent payable ounce sold | $ | 34.82 | | $ | 33.91 | | $ | 34.72 | | $ | 30.94 | | $ | 45.20 | | $ | 31.59 | |

*Certain amounts shown may not add exactly to the total due to rounding differences– prior to Q4 2025, there was minimal processing from La Preciosa and primarily all production came from the Avino property.

Page 14

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

The following table reconciles cost of sales to cash cost and AISC per tonne processed:

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

| | Q1 2026 | | | Q1 2025 | | | Q1 2026 | | | Q4 2025 | | |

| Cost of sales | $ | 16,015 | | $ | 8,274 | | $ | 16,015 | | $ | 13,328 | |

| Exploration expenses | | (888 | ) | | (274 | ) | | (888 | ) | | (458 | ) |

| Write down of equipment and supplies and materials inventory | | - | | | (1 | ) | | - | | | (180 | ) |

| Inventory adjustment | | 47 | | | 1,551 | | | 47 | | | (365 | ) |

| Depletion and depreciation | | (3,295 | ) | | (834 | ) | | (3,295 | ) | | (966 | ) |

| Cash production cost | | 11,879 | | | 8,716 | | | 11,879 | | | 11,359 | |

| Tonnes processed | | 185,497 | | | 167,853 | | | 185,497 | | | 189,338 | |

| Cash cost per tonne processed | $ | 64.04 | | $ | 51.93 | | $ | 64.04 | | $ | 59.99 | |

| General and administrative expenses | | 3,850 | | | 2,485 | | | 3,850 | | | 3,711 | |

| Treatment & refining charges | | 430 | | | 608 | | | 430 | | | 568 | |

| Penalties | | 405 | | | 890 | | | 405 | | | 547 | |

| Sustaining capital expenditures | | 309 | | | 379 | | | 309 | | | 1,467 | |

| Exploration expenses | | 888 | | | 274 | | | 888 | | | 458 | |

| Share-based payments and G&A depreciation | | (917 | ) | | (399 | ) | | (917 | ) | | (922 | ) |

| Cash operating cost | $ | 16,844 | | $ | 12,953 | | $ | 16,844 | | $ | 17,188 | |

| AISC per tonne processed | $ | 90.80 | | $ | 77.18 | | $ | 90.80 | | $ | 90.78 | |

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

The following table reconciles cost of sales to cash cost and AISC per tonne processed at each of the Company’s mining operations:

Expressed in 000’s of US$, unless otherwise noted	Q1 2026									Q4 2025

| | Avino | | | La Preciosa | | | Total | | | Avino | | | La Preciosa | | | Total | | |

| Cost of sales | $ | 14,391 | | $ | 1,624 | | $ | 16,015 | | $ | 12,365 | | $ | 963 | | $ | 13,328 | |

| Exploration expenses | | (333 | ) | | (555 | ) | | (888 | ) | | (458 | ) | | - | | | (458 | ) |

| Write down of equipment and supplies and materials inventory | | - | | | - | | | - | | | (180 | ) | | - | | | (180 | ) |

| Inventory adjustment | | (777 | ) | | 824 | | | 47 | | | (365 | ) | | - | | | (365 | ) |

| Depletion and depreciation | | (3,183 | ) | | (112 | ) | | (3,295 | ) | | (933 | ) | | (33 | ) | | (966 | ) |

| Cash production cost | | 10,098 | | | 1,781 | | | 11,879 | | | 10,429 | | | 930 | | | 11,359 | |

| Tonnes processed | | 171,399 | | | 14,098 | | | 185,497 | | | 177,343 | | | 11,995 | | | 189,338 | |

| Cash cost per silver equivalent payable ounce sold | $ | 58.92 | | $ | 126.25 | | $ | 64.04 | | $ | 58.81 | | $ | 77.57 | | $ | 59.99 | |

| General and administrative expenses | | 3,580 | | | 270 | | | 3,850 | | | 3,450 | | | 261 | | | 3,711 | |

| Treatment & refining charges | | 428 | | | 2 | | | 430 | | | 543 | | | 25 | | | 568 | |

| Penalties | | 405 | | | - | | | 405 | | | 547 | | | - | | | 547 | |

| Sustaining capital expenditures | | 309 | | | - | | | 309 | | | 1,467 | | | - | | | 1,467 | |

| Exploration expenses | | 333 | | | 555 | | | 458 | | | 458 | | | - | | | 458 | |

| Share-based payments and G&A depreciation | | (827 | ) | | (90 | ) | | (917 | ) | | (866 | ) | | (56 | ) | | (922 | ) |

| Cash operating cost | $ | 14,326 | | $ | 2,518 | | $ | 16,844 | | $ | 16,393 | | $ | 1,160 | | $ | 17,188 | |

| AISC per tonne processed | $ | 83.58 | | $ | 178.60 | | $ | 90.80 | | $ | 90.38 | | $ | 96.68 | | $ | 90.78 | |

*Certain amounts shown may not add exactly to the total due to rounding differences – prior to Q4 2025, there was minimal processing from La Preciosa and primarily all production came from the Avino property.

Page 15

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

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	Q1 2026		Q1 2025		Q1 2026		Q4 2025

| Mine operating income – per financial statements | $ | 23,418 | $ | 10,562 | $ | 23,418 | $ | 17,844 |

| Depreciation and depletion included in cost of sales | | 3,295 | | 834 | | 3,295 | | 965 |

| Write down of equipment and supplies and materials inventory | | - | | 1 | | - | | 180 |

| Mine operating cash flow before taxes | $ | 26,713 | $ | 11,397 | $ | 26,713 | $ | 18,989 |

Operating Cash Flow Before Working Capital Adjustments

Operating cash flow before working capital adjustments 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. Operating cash flow before working capital adjustments is calculated as cash provided by operating activities on the consolidated statement of cash flows, less net changes in non-cash working capital items per the consolidated statement of cash flows. This measure is used by management to assess the performance of the mine operations and is provided to investors as a measure of the Company’s operating performance.

In 000’s	Q1 2026		Q1 2025			Q1 2026		Q4 2025

| Cash provided by operating activities | $ | 13,631 | $ | 758 | | $ | 13,631 | $ | 9,986 |

| Net change in non-cash working capital items | | 5,057 | | (6,603 | ) | | 5,057 | | 8,967 |

| Operating cash flow before working capital adjustments | $ | 18,688 | $ | 7,361 | | $ | 18,688 | $ | 18,953 |

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	March 31,<br> <br>2026			December 31,<br> <br>2025

| Current assets | $ | 168,984 | | $ | 132,068 | |

| Current liabilities | | (29,260 | ) | | (33,506 | ) |

| Working capital | $ | 139,724 | | $ | 99,562 | |

Page 16

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

Results of Operations - Summary of Quarterly Results

In 000’s	2026		2025		2025		2025		2025		2024		2024		2024

| Quarter ended | Mar 31<br> <br>Q1 | | Dec 31<br> <br>Q4 | | Sep 30<br> <br>Q3 | | Jun 30<br> <br>Q2 | | Mar 31<br> <br>Q1 | | Dec 31<br> <br>Q4 | | Sep 30<br> <br>Q3 | | Jun 30<br> <br>Q2 | |

| Revenue | $ | 39,433 | $ | 30,544 | $ | 21,042 | $ | 21,805 | $ | 18,836 | $ | 24,382 | $ | 14,616 | $ | 14,787 |

| Net income (loss) | $ | 15,913 | $ | 10,460 | $ | 7,702 | $ | 2,864 | $ | 5,617 | $ | 5,092 | $ | 1,169 | $ | 1,240 |

| Earnings (loss) per share - basic | $ | 0.10 | $ | 0.07 | $ | 0.05 | $ | 0.02 | $ | 0.04 | $ | 0.04 | $ | 0.01 | $ | 0.01 |

| Earnings (loss) per share - diluted | $ | 0.09 | $ | 0.06 | $ | 0.05 | $ | 0.02 | $ | 0.04 | $ | 0.03 | $ | 0.01 | $ | 0.01 |

| Total Assets | $ | 318,838 | $ | 279,032 | $ | 221,858 | $ | 174,680 | $ | 157,693 | $ | 148,711 | $ | 135,366 | $ | 133,702 |

During Q1 2026, revenue increased significantly compared to previous quarters, mainly due to elevated silver prices even with lower silver equivalent ounces sold in the current quarter.

Net income and earnings per share in Q1 2026 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.

Cash Flow

	March 31,<br> <br>2026			March 31,<br> <br>2025

| Cash generated by operating activities | $ | 13,631 | | $ | 758 | |

| Cash generated by financing activities | | 26,033 | | | 350 | |

| Cash used in investing activities | | (2,714 | ) | | (1,796 | ) |

| Change in cash | | 36,950 | | | (688 | ) |

| Effect of exchange rate changes on cash | | (28 | ) | | (2 | ) |

| Cash, beginning of period | | 101,724 | | | 27,317 | |

| Cash, end of period | $ | 138,646 | | $ | 26,627 | |

Operating Activities

Cash generated by operating activities for the three months ended March 31, 2026, was $13.6 million, an increase of $12.8 million compared to $0.8 million generated for the three months ended March 31, 2025. Cash movements from operating activities can fluctuate with changes in net income and working capital movements. In Q1 2026, cash generated from operating activities increased primarily as a result of increases to net income by $10.3 million, as well as positive unrealized foreign exchange movements totaling $2.2 million. These were offset by offset primarily by movements in non-cash items such as an increase to depreciation and depletion of $2.5 million, unrealized derivatives movements totaling $1.5 million in additional loss, as well as smaller movements in other non-cash items.

Financing Activities

Cash generated by financing activities was $26 million for the three months ended March 31, 2026, compared to $0.3 million generated for the three months ended March 31, 2025. 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 three months ended March 31, 2025, the Company received net proceeds from issuance of shares for cash and from options exercise of $27 million (March 31, 2025 – $0.8 million). The Company also made lease and equipment loan payments totaling $1 million (March 31, 2025 - $0.5 million).

Page 17

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

Investing Activities

Cash used in investing activities for the three months ended March 31, 2026, was $2.7 million compared to $1.8 million for the three months ended March 31, 2025. Investing activities in the period primarily related to additions as to plant, equipment and mining properties at the Avino and La Preciosa mining operations.

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.

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

Intended Use of Proceeds	Actual Use of Proceeds

| In June 2025, the Company announced the renewal of the at-the-market (the “2025 ATM”) sales agreement for gross proceeds of up to $40 million. At December 31, 2025, the Company had received gross proceeds of $40 million in connection with the 2025 ATM, completing the program. 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.<br> <br><br> <br>In November 2025, the Company announced a new at-the-market (the “2025 ATM #2”) sales agreement for gross proceeds of up to $60 million. At March 31, 2026, the Company had received gross proceeds of approximately $59 million in connection with the 2025 ATM #2. The proceeds from the 2025 ATM #2 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.<br> <br><br> <br>During this period, funds have been used for exploration and evaluation activities, the acquisition of mining equipment and development activities at La Preciosa, the acquisition of sustaining capital equipment and development of the Avino Mine and the repayments of capital equipment acquired under lease and loan. Further, funds were used for the repurchase of existing royalty and production obligations at La Preciosa. 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.

Page 18

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

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 March 31,

| | 2026 | | 2025 | |

| Salaries, benefits, and consulting fees | $ | 412 | $ | 576 |

| Share-based payments | | 740 | | 288 |

| | $ | 1,152 | $ | 864 |

(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:

	March 31,<br> <br>2026			December 31,<br> <br>2025

| Oniva International Services Corp. | $ | 97 | | $ | 98 | |

| Silver Wolf Exploration Ltd. | | (243 | ) | | (239 | ) |

| | $ | (146 | ) | $ | (141 | ) |

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 three months ended March 31, 2026, the Company paid $91 (March 31, 2025 - $185) 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 March 31,

| | 2026 | | 2025 | |

| Salaries and benefits | $ | 540 | $ | 311 |

| Office and miscellaneous | | 240 | | 134 |

| | $ | 780 | $ | 445 |

Page 19

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

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

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, 2025 – 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.

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 March 31, 2026, no amounts were held as collateral.

(b) Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due. The Company manages its liquidity risk by forecasting cash flows required by its operating, investing and financing activities. The Company had cash at March 31, 2026, in the amount of $138,646 and current assets exceeded current liabilities by $139,724 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 March 31, 2026, 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 | $ | 12,018 | $ | 12,018 | $ | - | $ | - |

| Deferred consideration payable | | 8,750 | | 8,750 | | - | | - |

| Equipment loans | | 825 | | 444 | | 381 | | - |

| Finance lease obligations | | 8,175 | | 3,517 | | 4,658 | | - |

| Total | $ | 29,768 | $ | 24,729 | $ | 5,039 | $ | - |

(c) Market Risk

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

Page 20

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

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.

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:

	March 31, 2026						December 31, 2025

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

| Cash | $ | 22,483 | | $ | 2,814 | | $ | 29,172 | | $ | 1,710 | |

| Due from related parties | | 4,104 | | | - | | | 4,026 | | | - | |

| Long-term investments | | - | | | 5,918 | | | - | | | 5,690 | |

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

| Amounts receivable | | 9,809 | | | 31 | | | 11,461 | | | 30 | |

| Accounts payable and accrued liabilities | | (61,583 | ) | | (232 | ) | | (73,792 | ) | | (311 | ) |

| Due to related parties | | - | | | (135 | ) | | - | | | (135 | ) |

| Finance lease obligations | | (3,047 | ) | | (402 | ) | | (4,320 | ) | | (430 | ) |

| Net exposure | | (28,234 | ) | | 8,000 | | | (33,453 | ) | | 6,560 | |

| US dollar equivalent | $ | (1,558 | ) | $ | 5,738 | | $ | (1,863 | ) | $ | 4,785 | |

Based on the net US dollar denominated asset and liability exposures as at March 31, 2026, a 10% fluctuation in the US/Mexican and Canadian/US exchange rates would impact the Company’s earnings for the three months ended March 31, 2026, by approximately $366 (December 31, 2025 - $248). The Company has entered into certain foreign currency contracts to mitigate this risk and during the three months ended March 31, 2026, recorded a derivative asset of $190 (December 31, 2025 – derivative liability of $1,314).

Price Risk

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

The Company is exposed to price risk with respect to its amounts receivable, as certain trade accounts receivable are recorded based on provisional terms that are subsequently adjusted according to quoted metal prices at the date of final settlement. Quoted metal prices are affected by numerous factors beyond the Company’s control and are subject to volatility, and the Company does not employ hedging strategies to limit its exposure to price risk. At March 31, 2026, based on outstanding accounts receivable that were subject to pricing adjustments, a 10% change in metals prices would have an impact on net earnings (loss) of approximately $487 (December 31, 2025 - $743).

The Company is exposed to price risk with respect to its long-term investments, as these investments are carried at fair value based on quoted market prices. Changes in market prices result in gains or losses being recognized in net income (loss). At March 31, 2026, a 10% change in market prices would have an impact on net earnings (loss) of approximately $1,177 (December 31, 2025 - $384).

Page 21

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

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 March 31, 2026:

	Level 1		Level 2		Level 3

| Financial assets | | | | | | |

| Cash | $ | 138,646 | $ | - | $ | - |

| Amounts receivable | | - | | 4,870 | | - |

| Derivative asset | | - | | 190 | | - |

| Long-term investments | | 3,846 | | - | | 400 |

| Total financial assets | $ | 142,492 | $ | 5,060 | $ | 400 | | 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, 2025:

	Level 1		Level 2		Level 3

| Financial assets | | | | | | |

| Cash | $ | 101,724 | $ | - | $ | - |

| Amounts receivable | | - | | 7,430 | | - |

| Derivative asset | | - | | 1,314 | | - |

| Long-term investments | | 3,843 | | - | | 308 |

| Total financial assets | $ | 105,567 | $ | 8,744 | $ | 308 | | Financial liabilities | | | | | | |

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

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

Page 22

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

Commitments

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

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:

	March 31,<br> <br>2026		December 31,<br> <br>2025

| Not later than one year | $ | 767 | $ | 459 |

| Later than one year and not later than five years | | 1,190 | | 1,677 |

| Later than five years | | 2,989 | | 3,210 |

| | $ | 4,946 | $ | 5,346 |

Office lease payments recognized as an expense during the three months ended March 31, 2026, totaled $11 (March 31, 2025 - $8).

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.

Subsequent Events

Stock Options Exercises – Subsequent to March 31, 2026, the Company issued 418,750 common shares through the exercise of 418,750 stock options at an average exercise price of C$2.00 for proceeds of C$837.

RSU Vesting – Subsequent to March 31, 2026, the Company issued 1,210,729 common shares through the vesting of 1,210,729 RSUs.

Outstanding Share Data

The Company’s authorized share capital consists of an unlimited number of common shares without par value. As at May 13, 2026 the following common shares, warrants, and stock options were outstanding:

	Number of shares		Exercise price	Remaining life (years)

| Share capital | | 170,200,810 | | | - |

| Restricted Share Units (“RSUs”) | | 1,825,805 | | 0.01 – 2.84 | |

| Stock options | | 3,244,408 | C0.78 - C9.41 | 0.87 – 4.84 | |

| Fully diluted | | 175,271,023 | | | |

All values are in US Dollars.

Page 23

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

The following are details of outstanding stock options as at March 31, 2026 and May 13, 2026:

Expiry Date	Exercise Price Per Share		Number of Shares<br> <br>Remaining Subject to<br> <br>Options<br> <br>(May 13, 2026)

| March 25, 2027 | C1.20 | 115,000 | | 65,000 |

| March 29, 2028 | C1.12 | 450,000 | | 450,000 |

| March 25, 2029 | C0.78 | 610,000 | | 610,000 |

| April 9, 2030 | C2.11 | 1,925,250 | | 1,556,500 |

| May 27, 2030 | C4.38 | 75,000 | | 75,000 |

| March 16, 2031 | C9.41 | 437,908 | | 437,908 |

| Total: | | 3,613,158 | | 3,194,408 |

All values are in US Dollars.

The following are details of outstanding RSUs as at March 31, 2026 and May 13, 2026:

Expiry Date	Number of Shares Remaining Subject<br> <br>to RSUs<br> <br>(March 31, 2026)		Number of Shares Remaining Subject<br> <br>to RSUs<br> <br>(May 13, 2026)

| April 1, 2026 | | 100,000 | | - |

| April 1, 2027 | | 1,179,014 | | 582,000 |

| April 9, 2028 | | 1,547,715 | | 1,034,000 |

| March 16, 2029 | | 209,805 | | 209,805 |

| Total: | | 3,036,534 | | 1,825,805 |

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. During the three months ended March 31, 2026, the Company adopted amendments to IFRS 9 Financial Instruments and related amendments to IAS 7 Statement and of Cash Flows and IFRS 7 Financial Instruments: Disclosures, related to the settlement of financial assets and financial liabilities through electronic payment systems. The amendments clarify the timing of recognition and derecognition of financial assets and financial liabilities settled electronically and introduce and optional exception for certain electronic payment arrangements. We have assessed these standards and the adoption of these amendments did not have a material impact on the Company’s consolidated 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 three months ended March 31, 2026, 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 24

MANAGEMENT’S DISCUSSION AND ANALYSIS<br> <br>FOR THE THREE MONTHS ENDED MARCH 31, 2026

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 consolidated audited financial statements for the three months ended March 31, 2026, 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 May 13, 2026. 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 25

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 March 31, 2026.
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 January 1, 2026 and ended on March 31, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: May 13, 2026

“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 March 31, 2026.
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 January 1, 2026 and ended on March 31, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: May 13, 2026

“Nathan Harte”

| Nathan Harte |

| Chief Financial Officer |