Summary of Mineral Reserves and Mineral Resources Estimates
These tables summarize the Company's updated Mineral Reserves and Mineral Resources on its material mineral properties, which include La Preciosa, the Avino Mine (consisting of the Elena Tolosa (“ET”) deposit, Guadalupe, and La Potosina) with an effective date of October 31, 2025. The Oxide Tailings Deposit mineral reserve estimate was completed in 2024 and is materially unchanged since its publication and has an effective date of January 16, 2024.
Measured and Indicated Mineral Resources are reported inclusive of Mineral Reserves, and all Mineral Resources reflect mining depletion through to October 31, 2025.
Proven and Probable Mineral Reserves.
(million lb)
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 mineraltype/mineral process and the metal payable of the selling contract as of effective date.
Mineral Resources Inclusive of the Mineral Reserves.
(million lb)
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-offgrades 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 Agrecovery 80%, Au Recovery 70%, Ag price $36.90/t. oz., Auprice $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.