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Avino Reports Q1 Financial Results

Avino Silver & Gold Mines Ltd. (TSX/NYSE: ASM), a primarily silver producer and explorer in Mexico, announced its consolidated financial results for the Company’s first quarter ended March 31, 2020.

The Financial Statements and Management Discussion and Analysis (MD&A) can be viewed on the Company’s web site at www.avino.com.

David Wolfin, President and CEO commented, “Avino had a strong first quarter that included a 10% increase in silver equivalent payable ounces sold, a 6% increase in revenues and a significant increase in mine operating income compared to Q1 2019. We were also able to transition to full production from the Avino mine, in keeping with our scheduled mine plan. We have, as previously announced, placed the mine on care and maintenance, and are following the Mexican Government’s order to temporarily suspend operations. We look forward to bringing the Avino mine back into production when it is safe to do so. Above all, the health and wellness of our employees, stakeholders, and shareholders globally is our top priority, and we are working on back-to-work plans that we will be able to implement as soon as we are given the all-clear by both the Mexican and Canadian Governments.”

Financial Highlights and Overview
First Quarter 2020 Financial Highlights

• Revenues from mining operations of $7.1 million, up 6% from Q1 2019

• Mine operating income of $0.8 million, up significantly from $0.1 million for the same period in 2019

• Net loss from continuing operations of $0.2 million, or $Nil per share

• Earnings before interest, taxes, depreciation and amortization (“EBITDA”)2 and Adjusted EBITDA2 of $0.4 million

• Consolidated cash costs2 of $9.83 per silver equivalent payable ounce1 • Consolidated all-in sustaining cash cost (“AISC”)2 of $14.88 per silver payable equivalent ounce1

• Working capital of $10.8 million, with $6.7 million consisting of cash, at the end of Q1 2020

• Reduced term facility and equipment debt by $1.2 million during Q1 2020

Costs and Capital Expenditures:

Capital expenditures for Q1 2020, were $0.5 million compared to $2.5 million for the corresponding period in 2019, with the decrease is due mostly to the timing of expenditures and a cautious approach regarding the current COVID-19 pandemic. We expect that this amount will increase later into 2020, as certain capital expenditures have been pushed into the latter half of the year.

Operational Highlights

Silver equivalent production in Q1 2020 increased by 11% compared to Q1 2019, with record copper quarterly production of over 1.8 million pounds. The Avino Mine produced a record 262,238 silver ounces, the highest quarterly total achieved to date. For the complete Q1 2020 Financial Results and more information on Avino Silver & Gold Mines Ltd. visit www.avino.com.

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