Avino Silver & Gold Mines is a small precious metals producer operating exclusively in Durango, Mexico. Its core asset is the Avino Mine, a 100%-owned underground silver-gold-copper mine that produces a bulk copper concentrate sold to a smelter. Ore is processed through Avino's own mill, and revenue is recognized net of smelter treatment and refining charges. Samsung C&T UK is Avino's primary offtake partner under a long-term concentrate sales agreement. The Avino Mine currently mills roughly 700,000+ dry tonnes per year, producing silver, gold, and copper. Avino's second key asset is La Preciosa, one of the largest undeveloped silver deposits in Mexico, located about 19 kilometers from the Avino mill. Underground development at La Preciosa began in early 2025, with initial material being processed through the Avino mill by late 2025. Avino's growth plan centers on ramping La Preciosa to 500 tonnes per day by 2026, with potential to expand further, while also evaluating a mill expansion and developing a third asset — an oxide tailings project on the Avino property. Avino's profitability is driven primarily by silver, gold, and copper prices, as well as mill throughput and ore grades. Costs are partly Mexican peso-denominated while revenues are in U.S. dollars, so margins benefit from peso weakness. Avino uses peso/USD forward contracts to partially hedge this FX exposure. The company funds growth organically from mine cash flow, supplemented by an at-the-money equity facility.