Mr. David Wolfin reports

AVINO REPORTS Q3 2023 FINANCIAL RESULTS

Avino Silver & Gold Mines Ltd. released today its consolidated financial results for the company's third quarter of 2023. The earnings should be read in conjunction with the company's financial statements and management's discussion and analysis (MD&A) for the corresponding period, which can be viewed on the company's website, or on SEDAR+ or on EDGAR.

Third quarter 2023 financial highlights

• Revenues of $12.3-million, increase of over $3-million from both Q1 and Q2 2023;
• Mine operating income of $2.4-million, $3.1-million net of non-cash costs of sales;
• Earnings before interest, taxes, depreciation and amortization (EBITDA) of $700,000;
• Adjusted earnings of $1.6-million, or one cent per share;
• Net loss of $800,000, or one cent per share, driven by non-cash items;
• Cash costs per silver equivalent payable ounce sold -- $16.90 per ounce;
• All-in sustaining cash cost per silver equivalent payable ounce sold -- $22.69 per ounce;
• Cash generated by operating activities (preworking capital adjustments) of $1.8-million;
• Working capital of $7.4-million, up $2.8-million from June 30, 2023.

"During the third quarter of 2023, the Avino mine provided consistent production results although impacted by the lower copper grade areas we were mining coupled with lower recovery rates," said David Wolfin, president and chief executive officer. "Our financial performance was improved from previous quarters, with stronger revenues of over $12-million resulting from higher sales volumes, as well as improved margins helped by the weakening of the Mexican Peso against the U.S. dollar over the previous quarter. We remain focused on moving our pipeline of projects forward to achieve transformational growth, becoming an intermediate silver producer in Mexico, and delivering the best performance for our shareholders and stakeholders."

Third quarter operational 2023 highlights

Consistent production at Avino:

• The silver equivalent production was steady albeit lower compared with Q3 2022 and decreased by 24 per cent to 591,208 ounces. Based on year-to-date production and the current timeline associated with processing the surface material from La Preciosa, the company adjusted its internal production estimate to 2.4 million to 2.7 million silver equivalent ounces for 2023.

Avino announced continuing exceptional drill results

• On Sept. 14, 2023, the company released the results of a further four holes from below Level 17, the current deepest workings at the Elena Tolosa (ET) area of the Avino system. These latest deep stepout holes test the SW (southwest) extent of the robust Avino vein and one infill hole was drilled to confirm local continuity. The current drilling follows the continuity of the steeply dipping mineralization and aids in understanding the deep source of the mineralization. Geological modelling is continuing to determine the potential geometry and controls of the mineralization.
• Avino has completed its planned and budgeted drilling program for the year by drilling 7,545 metres in 13 drill holes. The team of geologists on site are implementing the recommendations made by the company's consulting structural geologists to further study the potential of the entire mineralization and formulate exploration plans and budget for 2024.

Avino announced best drill intercept in company history:

• On July 5, 2023, the company released the results of three holes from below Level 17, the current deepest workings at the Elena Tolosa (ET) area of the Avino system. Drill hole ET-23-09 showed 57 metres true width of mineralization and is a stepout 50 metres to the west of Avino's most westerly drill hole at 200 metres downdip below Level 17. This mineralized intercept is exceptionally wide and has very high silver, gold and copper grades. The vein system continues to be open along strike and at depth.

Dry-stack tailings facility

• Dry-stack tailings facility: The facility has been fully operational for a year. The conveyor system is installed and is currently transporting the pressed dry residues to the Avino open pit area. A tab is now available on the company's website that provides further information on its tailings management system, along with videos (in English and Spanish) from the mine site that can be viewed. In addition, a selection of short videos of the facility in operation can be viewed on the company's company website, under videos and media.

La Preciosa

• The company is conducting community engagement in the nearby towns adjacent to the property, and the environmental permit is being prepared in parallel with the engagement process. The company will provide further updates as plans develop. Avino is fully committed to moving this project forward as it factors prominently in the company's five-year growth strategy.

Capital expenditures

Third quarter cash capital expenditures company-wide were $1.8-million, compared with $2.6-million during Q3 2022, within the range as previously disclosed in the Avino 2023 outlook press release which can be found on the company's website. This figure also includes exploration expenditures on the Avino property.

Prefeasibility study -- Oxide tailings project

The prefeasibility study is progressing well and is expected to be completed in the first quarter of 2024.

ESG initiatives

Avino continues to create value for all stakeholders and supports the local communities in which the company operates as the company continues efforts to incorporate principles of sustainability and social responsibility. In line with Avino's policy of local employment, Mexican nationals account for 100 per cent of the mine work force. Currently, there are 448 direct jobs at the mine, which has increased substantially since the restart of operations in 2021, which typically translates to three times the number of indirect jobs for services, consultants and suppliers in the surrounding communities and the Durango area. The company has strengthened its CSR team in Durango to bolster its community relations as well as reinforcing local government relationships. After working diligently towards obtaining an ESR designation in 2022, the team in Durango received the designation for the second time in August, 2023.

Qualified person

Peter Latta, PEng, MBA, vice-president of technical Services, Avino, who is a qualified person within the context of National Instrument 43-101 has reviewed and approved the technical data in this news release.

Conference call and webcast

In addition, the company will be holding a conference call and webcast on Thursday, Nov. 9, 2023, at 8 a.m. PT (11 a.m. ET). Shareholders, analysts, investors and media are invited to join the webcast and conference call by logging in here Avino Q3 financial results or by dialing the following numbers five to 10 minutes prior to the start time.

Toll-free Canada and United States:  1-800-319-4610

Outside of Canada and U.S.:  1-604-638-5340

About Avino Silver & Gold Mines Ltd.

Avino is a silver producer from its wholly owned Avino mine near Durango, Mexico. The company's silver, gold and copper production remains unhedged. The company's mission and strategy are to create shareholder value through its focus on profitable organic growth at the historic Avino property and the strategic acquisition of the La Preciosa property. Avino currently controls mineral resources, as per National Instrument 43-101, that total 368 million silver equivalent ounces, within its district-scale land package. Avino is committed to managing all business activities in a safe, environmentally responsible and cost-effective manner, while contributing to the well-being of the communities in which it operates.

We seek Safe Harbor.