Mr. David Wolfin reports

AVINO PROVIDES OUTLOOK FOR 2024 AND HIGHLIGHTS ITS MAJOR 2023 MILESTONES

Avino Silver & Gold Mines Ltd. has provided its outlook for 2024 and a summary of the major milestones achieved in 2023.

Two thousand twenty-four outlook

Production

For 2024, approximately 700,000 tonnes to 750,000 tonnes are planned for mill processing, and will be sourced from both the Avino mine and stockpiles from La Preciosa. Based on current metal prices, the company expects to produce between 2.5 million and 2.8 million silver equivalent (AgEq) ounces (oz).

Growth capital

The company's budgeted growth capital for 2024 includes expenditures at the Avino mine and at La Preciosa, which features prominently in the company's five-year growth plan.

At La Preciosa, growth capital includes surface works and equipment procurement intended for the first phase of mine development in conjunction with the company's internal mine plan for the Gloria and Abundancia veins. With most of the mining and development equipment already at Avino, the company expects minimal upfront capital needed to begin mine development at La Preciosa.

Management and the board of directors are continuing to review the budget for La Preciosa. The environmental permit has been submitted to the relevant authorities and the timing of expenditures is contingent upon approval.

Exploration and evaluation

The company's budgeted exploration and evaluation expenditures for 2024 will be focused on regional exploration and further understanding of the structural geology below the current Avino mine production area, with no drilling planned. The company's priority is to move La Preciosa forward to development and production.

Sustaining capital and mine development

At Avino, budgeted sustaining capital and mine development expenditures include rehabilitation and overhauls of the company's existing mining fleet, tailings management, and continuing mine and mill maintenance to ensure safety as the company continues production operations.

"In 2023, we delivered on several important goals, starting with a successful drill program which focused on the area below Level 17, the current deepest workings at the Elena Tolosa area of the Avino system," said David Wolfin, president and chief executive officer. "The program followed the continuity of the steeply dipping mineralization and is a step forward in understanding the deep source of the mineralization. In addition, we were ecstatic to report the best drill intercept in company history. Following these results, we proceeded with the prefeasibility study on the oxide tailings project following the completion of the metallurgical test work program. This year has started off with more positive news, as we announced the signing of a long-term land-use agreement with a local community for the development of La Preciosa. We look forward to receiving our full mining permit so we can put that mine into production, starting with the Gloria vein. On top of this, we recently announced the positive economic results of the prefeasibility study on the oxide tailings project and look forward to advancing that project through community engagement. With the completion of this project, we added significant mineral resources that total over 370 million silver equivalent ounces across all properties and, for the first time in Avino's history, we have proven and probable mineral reserves, having successfully converted the measured and indicated resources to mineral reserves on the oxide tailings. With all of this positive news, we are looking forward to 2024 to continue delivering on our plan for transformational growth. We continue to believe that silver is undervalued and will see higher demand as the global trend for renewables and all things electrified matures."

Two thousand twenty-three milestones achieved

A summary of the achieved objectives and milestones for 2023:

• Updated mineral resource estimate: On Feb. 16, 2023, an updated mineral resource update was completed and included the Elena Tolosa (ET) deposit, the San Gonzalo deposit, and the oxide tailings deposit. Inaugural MREs (mineral resource estimates) have also been included on the Guadalupe and La Potosina deposits. Together with the previously reported mineral resources on the company's new La Preciosa property, the updated consolidated mineral resources as of February, 2023, totalled 368 million silver equivalent ounces in the measured, indicated and inferred categories. This represented a significant boost to the overall consolidated mineral resources on the Avino property, which represented another milestone on the company's path to transformation growth.
• Two thousand twenty-three production -- in line with internal production estimates: The company's revised internal estimate for production for 2023 was between 2.4 million ounces to 2.7 million ounces AgEq, with actual production for 2023 coming in within the range (see news release dated Jan. 16, 2024).
• Oxide tailings project -- prefeasibility study: The company completed its comprehensive prefeasibility study, which was finalized in early 2024 (see news release dated Feb. 5, 2024). Results at a 5-per-cent discount rate demonstrate an after-tax NPV (net present value) of $61-million and an IRR (internal rate of return) of 26 per cent, with a $49-million initial capex (capital expenditure).
• 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 various disused open-pit areas. A tab is now available on the company's website that provides further information on its tailings management system, along with a video (in English and Spanish) from the mine site. In addition, a selection of short videos of the facility in operation can be viewed under videos and media.
• Exploration drilling: Avino completed its planned and budgeted drilling program by drilling 7,545 metres in 13 drill holes, which included the best intercept in Avino's 55-year history. Avino's team of geologists on site are implementing the recommendations made by its consulting structural geologists to further study the potential of the entire mineralization. Drilling news releases can be found in news releases from Jan. 5, 2023, May 23, 2023, July 5, 2023, and Sept. 14, 2023.
• Avino receives ESR award: Avino received, for the second year, the ESR (Empresa Socialmente Responsible) 2022 award, granted by the Mexican Center for Philanthropy (El Centro Mexicano para la Filantropia or Cemefi, and the Alliance for Corporate Social Responsibility (Alizanza por la Responsabilidad Social Empresarial or (AliaRSE)). The ESR award is obtained through a diagnostic process based on indicators reviewed and endorsed annually by a committee of experts in the various CSR areas, supported with documentary evidence, an assessment differentiated by company size and by maturity levels, and an external verification process. Avino continues to view its social responsibility with importance and care of its communities.

Qualified person

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

Corporate information

Avino Silver & Gold Mines added to the Nasdaq Metals Focus Silver Miners Index

Avino was recently added to the Nasdaq Metals Focus Silver Miners Index.

"We are excited that Avino was chosen to be included in the Nasdaq Metals Focus Silver Miners Index and believe that our selection to this index is recognition of our growth transformation goals and recent achievements," stated Mr. Wolfin, president and CEO.

The Nasdaq Metals Focus Silver Miners Index is designed to track the performance of companies engaged in the silver mining industry. Companies are selected based on classification by Metals Focus, a leading independent precious metals research consultancy. Eligible companies include those that derive the majority of their revenues from silver mining, have a significant market share of global silver production, or are principally engaged in exploration and development activities related to new silver production.

Additional information

Avino will release its 2023 year-end financial results in mid-March, 2024, and will hold a conference call to discuss the results.

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 adjacent La Preciosa project, which was finalized in Q1 2022. Avino currently controls mineral resources, as per National Instrument 43-101, with a total mineral content of 368 million silver equivalent ounces, within the company's 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 the company operates.

We seek Safe Harbor.