Mr. Nathan Harte reports

AVINO REPORTS $12.4 MILLION IN REVENUES IN Q1 2024; IMPROVES ON UNIT COSTS

Avino Silver & Gold Mines Ltd. has released its consolidated financial results for the first quarter of 2024. All dollar figures are in U.S. dollars, unless otherwise noted.

First quarter 2024 financial highlights:

• Revenues of $12.4-million;
• Gross profit (mine operating income) of $2.3-million, $3.1-million net of non-cash costs of sales;
• Net income of $600,000;
• Earnings before interest, taxes, depreciation and amortization (EBITDA) of $1.7-million;
• Adjusted earnings of $2.0-million or two cents per share;
• Cash costs per silver equivalent payable ounce sold of $14.89;
• All-in sustaining cash costs per silver equivalent payable ounce sold of $20.23.

This news release 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.

"In the first quarter, we continued to show steady improvement with positive net income, cash flow generation and reduced operating costs," said Nathan Harte, chief financial officer. "Unit costs and margins have improved compared to 2023, as our team has diligently worked to preserve our cost structure, as evidenced by increases to working capital of 92 per cent since Q1 2023 and growth in our cash position of 29 per cent since year-end. Further, with stronger pricing seen subsequent to the end of the quarter in all three of our production metals, the outlook for the rest of 2024 remains very positive. Finally, we want to reiterate our confidence in our plans to advance La Preciosa with limited capital spending and look forward to updating the market on progress."

"We have successfully implemented robust cost control strategies, despite the challenges posed by inflationary pressures, resulting in a gradual reduction in costs during the first quarter," said David Wolfin, president and chief executive officer. "In addition, our first quarter production results saw a notable improvement to mill throughput of 18 per cent compared to Q4 2023, which contributed to positive overall results. Our commitment to achieving growth targets remains unwavering. We are enthusiastic with the recent advancements in the development of La Preciosa, a mineral property in its development stage boasting a substantial untapped primary silver resource in Mexico. Situated near to Avino's established operations in Durango, Mexico, the integration of La Preciosa's mineral resource inventory has notably bolstered Avino's overall NI 43-101 mineral resource portfolio to a current total of 371 million silver equivalent ounces."

First quarter 2024 highlights

La Preciosa

On Feb. 28, 2024, the company provided an update on recently completed and continuing work in connection with La Preciosa. Capital costs for 2024 are expected to be between $3.0-million and $4.0-million, and will include surface works and equipment procurement intended for the first phase of mine development for the Gloria and Abundancia veins. Avino has the mining equipment necessary to commence operations at La Preciosa. The application for the environmental permit has been submitted to the relevant authorities. A further permit application will be submitted shortly after receipt of the environmental permit, which is required to commence the construction of the portal and haulage ramp, and the mining of the Gloria and Abundancia veins. Avino anticipates receiving these permits in the coming year. Avino is fully committed to moving this project forward as it factors prominently in the company's five-year growth strategy. Recent photos from the La Preciosa property can be viewed on the company's website.

Production in line with expectations

Silver equivalent production of 629,302 ounces is within the company's guidance range and the company remains on track with its targeted full-year production of 2.5 million to 2.8 million silver equivalent ounces.

Prefeasibility study -- oxide tailings project

On Feb. 5, 2024 , the company announced the completion of the prefeasibility study (PFS) for its oxide tailings project (OTP) at the Avino mine operations. The completion of the PFS is a key milestone in the company's growth trajectory.

The study highlighted proven and probable mineral reserves, a first in Avino's 57-year history, of 6.7 million tonnes at silver and gold grades of 55 grams per tonne (g/t) and 0.47 g/t, respectively.

The OTP is considered one of the company's three catalysts for future growth as a gold and silver production asset.

Dry-stack tailings facility completed and operational

With the rearrangement of Avino's handling of tailings as a result of the completed dry-stack tailings facility, which has been in use for over a year, the prior method of wet tailings deposition is no longer in use. A tab available on the company's website provides further information on Avino's tailings management system, along with videos (in English and Spanish) that can be viewed. In addition, a selection of short videos of the facility in operation can be viewed on the company's website, under videos and media.

First quarter 2024 capital expenditures

First quarter capital expenditures company wide were $2.0-million, compared with $3.8-million in Q1 2023, which is within the range previously disclosed in the Avino 2024 outlook news release, which can be found on the company's website.

ESG (environmental, social and governance) initiatives

Avino continues to strengthen and cultivate relationships with its local communities and stakeholders, as it aims to contribute in positive and meaningful ways. The company considers the communities near the heart of its operations to be central to the success of its mining projects. Avino strives to enlighten the local youth about the benefits of mining, encouraging them to envision a future where they can pursue meaningful careers close to home.

Mexican nationals account for 100 per cent of the Avino mine work force. Currently, the company has 490 direct jobs, including the workers at the mine site and in its Durango offices. This translates to approximately three times the number of indirect jobs for services, consultants and suppliers in the surrounding communities and the Durango area.

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

The company will be holding a conference call and webcast on Thursday, May 9, 2024, at 8 a.m. PDT (11 a.m. EDT). Shareholders, analysts, investors and media are invited to join the webcast and conference call on-line or by dialling one of the following numbers five to 10 minutes prior to the start time.

Toll-free:  888-506-0062

International:  973-528-0011

Participant access code:  974717

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 intends to maintain long-term sustainable and profitable mining operations to reward shareholders and the community alike through its growth at the historic Avino property and the strategic acquisition of the adjacent La Preciosa, which was finalized in Q1 2022. Avino currently controls mineral resources, as per NI 43-101, with a total mineral content of 371 million silver equivalent ounces, within its district-scale land package. The company 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.

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