Avino Silver & Gold Mines Ltd (ASM) 2025 Q1 法說會逐字稿

Good day, and welcome to the Avino Silver & Gold Mines first-quarter 2025 financial results conference call and webcast. As a reminder, all participants are in a listen-only mode and the conference is being recorded. (Operator Instructions)

大家好，歡迎參加 Avino Silver & Gold Mines 2025 年第一季財務業績電話會議和網路廣播。提醒一下，所有參與者都處於只聽模式，會議正在錄音。（操作員指示）

I would now like to turn the conference over to Jennifer North, Head of Investor Relations. Mom, please go ahead.

現在，我想將會議交給投資者關係主管 Jennifer North。媽媽，請繼續。

Thank you, operator. Good morning, everyone, and welcome to the Avino Silver & Gold Mines Limited first-quarter financial results conference call and webcast. To join this webcast and call, there is a link in our news release dated April 16, 2025, and in our news release of yesterday's date, which can be found on our website under news 2025. In addition, a link can be found on the homepage of the Avino website.

謝謝您，接線生。大家早安，歡迎參加 Avino Silver & Gold Mines Limited 第一季財務業績電話會議和網路廣播。要加入此網路廣播和電話會議，請訪問我們 2025 年 4 月 16 日的新聞稿和昨天的新聞稿中的鏈接，這些鏈接可在我們網站的“2025 年新聞”下找到。此外，您還可以在 Avino 網站主頁上找到連結。

On the call today, we have the company's President and CEO, David Wolfin; our Chief Financial Officer, Nathan Harte; our Chief Operating Officer, Carlos Rodriguez; and our VP technical Services, Peter Latta.

參加今天電話會議的有公司總裁兼執行長戴維沃爾芬 (David Wolfin)、財務長內森哈特 (Nathan Harte)、營運長卡洛斯羅德里格斯 (Carlos Rodriguez) 和技術服務副總裁彼得拉塔 (Peter Latta)。

Before we get started, please note that certain statements made today on this call by the management team may include forward-looking information within the meaning of applicable securities laws. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results to be materially different than those expressed by or implied by such forward-looking statements. The company does not intend to and does not assume any obligation to update such forward-looking statements or information other than is required by applicable law.

在我們開始之前，請注意，管理團隊今天在本次電話會議上發表的某些聲明可能包含適用證券法所定義的前瞻性資訊。前瞻性陳述受已知和未知的風險、不確定性和其他因素的影響，這些因素可能導致實際結果與此類前瞻性陳述所表達或暗示的結果有重大差異。除適用法律要求外，該公司無意也不承擔更新此類前瞻性聲明或資訊的任何義務。

For more information, we refer you to our detailed cautionary note in the presentation related to this call or on our press release of yesterday's date. The full financial statements and MD&A are now available on our website under the investors tab, and then click on financial statements. In addition, the full statements are available on Avino's profile on SEDAR+ and on EDGAR. I would like to remind everyone that this conference call is being recorded and will be available for replay later today. Replay information and the presentation slides from this conference call and webcast will be available on our website. Also, please note that all figures stated are in US dollars, unless otherwise noted.

欲了解更多信息，請參閱與本次電話會議相關的演示文稿中或昨天的新聞稿中的詳細警告說明。完整的財務報表和 MD&A 現在可以在我們網站的投資者標籤下找到，然後點擊財務報表。此外，完整聲明可在 SEDAR+ 和 EDGAR 上的 Avino 個人資料中查閱。我想提醒大家，本次電話會議正在錄音，今天稍晚可以重播。本次電話會議和網路廣播的重播資訊和簡報投影片將在我們的網站上提供。另請注意，除非另有說明，所有數字均以美元為單位。

Thank you. I will now hand the call over to Avino's President and CEO, David Wolfin.

謝謝。現在我將把電話交給 Avino 總裁兼執行長 David Wolfin。

Thanks, Jen. Good morning, everyone and welcome to Avino's first-quarter 2025 financial results conference call and webcast. We will cover the highlights of our financial and operating performance, and then we will go over the work that we are currently doing, followed by a Q&A.

謝謝，Jen。大家早安，歡迎參加 Avino 2025 年第一季財務業績電話會議和網路廣播。我們將介紹我們的財務和營運績效的亮點，然後介紹我們目前正在進行的工作，最後進行問答。

I will start with the discussion on operations, and then I will turn it over to Nathan Harte, Avino's CFO, to discuss the financial performance for this period. And then Jennifer North, our Head of Investor Relations, will present an overview of Q1 CSR ESG initiatives. Please turn to slide 5 of Q1 2025 highlights.

我將首先討論營運情況，然後交給 Avino 的財務長 Nathan Harte 討論這段時期的財務表現。然後，我們的投資者關係主管 Jennifer North 將概述第一季的 CSR ESG 舉措。請翻到 2025 年第一季亮點投影片第 5 頁。

Avino has delivered another strong quarter, posting record earnings and continuing to demonstrate strength across key financial metrics, with improvements in unit costs leading the way in the first quarter of 2025. Nathan will provide a detailed overview of the financials later in the call. I do want to take a moment to reiterate a key point we've emphasized over the years, and that is our clear strategy for growth. We've remained fully committed to advancing Avino, and our collective efforts continue to drive us forward. The first quarter of 2025 builds on the exceptional year we had in 2024, and we're looking ahead with confidence to continue momentum and even greater achievements.

Avino 又一個季度表現強勁，獲利創歷史新高，各項關鍵財務指標持續展現強勁勢頭，其中單位成本的改善在 2025 年第一季處於領先地位。內森 (Nathan) 將在稍後的電話會議中提供詳細的財務狀況概述。我確實想花點時間重申我們多年來一直強調的一個關鍵點，那就是我們明確的成長策略。我們始終致力於推動 Avino 的發展，我們的共同努力將繼續推動我們前進。2025 年第一季建立在 2024 年非凡業績的基礎之上，我們滿懷信心地展望未來，繼續保持良好勢頭，取得更大的成就。

Our balance sheet remains strong, with just over $26 million in cash, record-breaking high working capital of over $31 million at the end of the quarter. Our operations teams continue to deliver meaningful cost improvements. Development at La Preciosa is progressing well. With strong operational performance, Avino remains on track to generate growth for all stakeholders and shareholders.

我們的資產負債表依然強勁，現金略高於 2,600 萬美元，季末營運資金創歷史新高，超過 3,100 萬美元。我們的營運團隊持續實現有意義的成本改進。La Preciosa 的開發進展順利。憑藉強勁的營運業績，Avino 將繼續為所有利害關係人和股東創造成長。

Moving on to slide 6, we turn to our Q1 2025 production results that were released in mid-April. Compared to Q1 2024, the results were as follows: silver equivalent production increased 8%. Avino produced 678,000 silver equivalent ounces in Q1.

轉到第 6 張投影片，我們來看看 4 月中旬發布的 2025 年第一季生產結果。與 2024 年第一季相比，結果如下：白銀當量產量增加了 8%。Avino 第一季生產了 678,000 盎司白銀當量。

The increase was driven by improved grades in silver, gold, and copper, and offset by slightly lower mill throughput. Gold production increased 25% to 2,225 ounces.

產量成長的原因是銀、金和銅品位的提高，但被軋機產量的略微下降所抵消。黃金產量成長25%，達到2,225盎司。

Improved feed grade of 17% accounted for the majority of the increase, alongside significant improvements in recoveries, which were up 75% from 70% in Q1 2024. Copper production increased 19%. Avino produced 1.6 million pounds of copper in Q1. The increase was due to improved copper-feed grade of 17%, as well as an increase in recoveries to 87% from 84%.

飼料等級提高 17% 佔了成長的大部分，同時回收率也顯著提高，從 2024 年第一季的 70% 上升了 75%。銅產量成長19%。Avino 第一季生產了 160 萬磅銅。這一增長是由於銅原料品位提高了 17%，以及回收率從 84% 提高到了 87%。

Silver production increased 6%. Silver production for the quarter was 265,681 ounces, with feed grade increasing of 10% driving the improvement overall. Quarter over quarter, the fee grade for the silver increased 10%, and both gold and copper saw an increased grade of 17%. Gold recovery is up 8%. Copper increased 3% while silver recovery decreased slightly by 3%.

白銀產量成長6%。本季白銀產量為 265,681 盎司，其中飼料級白銀產量增加 10%，推動了整體產量的提高。與上一季相比，白銀的費品位增加了 10%，黃金和銅的費品位均增加了 17%。黃金回收率上升了8%。銅回收率上漲3%，而銀回收率則小幅下降3%。

Please turn to slide 7, where I'll run through the Q1 updates. Firstly, we have an exceptional operations team who, during the quarter, successfully executed a jaw crusher replacement, all while maintaining regular mill operations. I'm extremely proud of their diligence, skill, and commitment.

請翻到投影片 7，我將介紹第一季的更新情況。首先，我們擁有一支出色的營運團隊，他們在本季度成功更換了顎式破碎機，同時保持了正常的磨機運作。我為他們的勤奮、技能和承諾感到非常自豪。

Thanks to the excellent work of our team, the Avino mine is operating smoothly with increased production across all three metals: silver, gold, and copper. With the year off to a solid start, Avino is on track to meet our 2025 annual production guidance of 2.5 to 2.8 million ounces of silver equivalent.

感謝我們團隊的出色工作，阿維諾礦場運作順利，銀、金、銅三種金屬的產量均有所提高。今年開局良好，Avino 預計將實現我們 2025 年 250 萬至 280 萬盎司白銀當量的年度產量目標。

Higher realized metal prices and excellent unit costs drove strong financial performance. With the operating costs decreasing for another consecutive quarter, this further increased margins. 2025 has begun positively with consistent production in the first months of the year.

更高的實際金屬價格和優異的單位成本推動了強勁的財務表現。隨著營運成本連續一個季度下降，利潤率進一步提高。 2025 年開局良好，前幾個月產量穩定。

Moving on to La Preciosa, as we reported at the beginning of the year, underground development at La Preciosa has commenced following the receipt of all necessary permits for mining operations. This was a significant step forward in our growth plans and a clear demonstration of our commitment to delivering on our goals.

說到 La Preciosa，正如我們在今年年初報導的那樣，在收到採礦作業所需的所有必要許可證後，La Preciosa 的地下開發工作已經開始。這是我們成長計畫向前邁出的重要一步，也清楚地表明了我們致力於實現目標的決心。

During the quarter, we have made significant progress at La Preciosa blasting and construction of the relatively short 360-meter decline is underway, and equipment mobilization has been swift allowing development to advance on plan.

本季度，我們在 La Preciosa 爆破方面取得了重大進展，相對較短的 360 公尺斜坡道的建設正在進行中，設備調動迅速，使開發工作能夠按計劃推進。

The new jumbo drill is working on the San Fernando haulage ramp as it progresses towards intercepting the Gloria Abundancia veins. I recently returned from a site visit to La Preciosa in the Avino mine where I saw firsthand the solid advancements being made. Development at La Preciosa is advancing well, and the new mining equipment is already having a positive impact on operational efficiencies.

新的巨型鑽孔機正在聖費爾南多運輸坡道上作業，朝著攔截格洛麗亞阿豐丹西亞礦脈的方向前進。我最近剛從阿維諾礦場的 La Preciosa 現場考察回來，在那裡我親眼目睹了正在取得的堅實進步。La Preciosa 的開發進展順利，新的採礦設備已經對營運效率產生了積極影響。

At the Avino mine, the new crusher is contributing to the improved milling efficiencies, and drilling activities are progressing well at Elena Tolosa. We encourage you to visit Avino's website to view all the recent photos highlighting the work at La Preciosa and the Avino mine.

在阿維諾礦，新的破碎機有助於提高磨礦效率，而埃琳娜托洛薩的鑽井活動進展順利。我們鼓勵您造訪 Avino 的網站，查看所有最新的照片，重點介紹 La Preciosa 和 Avino 礦場的工作。

Please turn to slide 8, or I'll have -- we have photos of recent development activities, surface works, and delivery of equipment.

請翻到幻燈片 8，或者我會有——我們有最近的開發活動、地面工程和設備交付的照片。

We are pleased with the progress we are making at La Preciosa with the operations at Avino. At this time and now handed over to Nathan Harte, Avino's CFO, to present a record financial performance for Q1 2025. Nathan.

我們對 La Preciosa 與 Avino 的合作取得的進展感到非常高興。此時，已將工作移交給 Avino 財務長 Nathan Harte，以展示 2025 年第一季創紀錄的財務表現。內森。

Thank you, David. It's my pleasure to be presenting our financial and operating results for the first quarter of 2025 to everyone who has joined us and is viewing our presentation today. Here on slide 9, you can see a snapshot of another quarter with record-breaking financial highlights with a full table on the following slide.

謝謝你，大衛。我很高興向今天加入我們並觀看我們演示的所有人介紹我們 2025 年第一季的財務和營運業績。在第 9 張投影片上，您可以看到另一個季度的快照，其中包含破紀錄的財務亮點，下一張投影片上有完整的表格。

Our first quarter results continued right where we left off in Q4 of 2024. We generated $18.8 million in revenues, up 52% from Q1 of last year and was our second highest in company history following the previous quarter.

我們第一季的業績與 2024 年第四季的業績基本一致。我們創造了 1,880 萬美元的收入，比去年第一季成長 52%，是繼上一季之後公司史上第二高的收入。

Gross profit was a record $10.6 million, with our gross profit margin increasing to 56%, including non-cash depreciation and depletion. This was significantly improved from the 90% margin in Q1 of last year, and even the 45% from last quarter.

毛利達到創紀錄的 1,060 萬美元，包括非現金折舊和損耗在內，毛利率上升至 56%。這比去年第一季的90%的利潤率，甚至比上一季的45%都有了顯著的提高。

On a cash basis, our gross profit margin was 61%, highest in the Avino mines underground production history. Avino achieved a record $5.6 million in net income in the first quarter, which translated to earnings per share of $0.04. This was up significantly compared to Q1 of last year, where we earned just over $0.5 million, and was also increased from last quarter's previous record of $5.1 million.

以現金計算，我們的毛利率為 61%，是 Avino 礦井地下生產歷史上的最高水準。Avino第一季淨利創紀錄地達到560萬美元，相當於每股收益0.04美元。與去年同期略高於50萬美元的淨利潤相比，這一數字大幅增長，也高於上一季創下的510萬美元的紀錄。

Cash flow from operating activities and free cash flow were impacted by working capital movements of $6.6 million in Q1. The movements were primarily a result of an increase in inventory of $2.2 million, as well as an increase in concentrated sales receivable of $2.5 million.

第一季度，經營活動產生的現金流和自由現金流受到 660 萬美元營運資本變動的影響。這些變動主要是由於庫存增加 220 萬美元，以及集中銷售應收款增加 250 萬美元。

Further, we made $3 million in income tax payments in Q1 in Mexico as a result of profits generated in 2024. Before these working-capital movements, we generated $7.4 million from operating activities or $0.05 per share.

此外，由於 2024 年產生的利潤，我們在墨西哥第一季繳納了 300 萬美元的所得稅。在這些營運資本變動之前，我們從經營活動中獲得了 740 萬美元的收入，即每股 0.05 美元。

Our cash cost per silver equivalent ounce was $12.62, our lowest since 2022. On an all-in cash cost basis, we came in right around $20 for silver equivalent ounce below our 2024 average. As mentioned last quarter, this puts us in the lower quartile of junior producing peers and in the mid-range with the other intermediate producers in Mexico.

我們的每盎司白銀當量現金成本為 12.62 美元，為 2022 年以來的最低水準。以全現金成本計算，我們的白銀當量盎司價格比 2024 年的平均價格低約 20 美元。正如上個季度所提到的，這使我們處於初級生產商同行的下四分位數，並處於墨西哥其他中級生產商的中間範圍。

Now onto the balance sheet. Our cash position was $26.6 million at the end of the quarter, consistent with levels at the end of the year as we were impacted by working-capital movements in the quarter.

現在來看資產負債表。本季末，我們的現金狀況為 2,660 萬美元，與年底的水平一致，因為我們受到本季營運資本變動的影響。

Albeit the flat cash balance, working capital did increase by over $6 million as a result of decreases to income taxes payable and increases to inventory and concentrate sales receivables.

儘管現金餘額持平，但由於應付所得稅減少以及庫存和精礦銷售應收款增加，營運資本確實增加了 600 多萬美元。

Subsequent to quarter end, we did realize a significant portion of this working capital and converted it to cash. As discussed on our last call, we have also begun deploying capital at La Preciosa as we move forward with development. With no debt excluding the operating equipment, we continue to be well positioned to execute on our five-year organic growth plan and are undergoing internal reviews on acceleration and increases to the current plan.

季度末之後，我們確實實現了很大一部分營運資金並將其轉換為現金。正如我們上次電話會議所討論的那樣，隨著開發的推進，我們也已經開始在 La Preciosa 部署資本。由於沒有營運設備以外的債務，我們繼續處於有利地位，可以執行我們的五年有機成長計劃，並且正在對加速和增加當前計劃進行內部審查。

Coming to slide 10, we see all other financial metrics and the significant increase compared to Q1 of 2024 and another strong quarter even compared to Q4 of 2020. Capital expenditures in Q1 were just under $2 million and deposits on equipment and La Preciosa, were not included in this figure, were about 500.

來到第 10 張投影片，我們看到所有其他財務指標與 2024 年第一季相比都有顯著成長，與 2020 年第四季相比也表現強勁。第一季的資本支出略低於 200 萬美元，不包括設備和 La Preciosa 的押金，約 500 萬美元。

As mentioned on the previous slide, working capital movements had a considerable impact on operating cash flow generation and free cash flow generation.

如上一張投影片所提到的，營運資本變動對經營現金流產生和自由現金流有相當大的影響。

We expect to see some reversals in Q2 and normalization for the rest of the year. Here on slide 11, you can see our cash cost per ounce figures for the first quarter improved from last year, with the first quarter coming in at $12.62 per silver equivalent ounce.

我們預計第二季會出現一些逆轉，而今年剩餘時間則會恢復正常。在投影片 11 上，您可以看到第一季每盎司現金成本數據較去年有所改善，第一季每盎司白銀當量成本為 12.62 美元。

This represents an improvement of 15% from Q1 2024 and a 9% improvement from last quarter. On an all-in sustaining cash basis, our first-quarter costs were $20.08 per silver equivalent ounce, slightly down from Q1 of 2024 and 8% up from last quarter.

這比 2024 年第一季提高了 15%，比上一季提高了 9%。以全維持現金計算，我們第一季的成本為每盎司白銀當量 20.08 美元，略低於 2024 年第一季度，比上一季上漲 8%。

Increases in all and sustaining cash cost per ounce compared to last quarter result of lower ounces sold by 36%. As discussed in our year-end call, we did clear out concentrate inventory at the end of the year, which did impact our ounces sold in the first quarter as we re-established our concentrated inventory balances.

與上一季相比，每盎司的現金成本整體增加，且維持不變，導致銷量下降 36%。正如我們在年終電話會議上所討論的那樣，我們確實在年底清理了精礦庫存，這確實影響了我們在第一季度銷售的盎司數，因為我們重新建立了精礦庫存餘額。

Coming to slide 12, you can see our cost-per-tonne process for the quarter. We're fairly consistent from a quarter-over-quarter perspective. Cost-per-tonne processed on a cash basis was just under $52, with minor increases compared to Q1 and Q4 of 2024. On the all-in cost side for the quarter, there was a bit of an increase. However, our cost-per-tonne remains extremely competitive for an underground operation.

來到第 12 張投影片，您可以看到我們本季的每噸成本流程。從季度環比來看，我們表現相當一致。以現金計算的每噸加工成本略低於 52 美元，與 2024 年第一季和第四季相比略有增加。本季總成本方面略有增加。然而，對於地下作業來說，我們的每噸成本仍然極具競爭力。

As shown by our profit margins, our cost structure remains intact, and we are poised to take advantage of the increased metal price environment as we transition to being a multi-asset producer.

正如我們的利潤率所示，我們的成本結構保持不變，我們準備利用金屬價格上漲的環境，向多元資產生產商轉型。

Tariff discussions to continue to put uncertainty in the currencies in which we operate in and reducing our risk associated with costs will be key throughout the year.

關稅討論將繼續為我們經營的貨幣帶來不確定性，並降低與成本相關的風險，這將是全年的關鍵。

Our hedging program for the Mexican peso has started to bear fruit in Q1 and with the recent strength of the peso compared to the US dollar, we are seeing more benefits in the second quarter.

我們針對墨西哥比索的對沖計畫已在第一季開始取得成果，由於近期比索兌美元走強，我們將在第二季看到更多收益。

At this point, I will turn it over to Jennifer North, Head of Investor Relations, for an overview of our recent ESG and CSR initiatives.

現在，我將把主題交給投資人關係主管 Jennifer North，讓她概述我們最近的 ESG 和 CSR 舉措。

Thank you, Nathan. Moving on to slide 13, we have listed the ESG CSR initiatives that were completed in the first quarter of 2025. Avino follows the ESG standards and aligns with the United Nations Sustainable Development Goals, or the SDGs, which are a set of 17 interlinked global goals designed to be a blueprint for achieving a better and more sustainable future for all.

謝謝你，內森。前往第 13 張投影片，我們列出了 2025 年第一季完成的 ESG CSR 計畫。Avino 遵循 ESG 標準並與聯合國永續發展目標 (SDG) 保持一致，SDG 是一組 17 個相互關聯的全球目標，旨在為所有人實現更美好、更永續的未來制定藍圖。

First-quarter activities were focused on SDG number 3, good health and well-being; SDG number 6, environment, clean water, and sanitation; Number 7, affordable and clean energy; number 11, sustainable cities and communities; and number 13, climate action.

第一季的活動重點是永續發展目標 3：良好的健康和福祉；永續發展目標 6：環境、清潔水和衛生設施；永續發展目標 7：負擔得起的清潔能源；永續發展目標 11：永續城市和社區；永續發展目標 13：氣候行動。

During the quarter, the following initiatives were carried out. Avino partnered with several major construction and service companies within the state of Durango to sponsor and provide medical services to the communities with over 180 instances of healthcare support and procedures provided, further supporting the well-being of community members.

本季度，我們採取了以下措施。Avino 與杜蘭戈州的幾家大型建築和服務公司合作，為社區贊助和提供醫療服務，提供了超過 180 次醫療保健支援和程序，進一步支持社區成員的福祉。

As part of our health and safety commitments to our employees, a training course was given by the CAT Training Group for our equipment operators, mines supervisors, and maintenance mechanics, which contributed significantly to improving their skills and competencies.

作為我們對員工的健康和安全承諾的一部分，CAT 培訓小組為我們的設備操作員、礦山主管和維護技工提供了培訓課程，這對提高他們的技能和能力做出了重大貢獻。

The Avino CSR team, together in partnership with the state government and the Mariana Trinitarian Congregation, a nonprofit civil association, helped improve quality of life in local communities by supporting access to clean energy.

Avino CSR 團隊與州政府和非營利民間協會馬裡亞納三位一體會合作，透過支持使用清潔能源來幫助改善當地社區的生活品質。

Together, they enabled 67 families to obtain solar boilers at subsidized prices. These boilers harness free renewable energy from the sun, helping households reduce utility costs while promoting environmental sustainability.

他們共同幫助 67 個家庭以補貼價格獲得了太陽能鍋爐。這些鍋爐利用來自太陽的免費再生能源，幫助家庭降低水力發電成本，同時促進環境的可持續性。

A father-and-son's tour was held at the Avino mine facilities with our employees. Many other donations and services were provided to the communities and included a donation of PVC pipes was made to the community of San Jose de Avino to connect them to the community sanitation network, which will help in eliminating rainwater and wastewater runoff. This initiative supports public health and helps to preserve the community's hydrological balance.

我們與員工一起參觀了阿維諾礦場，父子倆一起參觀了礦場。還向社區提供了許多其他捐贈和服務，包括向聖何塞德阿維諾社區捐贈 PVC 管道，以將其連接到社區健康網絡，這將有助於消除雨水和廢水徑流。這項措施有助於公眾健康，並有助於維持社區的水文平衡。

We have added a dedicated CSR team to La Preciosa, ensuring that community engagement and social initiatives are tailored to the unique needs of each region.

我們為 La Preciosa 增加了一個專門的企業社會責任團隊，確保社區參與和社會活動能夠滿足每個地區的獨特需求。

We are finalizing our inaugural sustainability report, which reflects our commitment to transparency, accountability, and responsible business practices by sharing our environmental, social and governance efforts, we aim to build trust with our stakeholders, demonstrate our positive impact, and continuously improve our sustainability performance. We look forward to making it available on our website very soon.

我們正在完成首份永續發展報告，該報告反映了我們對透明度、問責制和負責任的商業實踐的承諾，透過分享我們的環境、社會和治理努力，我們旨在與利益相關者建立信任，展示我們的積極影響，並不斷提高我們的永續發展績效。我們期待很快將其發佈在我們的網站上。

I will now turn it back over to David to continue with the presentation, providing our activities for the coming quarter. David?

現在我將把發言權交還給 David，讓他繼續演講，介紹我們下一季的活動。戴維？

Thanks, Jen. Moving to slide 14. We're pleased to see metal prices continue their rally into the first quarter and maintain their strength. Silver showed a clear upward trend, while gold moved rapidly, reflecting strong market dynamics combined with their solid Q1 production results, we continue to be positioned favorably as we advance towards our transformational growth objectives, particularly with the development of La Preciosa.

謝謝，Jen。移至投影片 14。我們很高興看到金屬價格在第一季繼續上漲並保持強勢。白銀呈現明顯的上升趨勢，而黃金則快速波動，反映出強勁的市場動態及其穩固的第一季生產業績，隨著我們向轉型增長目標邁進，特別是隨著 La Preciosa 的發展，我們繼續處於有利地位。

We are currently hauling from level 14, and mining at levels 11 and 12 at Elena Tolosa, and exploration drilling is ongoing on the Avino vein below the ET mine where we previously hit the highest grade hole in company history.

我們目前正在從 14 號水平進行運輸，並在 Elena Tolosa 的 11 號和 12 號水平進行採礦，並且正在 ET 礦下方的 Avino 礦脈上進行勘探鑽探，我們之前在那裡發現了公司歷史上最高品位的孔。

This vein is open along strike and at depth following previous successful drill program.

根據先前成功的鑽探計劃，該礦脈沿走向和深度均已開通。

As outlined on slide 15, we want to reemphasize the company's growth plans. We have three assets within a 20-kilometer footprint totaling 371 million silver equivalent mineral resources. In the same area, we have an operating mill complex which is currently producing from our Avino mine additional access to water, power, and tailing storage.

正如投影片 15 所述，我們想再次強調公司的成長計畫。我們在 20 公里的範圍內擁有三項資產，總計 3.71 億銀當量的礦產資源。在同一地區，我們擁有一個正在運作的工廠綜合體，目前正在從我們的阿維諾礦山生產，並提供額外的水、電和尾礦儲存。

As you can see on this slide, our goal is to scale up by 2029 through production of these three assets. By capitalizing on our existing assets and resources, we can execute our growth plan efficiently and effectively.

正如您在這張投影片上看到的，我們的目標是到 2029 年透過生產這三種資產來實現擴大規模。透過利用我們現有的資產和資源，我們可以有效率、有效地執行我們的成長計劃。

This approach not only mitigates risk associated with new project development, but also positions us for the long term success and value creation.

這種方法不僅減輕了與新專案開發相關的風險，而且還為我們實現長期成功和價值創造奠定了基礎。

In conclusion, another record-breaking quarter has been successfully completed, reflecting the strength of our strategy and the dedication of our team. Their expertise, hard work, and commitment continue to drive our success as we pursue the next phase of growth. On behalf of our leadership, thank you for your efforts and contributions.

總而言之，我們又成功完成了一個破紀錄的季度，這反映了我們策略的實力和團隊的奉獻精神。在我們追求下一階段成長的過程中，他們的專業知識、辛勤工作和承諾將繼續推動我們的成功。我代表我們的領導階層感謝您的努力和貢獻。

We would also like to thank our shareholders for their continued support. Those who have stayed the course are now seeing the tangible results of our long-term strategy as Avino continues to deliver strong performance and growth.

我們也要感謝股東們的持續支持。隨著 Avino 繼續實現強勁的業績和成長，那些堅持到底的人現在看到了我們長期策略的實際成果。

With a solid financial foundation, strong operational performance, and positive market trends, Avino is well positioned for continued growth and value creation in 2025 and beyond.

憑藉堅實的財務基礎、強勁的營運表現和積極的市場趨勢，Avino 已做好準備，在 2025 年及以後繼續實現成長和價值創造。

We'd now like to move the call to the question-and-answer portion. Operator?

我們現在想將電話會議轉至問答部分。操作員？

(Operator Instructions) Jake Sekelsky, Alliance Global Partners.

（操作員指示）Jake Sekelsky，Alliance Global Partners。

Hey David, Nathan, and team, thanks for taking my questions. So just touching on La Preciosa development in your strong balance sheet that you mentioned, can you touch on any specific levers that you think you might be able to pull over the next quarter or so to accelerate development plans there?

嘿，David、Nathan 和團隊，感謝你們回答我的問題。那麼，就您提到的強勁資產負債表中的 La Preciosa 開發而言，您能否談談您認為可以在下個季度左右採取哪些具體措施來加速那裡的開發計劃？

In our recent visit, we were talking with our engineering team about increasing ramp development and potentially adding another portal. So these are the things we're looking into right now.

在我們最近的訪問中，我們與工程團隊討論了增加坡道開發並可能增加另一個入口網站的問題。這些就是我們現在正在研究的事情。

Got it. Okay, and in that same vein, do you have any plans to expand on the current exploration program, just given the strong working capital position?

知道了。好的，同樣地，考慮到強大的營運資金狀況，您是否有計劃擴大當前的勘探計劃？

Yeah, we're continuing to drill at ET below level 17. We're looking at drilling to the west along the fault up higher in the system, and over at La Preciosa, but we're just waiting for one of our drills to be upgraded.

是的，我們將繼續在 17 層以下的 ET 進行鑽探。我們正在考慮沿著系統較高處的斷層向西進行鑽探，並到達 La Preciosa，但我們正在等待其中一台鑽機升級。

Okay, that's helpful. All for me. Thanks again.

好的，這很有幫助。一切都是為了我。再次感謝。

Thanks, Jake.

謝謝，傑克。

Joseph Rager, Roth Capital Partners.

羅斯資本合夥公司的約瑟夫‧雷格 (Joseph Rager)。

David and team, thanks for taking the questions, and congrats on a strong start to the year.

David 和團隊，感謝你們回答這些問題，並祝賀你們今年取得了良好的開端。

Thanks, Joe.

謝謝，喬。

So I guess first thing, given the current metals price environment, have you guys given any thought to potentially hedging gold or silver forward, or is the plan to just kind of leave it open to market volatility?

所以我想首先，考慮到當前的金屬價格環境，你們有沒有考慮過對沖黃金或白銀的未來價格，還是計畫只是讓它受到市場波動的影響？

Thanks, Joe, Nathan here. It's obviously the age-old question of hedging. At this time, obviously we've considered it, but it's not something we're looking at doing as of now, especially on gold and silver.

謝謝，喬，我是內森。這顯然是一個古老的對沖問題。目前，我們顯然已經考慮過這個問題，但這不是我們現在打算做的事情，尤其是在黃金和白銀方面。

Okay, fair enough. Yeah, and then kind of a big picture thing and there's been a lot of M&A in your sector of late. Given the success you guys have had in getting the Avino mine to profitability, La Preciosa is on the cusp of production, do you guys think you're in a position now or maybe in the near term to look at rolling up additional assets in in Mexico or elsewhere?

好吧，夠公平。是的，從宏觀角度來看，最近您所在的行業發生了很多併購事件。鑑於你們在使 Avino 礦實現盈利方面取得的成功，La Preciosa 即將投入生產，你們是否認為現在或在短期內可以考慮在墨西哥或其他地方增加資產？

We're not looking at that at this stage. We're just focused on our internal growth plan. We feel that it will be the easiest and fastest approach and remain disciplined in our approach, so our shareholders have certainty on the capital structure of the company.

目前我們還沒有考慮這個問題。我們只專注於我們的內部成長計劃。我們認為這將是最簡單、最快捷的方法，我們將繼續嚴格遵循此方法，以便我們的股東對公司的資本結構有確定性。

Yeah, just echoing that too, I think the lowest cost of capital is doing what we already have versus going out and spending it on something else.

是的，我也同樣認為，最低的資本成本就是做我們已經在做的事情，而不是出去花在其他事情上。

Okay, thanks a lot, guys. I'll turn it over.

好的，非常感謝大家。我把它翻過來。

[Haikou To], HC Wainwright.

[海口至]，HC Wainwright。

Hey, David, Nate and team. I assume you can hear me, okay?

嘿，大衛、內特和團隊。我想你聽得到我說話，好嗎？

Yes.

是的。

Perfect. You had a fairly in line my operating, $10.6 million $10.5 million in the previous quarter. Two things building on that. First of all, where should we expect Q2? Can we just sort of trend line this? And more importantly, with La Preciosa, at what point do you think there will be meaningful sums of mine income coming from that site?

完美的。上一季的營業收入為 1,060 萬美元至 1,050 萬美元，基本上符合預期。在此基礎上還有兩件事。首先，我們應該對第二季抱持怎樣的期待？我們能不能以此為趨勢線？更重要的是，對於 La Preciosa 金礦，您認為什麼時候才能從該礦獲得可觀的礦產收入？

Hey, I got Nathan here. So to the first question, I think we've obviously been a bit -- I wouldn't say surprised, but happily impressed with our cost structure in the first quarter and even before, just some good work by the operations team and very efficient with both mining and milling.

嘿，我把 Nathan 帶到這裡了。因此，對於第一個問題，我認為我們顯然有點——我不會說感到驚訝，但很高興地對第一季甚至之前的成本結構印象深刻，營運團隊做得很好，採礦和銑削都非常有效率。

So we do expect some of that to continue. Having said that, there will be some fluctuations up and down in grades, so I don't want to say exactly what Q2 in the in the rest of the year should look like, but -- and the other side of that is if you tell me what the metal price is, I can probably tell you what our mine operating income will be for the rest of the year.

因此我們確實預計這種情況將會持續下去。話雖如此，等級還是會有一些波動，所以我不想確切地說出今年剩餘時間第二季度的情況會是什麼樣子，但是——另一方面，如果你告訴我金屬價格是多少，我大概就能告訴你今年剩餘時間我們的礦山運營收入是多少。

So we're happy with the upside we've been getting, and we do hope that continues with metal prices, but if everything holds constant, yes, we would expect to continue where we are. And then switching over to, I guess, part two of the question, with La Preciosa, we don't really see anything coming until potentially the end of the year, but we've been messaging any meaningful income coming in 2026. If it comes earlier, it'll be surprised to the upside and just given the advancement of the team of development, but I think at this time, it's good to model anything meaningful in 2026.

因此，我們對所獲得的上行空間感到滿意，並且我們確實希望金屬價格能夠繼續保持這種勢頭，但如果一切保持不變，那麼我們預計金屬價格將繼續保持目前的水平。然後轉到問題的第二部分，對於 La Preciosa，我們實際上預計可能要到今年年底才會有任何進展，但我們一直在傳遞 2026 年將出現任何有意義的收入的信息。如果它來得更早，那麼考慮到開發團隊的進步，它將會是令人驚訝的，但我認為在這個時候，最好在 2026 年模擬任何有意義的事情。

Okay, and that's essentially where we were, so that works well. And then with the jaw crusher, I mean, obviously that's been done. Building on all of that, is there any other components, anything in the plans of random tunnels on the ground? I have no idea. Anything that might take a couple of days of downtime to fix, replace, reinstate, whatever?

好的，這基本上就是我們所處的位置，所以效果很好。然後使用顎式破碎機，我的意思是，顯然這已經完成了。基於以上所有，還有其他組成部分嗎？地面上是否有任何隨機隧道的計劃？我不知道。有什麼事情可能需要幾天的停機時間來修復、更換、恢復等等嗎？

Hi, Haikou, this is Peter here. Nothing that we have planned. I mean, we are ordering equipment and you know we've upgraded one of our Mill circuits, Mill Circuit 3, with some additional automation. We're always running different upgrade and improvement projects, but nothing that's going to require a significant amount of downtime, like a crusher installation.

嗨，海口，我是彼得。我們沒有計劃。我的意思是，我們正在訂購設備，您知道我們已經升級了我們的一個 Mill Circuit，Mill Circuit 3，並增加了一些自動化功能。我們一直在運行不同的升級和改進項目，但沒有一個項目需要大量的停機時間，例如破碎機的安裝。

That's helpful. And the same thing holds true for next year as well next calendar year?

這很有幫助。明年和下個日曆年也是同樣的情況嗎？

As of as of now, yes.

就目前而言，是的。

Good enough. I appreciate it. Thank you.

夠好了。我很感激。謝謝。

Matthew O'Keefe, Cantor Fitzgerald.

馬修·奧基夫、康托·費茲傑拉。

Thank you.

謝謝。

Thanks, operator. Congratulations team, nicely done. Just -- most of my questions have been answered. I was just wanted to focus or just ask on your cash, which has been building up very nicely, nice to be in a comfortable position.

謝謝，接線生。祝賀團隊，做得很好。只是——我的大部分問題都得到了回答。我只是想關註一下或只是問問你的現金狀況，你的現金一直在不斷增加，很高興能處於一個舒適的位置。

With respect to that, I mean, obviously uses are going towards the development of La Preciosa, which, like you say, is going to be meaningful towards the end of the year. And then the exploration drilling that you're doing is more mine related.

就這一點而言，我的意思是，顯然這些用途將用於 La Preciosa 的開發，正如您所說，這將在今年年底產生重大意義。那麼您所做的勘探鑽探與礦山更加相關。

Where else might we see uses of that cash? I mean, is there -- are we looking -- are we doing any work on the oxide tailings this year? Are there any other exploration programs that you might accelerate that we can look forward to or think about?

我們還能在哪裡看到這些現金的用途？我的意思是，我們今年是否正在對氧化尾礦進行任何工作？您是否還有其他值得我們期待或考慮的探索計劃可以加速？

Hey, Matt, Nathan here. Yeah, that's a good question. I think we're part of our visit a couple weeks ago was really to talk about exploration and acceleration of development. I mean, at La Preciosa, those are the two focus for capital allocation. We've got a lot of regional exploration targets as well on the property, properties with La Preciosa that we just haven't had the resources to really go after and go look at. So we're taking another look at some of those and prioritizing.

嘿，馬特，我是內森。是的，這是個好問題。我認為我們幾週前的訪問實際上是為了討論探索和加速發展。我的意思是，在 La Preciosa，這兩個是資本配置的重點。我們在該地產上也有很多區域勘探目標，包括 La Preciosa 地產，我們只是沒有足夠的資源去真正地去追蹤和考察。因此，我們正在重新審視其中的一些問題並確定優先順序。

So obviously, we are looking to allocate a few extra million dollars towards exploration, and that's key to either replacing future resources or reserves or just finding another mine potentially.

因此，顯然，我們希望額外撥款數百萬美元用於勘探，這對於替代未來的資源或儲量，或只是找到另一個礦場至關重要。

Yeah, and also La Gloria and Abundancia. We want to go in and twin some holes because some of the core is not available anymore. It's been sampled so many times by the previous operators, and also extend the knowledge on those two veins because they spent a lot of time drilling for an open-pit style mine, not just focusing on these veins, and there's really high grade material in there we want to go after.

是的，還有 La Gloria 和 Abundancia。我們希望進入並孿生一些孔，因為一些核心不再可用。先前的操作員已經對其進行過多次採樣，並且還擴展了對這兩條礦脈的了解，因為他們花了很多時間鑽探露天礦，而不僅僅關注這些礦脈，而且那裡確實有我們想要尋找的高品位材料。

Okay, so -- and I would -- if you do some drilling lap so will you release those results as part of an exploration release?

好的，那麼——我會——如果您進行一些鑽探，那麼您會將這些結果作為勘探發布的一部分發布嗎？

Absolutely.

絕對地。

Okay. No, that's great. Well, thanks. That's all for me. Congrats on a nice financial quarter.

好的。不，那太好了。嗯，謝謝。對我來說就這些了。恭喜本季財務表現良好。

Thank you.

謝謝。

Brennan Howe, Private Investor.

布倫南·豪，私人投資者。

Thanks guys. Just wanted to congratulate you again on my outstanding quarter. And I wanted to talk a little bit about the recovery rates. You say you have a 5% increase in recovery rates in gold, a 3% increase in copper, but a negative 3% decrease in recovery rates for silver.

謝謝大家。我只是想再次祝賀我這個季度的出色表現。我想稍微談談恢復率。您說黃金的回收率增加了 5%，銅的回收率增加了 3%，但白銀的回收率卻下降了 3%。

I was wondering if you wanted to give us more technical details. Feel free to geek out as much as you want as to what you're doing differently to get better recovery rates with the kind of tonnage you guys are moving. I mean, a 5% increase in the recovery rate is pretty huge. So if you'd like to elaborate, please do so.

我想知道您是否願意向我們提供更多技術細節。您可以自由地盡情發揮自己的想像力，嘗試不同的做法，以便在您搬運的噸位上獲得更好的回收率。我的意思是，恢復率增加 5% 是相當巨大的。因此，如果您想詳細說明，請這樣做。

Yeah, thanks for the question, Brendan. Yeah, no, happy to geek out on this. This is my area of expertise, but it really comes down to mineralogy, and we get into these sometimes these high-gold lenses, and that's going to be a lot of free gold. So we do have some recovery devices that really focus on free-gold recovery. And then once again, sometimes you see the decrease in silver recovery.

是的，謝謝你的提問，布倫丹。是的，不，很高興對此感興趣。這是我的專業領域，但實際上它涉及礦物學，我們有時會接觸到這些高金透鏡，而這會產生大量的自由金。因此，我們確實有一些真正專注於自由黃金回收的回收設備。然後再次，有時你會看到白銀回收率下降。

It just depends on the mineralogy and the breakdown between where the silver is in terms of which mineral it is and what is more likely to be recovered by a floatation. So that really explains the gold and the silver recovery, the higher gravity recoverable component or the free-gold component, and then the different mineralogy that we see the silver in.

這僅取決於礦物學和銀在哪一種礦物中的分佈情況，以及哪種礦物更可能透過浮選回收。這確實解釋了黃金和白銀的回收率、較高重力可回收成分或遊離金成分，以及我們看到的銀的不同礦物學。

Okay, great. Are you guys looking at any new technologies that are coming out for increase in recovery rates?

好的，太好了。你們是否正在關注任何可以提高恢復率的新技術？

Yeah, absolutely. You know that's something that we really pride ourselves on is that staying up to date on the developments and making sure we're doing test work at all times. We have a great metallurgy team on site with a lot of expertise, and we're always running test work and doing different things just to be really careful with when we're going to make a capital allocation to spend on upgrading. But it's something that we're doing all the time, and testing all the latest technology that comes out, it's a big passion of ours.

是的，絕對是如此。您知道，我們真正引以為傲的是，我們始終專注於最新發展，並確保我們始終在進行測試工作。我們現場擁有一支非常優秀的冶金團隊，他們擁有豐富的專業知識，我們一直在進行測試工作並做不同的事情，只是為了在進行升級資金分配時非常謹慎。但這是我們一直在做的事情，並且測試所有最新的技術，這是我們的一大熱情。

And we expect recoveries to go up with La Preciosa because of the higher grade.

由於等級較高，我們預計 La Preciosa 的回收率將會上升。

Yeah, I mean, it's completely different mineralogy once again, but the recovery rates there look -- from the test work that we've done look to be improved.

是的，我的意思是，這又是完全不同的礦物學，但從我們所做的測試工作來看，那裡的回收率似乎有所提高。

Oh, great, that's it for me. What -- the next question run through.

噢，太好了，對我來說就這樣了。什麼——下一個問題。

Thank you.

謝謝。

David Gonzalez, Private Investor.

大衛岡薩雷斯 (David Gonzalez)，私人投資者。

Hi, years ago. I'm 87, so bear with me. But years ago, I bought thousands of shares of a company called Crocodile Silver and Gold, and it was much like your company. I bought it at $0.25. It went down to $0.07, turned around and was bought out by Kirkland Gold. And with the dividends and it hits $50 now that is Agnico Gold, A, G, N, I, C, O, and it's worth about $117 a share. So far, I've done pretty nicely, but I'm curious about dividends. Is there a possibility of dividends in 2, 3, 5, 10 years, or do you have any idea?

你好，幾年前了。我已經 87 歲了，所以請忍耐一下。但幾年前，我買了一家名為 Crocodile Silver and Gold 的公司數千股股票，它與貴公司非常相似。我以 0.25 美元的價格買入，後來跌到 0.07 美元，然後就被 Kirkland Gold 收購了。加上股息，Agnico Gold、A、G、N、I、C、O 的股價現在達到 50 美元，每股價值約為 117 美元。到目前為止，我做得還不錯，但我對股息很好奇。有沒有可能2年、3年、5年、10年後分紅，或有什麼想法？

That's a fair question here. At this time, there's no policy plan for dividends in the short term. We're talking a couple of years out. We want to execute on the growth plans and any cash. We want to redeploy back into increasing production up to a level where we're happy and feel a lot better. At that point, we would assess again a dividend policy, but for right now, no, there's no policy.

這是一個合理的問題。目前短期內沒有分紅的政策計畫。我們談論的是幾年後的事。我們希望執行成長計劃並獲得現金。我們希望重新部署，將產量提高到讓我們感到滿意和感覺更好的水平。到那時，我們會再次評估股利政策，但目前還沒有政策。

And congratulations on doing so well on the -- on picking winners.

恭喜您在挑選獲勝者方面做得如此出色。

Well, so far so good. Thank you. (inaudible)

嗯，到目前為止一切都很好。謝謝。（聽不清楚）

Thank you. As we have no further questions on the lines at this time, I would like to turn it back over to management for any closing remarks.

謝謝。由於我們目前沒有其他問題，因此我想將其交還給管理層以作最後發言。

With strong operational performance, a healthy cast position, and record working capital of over $31 million, Avino is well positioned to capitalize on positive-market trends in the precious metal sector.

憑藉強勁的營運業績、健康的鑄造狀況以及超過 3,100 萬美元的創紀錄營運資本，Avino 已做好準備，充分利用貴金屬領域的積極市場趨勢。

We remain disciplined and committed to our organic-growth strategy backed by continued financial strength, management is actively exploring opportunities to accelerate our expansion plans. We are focused on -- and on track to deliver sustainable growth and long-term value for our stakeholders and shareholders.

我們繼續嚴格遵守紀律，致力於有機成長策略，並以持續的財務實力為後盾，管理層正在積極探索加速擴張計劃的機會。我們專注於並致力於為我們的利害關係人和股東實現永續成長和長期價值。

Thank you for joining Avino's Q1 call today, have a nice day.

感謝您今天參加 Avino 的第一季電話會議，祝您有個愉快的一天。

Thank you, ladies and gentlemen. This concludes today's call. You may disconnect your lines at this time, and we thank you for your participation.

謝謝各位，女士們、先生們。今天的電話會議到此結束。您現在可以斷開您的線路，我們感謝您的參與。