Avino Silver & Gold Mines Ltd (ASM) 2025 Q2 法說會逐字稿

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

歡迎參加 Avino Silver & Gold Mines 2025 年第二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. Please go ahead.

現在，我想將會議交給投資者關係主管 Jennifer North。請繼續。

Thank you, operator. Good morning, everyone, and welcome to the Avino Silver & Gold Mines Limited second quarter financial results conference call and webcast. To join this webcast and call, there is a link in our news release dated July 22, 2025, and in our news release of yesterday's date, which can be found on the 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 第二季度財務業績電話會議和網路直播。要加入此網路廣播和電話會議，請訪問我們 2025 年 7 月 22 日的新聞稿和昨天的新聞稿中的鏈接，這些鏈接可在網站的“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.

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含義內的前瞻性資訊。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。

The company does not intend to and does not assume any obligation to update such forward-looking statements or information other than as required by applicable law. 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.

除適用法律要求外，本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。欲了解更多信息，請參閱與本次電話會議相關的演示文稿或我們昨天的新聞稿中的詳細警告說明。

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-plus and on EDGAR.

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-plus 和 EDGAR 上的 Avino 個人資料中查閱。

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 call and webcast will be available on our website. Also, please note that all figures stated are in US dollars unless otherwise noted. Thank you.

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幻燈片將在我們的網站上提供。另外請注意，除非另有說明，所有數字均以美元為單位。謝謝。

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

我現在將電話交給 Avino 總裁兼執行長 David Wolfin。戴維？

Thanks, Jen. Good morning, everyone, and welcome to Avino's second 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 we are currently doing, followed by a Q&A.

謝謝，Jen。大家早安，歡迎參加 Avino 2025 年第二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 a discussion on operations, and then I will turn it over to Nathan Harte, Avino's CFO to discuss the financial performance for the period and then Jennifer North, our Head of Investor Relations will present an overview of Q2 CSR ESG initiatives.

我將首先討論營運情況，然後交給 Avino 的財務長 Nathan Harte 討論該期間的財務業績，然後我們的投資者關係主管 Jennifer North 將概述第二季度的 CSR ESG 計劃。

Please turn to slide 5 for our Q2 2025 highlights. Avino delivered another quarter of strong financial performance posting robust revenues, higher operating margins, improved cost metrics and increased working capital, demonstrating strength across several key financial metrics. Nathan will provide a detailed overview of the financials later in the call.

請翻到投影片 5 查看我們 2025 年第二季的亮點。Avino 本季再次取得強勁的財務業績，實現了強勁的收入、更高的營業利潤率、改善的成本指標和增加的營運資本，展現出多項關鍵財務指標的強勁表現。內森將在稍後的電話會議中提供詳細的財務狀況概述。

The second quarter results built on financial success we saw in the first quarter. With confidence in our strategic direction, we are focused on sustaining our momentum in reaching our new milestones. Our balance sheet remains strong with just over $37 million in cash at the end of June and working capital of over $40 million at the end of the quarter.

第二季的業績建立在第一季的財務成功基礎之上。我們對自己的策略方向充滿信心，致力於維持發展動能，實現新的里程碑。我們的資產負債表依然強勁，六月底現金略高於 3,700 萬美元，本季末營運資金超過 4,000 萬美元。

Our operations team continues to drive meaningful cost improvements while development of La Preciosa is progressing according to plan. Backed by strong operational performance, Avino remains firmly on track to deliver long-term growth for all stakeholders and shareholders.

我們的營運團隊繼續推動有意義的成本改進，同時 La Preciosa 的開發正按計劃進行。在強勁營運績效的支持下，Avino 將繼續堅定地為所有利害關係人和股東實現長期成長。

Moving on to slide 6. We turned through our Q2 2025 production results that were released in mid-July showing that we've maintained strong production momentum through the first half of the year. Compared to Q2 2024 results were as follows.

繼續看投影片 6。我們翻閱了 7 月中旬發布的 2025 年第二季生產結果，結果顯示我們在上半年維持了強勁的生產動能。與 2024 年第二季相比，結果如下。

Silver equivalent production increased by 5% to almost 646,000 silver equivalent ounces in Q2. The increase was driven by significantly improved mill availability. Avino achieved record mill throughput of 190,987 tonnes of material processed, a 36% increase from Q2 of last year.

第二季白銀當量產量成長 5%，達到近 646,000 白銀當量盎司。成長的原因是工廠利用率顯著提高。Avino 的工廠加工量達到創紀錄的 190,987 噸材料，比去年第二季度增長了 36%。

Gold production increased by 17% as a result of the increased tonnes processed as well as improvements in gold recoveries to 74% from 70% in Q2 2024. Copper production increased by 12%, reaching 1.5 million pounds of copper in Q2.

由於加工噸數增加以及黃金回收率從 2024 年第二季的 70% 提高到 74%，黃金產量增加了 17%。第二季銅產量成長12%，達150萬磅銅。

Silver production for the quarter was just under 284,000 ounces, representing a slight decrease of 3% compared to Q2 2024. During the quarter, feed grade for the three metals were lower than the previous quarter as our mine sequencing put us in a lower grade area.

本季白銀產量略低於 284,000 盎司，與 2024 年第二季相比略有下降 3%。本季度，由於我們的礦山排序處於品位較低的區域，這三種金屬的進料品位低於上一季。

Please turn to slide 7, which highlights the Q2 update. The highlights of the quarter was achieving the highest mill throughput in Avino's history, a milestone made possible by previous plant upgrades, automation enhancements and the exceptional work of our operations team. Additionally, efficiency improvements implemented in earlier periods are now yielding measurable and positive results.

請翻到投影片 7，其中重點介紹了第二季的更新。本季度的亮點是實現了 Avino 歷史上最高的工廠產量，這一里程碑得益於先前的工廠升級、自動化增強以及我們營運團隊的出色工作。此外，早期實施的效率改進現在正在產生可衡量的積極成果。

Moving on to La Preciosa. Blasting and construction of the relatively short 360 meter San Fernando main access decline is underway with expedited equipment mobilization which has allowed the development to advance on plan. The new jumbo drill is working on the ramp as it progresses towards intercepting the Gloria and Abundancia veins.

繼續前往 La Preciosa。相對較短的 360 公尺聖費爾南多主通道斜坡道的爆破和施工正在進行中，設備調動加快，使開發工作能夠按計劃推進。新的巨型鑽機正在斜坡上工作，朝著攔截格洛麗亞 (Gloria) 和阿邦丹西亞 (Abundancia) 礦脈的方向前進。

Site services have been installed and an existing building has been renovated for site personnel. We are now halfway through the year, and we are making steady progress towards the milestone of including La Preciosa material into our production profile.

現場服務已安裝完畢，現有建築也已翻新，供現場人員使用。今年已經過去一半了，我們正穩步推進將 La Preciosa 材料納入生產配置的里程碑。

With strong performance at the Avino mine year-to-date and the continued advancement at La Preciosa. We remain on track with our transformational growth strategy. Avino's 2025 annual production guidance is 2.5 million to 2.8 million ounces of silver equivalent.

今年迄今為止，Avino 礦場表現強勁，La Preciosa 礦也持續取得進展。我們的轉型成長策略仍在按計劃推進。Avino 的 2025 年年產量預期為 250 萬至 280 萬盎司白銀當量。

Please turn to slide 8, where we will have photos of recent development activity, including a picture of the first blast. We are pleased with the progress we are making at La Preciosa and with operations at Avino.

請翻到幻燈片 8，我們將看到最近開發活動的照片，包括第一次爆炸的照片。我們對 La Preciosa 和 Avino 的營運所取得的進展感到非常滿意。

At this time, I will now hand it over to Nathan Harte, Avino's CFO, to present a record financial performance for Q2 2025. Nathan?

現在，我將把任務交給 Avino 的財務長 Nathan Harte，讓他來報告 2025 年第二季創紀錄的財務表現。內森？

Thank you, David. It is my pleasure to be presenting another quarter of strong financial and operating results to everyone who has joined us and is doing our presentation today. Here on slide 9, we have an overview of our financial highlights and improved balance sheet with the full table to come on the next slide.

謝謝你，大衛。我很高興向今天加入我們並進行演示的所有人展示另一個季度強勁的財務和營運業績。在第 9 張投影片上，我們概述了我們的財務亮點和改進的資產負債表，完整的表格將在下一張投影片上顯示。

Our second quarter results continue to demonstrate profitability and our ability to grow. We generated $21.8 million in revenues, up 47% from Q2 of 2024 and was our second highest in company history, beating last quarter's revenue figures by over $3 million.

我們第二季的業績繼續證明了我們的獲利能力和成長能力。我們創造了 2,180 萬美元的收入，比 2024 年第二季成長 47%，是公司歷史上第二高的收入，比上一季的收入高出 300 多萬美元。

Gross profit was $10.2 million, our third consecutive quarter with over $10 million in mine operating income. Gross profit margins were 45%, inclusive of non-cash depreciation and depletion which has significantly improved from the 32% margin in Q2 of last year. On a cash basis, our gross profit margin was 52%.

毛利為 1,020 萬美元，這是我們連續第三個季度的礦場營業收入超過 1,000 萬美元。毛利率為 45%，包括非現金折舊和損耗，較去年第二季的 32% 顯著提高。以現金計算，我們的毛利率為52%。

Avino earned $2.9 million in net income in the second quarter, which translated to earnings per share of $0.02. This was up significantly compared to Q2 of last year where we earned $1.2 million or $0.01 per share. Adjusted earnings was $8.8 million or $0.06 per share compared to $4.3 million or $0.03 per share in Q2 of last year and over 100% improvement.

Avino第二季淨利290萬美元，每股收益0.02美元。與去年同期的120萬美元（每股收益0.01美元）相比，這一數字大幅成長。調整後收益為 880 萬美元或每股 0.06 美元，而去年第二季為 430 萬美元或每股 0.03 美元，成長超過 100%。

Cash flow from operating activities and free cash flow improved from last quarter as well as from Q2 of last year. We generated $8.5 million from operating activities or $0.06 per share, and free cash flow after all capital expenditures came in at $4.4 million.

經營活動現金流和自由現金流較上一季以及去年第二季均有所改善。我們從經營活動中獲得了 850 萬美元的收入，即每股 0.06 美元，扣除所有資本支出後的自由現金流為 440 萬美元。

Included in these capital expenditures were the development cost at La Preciosa in Q2, and on a standalone basis, free cash flow from the Avino operation was $6.5 million. Our cash cost per silver equivalent ounce was $15.11, down 7% from Q2 of last year. And on an all-in sustaining cash cost basis, we came in just under $21 per silver equivalent sold which was 8% lower than Q2 of last year. As mentioned last quarter, this puts us in the lower quartile of our junior producing peers and in the mid-range with intermediate producers in Mexico.

這些資本支出包括第二季 La Preciosa 的開發成本，而單獨來看，Avino 業務的自由現金流為 650 萬美元。我們每盎司白銀當量的現金成本為 15.11 美元，比去年第二季下降了 7%。以全部維持現金成本計算，我們每售出一單位白銀當量的成本略低於 21 美元，比去年第二季低 8%。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，並且處於墨西哥中級生產商的中間範圍。

Now moving on to the balance sheet. Our cash position was $37.3 million at the end of the quarter, up over $10 million from last quarter and year-end. Working capital also increased by over $9 million from the first quarter as a result of the increased cash.

現在轉到資產負債表。本季末，我們的現金狀況為 3,730 萬美元，比上一季和年底增加了 1,000 多萬美元。由於現金增加，營運資本也比第一季增加了 900 多萬美元。

Subsequent to quarter end and as of today, our current cash position is approximately $48 million. As discussed on our call, we have also begun deploying capital at La Preciosa as we move forward with development.

截至本季末和今天，我們目前的現金狀況約為 4,800 萬美元。正如我們在電話會議上所討論的，隨著開發的推進，我們也已經開始在 La Preciosa 部署資本。

With no debt, excluding operating equipment, we continue to be well positioned to execute on our five-year organic growth plan and continue with reviews for acceleration and increases to the existing plan based on our improved capitalization and balance sheet.

由於沒有債務（不包括營運設備），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，並根據我們改善的資本化和資產負債表繼續審查加速和增加現有計劃。

Coming to slide 10, you see all other financial metrics and the significant increases compared to Q2 and year-to-date figures in 2024. Capital expenditures in Q2 were $4.1 million, with over half of that being spent at La Preciosa on mine development and site activities, highlighting again the per share metrics, where we saw $0.06 earned on a cash flow basis and on adjusting earnings basis, and free cash flow generated in the quarter was $4.4 million.

來到第 10 張投影片，您會看到所有其他財務指標以及與 2024 年第二季和年初至今的數據相比的顯著成長。第二季的資本支出為 410 萬美元，其中超過一半用於 La Preciosa 的礦場開發和現場活動，再次凸顯了每股指標，我們看到以現金流和調整收益計算的收益為 0.06 美元，本季產生的自由現金流為 440 萬美元。

Here on slide 11, you can see our cash cost per ounce figures were improved from Q2 of last year at $15.11 as mentioned. This represents an improvement of 7% from Q2 of 2024. And on a year-to-date basis, cash costs were $13.97, a 10% improvement from the first half of 2024. On an all-in sustaining cash cost basis, our second quarter costs were $20.93 per silver equivalent ounce, down 8% from Q2 of last year.

在第 11 張投影片上，您可以看到我們的每盎司現金成本數據較去年第二季有所改善，達到 15.11 美元。這比 2024 年第二季提高了 7%。從年初至今，現金成本為 13.97 美元，比 2024 年上半年改善了 10%。以全部維持現金成本計算，我們第二季的成本為每白銀當量盎司 20.93 美元，比去年第二季下降 8%。

On a year to date basis, costs averaged $20.54 per ounce, which was 4% lower than the first half of 2024. As we manage our first stage of growth, we are pleased that our cost structure remains intact, even with the increased administrative activity arising from bringing a second mine online. We look forward to further economies of scale as La Preciosa begins producing and contributing to our overall production profile.

從年初至今，平均成本為每盎司 20.54 美元，比 2024 年上半年低 4%。在我們管理第一階段的成長時，我們很高興看到我們的成本結構保持完好，即使由於第二個礦場的投產而導致管理活動增加。隨著 La Preciosa 開始生產並為我們的整體生產狀況做出貢獻，我們期待進一步實現規模經濟。

Coming to slide 12, you can see our cost per tonne processed for the quarter and year-to-date continue to remain fairly consistent. Cost per tonne processed on a cash basis was $52.61 down 24% compared to Q2 of last year.

來到投影片 12，您可以看到本季和年初至今我們每噸加工成本持續保持相當穩定。以現金計算，每噸加工成本為 52.61 美元，與去年第二季相比下降了 24%。

The reduction is primarily from significantly more tonnes processed and better availability in Q2 of this year as our operational team has been working diligently to maintain as little downtime as possible. In the first half of the year, we came in 7% lower than the first half of 2024 on a per ton basis.

減少的主要原因是今年第二季處理的噸數顯著增加且可用性更好，因為我們的營運團隊一直在努力保持盡可能少的停機時間。今年上半年，我們的每噸產量比 2024 年上半年下降了 7%。

On the all-in cost side for the quarter, a very similar story with a 23% reduction on a per tonne processed basis for the quarter and an 8% reduction overall on the first half of the year. Our cost per ton remains extremely competitive for an underground operation.

本季總成本方面的情況非常相似，本季每噸加工成本降低了 23%，上半年整體成本降低了 8%。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. Tariff discussions continue to put uncertainty in the currencies in which we operate in and reducing risk associated with these costs will be key throughout the rest of the year.

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。關稅討論繼續為我們經營的貨幣帶來不確定性，降低與這些成本相關的風險將是今年剩餘時間的關鍵。

While there have been no direct significant impacts to our operations from tariffs, we are subject to movements between the USD and Mexican peso. Our current hedging program for the Mexican peso offset any foreign exchange losses incurred with the weakening US dollar in Q2, and we currently have a $1.5 million derivative asset on our balance sheet which represents the mark-to-market balance at the end of the quarter with most, if not all, of our hedges being in the money.

雖然關稅對我們的營運沒有直接重大影響，但我們受到美元和墨西哥比索之間波動的影響。我們目前針對墨西哥比索的對沖計劃抵消了第二季度因美元疲軟而產生的任何外匯損失，目前我們的資產負債表上有 150 萬美元的衍生資產，這代表了本季末的按市價計價的餘額，我們的大部分（如果不是全部）對沖都是價內。

At this point, I will now 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. Please follow along to slide 13 for an update of our ESG CSR initiatives. Avino follows the ESG standards and aligns with the United Nations Sustainable Development Goals or the SDGs. There are 17 SDGs, which were developed as a call to action by all countries developed and developing in a global partnership.

謝謝你，內森。請關注第 13 張投影片，以了解我們的 ESG CSR 舉措的最新動態。Avino 遵循 ESG 標準並與聯合國永續發展目標或 SDG 保持一致。永續發展目標共有 17 個，是呼籲所有已開發國家和發展中國家在全球夥伴關係中採取行動而製定的。

During the second quarter, the CSR teams led the following strategic projects in the communities. Delivery of low-cost water tanks and cisterns, a trench was prepared to channel rainwater from the mine, a 5 hectare community reforestation has been approved and ongoing with 1,100 plants per hectare planned.

第二季度，企業社會責任團隊在社區領導了以下策略項目。交付低成本的水箱和蓄水池，準備一條溝渠以引導礦井的雨水，5公頃的社區重新造林已獲批准並正在進行中，計劃每公頃種植 1,100 株植物。

A total of 67 families in the community received solar boilers at reduced costs made possible through company-led facilitation of a subsidy program. And the donation was made to the mining and history museum in the City of Durango for an exhibition space dedicated to Avino. There are several ongoing CSR initiatives, and we regularly post photos to our Corporate Social Responsibility tab on our website.

透過公司主導的補貼計劃，社區共有 67 個家庭以優惠價格獲得了太陽能鍋爐。捐贈給杜蘭戈市的礦業和歷史博物館，用於專門為阿維諾提供展覽空間。目前有幾項企業社會責任計畫正在進行中，我們會定期將照片發佈到我們網站的「企業社會責任」標籤上。

We also wanted to highlight that we now have published Avino's inaugural sustainability report on our website. This marks a major milestone in our journey toward greater accountability and responsible growth, and it reflects our commitment to transparency, continuous improvement and long-term value creation for all stakeholders.

我們還想強調的是，我們現在已經在我們的網站上發布了 Avino 的首份永續發展報告。這是我們邁向更高責任感和負責任成長的重要里程碑，也反映了我們對透明度、持續改善和為所有利害關係人創造長期價值的承諾。

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，讓他繼續介紹我們下一季的活動。戴維？

Thanks, Jen. Moving to slide 14, summarizing our upcoming activities. With regards to our exploration resource and reserve update, which we mentioned in our Q2 production news release in July, the 2025 delineation drilling commenced at the Avino Mine in April with the program consisting of nine planned holes from surface.

謝謝，Jen。轉到投影片 14，總結我們即將進行的活動。關於我們在 7 月第二季生產新聞稿中提到的勘探資源和儲量更新，2025 年邊界鑽探於 4 月在 Avino 礦場開始，該計畫包括從地表鑽探 9 個計畫孔。

The objective is to test the downdip extension of the Avino vein below the current lowest mining level following the trend of previous drilling reported on September 14, 2023. The Avino deposit remains open at depth and earlier results have shown comparable grades and widths to those currently being mined.

目標是根據 2023 年 9 月 14 日報告的先前鑽探趨勢，測試目前最低採礦水準以下的 Avino 礦脈的下傾延伸。Avino 礦床深度仍處於開放狀態，早期結果顯示其品位和寬度與目前正在開採的礦床相當。

Over at La Preciosa, a second surface drill was deployed to confirm prior drill results from previous operators and to improve the understanding of the grade donation close to the scheduled mining areas near the ramp.

在 La Preciosa，部署了第二台地面鑽機，以確認先前操作員的鑽探結果，並加深對靠近斜坡附近預定採礦區域的品位捐贈的了解。

To date, the drill holes have been completed with drilling ongoing. Drilling information will be utilized and underground mine planning, 3D modeling as well as an update to the resource estimate due in Q1 2026. In addition, Avino is planning on releasing its first mineral reserve estimate at the same time as the company has now met the requirements for producing issuer under the National Instrument 43-101 standards of disclosure for mineral projects.

目前，鑽孔已完成，鑽探工作仍在進行中。鑽探資訊將被利用，地下礦場規劃、3D 建模以及 2026 年第一季的資源估算更新也將更新。此外，Avino 計劃同時發布其首個礦產儲量估算，因為該公司現已滿足國家文書 43-101 礦產項目披露標準下的生產發行人要求。

At Avino, we are currently mining and hauling from Level 12.5 at Elena Tolosa mine, and just as mentioned, exploration drilling is ongoing on the Avino vein below the ET Mine. Together, our strong Q2 financial operation results continue to position Avino favorably as we advance towards our transformational growth objectives, particularly with the development of La Preciosa.

在 Avino，我們目前正在 Elena Tolosa 礦的 12.5 級進行採礦和運輸，正如所提到的，ET 礦下方的 Avino 礦脈正在進行勘探鑽探。總之，隨著我們朝著轉型成長目標邁進，特別是隨著 La Preciosa 的發展，我們強勁的第二季財務營運業績繼續為 Avino 帶來有利地位。

We encourage you to visit the Avino website to view all the recent photo, highlighting the work at La Preciosa and the Avino Mine.

我們鼓勵您造訪 Avino 網站查看所有最新照片，重點介紹 La Preciosa 和 Avino 礦場的工作。

As outlined on slide 15, we want to emphasize again the company's growth strategy. Within a 20 kilometer footprint, we have three key assets, including our operating mill complex which currently produces material from our Avino Mine.

如同投影片 15 所述，我們想再次強調公司的成長策略。在 20 公里的範圍內，我們擁有三項關鍵資產，包括目前正在運作的磨坊綜合體，目前正在從我們的 Avino 礦場生產材料。

We have additional access to water, power and tailing stores, all of which support our ability to expand production efficiently. Collectively, our assets host 277 million silver equivalent ounces in the measured and indicated mineral resources category, and an additional 94 million silver equivalent ounces in the inferred mineral resources category, providing a strong foundation for future production growth.

我們擁有額外的水、電和尾礦庫，所有這些都支持我們有效擴大生產的能力。總體而言，我們的資產在已測量和指示礦產資源類別中擁有 2.77 億銀當量盎司，在推斷礦產資源類別中擁有額外的 9400 萬銀當量盎司，為未來的產量增長奠定了堅實的基礎。

As you can see on this slide, our goal is to scale up by 2029 through production from these three key assets. Leveraging our existing assets and resources, we are well positioned to execute our growth plans efficiently and effectively. We concluded the quarter with more record-breaking financial metrics, which reflects the strength of our strategy and dedication of our team, both which drive our success as we pursue the next phase of growth.

正如您在這張投影片上看到的，我們的目標是到 2029 年透過這三項關鍵資產的生產實現擴大規模。利用我們現有的資產和資源，我們能夠有效率、有效地執行我們的成長計劃。我們以更多破紀錄的財務指標結束了本季度，這反映了我們策略的實力和團隊的奉獻精神，這兩者都推動著我們在追求下一階段成長時取得成功。

On behalf of our leadership, thank you, to our entire team for your efforts and contributions. We appreciate the continued confidence of our shareholders with a clear vision and a disciplined approach to growth, we are confident that long-term shareholders will be well positioned to share in the success we are working hard to achieve.

我代表我們的領導階層感謝我們整個團隊的努力和貢獻。我們感謝股東對我們清晰的願景和嚴謹的成長方式的持續信任，我們相信長期股東將能夠分享我們努力實現的成功。

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 question. So starting with the access decline at La Preciosa, it sounds like you're making good progress there. Can you just remind us what this time line looks like for intercepting these veins?

嘿，David、Nathan 和團隊，感謝你們回答我的問題。因此，從 La Preciosa 的訪問量下降開始，聽起來您在那裡取得了良好的進展。您能否提醒我們一下攔截這些靜脈的時間線是什麼樣的？

Well, David here. We've intercepted Abundancia this week. And so, Gloria is a few more weeks away, but it's happening right now.

嗯，我是大衛。本週我們攔截了 Abundancia。雖然格洛麗亞還要幾週才會出生，但這一切已經發生了。

Perfect. That's helpful. And then just building on that, the broader ramp of throughput at La Preciosa. How should you be thinking about this heading into 2026? And do you have a targeted mill throughput percentage in mind? Or are you still working through that as we head into the second half of the year here?

完美的。這很有幫助。在此基礎上，La Preciosa 的吞吐量將進一步提升。您應該如何看待 2026 年的這個問題？您心中是否有一個目標工廠生產量百分比？或者，當我們進入下半年時，您仍在努力解決這個問題嗎？

Hey, Jake, Nathan here. And Peter, maybe you can expand afterwards. But for this year, it's going to be a development ore for a little bit. So we're not providing any specific throughput per day targets.

嘿，傑克，我是內森。彼得，也許你可以隨後展開闡述。但就今年而言，它將會稍微成為一種開發礦石。因此，我們沒有提供任何具體的每日吞吐量目標。

Obviously, next year, the goal is to get up to filling the two smaller circuits, which as you know, it's four independent circuits, two smaller circuits are about 200 to 250 tonnes per day. So the goal is to get up to 400 to 500 tonnes per day throughout the latter part of next year.

顯然，明年的目標是填滿兩個較小的迴路，如你所知，它有四個獨立的迴路，兩個較小的迴路每天的容量約為 200 至 250 噸。因此，我們的目標是到明年下半年每天的產量達到 400 至 500 噸。

Got it. Okay. And then just lastly, I'm just curious, how are you guys thinking about M&A where precious metals prices have been? I guess I'm wondering if you feel your place full with La Preciosa? Or if you're seeing anything attractive on the external growth side of things.

知道了。好的。最後，我很好奇，你們對貴金屬價格的併購有何看法？我想知道您是否覺得您的住處擠滿了 La Preciosa？或者如果您看到事物外部增長方面有任何有吸引力的東西。

We're remaining disciplined, and we're focused on organic growth with our three key assets, and we have been shown projects, but at the moment, we're just remaining focused on organic growth and capital discipline.

我們將繼續嚴守紀律，並專注於透過三大關鍵資產實現有機成長，我們已經看到了一些項目，但目前，我們仍然只專注於有機成長和資本紀律。

Heiko Ihle, H.C. Wainwright.

Heiko Ihle、H.C. Wainwright。

Hi. This is [Case]. I'm filling in for Heiko. He's not able to make the call. But two questions. In the release, you mentioned the improvement in the mill availability during the second quarter a few times. I guess this leads to an obvious question of what have you guys seen in the third quarter so far? And would you suggest maybe trend line in Q2 for the remainder of the year?

你好。這是[案件]。我正在代替 Heiko。他無法撥打電話。但有兩個問題。在新聞稿中，您多次提到第二季工廠利用率的提高。我想這會引出一個顯而易見的問題：到目前為止，你們在第三季看到了什麼？您能否預測今年剩餘時間第二季的趨勢線？

Hey, Heikou. Nathan here. Peter, do you want to take that one?

嘿，黑光。我是內森。彼得，你想拿那個嗎？

Yeah. I can certainly take that one. Regarding third quarter, I mean, we are just according to the mine plan in a bit of a lower area. We are higher up in the mine, and there is some oxidization that does happen, so that does impact recoveries a little bit. But things are scheduled to turn with higher grades later in the quarter. So that's it at this point.

是的。我當然可以接受這個。關於第三季度，我的意思是，我們只是按照較低區域的礦山計劃進行。我們位於礦井的較高位置，確實會發生一些氧化，因此對回收率有一點影響。但隨著本季後期成績的提高，情況預計將出現改善。到目前為止就是這樣。

Okay. Great. Thank you. A quick follow-up. In the news release where you discussed La Preciosa, there's a sentence there to site services have been installed and the existing building has been renovated for site personnel. What exactly do you guys mean by site services have been installed?

好的。偉大的。謝謝。快速跟進。在您討論 La Preciosa 的新聞稿中，有一句話提到現場服務已經安裝完畢，現有建築也已為現場人員進行了翻新。你們說的站點服務已安裝到底是什麼意思？

No. Things like compressed air, things like ventilation, things like just a changing room for the guys. We have a number of employees and contractors now at site. The sites getting busier, power, things like that.

不。諸如壓縮空氣、通風設備、男士更衣室之類的東西。目前，我們有許多員工和承包商在現場。站點變得越來越繁忙，電力越來越充足，諸如此類。

Joseph Reagor, ROTH Capital.

羅仕資本的約瑟夫·里格。

Hey, David and team. Congrats on a good quarter. So as you guys think about the balance sheet, is there a targeted cash balance you guys are trying to get to provide support for some future expansions or is there a certain cash balance that just would make you guys feel more comfortable as you go into the La Preciosa development? And then on the back of that, can you remind us like what you have left on your ATM?

嘿，大衛和他的團隊。恭喜本季業績良好。那麼，當你們考慮資產負債表時，是否有一個目標現金餘額，以便為未來的擴張提供支持，或者是否有一個特定的現金餘額，可以讓你們在進入 La Preciosa 開發項目時感到更安心？然後在此基礎上，您能否提醒我們您在 ATM 上還剩下什麼？

Yeah. Joe, that's a fair question. Nathan here. So the first part of the question, I wouldn't say an exact cash balance be fair. We're looking at all of our capital expansion plans. And as we mentioned in the call, reevaluating them as well and looking at expansion at the Avino mill. But then we also have the oxide tailings project to consider too and as well as potential expansion plans for La Preciosa.

是的。喬，這個問題問得好。我是內森。因此，對於問題的第一部分，我不會說確切的現金餘額是公平的。我們正在研究所有的資本擴張計劃。正如我們在電話中提到的那樣，我們也對它們進行了重新評估，並考慮擴建 Avino 工廠。但我們也要考慮氧化尾礦計畫以及 La Preciosa 的潛在擴建計畫。

So between all three, it's hard to say about a minimum cash balance, but we're really just evaluating capital needs over the next couple of years and seeing if we will need more. But right now, which is kind of remaining disciplined. And with regards to the second point of the question.

因此，在這三者之間，很難說最低現金餘額，但我們實際上只是在評估未來幾年的資本需求，看看是否需要更多。但現在，這還是一種保持紀律的做法。關於問題的第二點。

On the ATM, as we hit 52 week highs, we did use it a little bit to top up the cash position, again, looking to that future growth. I think as of right now, there's still over two -thirds of room left on the ATM, and that was $40 million. But no plans to use all of that at this time.

在 ATM 機上，當我們達到 52 週高點時，我們確實使用了一點來補充現金頭寸，再次期待未來的成長。我認為截至目前，ATM 機上仍剩餘三分之二以上的空間，即 4,000 萬美元。但目前還沒有計劃使用所有這些。

And then a different question. Just as you guys look at the different factors that impact your revenue, inventory shifts, treatment charges, payability, et cetera. Should we be reading anything into how these items have changed over the last couple of quarters? Or is it just normal quarter fluctuations?

然後是另一個問題。正如你們所看到的，影響你們收入、庫存變動、處理費用、支付能力等的不同因素。我們是否應該了解這些項目在過去幾季中發生了怎樣的變化？或者這只是正常的季度波動？

Yeah. It's a fair question. I'm guessing you might be alluding to lower TCs and (inaudible) penalties kind of compared to our revenue number. Is that kind of where you're going with that, Joe?

是的。這是一個公平的問題。我猜您可能指的是與我們的收入數字相比較低的 TC 和（聽不清楚）罰款。這就是你要去的地方嗎，喬？

So those were both lower, and then you guys sold more silver equivalent ounces and you produce. So I'm guessing there was some inventory drawdown but just trying to figure out what we should anticipate across the board going forward?

因此，這兩個價格都較低，然後你們賣出了更多的白銀當量盎司，並且生產了更多的白銀。所以我猜測庫存有所減少，但我只是想弄清楚我們應該對未來進行怎樣的全面預期？

Yeah. that's fair. So I would say we are obviously getting better terms on their improved terms. I think that we've done some work with Samsung and improving some of our terms on what we're selling them. And they've been a great partner in helping both sides reach a good agreement on that side.

是的，這很公平。所以我想說，我們顯然在他們改善的條款上獲得了更好的條款。我認為我們已經與三星進行了一些合作，並改進了我們向他們銷售產品的一些條款。他們一直是幫助雙方達成良好協議的優秀合作夥伴。

I know we mentioned on the last call as well too from Q1 even our year-end one, we make a point of clearing out cost inventory a little bit at the end of the year. So we do build back up in Q1, and that's why you see generally higher production versus ounces sold in the first quarter and sometimes consequently, in the fourth quarter, you see that opposite. But Q2 and Q3 are generally fairly flat. So I don't know if that can be helpful for you moving forward.

我知道我們在上次電話會議上也提到過，從第一季開始，甚至從年底開始，我們都會特意在年底清理一些成本庫存。因此，我們確實在第一季恢復了產量，這就是為什麼你會看到第一季的產量與銷售量相比普遍較高，而有時在第四季度，你會看到相反的情況。但第二季和第三季整體相當平穩。所以我不知道這是否能對你前進有所幫助。

Chris Temple, National Investor.

克里斯坦普爾 (Chris Temple)，國家投資者。

Hey, all good show again. David, I got a question, actually a clarification. You repeated some of the resource figures that you have right now totally, I think $277 million silver equivalent M&I and $90 million-some in inferred. But you also said something about getting set up to be NI 43-101 issuer by next year. So I'm a little confused as to what the basis is or what the formula is for the present resources?

嘿，又是一場精彩的表演。大衛，我有一個問題，實際上是一個澄清。您完全重複了您現在掌握的一些資源數據，我認為 2.77 億美元的白銀當量 M&I 和 9000 萬美元是推斷出來的。但您也提到了明年成為 NI 43-101 發行人的事情。所以我有點困惑，現在的資源的基礎是什麼或公式是什麼？

That's just so we qualify to be able to publish reserves. So the rule is under National Instrument 43-101 if you don't have a feasibility study, you have to have $90 million, is it Nate?

這樣我們才有資格發布儲備。因此，根據國家文書 43-101 的規定，如果您沒有可行性研究，就必須有 9000 萬美元，是嗎，內特？

Yeah. there's a rule about annual and a three year rolling revenue before qualifying, but I don't know the Canadian standards. And so, we met that standard by the end of 2024. So moving forward, we can issue mineral reserves. And we can speak more to that off-line in more detail, I think, Chris, but that's the basis of it.

是的。有一條關於年度和三年滾動收入的規定才有資格獲得資格，但我不知道加拿大的標準。因此，我們在 2024 年底達到了該標準。因此，展望未來，我們可以發行礦產儲備。克里斯，我想我們可以在線下更詳細地談論這個問題，但這就是它的基礎。

But leading up to that, we're doing all this drilling. So we're really excited about what we're going to publish next year.

但在此之前，我們正在進行所有這些鑽探。因此，我們對明年要出版的內容感到非常興奮。

Okay. So it's not so much to your formula and how you come about what the reserves has changed that much. It's just for the reporting requirements since you're a producer.

好的。因此，這與您的公式以及您如何得出儲備發生如此大變化無關。這只是為了滿足報告要求，因為你是製片人。

That's the only thing.

這是唯一的事情。

And Chris, just to jump in, there's a difference between resources and reserves. So the resource is not going to change there, but the reserve thing is new for us.

克里斯，我先說一下，資源和儲備之間是有差別的。因此，那裡的資源不會改變，但儲備對我們來說是新的。

(Operator Instructions) We have reached the end of the question-and-answer session, and I will now turn a call over to David Wolfin, President and CEO, for closing remarks.

（操作員指示）問答環節已經結束，現在我將把電話交給總裁兼執行長 David Wolfin 作結束語。

With another strong quarter behind us, which included excellent operational performance, a very healthy cash position, and an additional quarter of record working capital of over $40 million, Avino is well positioned to capitalize on positive market trends in the precious metals sector.

憑藉著又一個強勁的季度，包括出色的營運業績、非常健康的現金狀況以及創紀錄的超過 4000 萬美元的額外季度營運資本，Avino 已做好準備，利用貴金屬領域的積極市場趨勢。

We are focused on a track to deliver sustainable growth and long-term value for our stakeholders and shareholders. Thank you for joining the Avino Q2 call today. Have a nice day.

我們專注於為利害關係人和股東實現永續成長和長期價值。感謝您今天參加 Avino Q2 電話會議。祝你今天過得愉快。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，大家可以斷開連線了。感謝您的參與。