Avino Silver & Gold Mines Ltd (ASM) 2025 Q4 法說會逐字稿

Good day and welcome to the Avino Silver & Gold Mines fourth quarter and year-end 2025 financial results conference call and webcast.

大家好，歡迎參加 Avino Silver & Gold Mines 2025 年第四季及全年財務業績電話會議和網路直播。

(Operator Instructions) And this conference is being recorded. (Operator Instructions)

（操作說明）本次會議正在錄音。（操作說明）

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

現在我將把會議交給投資者關係主管珍妮佛諾斯。女士，請繼續。

Thank you, operator. Good morning, everyone and welcome to Avino's Q4 and year in 2025 earnings call and webcast. To join this webcast and conference call, there is a link in our news release of yesterday's date, which can be found on our new website under Investor Center, then news and media. In addition, a link can be found on the home page of the Avino website.

謝謝接線生。各位早安，歡迎參加 Avino 2025 年第四季及全年業績電話會議和網路直播。要參加本次網路直播和電話會議，請查看我們昨天發布的新聞稿中的鏈接，該新聞稿可在我們新網站的“投資者中心”下的“新聞與媒體”中找​​到。此外，在 Avino 網站的主頁上也可以找到連結。

The full financial statements and MD&A are now available on our website under the Investor Center tab, then reports and financials. In addition, the full statements are available on Avino's profile, on SEDAR plus and on EDGAR.

完整的財務報表和管理層討論與分析現已發佈在我們的網站「投資者中心」標籤下的「報告和財務」部分。此外，完整的聲明可在 Avino 的個人資料頁面、SEDAR plus 和 EDGAR 上查閱。

Before we get started, I remind you to view our precautionary language regarding forward-looking statements and the risk factors pertaining to these statements.

在開始之前，我提醒您先查看我們關於前瞻性陳述的警示性語言以及與這些陳述相關的風險因素。

And 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.

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意義上的前瞻性資訊。前瞻性陳述受已知和未知風險、不確定性及其他因素的影響，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。

For additional 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.

如需了解更多信息，請參閱與本次電話會議相關的簡報中的詳細警示說明，或參閱我們昨天發布的新聞稿。

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 of Technical Services, Peter Latta.

今天參加電話會議的有公司總裁兼執行長大衛·沃爾芬；財務長內森·哈特；營運長卡洛斯·羅德里格斯；以及技術服務副總裁彼得·拉塔。

I would like to remind everyone that this conference call is being recorded and will be available for replay later today. The replay information and the presentation slides from this conference call and webcast will be available on the website. Also, please note that all figures dated are in US dollars unless otherwise noted.

我想提醒大家，本次電話會議正在錄音，稍後將提供重播。本次電話會議和網路直播的重播資訊和簡報將在網站上提供。另外，請注意，除非另有說明，所有日期數字均以美元為單位。

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

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

Thanks, Jen. Good morning, everyone, and welcome to Avino's Q4 and year-end earnings call and webcast. We will cover the highlights of our financial operating performance, and then we will summarize our goals for 2026, followed by a Q&A.

謝謝你，珍。各位早安，歡迎參加 Avino 第四季及年終財報電話會議和網路直播。我們將介紹財務營運績效的亮點，然後總結我們 2026 年的目標，最後進行問答環節。

I'll start with the discussion on operations and overall performance, and then I will turn it over to Nathan Harte, Avino CFO, to discuss the financial performance for this period.

我將首先討論營運和整體業績，然後我將把發言權交給 Avino 的財務長 Nathan Harte，讓他討論這段時期的財務表現。

Please turn to slide 5. We are transforming Avino from a single mine operator into a multi-asset Mexican mid-tier producer. Avino achieved a number of important milestones in 2025, underpinned by strong performance at the Avino mine and the commencement of development and material extraction at La Preciosa.

請翻到第5張投影片。我們正在將 Avino 從單一礦業營運商轉型為一家擁有多項資產的墨西哥中型生產商。2025 年，Avino 取得了一系列重要的里程碑，這得益於 Avino 礦的強勁表現以及 La Preciosa 礦的開發和材料提取的啟動。

The fourth quarter of 2025 represents a return to being a primary silver producer, as silver production represented over 50% of our consolidated silver equivalent production and puts us on our way to our long-term target.

2025 年第四季標誌著我們重新成為主要的白銀生產商，因為白銀產量占我們合併白銀當量產量的 50% 以上，這將使我們朝著長期目標邁進。

Our continued investment in infrastructure development and mine optimization reflects a disciplined approach to being a scalable multi-asset production platform as we look forward and focus remains on executing the next phase of our growth strategy and delivering long-term value for shareholders.

我們持續投資於基礎建設和礦山優化，體現了我們打造可擴展的多元資產生產平台的嚴謹態度。展望未來，我們將繼續專注於執行下一階段的成長策略，為股東創造長期價值。

The first key driver contributing to our success in 2025 was our continued discipline approach to financial management and capital allocation.

促成我們在 2025 年成功的首要關鍵因素是我們持續採取嚴格的財務管理和資本配置方法。

At the end of the year, Avino achieved record revenues of $92.2 million and held cash of $102 million and working capital position of $99 million, providing another quarter of strong financial performance. A strong balance sheet will provide the foundation to support our transformational growth plan to become a Mexican focused mid-tier primary silver producer.

年底，Avino 實現了創紀錄的 9,220 萬美元收入，持有 1.02 億美元現金和 9,900 萬美元營運資金，再次實現了強勁的財務業績。穩健的資產負債表將為我們轉型成長計畫奠定基礎，使我們成為一家專注於墨西哥的中型原生白銀生產商。

Nathan will provide a detailed overview of the financials later in the call. The next key drivers stem from increased development, tonnage and Lapreciosa. We commenced extraction, haulage, and processing of mineralized development material from Lapreiosa during the quarter. At an average rate of 200 tons per day, in total, 11,995 tons of material was processed at the Avino Milling and Processing facility, which is located 19 kilometers away from the entrance of La Preciosa mine.

Nathan 將在稍後的電話會議中提供財務方面的詳細概述。接下來的關鍵驅動因素來自開發、噸位增加以及拉普雷西奧薩油田。本季我們開始從拉普雷奧薩礦區開採、運輸和加工礦化開發材料。阿維諾選礦加工廠平均每天處理 200 噸物料，總共處理了 11,995 噸物料。該工廠距離拉普雷西奧薩礦場入口 19 公里。

The third driver reflected portfolio optimization highlighted by the August announcement of the acquisition of outstanding royalties and contingent payments on La Preciosa. This milestone reinforces the consolidation of ownership at La Preciosa, improving project economics and operational flexibility. Removing third-party obligation reduces complexity and strengthens Avino's asset portfolio.

第三個驅動因素反映了投資組合優化，這體現在 8 月宣布收購 La Preciosa 的未付特許權使用費和或有付款。這一里程碑鞏固了 La Preciosa 的所有權，提高了專案的經濟效益和營運靈活性。取消第三方義務可以降低複雜性，並增強 Avino 的資產組合。

We believe this enhances shareholder value by strengthening our portfolio and positioning Avino for sustained growth.

我們相信，這將透過加強我們的投資組合和為 Avino 的持續成長奠定基礎來提升股東價值。

Another key driver underpinning our results is the commitment we have made to strategic exploration and drilling to further unlock additional resource potential.

推動我們取得成果的另一個關鍵因素是我們致力於策略性勘探和鑽探，以進一步釋放更多資源潛力。

We reported drill results from La Preciosa in October 25, which followed up from August 2025 drilling. We also announced further holes in January of this year. The results exceeded our expectations. Highlights included 7.9 m, true width of kgs1.6 of silver, 2-gram gold, including kgs15 of silver and 1.55 grams gold over 0.37 m of true width.

我們在 10 月 25 日公佈了 La Preciosa 的鑽探結果，這是對 2025 年 8 月鑽探的後續調查。今年1月，我們也宣布了更多鑽孔計畫。結果超出了我們的預期。亮點包括：7.9 米，真實寬度為 1.6 公斤白銀，2 克黃金，以及 0.37 米真實寬度內含 15 公斤白銀和 1.55 克黃金。

Another significant intercept was over 5 m of true width of 787 g silver and 0.5 g of gold. The full results are available in the news release, which can be found on our website. The intercepts are significantly higher than the average grades outlined in our current resource, highlighting the potential we aim to capture by using underground mining methods.

另一個重要的截獲是超過 5 公尺的真實寬度，含銀 787 克和金 0.5 克。完整的結果已發佈在新聞稿中，您可以在我們的網站上找到該新聞稿。截獲的礦石品位明顯高於我們目前資源中概述的平均品位，這凸顯了我們旨在透過地下採礦方法獲得的潛力。

In addition, larger wits encountered at both La Gloria and Abundancia were welcome surprise, underscoring that there is still much to learn about the deposit despite the 1,500 drill holes on the property and substantial exploration investment performed by previous operators.

此外，在 La Gloria 和 Abundancia 發現的較大礦脈是一個令人欣喜的驚喜，這表明儘管該礦區已經鑽探了 1500 個鑽孔，並且之前的運營商也進行了大量勘探投資，但關於該礦床仍然有很多東西需要了解。

Since acquiring La Preciosa, we have learned that recent drilling intercepts suggest wider vein structures on Gloria. Original mine plan is evolving to reflect improved geological understanding. Optimization opportunities are being identified that could reduce mining costs. Engaged independent engineers to deliver a strategic plan that looks beyond the original project scope.

自從收購 La Preciosa 以來，我們了解到最近的鑽探結果表明 Gloria 存在更寬的脈狀結構。隨著地質認知的不斷提高，原有的礦場規劃也不斷調整。正在尋找可以降低採礦成本的最佳化機會。聘請獨立工程師制定了一項超越原專案範圍的策略計畫。

The next driver was increasing silver revenues at the right time, a return to primary silver with 54% silver revenue in Q4 and record revenues, operational cash flow, and free cash flow generation in Q4. Our final driver for Q4 in year end included stronger metal prices alongside increasing market recognition.

下一個驅動因素是適時增加白銀收入，第四季白銀收入佔比達到 54%，且第四季收入、營運現金流和自由現金流均創歷史新高。第四季末的最後一個驅動因素是金屬價格走強以及市場認可度提高。

Higher metal prices at the end of 2025 and into early 2026 have supported our strong performance. Avino continued growth and strengthened market recognition resulted in being named fifth among the top performing companies on the Toronto Stock Exchange, 2025 TSX 30.

2025年底至2026年初金屬價格上漲支撐了我們的強勁業績。Avino 的持續成長和不斷增強的市場認可度使其在 2025 年多倫多證券交易所 TSX 30 指數中位列表現最佳公司第五名。

For the three years ended June 30, 2025, Avino share price performance increased 610% and a market capitalization increased 778%. In addition to this, Avino has been added to several ETFs, including market vectors, Junior Gold Miners' Index, and Vanex Junior Gold miners ETF, the GDXJ.

截至 2025 年 6 月 30 日的三年內，Avino 的股價表現成長了 610%，市值成長了 778%。除此之外，Avino 也被納入了多檔 ETF，包括 Market Vectors、Junior Gold Miners' Index 和 Vanex Junior Gold miners ETF (GDXJ)。

Global X, silver miners, and more. ETF inclusion signals institutional recognition while improving liquidity and expanding global investor access. These achievements demonstrate the meaningful progress made in advancing Avino's transformational growth strategy while reinforcing the company's investment case.

Global X、白銀礦業公司等等。ETF納入標準表明機構對其認可，同時提高了流動性並擴大了全球投資者的參與範圍。這些成就表明，Avino 在推動其轉型成長策略方面取得了實質進展，同時也增強了公司的投資價值。

Moving to slide 6, we turn to our Q4 year end 2025 production results, which were released in mid January and reflect steady operational performance. On this slide, we show our production results compared to Q4 in year-end 2024, with production remaining consistent at approximately 2.6 million silver equivalent ounces, while total mill feed increased 14% year-over-year.

接下來是第 6 張投影片，我們來看看 2025 年第四季末的生產業績，這些業績在 1 月中旬發布，反映了穩定的營運表現。在這張投影片中，我們展示了與 2024 年底第四季相比的生產結果，產量保持穩定，約為 260 萬盎司白銀當量，而總磨機進料量同比增長 14%。

On slide 7, we highlighted production by operation showing contributions from both Avino and La Preciosa for the year. We're particularly pleased to add just under 12,000 tons of La Preciosa material to our production results.

在第 7 張幻燈片中，我們重點介紹了各營運部門的產量，展示了 Avino 和 La Preciosa 這兩家公司當年的貢獻。我們非常高興地宣布，我們的生產成果中新增了近 12,000 噸 La Preciosa 材料。

At this time, I will now hand it over to Nathan Harte, Avino's CFO, to present our record financial performance for Q4 and year-end 2025. Nathan.

現在，我將把發言權交給 Avino 的財務長 Nathan Harte，由他來介紹我們 2025 年第四季和全年創紀錄的財務表現。內森。

Thank you, David, and thank you to all of you for taking the time to join us as we recap our record year with our financial and operating results for the fourth quarter and full year 2025.

謝謝大衛，也感謝各位抽出時間與我們一起回顧我們創紀錄的一年，並公佈我們 2025 年第四季和全年的財務和營運業績。

Here on slide 8, we have an overview of some key financial and operating highlights and our improved balance sheet with the full table on the next slide. In the fourth quarter we generated record revenues of over $30 million and a further record of $92 million for the full year despite lower ounces sold.

第 8 張投影片概述了一些關鍵的財務和營運亮點，以及我們改進的資產負債表，完整表格在下一張投影片上。第四季度，我們創造了超過 3000 萬美元的創紀錄收入，儘管黃金銷量有所下降，但全年收入仍創下 9,200 萬美元的紀錄。

With higher silver production, the fourth quarter marks a return to primary silver, with revenues of 54% being generated from silver in the quarter, with expectations of that to continue into 2026 and beyond.

隨著白銀產量增加，第四季標誌著白銀業務回歸主營業務，該季度白銀收入佔總收入的 54%，預計這一趨勢將持續到 2026 年及以後。

Gross profit was $17.8 million and on a cash basis, $19 million after removing non-cash expenses. The gross profit margin was 58% inclusive of the non-cash items and 62% excluding these items. This is significantly improved from the 43% margin in the fourth quarter of last year, as well as the 46% in the third quarter.

毛利為 1,780 萬美元，扣除非現金支出後，現金利潤為 1,900 萬美元。包含非現金項目在內，毛利率為 58%；不包含這些項目，毛利率為 62%。這比去年第四季的 43% 利潤率以及第三季的 46% 利潤率有了顯著提高。

Avino earned its highest ever earnings for Q4 in the full year 2025 with $10.5 million in net income, or $0.06 per share in the fourth quarter, beating last quarter's record of $7.7 million $0.05 per share.

Avino 在 2025 年第四季實現了有史以來最高的收益，淨收入為 1,050 萬美元，即每股 0.06 美元，超過了上一季 770 萬美元（每股 0.05 美元）的紀錄。

For the full year 2025, net income was $26.6 million or $0.17 per share, a significant improvement over last year's net income of $8.1 million or $0.06 per share.

2025 年全年淨收入為 2,660 萬美元，即每股 0.17 美元，比上一年的淨收入 810 萬美元，即每股 0.06 美元有了顯著提高。

Fourth quarter adjusted earnings were a record $16.3 million or $0.10 per share compared to $10 million or $0.07 per share in Q4 of last year. The 2025 full year adjusted earnings were a record $46.5 million or $0.29 per share compared to $21 million or $0.15 per share in 2024.

第四季調整後收益創下1,630萬美元（每股0.10美元）的紀錄，而去年同期為1,000萬美元（每股0.07美元）。2025 年全年調整後收益創歷史新高，達到 4,650 萬美元，即每股 0.29 美元，而 2024 年為 2,100 萬美元，即每股 0.15 美元。

Operating cash flows and free cash flow both improved in the fourth quarter compared to last year, as well as compared to this previous quarter.

與去年同期相比，以及與上一季相比，第四季的營運現金流和自由現金流均有所改善。

We generated operating cash flows before working capital adjustments of $19 million or $0.12 per share. For the full year, Avino generated $35.3 million in operating cash flows, or $0.22 per share, with figures being quarterly and annual records.

在未進行營運資本調整之前，我們產生了 1,900 萬美元的營運現金流，即每股 0.12 美元。全年來看，Avino 的營運現金流為 3,530 萬美元，即每股 0.22 美元，創下季度和年度新高。

Fourth quarter free cash flow generation was $15.6 million, excluding lareciosa development costs and the annual free cash flow generation was just over $24 million.

第四季自由現金流為 1,560 萬美元，不包括 lareciosa 開發成本，年度自由現金流略高於 2,400 萬美元。

Moving to liquidity and treasury, our cash position was a record $102 million at the end of the year and working capital was just shy of $100 million. Avino has no secured debt other than leases on operating equipment at both Avino and La Preciosa mining operations.

再來看流動性和資金方面，截至年底，我們的現金部位達到創紀錄的 1.02 億美元，營運資金也接近 1 億美元。Avino 除了在 Avino 和 La Preciosa 礦場運營設備的租賃外，沒有其他擔保債務。

Okay, coming to slide 9, we see all other financial metrics for the fourth quarter and full year, as well as the year over year changes. As everyone can see, almost all categories saw meaningful increases. Highlighting again some of the key per share metrics for the quarter where we saw $0.06 earnings per share and $0.10 on an adjusted earnings basis.

好的，來看第 9 張投影片，我們可以看到第四季和全年的所有其他財務指標，以及同比變化。正如大家所看到的，幾乎所有類別都出現了顯著成長。再次強調本季的一些關鍵每股指標，其中每股收益為 0.06 美元，調整後每股收益為 0.10 美元。

Operating cash flows before working capital changes was $0.12 per share and free cash flow generated, excluding La Preciosa, was $15.6 million translating to $0.09, $0.09 per share.

不計營運資本變動的經營現金流為每股 0.12 美元，不包括 La Preciosa 產生的自由現金流為 1,560 萬美元，折合每股 0.09 美元。

For the year, net income was $0.17 per share, and adjusted earnings was $0.29 per share. Operating cash flows before working capital changes was $0.22 per share and free cash flow was $0.16 per share, or $24.3 million.

該年度淨收入為每股 0.17 美元，調整後收益為每股 0.29 美元。不計營運資本變動的營運現金流為每股 0.22 美元，自由現金流為每股 0.16 美元，即 2,430 萬美元。

Here on slide 10, we have an overview of operating results on a per ounce and ton basis, as well as margins of our operations. Cash cost per silver equivalent payable ounce for 2025 was $16.13 a 9% increase compared to $14.84 in 2024.

在第 10 張投影片中，我們概述了每盎司和每噸的經營業績以及我們的經營利潤率。2025 年每盎司白銀當量現金成本為 16.13 美元，比 2024 年的 14.84 美元增加 9%。

All in-sustaining cash costs were $23.75 for the year, a 15% increase from 2057 and 2024. On a per ton basis, cash costs were 53.69%, which was down 3% compared to 55.43% in 2024, and all-in costs per ton were flat compared to 2024, with both years being around $78 per ton, demonstrating the consistency of our operation.

本年度所有維持性現金成本為 23.75 美元，比 2057 年和 2024 年增加了 15%。以噸計算，現金成本為 53.69%，比 2024 年的 55.43% 下降了 3%，每噸總成本與 2024 年持平，這兩年都在每噸 78 美元左右，這表明我們營運的穩定性。

Our mine operating income and margins for 2025 were significantly increased from 2024 with margins at 53% on the year and $48.5 million in mine operating income generated. Once again, demonstrating the leverage producers have in this price environment.

2025 年，我們的礦場營運收入和利潤率較 2024 年大幅成長，當年利潤率為 53%，礦場營運收入為 4,850 萬美元。這再次表明，生產商在當前價格環境下擁有強大的議價能力。

In the fourth quarter we did see some increase in costs for a few reasons, one being the addition of processing Leprociosa development material, and I do want to remind everyone that this is development material running through the mill. We are in a unique position that a lot of the development at La Preciosa is in OR and has allowed us to offset some of the costs associated with development work we would have had to do regardless.

第四季度，由於一些原因，我們的成本確實有所增加，其中之一是增加了對 Leprociosa 開發材料的加工，我想提醒大家，這是正在經過加工的開發材料。我們處於一個獨特的地位，因為 La Preciosa 的許多開發項目都在俄勒岡州進行，這使我們能夠抵消一些與開發工作相關的成本，否則我們無論如何都必須進行這些開發工作。

These costs for La Preciosa are not indicative of long-term cost per ounce and per ton expectations. However, at current metal prices, each ton of development material mined is being done so at a profit.

La Preciosa 的這些成本並不能反映其長期的每盎司和每噸成本預期。然而，以目前的金屬價格計算，開採的每一噸開發材料都是有利可圖的。

One other item to highlight is that the movement in silver price did have an impact on our silver equivalent payable ounce calculation, which did have an impact on our cash cost per ounce figures and all and sustaining cash cost per ounce figures.

另一點需要強調的是，白銀價格的波動確實影響了我們計算的白銀當量應付盎司數，進而影響了我們的每盎司現金成本以及所有維持性每盎司現金成本。

Using prices from our forecast at the beginning of 2025 of $30 silver, $2700 per ounce of gold, and $9200 per ton of copper, our cash cost per ounce for the fourth quarter and full year would have come in at $16.56 and $15.17 respectively, in line with our expectations when we set out at the beginning of 2025.

根據我們 2025 年初的預測，白銀價格為每盎司 30 美元，黃金價格為每盎司 2700 美元，銅價格為每噸 9200 美元，那麼我們第四季度和全年的每盎司現金成本將分別為 16.56 美元和 15.17 美元，這與我們 2025 年初的預期一致。

On an all-in sustaining cash cost basis, a similar story is told with the silver price impacting figures. Using the same budget prices, our all-in sustaining cost per ounce silver equivalent payable ounce was $26.68. Our full year 2025 figure would have been $22.43 once again, more in line with expectations.

從全部維持性現金成本來看，白銀價格對相關數據的影響也類似。按照相同的預算價格，我們每盎司白銀當量應付成本為 26.68 美元。我們 2025 年全年的數據將再次為 22.43 美元，這更符合預期。

We look forward to further economies of scale as lareciosa begins contributing more and more to our overall production profile in 2026 and the coming years.

我們期待隨著 lareciosa 在 2026 年及未來幾年對我們的整體生產結構做出越來越大的貢獻，能夠進一步實現規模經濟。

Flipping back to the revenue side, here are our expectations for production by metal moving forward. Given the recent price movement in silver, we expect that the silver portion as it relates to revenues will be higher than the estimated production by metal figures shown here.

回到營收方面，以下是我們對未來金屬產量的預期。鑑於白銀近期的價格走勢，我們預期白銀在收入中所佔的比例將高於此處所示的按金屬劃分的估計產量數字。

In the fourth quarter, Avino generated 54% of its revenues from silver, marking the first quarter with over 50% in silver revenues since we were operating the San Gonzalo mine prior to 2020 and delivering on our promise of a return to primary silver for our future.

第四季度，Avino 54% 的收入來自白銀，這是自 2020 年之前營運 San Gonzalo 礦場以來，白銀收入首次超過 50%，也兌現了我們未來回歸原生白銀的承諾。

At this point, I will now turn it back over to David to run through upcoming activities.

現在，我將把發言權交還給大衛，讓他來介紹接下來的活動。

Thanks, Nathan. As we summarize our key goals for 2026, our focus remains on strategic exploration and drilling to unlock the full potential of our resource base. This includes the integration of AI technology to enhance data analysis, improve target generation, increase overall exploration efficiency.

謝謝你，內森。在總結我們 2026 年的主要目標時，我們的重點仍然是策略勘探和鑽探，以釋放我們資源基礎的全部潛力。這包括整合人工智慧技術以增強數據分析、改善目標產生、提高整體勘探效率。

We are currently integrating our historical and ongoing geological data into AI driven models to support the resource and reserve expansion and to identify new exploration opportunities. In 2026, we have planned approximately 30,000 m of drilling with 15,000 m allocated to each of the Avino and La Preciosa projects.

我們目前正在將歷史和持續的地質數據整合到人工智慧驅動的模型中，以支援資源和儲量的擴張，並尋找新的勘探機會。2026 年，我們計劃鑽探約 30,000 米，其中 Avino 和 La Preciosa 項目各分配 15,000 米。

We also look forward to releasing updated mineral resource estimates and announcing our inaugural mineral reserves at the end of the first half of the year.

我們也期待在今年上半年末發布更新的礦產資源估算報告，並公佈我們的首批礦產儲量。

At La Preciosa, our goal is to reach a production rate of 500 tons per day. As outlined on slide 13, I'd like to again highlight the company's growth strategy. Within a 20 kilometer footprint, we have three key assets, including the operating mill complex, which currently processes material from Avino and La Preciosa.

在 La Preciosa，我們的目標是達到每天 500 噸的產量。如投影片 13 所述，我想再次強調公司的成長策略。在方圓 20 公里的範圍內，我們擁有三項關鍵資產，其中包括正在運作的工廠綜合體，目前正在加工來自 Avino 和 La Preciosa 的物料。

We have access to water, power, tailing, storage, critical infrastructure that supports our ability to expand production efficiently.

我們擁有水、電、尾礦、儲存等關鍵基礎設施，這為我們高效擴大生產能力提供了保障。

Collectively, our assets host 277 million silver equivalent ounces in the measured and indicated mineral resources, an additional 94 million silver equivalent ounces in the deferred mineral resources, providing strong foundation for future growth.

我們的資產總計擁有 2.77 億盎司白銀當量（已探明和已指示的礦產資源量）和 9,400 萬盎司白銀當量（已遞延的礦產資源量），為未來的成長奠定了堅實的基礎。

All of our operations are in the safe jurisdiction of Durango, Mexico, in an area of rolling farmland with several small communities located near both the Avino and La Preciosa projects.

我們所有的營運都在墨西哥杜蘭戈州的安全管轄範圍內，該地區是一片起伏的農田，附近有幾個小社區，Avino 和 La Preciosa 項目都位於該地區。

We are proud to be one of the largest employers in this area, supported by a 100% Mexican workforce drawn largely from the surrounding communities. Alongside our operational growth initiatives, we continue to advance our CSR programs across both Avino and La Preciosa, supporting local communities and contributing to long-term social and economic development in the region.

我們很自豪能成為該地區最大的雇主之一，我們的員工全部是墨西哥人，他們大多來自周邊社區。在推動業務成長的同時，我們也在 Avino 和 La Preciosa 兩地繼續推動企業社會責任項目，支持當地社區，為該地區的長期社會經濟發展做出貢獻。

Our investor relations team is currently preparing the company's second annual sustainability report, which will be published on our website upon completion. The report is intended to provide transparency on how responsible mining practices, strong governance, and community engagement support Avino's operational performance and long-term growth.

我們的投資人關係團隊目前正在準備公司的第二份年度永續發展報告，完成後將在我們的網站上發布。該報告旨在公開說明負責任的採礦實踐、強有力的治理和社區參與如何支持 Avino 的營運績效和長期成長。

Avino's strong operating foundation supports our long-term growth strategy. As you can see on this slide, our goal is to scale up by 2029 through contributions from our three key assets. By leveraging our existing infrastructure, assets, and resource base, we believe we are well positioned to execute our growth plans efficiently and effectively.

Avino強大的營運基礎為我們的長期成長策略提供了支撐。正如您在這張投影片上看到的，我們的目標是透過我們三大關鍵資產的貢獻，在 2029 年實現規模化發展。我們相信，憑藉我們現有的基礎設施、資產和資源基礎，我們能夠有效率、有效地執行我們的成長計畫。

We concluded the quarter and the year with more record breaking financial metrics which reflects the strength of our strategy and the dedication of our team. Both which drive our success as we pursue the next phase of growth. On behalf of the leadership, thank you to our entire team for your efforts and contributions.

本季和本年度我們取得了更多破紀錄的財務指標，這反映了我們策略的實力和團隊的奉獻精神。這兩方面都將推動我們邁向下一個成長階段並取得成功。我謹代表領導階層，感謝全體團隊成員的努力與貢獻。

With a clear growth strategy, a strong balance sheet, and significant resource potential across our assets, we believe Avino is well positioned to create lasting value for our shareholders. We would now like to move the call to the question-and-answer portion, operator.

憑藉著清晰的成長策略、強勁的資產負債表以及旗下資產的巨大資源潛力，我們相信 Avino 有能力為股東創造持久價值。接線生，我們現在要將通話轉入問答環節。

(Operator Instructions)

（操作說明）

Haikou To, HC Wainwright

海口拓，HC Wainwright

Hello David, and team, thanks for taking my questions. Hey, so just thinking out loud here, I mean, there's obviously a newfound fear in the market, just trying to see what you think this will do to, M&A opportunities. I mean we got silver at $85, we got gold just below 5,200. Is the opportunities that you're seeing offset by, just the fear in the market, or do you see discount rates being at a place where there might be interesting things out there, just sort of what are you seeing?

你好，David和各位同事，謝謝你們回答我的問題。嘿，我只是隨便說說，我的意思是，市場上顯然出現了一種新的恐慌情緒，我只是想看看你認為這會對併購機會產生什麼影響。我的意思是，白銀價格達到了每盎司 85 美元，黃金價格略低於每盎司 5200 美元。你看到的機會是否被市場的恐慌情緒所抵銷？或者你認為目前的折現率可能意味著市場上存在一些有趣的機會？你看到了什麼？

Hey Haikou, Nathan here. I'll take that one. I think, oh, and we always say this, but everything's for sale at the right price. I don't think the markets will generally dictate fully, all the M&A moves in the industry, given current prices and the discount rate environment, there -- there's obviously some good stuff out there, but if we're looking at specifically how it affects us, I think we're focused on organic growth and what we already have.

海口的朋友們，我是Nathan。我選那個。我想，哦，我們總是這麼說，但只要價格合適，什麼都可以賣。我不認為市場會完全決定行業內的所有併購活動，考慮到目前的價格和折現率環境，顯然市場上有一些不錯的機會，但如果我們具體考慮它對我們的影響，我認為我們專注於內生增長和我們已經擁有的資源。

Fair enough. Speaking of the things you already have, I mean, again, obviously price, the price environment has changed markedly over the past 3, 6, 12 months. What are you seeing with labor costs and should there be anything that maybe we should change in our model compared to where we were, yeah, a year ago?

很公平。說到你已經擁有的東西，我的意思是，很明顯，價格，過去 3 個月、6 個月、12 個月的價格環境發生了顯著變化。您認為勞動成本方面的情況如何？與一年前相比，我們的模式是否需要做出一些改變？

Yeah, I'll take this one again, Haikou, on labor costs, it's, I think we saw a huge jump in 2025 and 2024, obviously the post COVID inflation kind of hit everyone in the mining industry that has stabilized a little bit based on what we're seeing, but obviously, in a rising price environment there's generally a little bit of cost creep, so we're just doing our best to manage that. I don't think there's any, we're not expecting any material changes at this time.

是的，我再說一遍，海口，關於勞動力成本，我認為我們在2024年和2025年看到了大幅增長，顯然，新冠疫情后的通貨膨脹對採礦業的每個人都造成了衝擊，根據我們目前所看到的，這種情況已經有所穩定，但顯然，在價格上漲的環境下，成本通常會略有上升，所以我們正在盡最大努力控製成本。我認為目前不會有任何實質變化。

Okay, so once we get the Q1 numbers, or right, or once we get the Q1 numbers, we can just sort of use those and trend line them a bit.

好的，一旦我們拿到第一季的數據，或者說，一旦我們拿到第一季的數據，我們就可以利用這些數據並進行一些趨勢分析。

Okay. I would say that's fair, yeah. Thanks. Cool, I'll get back with you. Thank you guys.

好的。我覺得很公平，沒錯。謝謝。好的，我會盡快回覆你。謝謝大家。

Jake Sekelsky, Alliance Global Partners Corp

Jake Sekelsky，Alliance Global Partners Corp

Hey David, Nathan and the team, thanks for taking my questions.

嗨，David、Nathan和團隊，謝謝你們回答我的問題。

Morning, Jake.

早上好，傑克。

So just looking at the strong balance sheet, I'm just curious, are there any levers you feel you might be able to pull in order to accelerate some of the planned work at La Preciosa?

鑑於公司強勁的資產負債表，我很好奇，您認為是否有任何方法可以加快 La Preciosa 的一些計劃工作？

We just ordered a new, well, actually a new jumbo. So that's going to help. Basically it's underground development work, so we're working on that. SRK engineering, revising, looking at a larger mine plan. So these are the things that we're looking at. Anything else?

我們剛剛訂購了一台新的，確切地說，是一台新的巨型貨車。那會有幫助的。基本上是地下開發工作，所以我們正在做這方面的工作。SRK工程公司正在修訂，並考慮制定更大的礦山計劃。所以，這些就是我們正在關注的事情。還要別的嗎？

That's it, Jake.

就這樣，傑克。

Okay, that, that's helpful and on that larger mind plan scenario, when do you think we might see, some news on that front?

好的，這很有幫助。關於更宏觀的計劃方案，您認為我們什麼時候能看到這方面的消息？

Hey, Jake, Peter here. Yeah, we're evaluating a few different scenarios here and we just want to take our time with it because, obviously it's a volatile environment and, we really want to evaluate a number of different options because we do have all this optionality with the deposit, with the size that it is and how we integrate those two operations now, including how that dovetails with, the oxide tailings, that third leg in the stool. So, we're really taking our time with that optimization.

嘿，傑克，我是彼得。是的，我們正在評估幾種不同的方案，我們想慢慢來，因為很明顯，這是一個動蕩的環境，我們真的想評估多種不同的選擇，因為礦藏的規模以及我們現在如何整合這兩個運營項目，包括它如何與氧化物尾礦（也就是第三個支柱）相銜接，都給我們提供了很多選擇。所以，我們確實在優化方面投入了大量時間。

Got it. Okay, that's all for me. Thanks again.

知道了。好了，我今天就到這裡。再次感謝。

Richard Larson, Investor.

理查德·拉爾森，投資者。

Hello.

你好。

Yes, my question is about the, like your share count and you're at the money. I realized silver prices have kind of sucked for 15 years, so, it's tempting to issue shares, strengthen the balance sheet. But just looking out 2-, 3-, 4-years, you could be doing $8 million production at margins of $60 over, kind of mine operating income.

是的，我的問題是關於，例如你的持股數量，以及你目前的股價是否處於損益平衡點。我意識到白銀價格已經低迷了15年，所以，發行股票、增強資產負債表就顯得很有吸引力。但只要展望未來 2、3、4 年，你就有可能實現 800 萬美元的產量，利潤率達到每噸 60 美元，這差不多就是礦山的營運收入了。

And I guess I'm wondering, have you, what's your strategy on potential capital returns or at least minimizing the amount of, share dilution and how are you thinking about, going forward, that on the balance sheet, that sort of thing.

我想問的是，您在潛在資本回報方面有什麼策略，或者至少如何最大限度地減少股份稀釋，以及您如何考慮未來在資產負債表上處理這類問題。

Yeah, it's a fair question, Nathan Harte here, so obviously shareholder returns are pretty prevalent in the in the industry and it's a big discussion point at this time. We do have a few levers we're looking at, and some stuff that's in the works, but at this time, we're focused on delivering the organic growth and that will require capital, having said that, the use of the ATM has really been. As we've hit 52 weaker all-time highs, and so now, obviously, we've seen a little bit of a market pullback, so we're staying put at this time.

是的，這是個合理的問題，而我是內森·哈特。很顯然，股東回報在業界非常普遍，目前也是一個重要的討論點。我們確實有一些正在研究的槓桿，也有一些正在籌備的事情，但目前，我們專注於實現有機成長，而這需要資金。話雖如此，ATM 的使用確實非常有效。由於我們已經創下了 52 個更低的歷史新高，而且現在顯然已經出現了一些市場回調，所以我們目前保持觀望。

Thank you, appreciate it.

謝謝，感激不盡。

Thanks for the call or question.

感謝您的來電或提問。

Joseph Reagor, Roth Capital Partners

Joseph Reagor，Roth Capital Partners

Hey, David, Nate and team, thanks for taking my questions. Jake kind of touched on this already, but just kind of thinking about, you've got over $100 million on the balance sheet.

嗨，David、Nate和團隊，謝謝你們回答我的問題。傑克已經稍微提到過這一點，但仔細想想，你們的資產負債表上有超過 1 億美元的資金。

And I realize you're going through options, but is it fair to say that we can start assuming there will be some form of mill expansion coming, within, the next year or two?

我知道你們正在考慮各種方案，但我們是否可以開始假設在未來一兩年內會出現某種形式的工廠擴建？

Absolutely.

絕對地。

Yeah, that's a safe assumption, Joe. We're just going to, we're doing the work right now to figure out what's the appropriate size and whether it's at just Avino. Or if we build a new ones or potentially both. But yeah, we're, we'll let the market know once we've made some ideas and decisions on that.

是的，喬，這個假設很合理。我們現在正在著手確定合適的規模，以及是否只需要在阿維諾（Avino）進行測試。或者如果我們建造新的，或者兩者兼而有之。是的，一旦我們對此有了想法和決定，我們會通知市場的。

Okay, it's fair. And then. As you think about kind of the operating cost side, obviously inflation's been putting a lot of pressure on everybody, not just you guys.

好吧，這很公平。進而。考慮到營運成本方面，顯然通貨膨脹給每個人都帶來了很大的壓力，不僅僅是你們。

Is there any optimization things that you guys can do to bring down operating costs, or is it, given margins are where they are, that that's not a huge focus?

你們有沒有什麼優化措施可以降低營運成本？還是說，鑑於目前的利潤率，這並不是你們的重點？

Yeah, I think, as you mentioned before, inflation has hit the industry more so in previous years, not necessarily, in the last year or so, but as far as operating costs go, we're seeing, fairly consistent operating costs, obviously, there's some volatility in the world with the, diesel and gasoline prices, but on the labor side we're seeing fairly stable. Increases as we reward our employees, but fairly stable.

是的，我認為，正如你之前提到的，通貨膨脹對這個行業的影響在前幾年更大，不一定是在過去一年左右的時間裡，但就營運成本而言，我們看到營運成本相當穩定，顯然，全球柴油和汽油價格存在一些波動，但在勞動力方面，我們看到相當穩定。隨著我們對員工的獎勵而增加，但整體上比較穩定。

There's a tonnage cost. Yeah.

有噸位成本。是的。

Yeah, our cost per ton has been, I think the evidence is that is our cost per ton. You see that year-over-year and it's very steady.

是的，我們的每噸成本一直是，我認為證據表明這就是我們的每噸成本。你可以看到，從年上看，這個數字非常穩定。

Okay, and can you remind us how much exposure you guys have to diesel prices, what, like what percentage of cost is fuel?

好的，可以提醒我們一下，你們公司受柴油價格的影響有多大嗎？比如說，燃料成本佔總成本的百分比是多少？

Yeah, it's not overly high I'll be honest like unlike some of the fairly capital-intensive operations that are out there, but you know it's we're not talking high double-digits or anything like that I'd have to give you an exact number offline if you want, but it.

是的，說實話，它並不算太高，不像某些資本密集型項目那樣，但你知道，我們說的不是兩位數的高額，或者諸如此類。如果你想知道確切的數字，我得私下給你。

Mexico, there is, it is fairly subsidized by the government and so prices do not get too out of whack.

墨西哥確實有，而且政府補貼力道相當大，所以價格不會離譜。

Okay, fair enough, I'll turn it over thanks guys.

好的，沒問題，我會把它轉過來，謝謝各位。

Thank you.

謝謝。

Chen Lin, Lin Asset Management.

陳琳，林資產管理公司。

Thank you David Nathan for the for my taking my questions. A great year. Congratulations. I'm just curious because some of my questions already got answered. Just curious if do you see any chance with the change in Mexico, more pro-mining environment the person can potentially be an open pit or you're just going to continue the underground operation.

感謝大衛·內森回答我的問題。很棒的一年。恭喜。我只是好奇，因為我的一些問題已經得到了解答。我只是好奇，隨著墨西哥採礦環境的改變，您是否認為有可能進行露天開採，或者您仍然會繼續進行地下開採。

Thanks. That's one of the scenarios and the four scenarios we're looking at. Did a feasibility study back in 2013, so it's outdated, so we're revisiting that.

謝謝。這是我們正在研究的四種方案之一。我們在 2013 年做過一項可行性研究，所以研究結果已經過時了，因此我們正在重新審視這項研究。

Okay, so if they potentially Mexico open for the open pit, what kind of impact they have for your production outlook, or you need to upgrade your meal much more significantly.

好的，如果墨西哥有可能開放露天礦，這對你的生產前景會有什麼影響？還是你需要大幅提升你的飼料品質？

Yeah, Chen, Nathan here, I think, it's premature to probably put any numbers on it, but I think if anyone wants to have a look that study is still available, on SEDAR. But yeah, that's obviously, it would be a lot of growth.

是的，陳，我是內森，我認為現在下任何結論都為時過早，但我想如果有人想看看這項研究，它仍然可以在 SEDAR 上找到。但顯然，那將是很大的成長。

Okay, great. Thank you.

好的，太好了。謝謝。

Thank you, (Operator Instructions)

謝謝你，（操作說明）

Okay, as we have no further questions in the queue at this time, I'd like to hand it back over to management for any closing remarks.

好的，目前我們沒有其他問題需要提問，我想把這個問題交還給管理階層，請他們做最後的總結發言。

Thank you. It's been a year and a final quarter of record breaking achievements, and we remain focused on executing our organic growth plan. We look forward to building on this momentum and delivering additional milestones and sustained growth for the Avino shareholders. Thank you again for participating in our webcast and conference call. Have a great day.

謝謝。過去一年零一個季度我們取得了一系列破紀錄的成就，我們將繼續專注於執行我們的有機成長計畫。我們期待在此勢頭基礎上繼續發展，為 Avino 股東帶來更多里程碑式的成就和持續成長。再次感謝您參加我們的網路直播和電話會議。祝你有美好的一天。

Thank you. Ladies and gentlemen. This does conclude today's conference and you may disconnect your lines at this time, and we thank you for your participation.

謝謝。女士們，先生們。今天的會議到此結束，您可以斷開線路了，感謝您的參與。