Avino Silver & Gold Mines Ltd (ASM) 2026 Q1 法說會逐字稿

Welcome to the Avino Silver & Gold Mines first-quarter 2026 financial results conference call and webcast. (Operator Instructions) and the conference is being recorded. (Operator Instructions) I would now like to turn the conference over to Jennifer North, Head of Investor Relations. Please go ahead.

歡迎收聽 Avino Silver & Gold Mines 2026 年第一季財務業績電話會議與網路直播。（接線員指示）本次會議將被錄音。（接線員指示）現在我想將會議交給投資人關係主管 Jennifer North。請開始。

Thank you, operator. Good morning, everyone, welcome to our Q1 2026 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 homepage of the Avino website.

謝謝，接線員。各位早安，歡迎參加我們 2026 年第一季（Q1 2026）財報電話會議與網路直播。要加入本次網路直播與電話會議，昨日發布的新聞稿中附有連結，可在我們新網站的 Investor Center（投資人中心）下方的 News and Media（新聞與媒體）找到。此外，Avino 網站首頁也可找到連結。

The full financial statements in 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+ and on EDGAR. Before we get started, I remind you to view our precautionary language regarding forward-looking statements and the risk factors pertaining to these statements, 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.

完整財務報表與 MD&A 現已可於我們網站的 Investor Center（投資人中心）分頁下的 Reports and Financials（報告與財務資訊）取得。此外，完整報表亦可於 Avino 在 SEDAR+ 以及 EDGAR 的公司檔案中查閱。在開始之前，我提醒各位留意我們關於前瞻性陳述的警示用語，以及與該等陳述相關的風險因素；請注意，管理團隊今日在本次電話會議中所作的某些陳述，可能包含適用證券法所定義的前瞻性資訊。

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. 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.

前瞻性陳述受已知與未知風險、不確定性及其他因素影響，可能導致實際結果與該等前瞻性陳述所明示或暗示者有重大差異。如需更多資訊，請參閱與本次電話會議相關之簡報中的詳細警示說明，或參閱昨日發布之新聞稿。

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 Technical Services, Peter Latta. 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.

今天與會者包括公司總裁兼執行長 David Wolfin；財務長 Nathan Harte；營運長 Carlos Rodriguez；以及技術服務副總裁 Peter Latta。我想提醒各位，本次電話會議正在錄音，稍後今日將提供重播。重播資訊以及本次電話會議與網路直播的簡報投影片將公布於我們網站。同時請注意，除非另有說明，所有數字均以美元計價。謝謝。

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

現在我將把電話會議交給 Avino 總裁兼執行長 David Wolfin。David？

Thanks, Jen. Good morning, everyone, and welcome to Avino's first-quarter 2026 earnings call and webcast. We will cover the highlights of our financial and operating results and then provide an overview of what's coming up in the next quarter, followed by a Q&A session. Once I've gone through the operational highlights and overall progress during the quarter, I will turn it over to Nathan Harte, Avino's CFO, to discuss the financial results for the period.

謝謝，Jen。各位早安，歡迎參加 Avino 2026 年第一季財報電話會議與網路直播。我們將回顧財務與營運成果重點，接著概述下一季的規劃，最後進行問答。在我說明本季營運亮點與整體進展後，我會把時間交給 Avino 財務長 Nathan Harte，說明本期財務結果。

Please turn to slide 5. We continue advancing along our clear path for transformational growth, evolving Avino from a single mine operator to a diversified multi-asset mid-tier producer in Mexico.

請翻到第 5 張投影片。我們持續沿著清晰的轉型成長路徑前進，將 Avino 從單一礦山營運商，發展為在墨西哥擁有多元資產的中型（mid-tier）生產商。

We've had a very active first quarter, achieving progress across operations, development, and corporate initiatives, including the completion of the 2025 drill program at La Preciosa and welcoming Linda Broughton to our board, who has a track record in operations, sustainability, and the environment. We launched an ambitious 30,000 meter drill program across La Preciosa and Avino. We have currently drilled 2,600 meters at La Preciosa and 3,000 meters at Avino.

第一季我們非常積極，在營運、開發與公司層面的各項計畫均取得進展，包括完成 La Preciosa 的 2025 年鑽探計畫，並歡迎 Linda Broughton 加入董事會；她在營運、永續與環境方面具備豐富實績。我們在 La Preciosa 與 Avino 啟動一項具企圖心的 30,000 公尺鑽探計畫。目前我們已在 La Preciosa 鑽探 2,600 公尺，在 Avino 鑽探 3,000 公尺。

Early in the second quarter, on April 16, we announced our inaugural mineral reserve and updated mineral resource estimates. We began 2026 with a positive momentum, which is reflected in our quarterly production of just over 568,000 ounces, providing a strong foundation to deliver on our annual production target. Mill performance remained solid during the quarter, with tonnes milled exceeding expectations.

第二季初，4 月 16 日，我們公布了首次礦產儲量（mineral reserve）以及更新後的礦產資源量（mineral resource）估算。我們以正向動能展開 2026 年，反映在本季產量略高於 568,000 盎司，為達成年度產量目標奠定堅實基礎。本季磨礦廠表現維持穩健，處理噸數超出預期。

Our teams continued to actively manage throughput across all four circuits. Contributions from La Preciosa development exceeded plan, and we are seeing encouraging progress in great improvements, particularly towards the end of the quarter. The key drivers guiding success achieved in Q1 are as follows.

我們的團隊持續積極管理四條回路的處理量。La Preciosa 開發所帶來的貢獻超出計畫，我們也看到令人鼓舞的進展與顯著改善，尤其在季末更為明顯。推動第一季（Q1）成功的關鍵驅動因素如下。

Firstly, financial discipline and strategic capital allocation played an important role, driving meaningful improvement across key financial metrics. Record revenue of $39.4 million, cash of $139 million, and working capital position of $140 million. Our financial strength enables us to carry out our organic growth plan with a bulletproof balance sheet. Continued advancing La Preciosa with increased tonnage processed during Q1 2026. Throughput averaged approximately 200-230 tonnes per day during the quarter, resulting in more than 14,000 tonnes of material processed.

首先，財務紀律與策略性資本配置扮演重要角色，帶動多項關鍵財務指標的顯著改善：營收創新高達 3,940 萬美元，現金 1.39 億美元，營運資金（working capital）達 1.40 億美元。我們的財務實力使我們能以堅實無虞的資產負債表推動內生成長計畫。La Preciosa 亦持續推進，2026 年第一季處理噸數增加；本季平均處理量約為每日 200–230 噸，合計處理超過 14,000 噸物料。

The next key driver was the completion of a new mineral reserve estimate and updated mineral resource estimate. This was released on April 16th. Establishing mineral reserves across all of our properties is a transformational milestone for Avino. For the first time, we have defined reserves that demonstrate the underlying quality, scale, and economic potential at our asset base, further advancing the company towards a multi-asset mid-tier producer.

下一項關鍵驅動因素是完成新的礦產儲量估算與更新後的礦產資源量估算，並已於 4 月 16 日發布。於我們所有資產建立礦產儲量，對 Avino 而言是具轉型意義的里程碑。這是我們首次界定儲量，展現資產組合的內在品質、規模與經濟潛力，進一步推動公司邁向多資產中型生產商。

We are very pleased to report an inaugural mineral reserve estimate of 127 million silver equivalent ounces across all three assets. The milestone is co-complemented by growth in our mineral resource base. The growth was achieved after accounting for depletion from ongoing mining activities, underscoring the strength and continuity of our ore bodies and mineralized systems. Together, these results reinforce the depth of our organic pipeline and position of Avino for continued growth and long-term value creation for shareholders.

我們很高興報告，三項資產合計首次礦產儲量估算為 1.27 億銀當量盎司。此里程碑亦與礦產資源量基礎的成長相輔相成。該成長是在扣除持續採礦活動造成的耗竭（depletion）後仍能達成，凸顯我們礦體與礦化系統的強度與延續性。綜合而言，這些成果強化了我們內生管線的深度，並使 Avino 得以持續成長，為股東創造長期價值。

Next, La Preciosa was an important contributor to our operational progress this quarter, with strategic exploration efforts continuing successfully. The planned 2025 drill program was completed, results were released in late January. We reported excellent silver grades from the remaining six holes, which totaled 1,400 meters drilled. The entire 2025 program consisted of 14 holes for approximately 3,500 meters of drilling.

接下來，La Preciosa 是本季營運進展的重要貢獻者，策略性勘探工作持續順利推進。規劃中的 2025 年鑽探計畫已完成，並於 1 月下旬公布結果。我們回報其餘 6 個鑽孔的銀品位表現優異，該 6 孔合計鑽探 1,400 公尺。整體 2025 年計畫共 14 個鑽孔，鑽探約 3,500 公尺。

The silver grade continues to surprise us with significantly higher silver grades compared to the average grade in the current mineral resource. These latest holes were outside of our recent mineral resource update as the data was not received until after the cutoff period. However, we expect to encounter similar high grades as we continue with development mining on each face of the vein to the north and south of the main San Fernando ramp.

銀品位持續帶給我們驚喜，顯著高於目前礦產資源量中的平均品位。由於資料在截止日之後才收到，這些最新鑽孔未納入我們近期的礦產資源量更新。然而，隨著我們在主 San Fernando 斜坡道（ramp）以北與以南、沿礦脈各工作面持續進行開發採礦，我們預期仍將遇到類似的高品位。

La Preciosa also contributed positively to our 1st quarter performance through ongoing extraction, haulage, and processing of development material, supporting elevated mill throughput and operational flexibility. Next, silver revenues have increased with 60% revenue from silver production in Q1, 2026, record revenues and free cash flow generation. During Q1, precious metal prices remained strong, supporting our operations and contributing positively to our overall financial results.

La Preciosa 亦透過持續開採、運輸與處理開發物料，對第一季表現帶來正面貢獻，支撐較高的磨礦廠處理量與營運彈性。其次，2026 年第一季銀收入增加，銀產量貢獻營收占比達 60%，營收創新高並產生自由現金流。第一季貴金屬價格維持強勢，支撐我們的營運並對整體財務結果帶來正面貢獻。

Another important contributor to our continued progress is the growing recognition Avino is receiving within the institutional investment community. As we continue to execute on our transformational growth strategy, additional funds and ETFs are becoming shareholders of the company, broadening our investor base and enhancing overall market visibility. These achievements demonstrate the meaningful progress made in advancing Avino's transformational growth strategy while reinforcing the company's investment case.

另一項推動我們持續進展的重要因素，是 Avino 在機構投資社群中日益受到認可。隨著我們持續執行轉型成長策略，更多基金與 ETF 成為公司股東，擴大投資人基礎並提升整體市場能見度。這些成果展現我們在推進 Avino 轉型成長策略方面取得的實質進展，同時強化公司的投資論述。

In addition, a key contributor of our continued success is the quality of the jurisdiction and communities in which we operate. Mexico remains an important and established mining jurisdiction, and we believe our long operating history in Durango continues to demonstrate the strength of the region in which we operate. We have built strong relationships with our local communities and workforce over the decades, which is reflected in our low labor turnover and growing base of skilled employees.

此外，我們持續成功的關鍵貢獻者之一，是我們營運所在司法管轄區與社區的品質。墨西哥仍是重要且成熟的採礦司法管轄區，我們相信在杜蘭戈（Durango）長期的營運歷史，持續證明我們所在區域的優勢。數十年來，我們與當地社區及勞動力建立了穩固關係，反映在低離職率以及日益壯大的熟練員工基礎。

Our operations contribute meaningfully to the local economy through employment, training, procurement, and community initiatives. At the same time, we remain focused on responsible mining practices and continually work to reduce our environmental footprint through initiatives such as water recycling, backfilling underground workings where appropriate, and reclaiming historic open pit areas.

我們的營運透過就業、訓練、採購與社區計畫，對當地經濟做出重要貢獻。同時，我們仍專注於負責任的採礦作法，並持續透過各項措施降低環境足跡，例如水資源回收、在適當情況下回填地下採掘空間，以及復育歷史露天礦區。

We believe this balanced approach to operational excellence, community engagement, and environmental stewardship supports the long-term sustainability of our operations and future growth plans. Moving to slide 6, we turn to our Q1 production results, which were released on April 23rd and reflect steady operational performance.

我們相信，這種在營運卓越、社區參與與環境管理之間取得平衡的方法，能支持我們營運的長期永續性以及未來成長計畫。接著到第 6 張投影片，我們將聚焦於我們的第一季（Q1）產量結果；該結果已於 4 月 23 日發布，並反映出穩健的營運表現。

On this slide, we show our production results compared to Q1 2025 and Q4 2024, with production of 568,000 silver equivalent ounces and 185,000 tonnes of total mill feed, which is 11% higher than Q1 of last year. On slide 7, we highlight production by operation, showing contributions from both Avino and La Preciosa for the year. We continue to see contribution from La Preciosa delivering just over 14,000 tonnes during the quarter.

在這張投影片中，我們展示與 2025 年第一季（Q1 2025）及 2024 年第四季（Q4 2024）相比的產量結果：白銀當量產量為 568,000 盎司，總磨礦入料為 185,000 公噸，較去年第一季高出 11%。在第 7 張投影片，我們按作業別重點呈現產量，顯示 Avino 與 La Preciosa 於本年度的貢獻。我們持續看到 La Preciosa 的貢獻，本季交付略高於 14,000 公噸。

At this time, I'll hand it over to Nathan Harte, Avino CFO, to present our record financial performance for the first quarter. Nathan?

接下來，我將把時間交給 Avino 財務長（CFO）Nathan Harte，為各位介紹我們第一季創紀錄的財務表現。Nathan？

Thank you, David, and thank you to all of you for taking the time to join us as we recap our record financial and operating results for the first quarter. Here on slide 8, we have an overview of some key financial and operating highlights, as well as our improved balance sheet with the full table on the next slide.

謝謝你，David，也謝謝各位撥冗參與，一同回顧我們第一季創紀錄的財務與營運成果。在第 8 張投影片，我們概述一些關鍵的財務與營運亮點，以及我們改善後的資產負債表；完整表格將在下一張投影片呈現。

In the first quarter, we generated record revenues of $39.4 million, with 60% of our revenues coming from the sale of silver production at an average realized price of $86.42 per silver ounce. Gross profit margins were 59% inclusive of non-cash items and 68% on a cash basis, excluding depreciation and depletion.

第一季我們創下 3,940 萬美元的營收新高，其中 60% 的營收來自白銀產量銷售，白銀每盎司平均實現價格為 86.42 美元。毛利率為 59%（包含非現金項目），若以現金基礎計算（排除折舊與耗竭），毛利率為 68%。

Avino recorded its highest ever earnings for Q1, with $15.9 million in net income or $0.09 per diluted share, beating Q1 of last year's totals of $5.6 million or $0.04 per share, as well as the previous record from the prior quarter of $10.5 million or $0.06 per share.

Avino 第一季錄得歷來最高盈餘，淨利為 1,590 萬美元，或稀釋後每股 0.09 美元，優於去年第一季的 560 萬美元或每股 0.04 美元，也高於前一季先前的紀錄 1,050 萬美元或每股 0.06 美元。

First-quarter adjusted earnings were a record $24.3 million, or $0.14 per share, compared to just under $10 million or $0.07 per share in Q1 of last year and $16.3 million or $0.10 per share last quarter. Operating cash flows and free cash flow both improved compared to Q1 of last year. We generated operating cash flows before working capital adjustments of $18.7 million or $0.11 per share.

第一季調整後盈餘創下 2,430 萬美元新高，或每股 0.14 美元；相較去年第一季接近 1,000 萬美元或每股 0.07 美元，以及上一季 1,630 萬美元或每股 0.10 美元。營運現金流與自由現金流相較去年第一季皆有所改善。我們在調整營運資金前的營運現金流為 1,870 萬美元，或每股 0.11 美元。

Free cash flow generation was $17.2 million, excluding La Preciosa development costs, which was a quarterly record. Moving to liquidity and treasury, our cash position was a record $139 million at the end of the quarter, and working capital was $140 million. Avino has no secured debt other than leases on operating equipment at both the Avino and La Preciosa mining operation sites, and we are well-positioned to execute on all growth options in front of us.

自由現金流為 1,720 萬美元（不含 La Preciosa 開發成本），創下單季新高。接著談流動性與資金管理，本季末現金部位創紀錄達 1.39 億美元，營運資金為 1.40 億美元。除 Avino 與 La Preciosa 兩處礦區之營運設備租賃外，Avino 並無任何擔保負債，我們也具備良好條件來執行眼前所有成長選項。

Coming to slide 9, we see all other financial metrics for the first quarter, as well as changes from this past quarter. As everyone can see, almost all categories saw meaningful increases. Highlighting again the per share metrics for the quarter where we see $0.09 earning per share and $0.14 on an adjusted earnings basis.

來到第 9 張投影片，我們看到第一季其他所有財務指標，以及相較上一季的變動。如各位所見，幾乎所有類別都有顯著增加。再次強調本季的每股指標：每股盈餘為 0.09 美元，調整後盈餘基礎下為每股 0.14 美元。

Here on slide 10, we have an overview of operating results on a per ounce and per tonne basis, as well as margins at our operation. Cash cost per payable silver equivalent ounce for Q1 was $24.46, a 16% increase compared to $21.10 in last quarter. All-in sustaining cash costs were $34.72 for the quarter, a 10% increase from $31.59 last quarter. On a per tonne basis, cash costs of $64.04 were up 7% compared to $60 per tonne last quarter, and all-in costs per tonne were flat compared to Q4 of 2025, with both periods being right around $90.

在第 10 張投影片，我們概述以每盎司與每公噸為基礎的營運結果，以及我們營運的利潤率。第一季每可付白銀當量盎司的現金成本為 24.46 美元，較上一季的 21.10 美元增加 16%。本季全維持現金成本（AISC）為 34.72 美元，較上一季的 31.59 美元增加 10%。以每公噸計，現金成本 64.04 美元，較上一季每公噸 60 美元上升 7%；每公噸全維持成本與 2025 年第四季（Q4 2025）相比持平，兩期皆約為 90 美元左右。

Our mine operating cash flows before taxes and margins for the quarter were significantly improved, with margins at 68% on the quarter and $26.7 million was generated, once again demonstrating the leverage that producers have in this current price environment. In the quarter, we did see some increases in cost per ounce for a few different reasons. The main reason being the addition of processing La Preciosa development material.

本季礦山營運稅前現金流與利潤率顯著改善，季度利潤率達 68%，並產生 2,670 萬美元，再次展現在目前價格環境下生產商所具備的槓桿效應。本季我們確實看到每盎司成本因幾個不同原因而上升，其中主要原因是新增處理 La Preciosa 的開發物料。

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 from La Preciosa is in ore. It allowed us to offset some of the costs associated with development work, which we would have to do regardless. These costs for La Preciosa are not indicative of long-term cost per ounce and per tonne expectations.

我想提醒各位，這些是正在通過磨礦廠處理的開發物料。我們處於一個相當獨特的位置：La Preciosa 的許多開發作業是在礦石中進行。這使我們得以抵銷部分與開發工作相關的成本，而這些工作無論如何都必須進行。La Preciosa 的這些成本並不代表長期每盎司與每公噸成本的預期。

However, at current metal prices, each tonne of development material mined and processed is being done so at a meaningful profit. Another significant item to highlight is the movement in silver price, which did have an impact on our silver equivalent payable ounce sold calculation, which also has an impact on our cash cost and all-in sustaining cost per ounce figures.

然而，在目前金屬價格下，每一公噸被開採並處理的開發物料都能帶來可觀的利潤。另一個需要強調的重要項目是白銀價格的變動，這確實影響了我們「售出之可付白銀當量盎司」的計算，進而也影響我們每盎司的現金成本與全維持成本（AISC）數據。

Using the prices from our cost and production guidance we put out at the beginning of 2026, our cash cost per ounce for the first quarter would have come in at $19.82, which is in line with our cost guidance of between $19 and $21 per ounce. On an all-in sustaining cost basis, silver price had a larger impact.

若採用我們在 2026 年初發布之成本與產量指引所使用的價格，我們第一季每盎司現金成本將為 19.82 美元，與我們每盎司 19 至 21 美元的成本指引一致。以全維持成本（AISC）基礎來看，白銀價格的影響更大。

Using the same budget prices, our all-in sustaining cost per silver equivalent payable ounce was $28.14, slightly above our cost guidance range. We do expect this to normalize back into the range as grade improves in our mine sequence in subsequent quarters. Our consolidated cash cost per tonne figure of $64.04 came in below our cost guidance range for 2026, and on an all-in basis, we were just above our range at $90.80.

使用相同的預算價格，我們每可付白銀當量盎司的全維持成本（AISC）為 28.14 美元，略高於我們的成本指引區間。我們預期隨著後續季度礦山採序中品位提升，該數值將回歸至區間內。我們合併每公噸現金成本 64.04 美元，低於 2026 年成本指引區間；以全維持基礎計算，我們為 90.80 美元，略高於區間上緣。

Flipping back to the revenue side, here are the expectations for production and revenues by metal moving forward. Given the recent price movement in silver, we do expect that the silver portion as it relates to revenue will be higher than the estimated graph shown in front of you, especially as La Preciosa contributes more in the second half of the year.

回到營收端，以下是未來按金屬別的產量與營收預期。鑑於近期白銀價格走勢，我們預期白銀在營收中的占比將高於各位眼前圖表所示的估計值，尤其是在下半年 La Preciosa 貢獻增加之際。

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

接下來，我將把時間交還給 David，請他說明我們即將進行的活動。

Thanks, Nathan. Moving to slide 12, as we summarize our key goals for the remainder of 2026, our focus is on strategic exploration and drilling with 15,000 meters of drilling budgeted for both La Preciosa and Avino, as mentioned earlier on this call. We also look forward to increased production of La Preciosa with a goal of 500 tonnes per day.

謝謝你，Nathan。來到第 12 張投影片，當我們總結 2026 年剩餘期間的關鍵目標時，我們的重點在於策略性探勘與鑽探；如同本次電話會議先前提到的，我們已為 La Preciosa 與 Avino 規劃合計 15,000 公尺的鑽探預算。我們也期待 La Preciosa 產量提升，目標為每日 500 公噸。

As mentioned earlier, we completed an inaugural mineral reserve and updated mineral resource estimate. Collectively, our assets host proven and probable mineral reserves of 27 million tonnes for 127 million silver equivalent ounces at a grade of 145 grams per tonne.

如先前所述，我們完成了首次礦產儲量（mineral reserve）估算並更新了礦產資源量（mineral resource estimate）。綜合而言，我們的資產擁有已探明與概略（proven and probable）礦產儲量 2,700 萬公噸，合計 1.27 億盎司白銀當量，品位為每公噸 145 克。

As well as measured and indicated mineral resource totaling 67.7 million tonnes and 301 million silver equivalent ounces at a grade of 162 grams a tonne, with inferred mineral resource totaling 24.8 million tonnes and 87.6 million silver equivalent ounces at a grade of 123 grams a tonne.

此外，探明與控制（measured and indicated）礦產資源量合計 6,770 萬公噸、3.01 億盎司白銀當量，品位為每公噸 162 克；推定（inferred）礦產資源量合計 2,480 萬公噸、8,760 萬盎司白銀當量，品位為每公噸 123 克。

Finally, Avino is achieving market recognition, institutional buying and ETF inclusion broadening our investor base. As outlined on slide 13, I'd like to highlight again the company's growth strategy. With a 20-kilometer footprint, we have three key assets, including our operating mill complex, which currently processes material from Avino and La Preciosa.

最後，Avino 正獲得市場認可，機構買盤與納入 ETF 正在擴大我們的投資人基礎。如第 13 張投影片所示，我想再次強調公司的成長策略。憑藉 20 公里範圍的資產版圖，我們擁有三項核心資產，包括我們正在營運的磨礦廠綜合設施，目前處理來自 Avino 與 La Preciosa 的物料。

We have access to water, power, and tailing storage, critical infrastructure that supports our ability to expand production efficiently. As you can see on this slide, our goal is to scale up production by 2029 through the contributions from our three key assets.

我們可取得水源、電力以及尾礦儲存設施，這些關鍵基礎設施支撐我們有效率地擴大產量的能力。如同本頁投影片所示，我們的目標是透過三項核心資產的貢獻，在 2029 年前將產量擴大。

By leveraging our existing infrastructure assets and resource base, we believe we are well-positioned to execute our growth plan efficiently and effectively. We rounded out the quarter with more record-breaking financial metrics, which reflects the strength of our strategy and the dedication of our team, both which drive the success as we pursue the next phase of growth.

藉由運用我們既有的基礎設施資產與資源基礎，我們相信自己具備良好條件，能以高效率且有效的方式執行成長計畫。本季我們以更多破紀錄的財務指標作結，反映出我們策略的強勁與團隊的投入；兩者共同推動我們在邁向下一階段成長時的成功。

We are focused on the future and advancing our path to transformational growth. With decades of work behind us to build this foundation, we remain disciplined in how we manage our financial strength, making thoughtful and strategic decisions to support long-term value creation.

我們聚焦未來，推進邁向轉型式成長的道路。憑藉數十年來的努力建立這一基礎，我們在管理財務實力方面仍保持紀律，以審慎且具策略性的決策支持長期價值創造。

On behalf of our leadership, thank you to our entire team for your efforts and contributions. We'd now like to move the call to the question-and-answer portion. Operator?

我代表管理團隊，感謝全體同仁的努力與貢獻。接下來我們想把電話會議移到問答環節。接線員？

(Operator Instructions) Jake Sekelsky, Alliance Global.

（接線員指示）Jake Sekelsky，Alliance Global。

Thanks for taking my questions.

謝謝讓我提問。

No problem.

沒問題。

Just looking at cost, I mean, obviously, we saw a record realized silver price during the quarter. Nathan, you touched on this a bit, but did higher prices trigger any cost pressures outside of that silver equivalent ounce calculation that you mentioned?

我想就成本來看，顯然本季我們看到創紀錄的已實現白銀價格。Nathan，你稍早有提到一點，但較高的價格是否在你提到的白銀當量盎司計算之外，觸發了任何成本壓力？

Hey, Jake, good question. Nathan here. Yeah, I guess you might be referencing some of the pressures that are coming from maybe royalties or other items that some other producers are facing.

嗨，Jake，問得好。我是 Nathan。是的，我想你可能指的是一些壓力，可能來自權利金或其他項目，這些是其他一些生產商正在面臨的。

Yeah, that's correct.

對，沒錯。

Obviously, La Preciosa is royalty-free. We repurchased that last year, no impact there. At Novillo, there's the long-standing royalty, which we've been able to manage, and it doesn't impact us too bad. Pretty minimal overall. I think the change maybe on a quarter basis about $0.20 a tonne or, sorry, $0.20 an ounce. Not overly material to our costs.

很明顯，La Preciosa 是免權利金的。我們去年把它買回來了，這部分沒有影響。在 Novillo，有一項長期存在的權利金，我們一直能夠管理，而且對我們影響不大。整體相當有限。我認為按季度來看變動大概是每噸 0.20 美元，或抱歉，是每盎司 0.20 美元。對我們成本而言並不算重大。

On the other side, obviously there is profit sharing in Mexico where we ensure that all the workers are compensated fairly. Obviously, additional compensation comes with making money. There's a bit of impact there. Again, nothing outside normal course for us.

另一方面，墨西哥有利潤分享制度，我們確保所有員工都能獲得公平的報酬。當然，賺錢時會有額外補償，這會帶來一些影響。但同樣地，對我們而言都在正常範圍內。

Okay, that's helpful. Just on the La Preciosa ramp, any additional color on that transition from development tonnage to the, to the higher grade material? Do you have any targeted throughput in mind that you'd like to be at by, let's call it year end?

好的，這很有幫助。再問 La Preciosa 的爬坡進度，關於從開發礦量轉換到較高品位礦料的過程，能否再多提供一些說明？你們是否有一個目標處理量，希望在年底前達到？

Yeah. Thanks, Jake. Peter here. Great question. We are still targeting that 500 tonnes per day. Really, it's about doing the development to look at bringing our cost down when it comes to the production mining, just setting ourselves up for long hauling in these particular areas. That goal is still 500 tonnes per day to fill those two circuits.

好的，謝謝你，Jake。我是 Peter。問得很好。我們仍以每日 500 噸為目標。重點其實在於進行開發作業，以便在生產採礦方面降低成本，並在這些特定區域為長距離運輸做好配置。我們的目標仍是每日 500 噸，以填滿那兩個回路。

Of course the way our mill is set up, each circuit one and two do 250 tonnes, more or less each, with circuit three and four doing 1,000 tonnes. The next step up after 500 tonnes would have to be 1,000 tonnes in order to fill one of those circuits.

當然，依我們磨礦廠的配置，第一與第二回路各自大約處理 250 噸，而第三與第四回路則處理 1,000 噸。若要在 500 噸之後再往上提升，下一個階段就必須到 1,000 噸，才能填滿其中一個回路。

Makes sense.

了解。

Okay.

好的。

That's all for me. Congrats on the strong quarter again.

我這邊就這些。再次恭喜本季表現強勁。

Heiko Ihle, HC Wainwright.

Heiko Ihle，HC Wainwright。

Nice to once again be able to raise my target price this morning. There was a little paragraph in the press release, where you're talking about the ongoing extraction, haulage, and processing of the development material. There was a little sentence in there that you were slightly below plan early in the quarter. Obviously, we're going to be halfway through Q2 tomorrow.

今天早上我又能再次上調我的目標價，感覺不錯。新聞稿裡有一小段提到持續開採、運輸與處理開發礦料。裡面有一句話說你們在本季初期略低於計畫。顯然明天我們就要進入第二季的一半了。

I just want to see the actual financial impact. I mean, I assume transportation expenses are slightly higher given that you have to unload and load it one extra time, I would assume. You want to just maybe give us an idea of what we should use in our model once that's no longer a factor?

我想了解實際的財務影響。我是說，我猜運輸費用會稍微高一些，因為我推測你們必須多卸載與裝載一次。你們能否大概給我們一個概念，當這個因素不再存在時，我們在模型裡應該用什麼假設？

Yeah, Heiko, fair question. I think what you're referencing to is when silver prices did shoot up, we did process some lower grade material. While obviously the grade is a bit lower, we're still making it at quite a significant profit. Yes, you will see a transition back to kind of what the the grade expectations that we're looking at internally. The big transition is going to be once we switch to production mining, which should be coming in subsequent months, the grade will significantly improve.

是的，Heiko，這問題很合理。我想你指的是，當白銀價格確實大幅上漲時，我們處理了一些品位較低的礦料。雖然品位確實較低，但我們仍然有相當可觀的利潤。是的，你會看到我們回到更接近我們內部預期的品位水準。最大的轉變會是在我們切換到生產採礦之後（預計在接下來幾個月），屆時品位將顯著提升。

Fair enough. Also the drill program for the year. You're calling for 50,000 meters of drilling. You did 2,600 in Q3?

了解。另外，關於今年的鑽探計畫。你們說要鑽探 50,000 公尺。你們在第三季做了 2,600 公尺？

30,000 meters.

30,000 公尺。

30,000.

30,000。

30,000.

30,000。

Sorry, I'm talking about just La Preciosa at this point.

抱歉，我現在只是在談 La Preciosa。

Got it.

了解。

15,000.

15,000。

Okay. You're calling for 50,000. You had 2,600 at the end of Q1. Just the run rate to get up to the 15,000 is 4,130 a quarter. What did you do in Q2, and should this just essentially be a second half type of thing in our models?

好的。你們說要 50,000，而第一季末完成了 2,600。就要達到 15,000 的速度來看，每季需要 4,130。你們第二季做了多少？在我們的模型裡，這是否基本上會是下半年才會發生的事情？

Yeah. Thanks, Heiko Ihle. I think we're going to be able to hit the 15,000. We didn't get started for the drilling until kind of midway through Q1, we don't see the full quarter there. We are hiring other extra geologists and bringing in and increasing our staff there to log all the core that's required. We do think that we're going to hit the required metrics.

是的，謝謝你，Heiko Ihle。我認為我們能達到 15,000。第一季我們大概到中段才開始鑽探，所以沒有完整的一季。我們正在聘用額外的地質師並擴增人力，以記錄所需的所有岩心。我們確實認為能達到所要求的指標。

Yeah-

是的—

And we --

而且我們—

Sourcing a fifth drill.

正在尋找第五台鑽機。

We're adding a fifth drill as well. There's currently four drills turning, as we said in the last press release, and we are adding a fifth.

我們也會增加第五台鑽機。目前有四台鑽機在運轉，正如我們在上一份新聞稿所說，而我們正在增加第五台。

I'll build on this question. You want to give me a best guess for your Q2 metrics?

我延伸這個問題。你們能否給我一個對第二季指標的最佳估計？

Not at this time. We're still going through it. The rock changes every day, right? Some days you get to plow through it, and other days you have issues. That's life on a drill rig.

目前還不行。我們仍在整理中。岩層每天都在變，對吧？有些日子可以一路鑽進去，有些日子會遇到問題。這就是鑽機現場的日常。

Fair enough. I tried. I'll get back into you. Thanks, guys.

了解。我試試看。我再跟你們聯繫。謝謝各位。

Joseph Reagor, Roth Capital Partners.

Joseph Reagor，Roth Capital Partners。

Hey, guys. Thanks for taking my questions, and congrats on a strong start to the year. Two kind of, like, accounting questions. One is, depreciation specifically for Avino jumped Q4 to Q1. Is that a reflection of the reserves and now accounting for depreciation over the reserve life, or is there something else in there?

嗨，各位。謝謝讓我提問，也恭喜今年開局強勁。有兩個算是會計方面的問題。第一個是折舊，特別是 Avino 的折舊從第四季到第一季跳升。這是因為儲量的變化，現在改為按儲量年限計提折舊，還是裡面還有其他因素？

Joe, yeah, that's a fair question. It is more of a one-time thing, the significant jump. We will have a bit higher than what kind of quarterly you saw in 2025. Yeah, there's definitely a one-time jump there from just an accounting adjustment. That's all.

Joe，是的，這問題很合理。那個顯著跳升比較像一次性的影響。之後的水準會比你在 2025 年看到的季度水準稍高一些。是的，主要就是一次性的會計調整造成的跳升，僅此而已。

Okay. Okay. Looking at your treatment charges, they declined again as a percentage of revenue, in the quarter. Is there anything specific in there one time, or is this just high demand for silver ore from smelters leads to lower charges for you guys?

好的。再看你們的冶煉/精煉處理費（treatment charges），本季占營收比重又下降了。這裡面有沒有任何一次性因素？還是只是因為冶煉廠對含銀礦石需求很高，導致你們的費用更低？

Sorry, you said they declined, right? I have that correctly.

抱歉，你是說它們下降了，對嗎？我理解正確嗎？

Yeah. went down both in a total dollar number and in a percentage of revenue.

對，無論是總金額或占營收百分比都下降了。

We had some improvements and changes in contract terms, and obviously, it's a seller's market right now. Our team, Peter and everyone did a great job negotiating just some better terms for us for the short, medium, and long term. That's probably more reflective of what you'll see moving forward. Long term, probably potential improvements as La Preciosa's grade improves as a percentage.

我們在合約條款上做了一些改善與調整，而且很明顯，現在是賣方市場。我們的團隊，Peter 和大家，在談判上做得很好，為我們爭取到一些更好的條款，涵蓋短期、中期與長期。這大概更能反映你們未來會看到的情況。長期來看，隨著 La Preciosa 的品位占比提升，可能還會有進一步改善。

Okay. All right. That's helpful. My other questions were covered by the prior caller, so I'll turn it over.

好的。好。這很有幫助。我其他的問題先前來電者已經問到了，所以我就交回去了。

Thanks, Joe.

謝謝你，Joe。

Matthew O'Keefe, Cantor Fitzgerald.

Matthew O'Keefe，Cantor Fitzgerald。

Great quarter. Nice to hit some records. Most of my questions were answered. I just had a sort of a longer term one. The last chart you kind of referred to showing your growth profile over the next five years, obviously a big contribution from La Preciosa.

本季表現很棒。很高興創下一些紀錄。我的大多數問題都已獲解答。我只是有一個偏長期的問題。你們最後一張圖表提到未來五年的成長輪廓，顯然 La Preciosa 會有很大的貢獻。

You do have the oxide tailings in there starting in '28. Just wondering if you could talk, A, about the oxide tailings, if that's still kind of being pushed forward, or any plans there. Also, given the success at Preciosa and the change in metal price environment, are we looking at some accelerating or even more growth potential from La Preciosa?

你們也把 2028 年開始的氧化物尾礦納入其中。我想請教，A，關於氧化物尾礦，這項目是否仍在推進，或有任何相關計畫。另外，考量到 Preciosa 的成功以及金屬價格環境的變化，我們是否會看到 La Preciosa 帶來更快的成長，甚至更高的成長潛力？

oxide tailings, we're doing community engagement. We need the blessing before we can apply for permits, so that's ongoing. With La Preciosa, we've engaged an outside engineering firm to look at other alternatives, higher throughput at Avino or possibly a standalone operation at La Preciosa, but we don't have that information yet.

關於氧化物尾礦，我們正在進行社區溝通。我們需要先取得祝福（支持）才能申請許可，所以這部分仍在進行中。至於 La Preciosa，我們已聘請外部工程公司評估其他替代方案，例如提高 Avino 的處理量，或在 La Preciosa 建立獨立運作的作業，但我們目前還沒有相關資訊。

Right. Okay, that's clearly something to be looked at this juncture. Okay, great. That's really it for me. Thanks.

了解。好，這在目前階段顯然值得再深入評估。好的，很棒。我這邊就這些了。謝謝。

[Brendan Hoff], private investor.

[Brendan Hoff]，私人投資人。

Kudos on a great quarter, by the way. My question is kind of like, almost. Well, I think it was more of a silly question, so as I kind of ruminate more about it seems more apropos. You talk about becoming a mid-tier producer in Mexico, and I can look up definition of that, but what does that definition mean to you guys? What is it that you are actually what metrics are you going to hit that you say, we have made it. We're the mid-tier producer?

順帶一提，恭喜本季表現很棒。我的問題有點像——差不多。我原本覺得這可能是個蠢問題，但我越想越覺得更貼切。你們談到要成為墨西哥的中型（mid-tier）生產商，我可以去查這個定義，但對你們而言這個定義是什麼？你們實際上要達到哪些指標，才會說：我們做到了，我們就是中型生產商？

Well, when we acquired La Preciosa, we looked at that time, what a mid-tier producer looked like, and it was between 8 million to 10 million ounces of silver equivalent on an annual basis. That's where we developed the idea to get to. Yeah.

嗯，當我們收購 La Preciosa 時，我們當時看過中型生產商大概是什麼樣子，通常是每年 800 萬到 1,000 萬盎司白銀當量。這就是我們提出要達到的目標。是的。

But now --To your point, there is no clear definition. There is no clear line. The goal with our five-year program was to get to that 8 million to 10 million ounces. Even falling short of that 8 million to 10 million ounces, we could still categorize ourselves as a mid-tier and going above that as well. There isn't a clear definition. It's just to deliver on our growth plans there.

但現在——如你所說，並沒有明確定義，也沒有清楚的界線。我們五年計畫的目標是達到每年 800 萬到 1,000 萬盎司。即使未達到 800 萬到 1,000 萬盎司，我們仍可能把自己歸類為中型；超過那個水準也一樣。沒有明確定義，重點是把我們的成長計畫落實。

The thing is, with the higher metal prices, we are delivering financially almost like a mid-tier at this time. Imagine what's going to happen with higher throughput.

重點是，在金屬價格較高的情況下，我們目前在財務表現上幾乎已像一家中型公司。想像一下若處理量提高會發生什麼。

It's a good way to put it. I was wondering if you were looking at specific metrics. If it was ounces per year, if it was revenue, if it was profit. I'd imagine you've got, I'm sure, I assume some metrics along the way of like, when we hit this for tonnes processed per day. Or we want to hit this metric for revenue per quarter, and so forth, to say that, yes, we've made it.

這樣說很貼切。我在想你們是否有看特定指標：例如每年產量（盎司）、營收或獲利。我想你們一定——我假設你們沿途會有一些指標，比如當我們達到每天處理多少噸，或每季營收達到某個數字等等，來判定：是的，我們做到了。

No, that's fair. I think we'd evaluate all of those, but I think the number one target was production. Obviously you're going to if we hit the production targets, our revenue is going to go up even more significantly with the rise in metal prices, too.

不，這很合理。我想我們會綜合評估所有這些，但第一優先目標是產量。顯然如果我們達到產量目標，隨著金屬價格上升，我們的營收也會更顯著提高。

Another metric you can look at is price to net asset value. The three mid-tiers that were taken out last year, MAG, SilverCrest, and Gatos, were all well over two. We're sitting around one, that's another target of ours.

另一個可看的指標是股價對淨資產價值比（P/NAV）。去年被收購的三家中型公司——MAG、SilverCrest 和 Gatos——都遠高於 2 倍。我們目前大約在 1 倍左右，這也是我們的另一個目標。

Okay, great. Thanks a lot, guys.

好的，很棒。非常感謝各位。

[Atul Bagga], Abbott.

[Atul Bagga]，Abbott。

Hi. It's actually [Carl]. Thanks, operator. Great quarter, as everyone has said. Guys, congratulations on that. Two questions that people haven't mentioned so far. First one is, I wonder if, given the high price environment we've had, whether there have been any further discussions internally on the possibility of hedging a portion of production. I know previously you guys have not been keen on that, obviously the price dynamic has changed considerably.

嗨。其實我是 [Carl]。謝謝接線員。大家都說了，本季很棒。各位，恭喜。兩個目前還沒有人提到的問題。第一個是，我想知道在我們處於高價格環境下，內部是否有進一步討論過對部分產量進行避險（hedging）的可能性。我知道你們之前不太傾向這麼做，但顯然價格動態已經大幅改變。

Secondly, you continued to use the ATM facility during Q1, just wondered, again, what are the thoughts on the possibility of that going forward? Is that something that you guys feel, given the balance sheet being where it is no longer a requirement, no longer something that you're going to lean on, or do you still have potential usage of that in mind?

第二，你們在第一季持續使用 ATM（按市價發行）融資工具。我想再問一下，未來對此的想法是什麼？以目前的資產負債表狀況來看，你們是否覺得這已不再是必要、也不再會依賴的工具？還是你們仍可能考慮使用？

Hey, Nathan here. Those are good questions. Thank you for asking. Number one, on the hedging side, obviously we're very bullish on the silver price. We've obviously the industry's talked about that a lot, but we prefer to have our shareholders unhedged, and I think our shareholders also appreciate that. We've looked at our non-primary metals as well too copper being one of them, and there's some very large price increases going on this quarter. No, we're not in a position right now where we plan to hedge any of our silver production.

嗨，我是 Nathan。這些問題很好，謝謝你提出。第一，關於避險，顯然我們非常看好白銀價格。產業也談了很多，但我們更希望股東持有的是未避險的曝險，我想股東也欣賞這點。我們也看過非主要金屬，例如銅，本季也出現非常大的漲幅。不，我們目前沒有計畫對任何白銀產量進行避險。

One thing I will highlight, though, is we based on some optionality in our contracts, we were able to deliver higher realized silver prices than the average for the quarter too. There is the opportunity to take advantage when we want, but we are, we're not in a position where we want to hedge future production at this time.

不過我想強調一點：基於我們合約中的一些選擇權條款，我們能夠實現比本季平均值更高的白銀實現價格。當我們想要時，確實有機會加以利用，但目前我們不打算對未來產量做避險。

ATM.

ATM。

Yeah, the second question on the ATM, that was in January, I think the last time we used it, when we hit all-time highs. As of now, we have zero plans to use the ATM. I think, yeah, that's something we're A lot of us are big shareholders in this room too, and we're looking to preserve that share capital structure.

對，第二個關於 ATM 的問題，我想我們上次使用是在一月、當時股價創歷史新高。就目前而言，我們完全沒有使用 ATM 的計畫。我想，是的，這也是我們——在這個房間裡很多人也是大股東，我們希望維持並保護這個股本結構。

Fantastic. Thanks, Nathan.

太好了。謝謝你，Nathan。

Thank you.

謝謝。

Thanks very much. Just to double-check there, if anyone else has any remaining questions, you can join the queue by pressing star one now. Okay, I'm not seeing anyone else in the queue, so we have reached the end of our question and answer session, and I will now hand back over to David Wolfin for closing comments.

非常感謝。再確認一下，如果還有人有任何問題，現在可以按星號 1 加入提問隊列。好的，我沒有看到隊列中還有其他人，因此我們已到達問答環節的結束，我現在把時間交回給 David Wolfin 做結語。

Thank you again to everyone for joining us today and for your continued interest and support of Avino Silver & Gold Mines. We are encouraged by the strong start to 2026 and remain focused on executing our clear path for transformational growth.

再次感謝各位今天參與，並持續關注與支持 Avino Silver & Gold Mines。我們對 2026 年的強勁開局感到振奮，並將持續專注於執行我們清晰的轉型式成長路徑。

With continued operational improvements, advancement at La Preciosa, and a strong balance sheet and a disciplined approach to capital allocation, we believe Avino is well-positioned to continue creating long-term value for our shareholders. We look forward to updating you on our progress in the coming quarters. Have a great day.

透過持續的營運改善、推進 La Preciosa、以及強健的資產負債表與嚴謹的資本配置紀律，我們相信 Avino 已具備良好條件，能持續為股東創造長期價值。我們期待在接下來幾季向各位更新進展。祝各位有美好的一天。

Thank you very much. This does conclude today's conference. You may disconnect your phone lines at this time, and have a wonderful day. We thank you for your participation

非常感謝。今天的電話會議到此結束。您現在可以掛斷電話線，祝您有美好的一天。感謝您的參與。