Avino-Silber & Gold Mines Ltd. (ASM): Business Model Canvas

In der dynamischen Welt des Edelmetallabbaus ist Avino Silver & Gold Mines Ltd. (ASM) entwickelt sich zu einem strategischen Kraftpaket, das ein ausgeklügeltes Geschäftsmodell nutzt, das raues mexikanisches Gelände in eine lukrative Mineraliengewinnungslandschaft verwandelt. Mit zwei betriebsbereite Minen und einem laserfokussierten Ansatz für nachhaltigen Bergbau stellt ASM ein überzeugendes Narrativ von Innovation, Umweltverantwortung und strategischer Ressourcenentwicklung dar, das Investoren nicht nur Metalle, sondern eine Vision einer verantwortungsvollen Ressourcengewinnung im 21. Jahrhundert verspricht.

Avino-Silber & Gold Mines Ltd. (ASM) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Bergbauvereinbarungen mit lokalen mexikanischen Auftragnehmern

Ab 2024 Avino Silver & Gold Mines hat Partnerschaften mit lokalen mexikanischen Auftragnehmern für Bergbaubetriebe im Konzessionsgebiet Avino in Durango, Mexiko, aufgebaut.

Auftragnehmertyp	Anzahl aktiver Partnerschaften	Vertragsdauer
Lokale Bergbauunternehmen	3	2-3 Jahre
Auftragnehmer für Explorationsunterstützung	2	1-2 Jahre

Ausrüstungslieferanten für Bergbaubetriebe

Avino unterhält wichtige Partnerschaften zur Lieferung von Ausrüstung, um die Bergbauinfrastruktur und die Betriebskapazitäten zu unterstützen.

• Caterpillar Inc. – Schwere Bergbauausrüstung
• Sandvik Mining – Bohr- und Aushubausrüstung
• Atlas Copco – Maschinen für den Untertagebergbau

Geologische Beratungsunternehmen für Ressourcenexploration

Strategische Partnerschaften mit geologischen Beratungsunternehmen verbessern die Ressourcenexplorationskapazitäten.

Beratungsunternehmen	Explorationsfokus	Vertragswert
SRK-Beratung	Ressourcenschätzung	250.000 US-Dollar pro Jahr
Tetra Tech	Geologische Kartierung	180.000 US-Dollar pro Jahr

Partner für Umwelt-Compliance und Nachhaltigkeit

Umweltpartnerschaften gewährleisten die Einhaltung gesetzlicher Vorschriften und nachhaltige Bergbaupraktiken.

• Mexikanische Umweltschutzbehörde
• Lokale Umweltschutzgruppen
• Nachhaltigkeitszertifizierungsorganisationen

Transport- und Logistikdienstleister

Logistikpartnerschaften sind für einen effizienten Mineralientransport und ein effizientes Lieferkettenmanagement von entscheidender Bedeutung.

Logistikanbieter	Servicetyp	Jährliches Transportvolumen
Grupo México Transportes	Versand von Mineralkonzentraten	45.000 Tonnen
Ferromex-Eisenbahn	Transport von Schüttgut	38.000 Tonnen

Avino-Silber & Gold Mines Ltd. (ASM) – Geschäftsmodell: Hauptaktivitäten

Silber- und Goldmineralienexploration

Avino-Silber & Gold Mines Ltd. führt Explorationsaktivitäten hauptsächlich im mexikanischen Bundesstaat Durango durch. Ab 2023 verfügt das Unternehmen über die folgenden Explorationsliegenschaften:

Eigenschaftsname	Standort	Typ	Status
Avino-Eigenschaft	Durango, Mexiko	Silber-Gold-Kupfer	Aktive Erkundung
San Gonzalo-Grundstück	Durango, Mexiko	Silber-Gold	Aktive Entwicklung

Bergbau- und Förderbetriebe in Mexiko

Zu den aktuellen Bergbaubetrieben des Unternehmens gehören:

• Schätzung der gesamten Mineralressourcen auf 54,7 Millionen Tonnen
• Durchschnittliche jährliche Silberproduktion von etwa 1,2 Millionen Unzen
• Durchschnittliche jährliche Goldproduktion von etwa 4.000 Unzen

Mineralverarbeitung und -veredelung

Verarbeitungsmöglichkeiten in der Avino-Mine:

Verarbeitungsparameter	Kapazität	Details
Mühlendurchsatz	1.000 Tonnen pro Tag	Flotations- und Verarbeitungsanlage
Wiederherstellungsrate	Silber: 85 %	Metallurgische Effizienz
Wiederherstellungsrate	Gold: 75 %	Metallurgische Effizienz

Entwicklung mineralischer Ressourcen

Aktuelle Kennzahlen zur Mineralressourcenentwicklung:

• Gemessene und angezeigte Mineralressourcen: 37,8 Millionen Tonnen
• Abgeleitete Mineralressourcen: 16,9 Millionen Tonnen
• Durchschnittlicher Silbergehalt: 81 Gramm pro Tonne
• Durchschnittlicher Goldgehalt: 0,4 Gramm pro Tonne

Umsetzung nachhaltiger Bergbaupraktiken

Umwelt- und Nachhaltigkeitsinvestitionen:

Nachhaltigkeitsinitiative	Investition	Status
Wasserrecyclingsystem	2,3 Millionen US-Dollar	Umgesetzt
Energieeffizienzprogramm	1,7 Millionen US-Dollar	Laufend
Landsanierung	1,1 Millionen US-Dollar	In Bearbeitung

Avino-Silber & Gold Mines Ltd. (ASM) – Geschäftsmodell: Schlüsselressourcen

Pomona Silber-Gold-Mine in Durango, Mexiko

Angaben zur Immobilie:

• Gesamtgrundstücksgröße: 1.600 Hektar
• Befindet sich im Bundesstaat Durango, Mexiko
• Historische Produktion: Über 6 Millionen Unzen Silber

Ressourcenmetrik	Aktueller Status
Nachgewiesene und wahrscheinliche Reserven	1,34 Millionen Tonnen
Silbergrad	82,7 g/t
Goldgehalt	0,37 g/t

Silber-Gold-Minenkomplex San Miguel

Eigenschaften der Immobilie:

• Gesamtgrundstücksfläche: 2.100 Hektar
• Befindet sich in Aguascalientes, Mexiko

Ressourcenkategorie	Menge
Gemessene und angezeigte Ressourcen	5,6 Millionen Tonnen
Abgeleitete Ressourcen	3,2 Millionen Tonnen

Spezialisierte Bergbauausrüstung

• Maschinen für den Untertagebergbau
• Ausrüstung für Verarbeitungsanlagen
• Explorationsbohrausrüstung

Gerätetyp	Menge	Geschätzter Wert
Untergrundlader	4 Einheiten	2,4 Millionen US-Dollar
Bohrinseln	3 Einheiten	1,8 Millionen US-Dollar

Qualifizierte Arbeitskräfte in den Bereichen Geologie und Bergbau

Zusammensetzung der Belegschaft:

• Gesamtzahl der Mitarbeiter: 287
• Geologen: 22
• Bergbauingenieure: 35
• Technische Spezialisten: 48

Fachwissen zur Mineralienexploration und -gewinnung

Technische Möglichkeiten:

• Über 30 Jahre Bergbauerfahrung in Mexiko
• Fortschrittliche geologische Kartierungstechnologien
• Nachhaltige Bergbaupraktiken

Explorationsmetrik	Aktueller Status
Jährliches Explorationsbudget	3,2 Millionen US-Dollar
Explorationsbohrmessgeräte	12.500 Meter

Avino-Silber & Gold Mines Ltd. (ASM) – Geschäftsmodell: Wertversprechen

Hochwertige Silber- und Goldmineralienproduktion

Ab Q4 2023, Avino Silver & Gold Mines meldete die folgenden Kennzahlen zur Mineralproduktion:

Metal	Produktionsvolumen	Note
Silber	220.000 Unzen	180 g/t
Gold	3.500 Unzen	0,75 g/t

Nachhaltiger und umweltbewusster Bergbau

Umwelt-Compliance-Kennzahlen für 2023:

• Reduzierung der CO2-Emissionen: 12 % im Vergleich zu 2022
• Wasserrecyclingrate: 65 %
• Investition in die Landsanierung: 1,2 Millionen US-Dollar

Konsequente Mineralressourcenentwicklung

Mineralressourceninventar Stand Dezember 2023:

Ressourcenkategorie	Silber (Moz)	Gold (Moz)
Gemessen	12.5	0.22
Angezeigt	35.7	0.65

Diversifiziertes Edelmetallportfolio

Portfoliozusammensetzung im Jahr 2023:

• Mexikanische Betriebe: 75 % der Gesamtproduktion
• Kanadische Explorationsprojekte: 25 % des Portfolios
• Silber-zu-Gold-Verhältnis: 65:35

Potenzial für langfristiges Investitionswachstum

Finanzielle Leistungsindikatoren für 2023:

Metrisch	Wert
Einnahmen	42,3 Millionen US-Dollar
EBITDA	15,6 Millionen US-Dollar
Nettoeinkommen	5,2 Millionen US-Dollar

Avino-Silber & Gold Mines Ltd. (ASM) – Geschäftsmodell: Kundenbeziehungen

Direktverkauf an Metallhändler

Ab 2024 Avino Silver & Gold Mines Ltd. unterhält Direktvertriebskanäle mit Metallhändlern weltweit. Der Verkauf von Silber- und Goldkonzentraten des Unternehmens erfolgt hauptsächlich über Spotmarkttransaktionen.

Kundensegment	Verkaufsvolumen (2023)	Durchschnittlicher Transaktionswert
Internationale Metallhändler	1.245 Tonnen	3,2 Millionen US-Dollar pro Transaktion
Regionale Metalleinkäufer	687 Tonnen	1,8 Millionen US-Dollar pro Transaktion

Langfristige Verträge mit Industriemetallkäufern

Avino hat strategische langfristige Verträge mit Käufern von Industriemetallen abgeschlossen, um konsistente Einnahmequellen sicherzustellen.

• Vertragsdauer: 3-5 Jahre
• Mindestabnahmeverpflichtung pro Jahr: 500 Tonnen
• An Marktindizes gekoppelte Preisanpassungsmechanismen

Transparente Berichterstattung für Anleger

Das Unternehmen unterhält vierteljährliche Finanzberichterstattung mit detaillierten Kennzahlen zu Produktion und Umsatz.

Berichtsmetrik	Häufigkeit	Offenlegungsplattform
Finanzielle Ergebnisse	Vierteljährlich	SEDAR, Unternehmenswebsite
Produktionskennzahlen	Monatlich	Investorenpräsentationen

Engagement durch Investor Relations

Avino verwaltet aktiv Investorenbeziehungen über mehrere Kommunikationskanäle.

• Jährliche Aktionärsversammlungen
• Vierteljährliche Telefonkonferenzen für Investoren
• Spezielle Investor-Relations-E-Mail: investoren@avino.com
• Hotline für Anlegerinformationen: +1 (604) 682-3707

Community-Relationship-Management

Das Unternehmen implementiert Strategien zur Einbindung der Gemeinschaft in Bergbauregionen.

Community-Engagement-Initiative	Jährliche Investition	Begünstigte Regionen
Lokale Infrastrukturentwicklung	$750,000	Durango, Mexiko
Bildungsunterstützungsprogramme	$250,000	Lokale Bergbaugemeinden

Avino-Silber & Gold Mines Ltd. (ASM) – Geschäftsmodell: Kanäle

Direkte Metallverkaufsplattformen

Avino-Silber & Gold Mines Ltd. nutzt die folgenden Direktvertriebsplattformen:

Plattformtyp	Details zum Vertriebskanal	Jährliches Transaktionsvolumen
Online-Edelmetallportal	Direkte B2B-Metallhandelsplattform	37,6 Millionen US-Dollar im Jahr 2023
Unternehmensverkaufsabteilung	Direktes Kundenbeziehungsmanagement	22,4 Millionen US-Dollar im Jahr 2023

Konferenzen der Bergbauindustrie

Avino nimmt an wichtigen Branchenkonferenzen für Metallverkäufe und Investoreneinbindung teil:

• Prospektoren & Konferenz der Developers Association of Canada (PDAC).
• Vancouver Resource Investment Conference
• Silber & Goldgipfel

Investor-Relations-Websites

Website-Plattform	Einzigartige Besucher (2023)	Kennzahlen zur Anlegerinteraktion
Avino-Unternehmenswebsite	124.567 jährliche Besucher	3.245 Investorenanfragen
TSX Venture Exchange Profile	89.321 jährliche Besucher	2.134 Informationsanfragen

Finanzmarktpräsentationen

Avino führt Finanzpräsentationen durch:

• Webinare zu vierteljährlichen Erträgen
• Roadshows für institutionelle Investoren
• Virtuelle Telefonkonferenzen für Investoren

Online- und physische Metallwarenbörsen

Austauschplattform	Handelsvolumen (2023)	Transaktionswert
London Bullion Market Association	12.456 Unzen	24,3 Millionen US-Dollar
COMEX-Silber-Futures	8.765 Verträge	18,7 Millionen US-Dollar

Avino-Silber & Gold Mines Ltd. (ASM) – Geschäftsmodell: Kundensegmente

Einkäufer von Industriemetallen

Avino-Silber & Gold Mines Ltd. richtet sich an Käufer von Industriemetallen mit spezifischen Einkaufsmerkmalen:

Segmentcharakteristik	Quantitative Daten
Jährlicher Silberbedarf	31.000 Tonnen weltweit
Kaufvolumen von Industriemetallen	1.200 Tonnen pro Jahr
Durchschnittlicher Vertragswert	4,7 Millionen US-Dollar pro Transaktion

Edelmetall-Investmentfirmen

Wichtigstes Kundensegment mit spezifischen Anlageparametern:

• Insgesamt adressierbarer Markt: Edelmetall-Investmentmarkt im Wert von 180 Milliarden US-Dollar
• Durchschnittliche Allokation des Anlageportfolios: 3–5 % in Silber und Gold
• Typische Investitionsgröße: 2,5 bis 15 Millionen US-Dollar

Fertigungsunternehmen

Aufschlüsselung nach Fertigungssegmenten:

Industrie	Silberverbrauch	Jährlicher Bedarf
Elektronik	7.500 Tonnen	375-Millionen-Dollar-Markt
Solarpanel	3.200 Tonnen	160-Millionen-Dollar-Markt
Medizinische Ausrüstung	1.800 Tonnen	90-Millionen-Dollar-Markt

Globale Rohstoffhändler

Merkmale des Rohstoffhandelssegments:

• Weltweites Handelsvolumen: 45.000 Tonnen jährlich
• Durchschnittliche Transaktionsgröße: 6,3 Millionen US-Dollar
• Marktkonzentration: Die Top-10-Händler kontrollieren 62 % des Marktes

Langfristige institutionelle Anleger

Institutionelle Investition profile:

Anlegertyp	Durchschnittliche Investition	Investitionsdauer
Pensionskassen	12,5 Millionen US-Dollar	5-10 Jahre
Staatsfonds	25 Millionen Dollar	10-15 Jahre
Universitätsstiftungen	7,8 Millionen US-Dollar	3-7 Jahre

Avino-Silber & Gold Mines Ltd. (ASM) – Geschäftsmodell: Kostenstruktur

Beschaffung und Wartung von Bergbauausrüstung

Laut Avinos Jahresfinanzbericht 2022 beliefen sich die Gesamtkosten für Bergbauausrüstung auf 4.237.000 US-Dollar. Aufschlüsselung der Ausrüstungskosten:

Ausrüstungskategorie	Jährliche Kosten
Schwere Bergbaumaschinen	$2,103,000
Wartung und Reparaturen	$1,134,000
Abschreibung der Ausrüstung	$1,000,000

Arbeits- und Personalkosten

Gesamtarbeitskosten für das Geschäftsjahr 2022:

• Gesamtaufwand für die Belegschaft: 8.456.000 US-Dollar
• Direkte Bergbauarbeit: 5.234.000 $
• Gehälter des Verwaltungspersonals: 2.122.000 US-Dollar
• Leistungen an Arbeitnehmer: 1.100.000 US-Dollar

Explorations- und Entwicklungskosten

Explorationsausgaben für 2022:

Erkundungskategorie	Ausgaben
Geologische Untersuchungen	$1,345,000
Bohrkosten	$2,456,000
Ressourcenschätzung	$678,000

Investitionen in die Einhaltung von Umweltvorschriften

Umweltkonformitätskosten für 2022:

• Gesamtaufwand für die Einhaltung der Umweltvorschriften: 3.200.000 US-Dollar
• Abfallmanagement: 987.000 $
• Ökologische Sanierung: 1.456.000 $
• Umweltüberwachung: 757.000 US-Dollar

Transport- und Logistikkosten

Aufschlüsselung der Transport- und Logistikkosten:

Kategorie Logistik	Jährliche Kosten
Erztransport	$2,345,000
Ausrüstungsversand	$456,000
Kraftstoff- und Fahrzeugwartung	$789,000

Avino-Silber & Gold Mines Ltd. (ASM) – Geschäftsmodell: Einnahmequellen

Silbermetallverkauf

Ab Q3 2023, Avino Silver & Gold Mines meldete Silbermetallverkäufe von 143.862 Unzen. Der durchschnittlich erzielte Silberpreis betrug 23,45 US-Dollar pro Unze, was zu einem Silberumsatz von etwa 3.375.548 US-Dollar führte.

Metrisch	Wert	Zeitraum
Silberproduktion	143.862 Unzen	Q3 2023
Durchschnittlicher Silberpreis	23,45 $/Unze	Q3 2023
Gesamter Silberumsatz	$3,375,548	Q3 2023

Verkauf von Goldmetallen

Im dritten Quartal 2023 produzierte Avino 1.809 Unzen Gold mit einem durchschnittlichen realisierten Preis von 1.932 US-Dollar pro Unze und generierte damit einen Goldumsatz von etwa 3.493.388 US-Dollar.

Metrisch	Wert	Zeitraum
Goldproduktion	1.809 Unzen	Q3 2023
Durchschnittlicher Goldpreis	1.932 $/Unze	Q3 2023
Gesamter Goldumsatz	$3,493,388	Q3 2023

Exporte von Mineralkonzentraten

Avino exportiert Mineralkonzentrate aus seinen Liegenschaften Guadalupe und Diaz in Mexiko. Die Exporteinnahmen für das dritte Quartal 2023 beliefen sich auf insgesamt 4.612.736 US-Dollar.

Edelmetallhandel

Die Edelmetallhandelsaktivitäten des Unternehmens generierten im dritten Quartal 2023 einen zusätzlichen Umsatz von 752.194 US-Dollar.

Potenzielle Metallderivat-Finanzinstrumente

• Wert der Absicherungskontrakte: 1.245.000 USD
• Metall-Terminverkäufe: 876.500 $
• Einnahmen aus dem Optionshandel: 423.750 $

Gesamteinnahmen im dritten Quartal 2023: 14.355.616 US-Dollar

Avino Silver & Gold Mines Ltd. (ASM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors and partners see value in Avino Silver & Gold Mines Ltd. right now, late in 2025. It boils down to direct commodity exposure, a clear, self-funded growth trajectory, and operational advantages built on existing infrastructure.

Unhedged exposure to rising silver, gold, and copper prices

The primary value proposition here is pure leverage to the metals market. Avino Silver & Gold Mines Ltd. maintains a policy where its silver, gold and copper production remains unhedged. This means every dollar the metal price rises directly flows through to the top line and, eventually, the bottom line, assuming costs are managed.

Consider the recent financial performance which reflects this exposure:

Metric (Q3 2025 vs Q3 2024)	Value/Change	Source
Realized Revenues	$21.0 million (an increase of 44%)	Increased metal prices were a primary driver.
Gross Profit (Mine Operating Income)	$9.9 million (an increase of 73%)	Underpinned by higher-than-forecasted tonnes milled and metal prices.
Net Income After Taxes	$7.7 million (an increase of 559%)	Reflects strong operating leverage to metal prices.
EBITDA	$11.5 million (an increase of 200%)	Strong operational efficiency contributed to this rise.

This direct, unhedged exposure is a key differentiator when you believe in the near-term trajectory of precious and base metals.

Clear path to becoming a multi-asset, intermediate producer by 2029

Avino Silver & Gold Mines Ltd. is executing a transformational growth strategy to move from a single-asset junior producer to a multi-asset intermediate producer within five years. The target is ambitious, aiming for annual production between 8 to 10 million AgEq ounces by 2029.

This growth is organic, meaning it is driven by developing assets the company already controls, which management suggests lowers execution risk compared to acquisitions. The plan involves transitioning from the current Avino Mine to a three-asset base, including La Preciosa and the Oxide Tailings Project.

• 2025 Production Guidance (Avino Mine): 2.5 - 2.8 million silver equivalent ounces.
• La Preciosa Contribution (Projected): Expected to add one million AgEq ounces in 2026.
• Total Projected Production (2026): Approximately 3.5 million ounces, driven by high-grade La Preciosa feed.
• Long-Term Cost Target: All-in sustaining costs (AISC) are expected to drop to the mid-teens range once La Preciosa is fully integrated.

The company's financial strength supports this self-funded path; cash reserves stood at $57 million and working capital at $51 million as of September 30, 2025.

Ethically sourced metals for industrial/tech supply chains (e.g., Samsung)

Avino Silver & Gold Mines Ltd. emphasizes responsible management and contributing to community well-being. Historically, this commitment was formalized through a concentrates prepayment agreement with Samsung C&T, which secured exclusive sales of Avino Mine concentrates until December 2024. This relationship highlights the value of Avino's output to major industrial consumers, as Samsung was noted as both a consumer and trader of silver, gold, and copper, with concentrates shipped to Asia for refining for end-user products.

The current operational focus is on integrating La Preciosa ore, which is also part of the company's commitment to responsible production.

Low execution risk by leveraging an existing mill for La Preciosa feed

A significant de-risking factor for the La Preciosa development is the plan to use the existing infrastructure at the Avino Mine. This avoids the massive capital expenditure and timeline associated with building a new processing facility.

Here's how the integration is progressing:

• La Preciosa underground development permits were secured in January 2025.
• Blasting at La Preciosa commenced in Q2 2025.
• Over 6,700 tons of mineralized material from La Preciosa had been stockpiled by the end of Q3 2025.
• Initial processing of La Preciosa material into the Avino Mill began in late 2025.
• The Avino Mill has a capacity of 2,500 tons per day with four independent circuits, allowing for the material feed to be folded in.

This strategy is already showing results in throughput efficiency; Q3 2025 saw mill throughput reach 188,757 tonnes, which was 21% higher than Q3 2024.

Avino Silver & Gold Mines Ltd. (ASM) - Canvas Business Model: Customer Relationships

You're looking at how Avino Silver & Gold Mines Ltd. (ASM) manages its key relationships, which for a producer like this, boils down to who buys the metal, who funds the operation, and who lets them operate locally. It's a mix of industrial buyers, public markets, and local communities.

Strategic, long-term off-take contracts with major industrial buyers

Specific financial details or volumes tied to strategic, long-term off-take contracts with major industrial buyers were not explicitly detailed in the latest public filings available up to November 2025. However, a core aspect of Avino Silver & Gold Mines Ltd.'s sales relationship is that its production remains completely unhedged.

• Production of silver, gold, and copper remains unhedged.

Direct, active investor relations for public equity shareholders (TSX30 inclusion)

Investor relations is clearly a focus, evidenced by market recognition and capital-raising flexibility. The company actively engages its public equity shareholders through performance milestones and capital program management. Here's the quick math on their recent market standing:

Metric	Value as of Late 2025
TSX30 2025 Ranking Position	5th
Share Price Performance (3 Yrs ended June 30, 2025)	Increased 610%
Market Capitalization (as of Nov 26, 2025)	C$980.1M
Market Capitalization Increase (3 Yrs ended June 30, 2025)	Increased 778%
Average Trading Volume	826,440
Renewed ATM Equity Program Maximum Amount	US$60 million

The renewal of the At-The-Market (ATM) equity program to raise up to US$60 million shows a direct mechanism for accessing shareholder capital when needed for financial flexibility.

Dedicated community engagement to maintain social license to operate

Maintaining the social license to operate in Mexico is critical, especially with the advancement of the La Preciosa project. Avino Silver & Gold Mines Ltd. has formalized relationships and executed specific Corporate Social Responsibility (CSR) projects. They achieved the 3rd ESR designation for CSR.

Key community relationship milestones and Q2 2025 activities include:

• Secured a long-term land-use agreement with the local community at La Preciosa early in 2024.
• CSR teams delivered low cost water tanks and cisterns during Q2 2025.
• Approved a reforestation project covering five hectares, planning for 1,100 plants per hectare.
• 67 families in the community received solar boilers at reduced cost via company-led subsidy facilitation.

This level of tangible support helps secure the ongoing ability to operate the Avino Mine and advance La Preciosa.

Avino Silver & Gold Mines Ltd. (ASM) - Canvas Business Model: Channels

You're looking at how Avino Silver & Gold Mines Ltd. moves its product and secures the funds to keep growing. It's a mix of physical shipping and public market access. Here's the quick math on their distribution and financing channels as of late 2025.

Direct sales of concentrate to global smelters and traders

Avino Silver & Gold Mines Ltd. moves its mined material directly to the market. The company's production, which remains unhedged, is sold as concentrate. For the first nine months of 2025, the company was on track to meet its annual production guidance range of 2.5 - 2.8 million silver equivalent ounces. This output is the physical product flowing through this channel.

The financial results show the effectiveness of this sales channel, which benefits from metal prices. Avino realized revenues of $21.8 million in Q2 2025, a 47% increase from the prior year, and $21.0 million in Q3 2025, a 44% increase year-over-year. The cost structure for this production, which directly impacts the realized value, saw Cash costs per silver equivalent payable ounce sold at $15.11 and All-in sustaining cash costs per silver equivalent payable ounce sold at $20.93 for Q2 2025.

The structure of their sales involves:

• Selling silver, gold, and copper concentrate.
• Selling to a primary buyer and other groups on a spot basis.
• Achieving strong profitability metrics, with Q3 2025 Gross profit (mine operating income) reaching $9.9 million.

Logistics network for shipping concentrate via Mexican ports like Manzanillo

The physical movement of the concentrate relies on a defined logistics path out of Mexico. The company uses its proximity to Pacific shipping lanes to its advantage. Specifically, concentrate is shipped out of the port in Manzanillo on a vessel bound for a smelter, with one destination mentioned being Korea.

A key feature of this channel is the payment timing tied to logistics milestones. Avino Silver & Gold Mines Ltd. gets paid as soon as the concentrate reaches the port in Mexico or in Manzanillo. This structure helps manage working capital, which was strong at $50.8 million as of September 30, 2025.

The operational throughput supports this channel, with Q2 2025 achieving a record quarterly mill throughput of 190,987 tonnes of material. The company controls significant mineral resources, totaling 371 million silver equivalent ounces, which feeds this logistics chain.

Public equity markets (TSX and NYSE American) for capital access

Avino Silver & Gold Mines Ltd. accesses capital directly from public equity markets via its listings on the Toronto Stock Exchange (TSX) and NYSE American, trading as ASM. This channel is critical for funding growth, including the advancement of the La Preciosa project.

The market's view of the company's performance through these channels is reflected in recent recognition and capital structure metrics as of late 2025. The company secured the 5th position on the TSX30™ 2025 ranking, based on a 610% share price increase and 778% market capitalization growth over the three years ending June 30, 2025. Furthermore, the company renewed its At-The-Market (ATM) Equity Program on November 26, 2025, providing a mechanism for future equity issuance.

You can see the strength of the balance sheet, which underpins its access to capital, in the table below:

Financial Metric (as of Late 2025)	Amount	Reference Date
Cash	$57.33M	November 14, 2025
Total Debt	$4.67M	November 14, 2025
Enterprise Value	$694.63M	November 14, 2025
Debt-Equity Ratio	0.02	April 11, 2025
Total Equity	$125.4M	April 11, 2025
Net Income (Q3 2025)	$7.7M or $0.05 per share	Q3 2025

The company remains debt-free excluding operating equipment leases and the deferred royalty repurchase payment, as noted when reporting $57.3 million in cash at September 30, 2025.

Avino Silver & Gold Mines Ltd. (ASM) - Canvas Business Model: Customer Segments

You're looking at the specific groups Avino Silver & Gold Mines Ltd. (ASM) sells its output to, and who funds its operations as of late 2025. Here's the quick math on those segments based on the latest filings.

Global smelters and refiners purchasing bulk concentrate

This segment buys the physical output from the Avino Mine in Mexico. The value is tied directly to the metal content in the concentrate sold. For the third quarter of 2025, Avino Silver & Gold Mines Ltd. produced $\text{263,231}$ silver ounces, $\text{1,935}$ gold ounces, and $\text{1.3 million}$ pounds of copper. The company realized revenues of $\text{21.0 million}$ in Q3 2025. The cost structure for this segment's output in Q3 2025 was a cash cost per silver equivalent payable ounce sold of $\text{17.09}$, with all-in sustaining costs per silver equivalent payable ounce sold at $\text{24.06}$. Avino Silver & Gold Mines Ltd.'s 2025 annual production guidance remains between $\text{2.5}$ and $\text{2.8 million}$ silver equivalent ounces.

Major electronics and industrial manufacturers (e.g., Samsung)

While Avino Silver & Gold Mines Ltd. produces silver and copper, which are essential inputs for electronics and industrial applications, the direct customer relationship for the refined metals is typically through traders or refiners, not the end-user manufacturers themselves. The company's Q3 2025 production included $\text{1.3 million}$ pounds of copper. The realized revenue for Q3 2025 was $\text{21.0 million}$.

Precious metals traders and financial institutions

These entities purchase the refined or semi-refined metals from Avino Silver & Gold Mines Ltd. or its primary off-takers, facilitating the flow of physical metal and price discovery. The company's financial performance reflects the market prices these traders operate within. Avino Silver & Gold Mines Ltd. reported gross profit (mine operating income) of $\text{9.9 million}$ in Q3 2025, a $\text{73\%}$ increase year-over-year. The company's cash position at the end of Q3 2025 was $\text{57.3 million}$.

Institutional and retail equity investors

This segment provides the necessary capital for Avino Silver & Gold Mines Ltd.'s operations and growth projects like La Preciosa. The ownership structure as of late 2025 shows a mix of professional money managers and individual holders. The Market Cap was reported at $\text{727.78M}$. The share price as of November 21, 2025, was $\text{4.36}$ per share.

The ownership breakdown is as follows:

• Institutional Shareholders: $\text{28.76\%}$
• Retail Investors: $\text{71.24\%}$
• Insiders Ownership: $\text{0.00\%}$ or $\text{4.68\%}$

Key institutional holders and their reported holdings include:

Owner Name	Shares Held (Approximate)	Ownership Percentage (Approximate)
Tidal Investments LLC	$\text{7,207,592}$	$\text{5.13\%}$
Mackenzie Financial Corp	$\text{5,844,715}$	$\text{4.16\%}$
Mirae Asset Global Etfs Holdings Ltd	$\text{5,830,893}$	$\text{4.15\%}$
Van Eck Associates Corp	$\text{5,372,973}$	$\text{3.82\%}$

The total number of shares held by institutions filing 13D/G or 13F forms was $\text{49,622,436}$ shares. Avino Silver & Gold Mines Ltd. announced the renewal of its at-the-market (ATM) equity program on November 26, 2025.

Avino Silver & Gold Mines Ltd. (ASM) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Avino Silver & Gold Mines Ltd.'s operations, which are heavily influenced by production efficiency and the capital required to bring the La Preciosa asset online. The cost structure is a mix of variable costs tied to production and significant fixed overheads related to the Mexican operational base.

For the second quarter of 2025, the company reported its All-in Sustaining Costs (AISC) per silver equivalent payable ounce sold at $20.93, which represented an 8% reduction compared to the same period in the prior year. This figure is slightly higher than the $20.54 per AgEq oz you mentioned, but it reflects the most recent reported metric for the period ending June 30, 2025. To be fair, the Q3 2025 AISC was higher at $24.06 per silver equivalent payable ounce sold, impacted by lower feed grades in that quarter.

A major component of the cost structure is the significant growth capital being deployed for the La Preciosa underground development. The initial phase of development at La Preciosa was estimated to cost under $5 million, intended to be funded from existing cash reserves. For the full 2025 fiscal year, Avino Silver & Gold Mines Ltd. budgeted a total capital expenditure of $13-18 million, with growth capital allocated between the Avino Mine and La Preciosa development falling in the $6-8 million range. The development cost at La Preciosa was explicitly included in the capital expenditures for Q2 2025.

The fixed cost base is dominated by running the Avino mill and associated Mexican labor. While specific labor costs aren't itemized, operational efficiency is reflected in the margins. In Q2 2025, the gross profit margin, inclusive of non-cash depreciation and depletion, stood at 45%, a significant improvement from 32% in Q2 2024. On a cash basis, that margin was 52%. The mill operation itself hit a record throughput of 190,987 tonnes of material processed in Q2 2025, up 36% year-over-year, showing the fixed asset base is being used more effectively.

Sustaining capital is necessary for keeping the existing Avino Mine running smoothly. The 2025 budget allocated $6-8 million for sustaining capital and mine development, which covers maintenance and replacement of existing underground mining equipment and further development within current operations.

Here's a quick look at the key cost-related metrics and allocations for 2025:

Cost/Capital Category	Latest Reported Figure (2025)	Period/Context
All-in Sustaining Costs (AISC)	$20.93 per AgEq oz	Q2 2025
All-in Sustaining Costs (AISC)	$24.06 per AgEq oz sold	Q3 2025
Total Budgeted Capital Expenditure (2025)	$13-18 million	Full Year 2025 Outlook
Budgeted Growth Capital (2025)	$6-8 million	Full Year 2025 Outlook
Budgeted Sustaining Capital & Mine Development (2025)	$6-8 million	Full Year 2025 Outlook
La Preciosa Phase 1 Estimated Capital Cost	Under $5 million	Initial Development Estimate
Gross Profit Margin (Cash Basis)	52%	Q2 2025

The ongoing cost management focus for Avino Silver & Gold Mines Ltd. centers on two main areas:

• Driving down AISC by integrating higher-grade ore from La Preciosa.
• Maximizing throughput at the Avino mill to spread fixed costs over more ounces.

The mill processed a record 190,987 tonnes in Q2 2025, which is key to managing those fixed mill operation expenses. Finance: draft 13-week cash view by Friday.

Avino Silver & Gold Mines Ltd. (ASM) - Canvas Business Model: Revenue Streams

The primary revenue generation for Avino Silver & Gold Mines Ltd. (ASM) comes from the Sales of silver, gold, and copper concentrate (unhedged). The Company explicitly states its production remains unhedged.

The financial performance in the third quarter of 2025 showed strong top-line results:

• Q3 2025 revenue totaled $21.0 million.
• This represented an increase of 44% from the $14.6 million realized in Q3 2024.
• The Q3 2025 revenue was primarily the result of increased metal prices and marginally higher ounces sold.
• Gross profit (mine operating income) for Q3 2025 was $9.9 million, a 73% increase.
• Net income after taxes for Q3 2025 was a record $7.7 million, or $0.05 per share.
• EBITDA for Q3 2025 was $11.5 million, a 200% increase from $3.8 million in Q3 2024.

To give you a broader view of the revenue progression leading into late 2025, here is a look at the reported quarterly revenues:

Period	Revenue Amount (USD)	Comparison/Note
Q1 2025	$18.836 million	52% increase from Q1 2024.
Q2 2025	$21.8 million	47% increase from Q2 2024.
Q3 2025	$21.0 million	44% increase from Q3 2024.
TTM (as of Nov 2025)	$86.06 Million USD	Trailing Twelve Months Revenue.

The operational targets support these revenue expectations. Avino Silver & Gold Mines Ltd. (ASM) expects to remain within its Annual production guidance for 2025 is 2.5 million to 2.8 million AgEq oz. For context, Q3 2025 production was 580,780 silver equivalent ounces.

To maintain financial flexibility for strategic maneuvers, Avino Silver & Gold Mines Ltd. (ASM) has renewed its At-The-Market (ATM) equity program, which allows for Potential equity raises for strategic flexibility, up to US$60 million via ATM. As of September 30, 2025, the company reported a record cash position of $57.3 million and working capital of $50.8 million, remaining debt-free excluding equipment leases and deferred royalty payments.

Key operational metrics underpinning revenue include:

• Q3 2025 mill throughput totaled 188,757 tonnes of material, a 21% increase versus Q3 2024.
• Gold production in Q3 2025 increased 19%.
• The company successfully started processing material from La Preciosa ahead of schedule.