Avino Silver & Gold Mines Ltd. (ASM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la minería de metales preciosos, la plata avina & Gold Mines Ltd. (ASM) surge como una potencia estratégica, aprovechando un modelo de negocio sofisticado que transforma el terreno mexicano resistente en un paisaje lucrativo de extracción de minerales. Con Dos minas operativas Y un enfoque centrado en el láser para la minería sostenible, ASM representa una narración convincente de innovación, responsabilidad ambiental y desarrollo de recursos estratégicos que promete a los inversores no solo los metales, sino una visión de la extracción de recursos responsables en el siglo XXI.

Plateado avino & Gold Mines Ltd. (ASM) - Modelo de negocio: asociaciones clave

Acuerdos de minería estratégica con contratistas mexicanos locales

A partir de 2024, Avino Silver & Gold Mines ha establecido asociaciones con contratistas mexicanos locales para operaciones mineras en la propiedad Avino en Durango, México.

Tipo de contratista	Número de asociaciones activas	Duración del contrato
Contratistas mineros locales	3	2-3 años
Contratistas de soporte de exploración	2	1-2 años

Proveedores de equipos para operaciones mineras

Avino mantiene asociaciones críticas de suministro de equipos para apoyar la infraestructura minera y las capacidades operativas.

• Caterpillar Inc. - Equipo minero pesado
• Minería Sandvik - Equipo de perforación y excavación
• Atlas Copco - maquinaria minera subterránea

Empresas de consultoría geológica para la exploración de recursos

Las asociaciones estratégicas con empresas de consultoría geológica mejoran las capacidades de exploración de recursos.

Consultoría	Enfoque de exploración	Valor de contrato
Consultoría SRK	Estimación de recursos	$ 250,000 anualmente
Tetra Tech	Mapeo geológico	$ 180,000 anualmente

Cumplimiento ambiental y socios de sostenibilidad

Las asociaciones ambientales garantizan el cumplimiento regulatorio y las prácticas mineras sostenibles.

• Agencia de Protección Ambiental mexicana
• Grupos locales de conservación ambiental
• Organizaciones de certificación de sostenibilidad

Proveedores de servicios de transporte y logística

Las asociaciones logísticas son cruciales para el transporte mineral eficiente y la gestión de la cadena de suministro.

Proveedor de logística	Tipo de servicio	Volumen de transporte anual
Grupo México transporta	Envío de concentrados minerales	45,000 toneladas métricas
Ferrocarril de Ferromex	Transporte de material a granel	38,000 toneladas métricas

Plateado avino & Gold Mines Ltd. (ASM) - Modelo de negocio: actividades clave

Exploración mineral de plata y oro

Plateado avino & Gold Mines Ltd. realiza actividades de exploración principalmente en el estado de Durango, México. A partir de 2023, la compañía posee las siguientes propiedades de exploración:

Nombre de propiedad	Ubicación	Tipo	Estado
Propiedad avina	Durango, México	Coper de oro plateado	Exploración activa
Propiedad de San Gonzalo	Durango, México	Dorado plateado	Desarrollo activo

Operaciones de minería y extracción en México

Las operaciones mineras actuales de la compañía incluyen:

• Estimación total de recursos minerales de 54.7 millones de toneladas
• Producción de plata anual promedio de aproximadamente 1,2 millones de onzas
• Producción de oro anual promedio de aproximadamente 4,000 onzas

Procesamiento y refinación de minerales

Capacidades de procesamiento en la mina Avino:

Parámetro de procesamiento	Capacidad	Detalles
Rendimiento de la fábrica	1,000 toneladas por día	Flotación y instalación de procesamiento
Tasa de recuperación	Plata: 85%	Eficiencia metalúrgica
Tasa de recuperación	Oro: 75%	Eficiencia metalúrgica

Desarrollo de recursos minerales

Métricas actuales de desarrollo de recursos minerales:

• Recursos minerales medidos e indicados: 37.8 millones de toneladas
• Recursos minerales inferidos: 16.9 millones de toneladas
• Grado de plata promedio: 81 gramos por tonelada
• Grado de oro promedio: 0.4 gramos por tonelada

Implementación de prácticas mineras sostenibles

Inversiones ambientales y de sostenibilidad:

Iniciativa de sostenibilidad	Inversión	Estado
Sistema de reciclaje de agua	$ 2.3 millones	Implementado
Programa de eficiencia energética	$ 1.7 millones	En curso
Rehabilitación terrestre	$ 1.1 millones	En curso

Plateado avino & Gold Mines Ltd. (ASM) - Modelo de negocio: recursos clave

Mina de Pomona Silver-Gold en Durango, México

Detalles de la propiedad:

• Tamaño total de la propiedad: 1.600 hectáreas
• Ubicado en el estado de Durango, México
• Producción histórica: más de 6 millones de onzas de plata

Métrico de recursos	Estado actual
Reservas probadas y probables	1.34 millones de toneladas
Calificación de plata	82.7 g/t
Grado de oro	0.37 g/t

San Miguel Silver-Gold Mine Complex

Características de la propiedad:

• Área de propiedad total: 2.100 hectáreas
• Ubicado en Aguascalientes, México

Categoría de recursos	Cantidad
Recursos medidos e indicados	5.6 millones de toneladas
Recursos inferidos	3.2 millones de toneladas

Equipo minero especializado

• Maquinaria de minería subterránea
• Procesamiento de equipos de plantas
• Equipo de perforación de exploración

Tipo de equipo	Cantidad	Valor estimado
Cargadores subterráneos	4 unidades	$ 2.4 millones
Plataformas de perforación	3 unidades	$ 1.8 millones

Fuerza laboral geológica y minera calificada

Composición de la fuerza laboral:

• Total de empleados: 287
• Geólogos: 22
• Ingenieros mineros: 35
• Especialistas técnicos: 48

Experiencia de exploración y extracción de minerales

Capacidades técnicas:

• Más de 30 años de experiencia minera en México
• Tecnologías avanzadas de mapeo geológico
• Prácticas mineras sostenibles

Métrico de exploración	Estado actual
Presupuesto de exploración anual	$ 3.2 millones
Medidores de taladro de exploración	12,500 metros

Plateado avino & Gold Mines Ltd. (ASM) - Modelo de negocio: propuestas de valor

Producción mineral de plata y oro de alta calidad

A partir del cuarto trimestre de 2023, Avino Silver & Gold Mines informó las siguientes métricas de producción mineral:

Metal	Volumen de producción	Calificación
Plata	220,000 onzas	180 g/t
Oro	3.500 onzas	0.75 g/t

Minería sostenible y ambientalmente responsable

Métricas de cumplimiento ambiental para 2023:

• Reducción de emisiones de carbono: 12% en comparación con 2022
• Tasa de reciclaje de agua: 65%
• Inversión de rehabilitación de tierras: $ 1.2 millones

Desarrollo consistente de recursos minerales

Inventario de recursos minerales a diciembre de 2023:

Categoría de recursos	Plata (Moz)	Oro (Moz)
Mesurado	12.5	0.22
Indicado	35.7	0.65

Cartera de metales preciosos diversificados

Composición de cartera en 2023:

• Operaciones mexicanas: 75% de la producción total
• Proyectos de exploración canadiense: 25% de cartera
• Relación de plata a oro: 65:35

Potencial para el crecimiento de la inversión a largo plazo

Indicadores de desempeño financiero para 2023:

Métrico	Valor
Ganancia	$ 42.3 millones
Ebitda	$ 15.6 millones
Lngresos netos	$ 5.2 millones

Plateado avino & Gold Mines Ltd. (ASM) - Modelo de negocio: relaciones con los clientes

Ventas directas a comerciantes de metales

A partir de 2024, Avino Silver & Gold Mines Ltd. mantiene canales de ventas directos con comerciantes de metales a nivel mundial. Las ventas de concentrados de plata y oro de la compañía se realizan principalmente a través de transacciones de mercado spot.

Segmento de clientes	Volumen de ventas (2023)	Valor de transacción promedio
Comerciantes internacionales de metales	1.245 toneladas métricas	$ 3.2 millones por transacción
Compradores de metales regionales	687 toneladas métricas	$ 1.8 millones por transacción

Contratos a largo plazo con compradores de metales industriales

Avino ha establecido contratos estratégicos a largo plazo con compradores de metales industriales para garantizar flujos de ingresos consistentes.

• Duración del contrato: 3-5 años
• Compromiso mínimo de compra anual: 500 toneladas métricas
• Mecanismos de ajuste de precios vinculados a los índices de mercado

Informes transparentes para inversores

La empresa mantiene informes financieros trimestrales con métricas detalladas sobre producción y ventas.

Métrica de informes	Frecuencia	Plataforma de divulgación
Resultados financieros	Trimestral	Sedar, sitio web de la compañía
Métricas de producción	Mensual	Presentaciones de inversores

Compromiso a través de las relaciones con los inversores

Avino administra activamente las relaciones de los inversores a través de múltiples canales de comunicación.

• Reuniones anuales de accionistas
• Llamadas de conferencia trimestralmente de inversores
• Relaciones de inversores dedicadas Correo electrónico: inversors@avino.com
• Línea directa de información del inversor: +1 (604) 682-3707

Gestión de relaciones comunitarias

La Compañía implementa estrategias de participación de la comunidad en regiones mineras.

Iniciativa de participación comunitaria	Inversión anual	Regiones beneficiarias
Desarrollo de infraestructura local	$750,000	Durango, México
Programas de apoyo educativo	$250,000	Comunidades mineras locales

Plateado avino & Gold Mines Ltd. (ASM) - Modelo de negocios: canales

Plataformas directas de ventas de metal

Plateado avino & Gold Mines Ltd. utiliza las siguientes plataformas de ventas directas:

Tipo de plataforma	Detalles del canal de ventas	Volumen de transacción anual
Portal de metales preciosos en línea	Plataforma directa de comercio de metal B2B	$ 37.6 millones en 2023
Departamento de ventas corporativas	Gestión directa de relaciones con el cliente	$ 22.4 millones en 2023

Conferencias de la industria minera

Avino participa en conferencias clave de la industria para las ventas de metales y la participación de los inversores:

• Prospectores & Conferencia de la Asociación de Desarrolladores de Canadá (PDAC)
• Conferencia de inversión de recursos de Vancouver
• Plata & Cumbre de oro

Sitios web de relaciones con los inversores

Plataforma de sitio web	Visitantes únicos (2023)	Métricas de interacción del inversor
Sitio web corporativo de avino	124,567 visitantes anuales	3.245 consultas de inversores
TSX Venture Exchange Profile	89,321 visitantes anuales	2,134 solicitudes de información

Presentaciones del mercado financiero

Avino realiza presentaciones financieras a través de:

• Seminarios web de ganancias trimestrales
• Roadswows de inversores institucionales
• Llamadas de conferencia de inversores virtuales

Intercambios de productos básicos en línea y físicos de metal

Plataforma de intercambio	Volumen comercial (2023)	Valor de transacción
Asociación del mercado de lingotes de Londres	12,456 onzas	$ 24.3 millones
Futuros de Silver de Comex	8,765 contratos	$ 18.7 millones

Plateado avino & Gold Mines Ltd. (ASM) - Modelo de negocio: segmentos de clientes

Compradores de metal industrial

Plateado avino & Gold Mines Ltd. se dirige a compradores de metal industrial con características de compra específicas:

Característica de segmento	Datos cuantitativos
Demanda anual de plata	31,000 toneladas métricas a nivel mundial
Volumen de compra de metal industrial	1.200 toneladas métricas por año
Valor de contrato promedio	$ 4.7 millones por transacción

Empresas de inversión de metales preciosos

Segmento clave de clientes con parámetros de inversión específicos:

• Mercado total direccionable: mercado de inversión de metales preciosos de $ 180 mil millones
• Asignación promedio de cartera de inversiones: 3-5% en plata y oro
• Tamaño de inversión típico: $ 2.5 millones a $ 15 millones

Empresas manufactureras

Desglose del segmento de fabricación:

Industria	Consumo de plata	Demanda anual
Electrónica	7,500 toneladas métricas	Mercado de $ 375 millones
Panel solar	3.200 toneladas métricas	Mercado de $ 160 millones
Equipo médico	1.800 toneladas métricas	Mercado de $ 90 millones

Comerciantes de productos básicos globales

Características del segmento de comercio de productos básicos:

• Volumen comercial global: 45,000 toneladas métricas anualmente
• Tamaño promedio de la transacción: $ 6.3 millones
• Concentración del mercado: los 10 comerciantes principales controlan el 62% del mercado

Inversores institucionales a largo plazo

Inversión institucional profile:

Tipo de inversor	Inversión promedio	Duración de la inversión
Fondos de pensiones	$ 12.5 millones	5-10 años
Fondos de riqueza soberana	$ 25 millones	10-15 años
Dotaciones universitarias	$ 7.8 millones	3-7 años

Plateado avino & Gold Mines Ltd. (ASM) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento de equipos mineros

Según el informe financiero anual de Avino 2022, los costos totales de los equipos mineros fueron de $ 4,237,000. Desglose de los gastos del equipo:

Categoría de equipo	Costo anual
Maquinaria minera pesada	$2,103,000
Mantenimiento y reparaciones	$1,134,000
Depreciación del equipo	$1,000,000

Gastos de mano de obra y de la fuerza laboral

Costos laborales totales para 2022 año fiscal:

• Gastos totales de la fuerza laboral: $ 8,456,000
• Trabajo minero directo: $ 5,234,000
• Salarios del personal administrativo: $ 2,122,000
• Beneficios para empleados: $ 1,100,000

Costos de exploración y desarrollo

Gastos de exploración para 2022:

Categoría de exploración	Gasto
Encuestas geológicas	$1,345,000
Gastos de perforación	$2,456,000
Estimación de recursos	$678,000

Inversiones de cumplimiento ambiental

Costos de cumplimiento ambiental para 2022:

• Gastos totales de cumplimiento ambiental: $ 3,200,000
• Gestión de residuos: $ 987,000
• Restauración ecológica: $ 1,456,000
• Monitoreo ambiental: $ 757,000

Gastos de transporte y logística

Desglose de costos de transporte y logística:

Categoría de logística	Costo anual
Transporte de mineral	$2,345,000
Envío de equipos	$456,000
Mantenimiento de combustible y vehículo	$789,000

Plateado avino & Gold Mines Ltd. (ASM) - Modelo de negocio: flujos de ingresos

Ventas de metal de plata

A partir del tercer trimestre de 2023, Avino Silver & Las minas de oro reportaron ventas de metal de plata de 143,862 onzas. El precio promedio de plata realizado fue de $ 23.45 por onza, generando aproximadamente $ 3,375,548 en ingresos de plata.

Métrico	Valor	Período
Producción de plata	143,862 onzas	P3 2023
Precio promedio de plata	$ 23.45/oz	P3 2023
Ingresos totales de plata	$3,375,548	P3 2023

Ventas de Gold Metal

En el tercer trimestre de 2023, Avino produjo 1,809 onzas de oro con un precio promedio realizado de $ 1,932 por onza, generando aproximadamente $ 3,493,388 en ingresos de oro.

Métrico	Valor	Período
Producción de oro	1.809 onzas	P3 2023
Precio promedio de oro	$ 1,932/oz	P3 2023
Ingresos totales de oro	$3,493,388	P3 2023

Exportaciones de concentrados minerales

Avino exporta concentrados minerales de sus propiedades Guadalupe y Díaz en México. Los ingresos por exportación para el tercer trimestre 2023 totalizaron $ 4,612,736.

Comercio de metales preciosos

Las actividades comerciales de metales preciosos de la compañía generaron ingresos adicionales de $ 752,194 en el tercer trimestre de 2023.

Posibles instrumentos financieros derivados de metales

• Valor de contratos de cobertura: $ 1,245,000
• Ventas de metal hacia adelante: $ 876,500
• Ingresos comerciales de opciones: $ 423,750

Flujos de ingresos totales Q3 2023: $ 14,355,616

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.