Avino Silver & Gold Mines Ltd. (ASM): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da mineração de metais preciosos, Avino Silver & A Gold Mines Ltd. (ASM) surge como uma potência estratégica, alavancando um modelo de negócios sofisticado que transforma um terreno mexicano acidentado em um cenário lucrativo de extração mineral. Com duas minas operacionais e uma abordagem focada em laser para a mineração sustentável, o ASM representa uma narrativa convincente de inovação, responsabilidade ambiental e desenvolvimento estratégico de recursos que promete aos investidores não apenas metais, mas uma visão de extração de recursos responsável no século XXI.

Avino Silver & Gold Mines Ltd. (ASM) - Modelo de negócios: Parcerias -chave

Acordos de mineração estratégicos com empreiteiros mexicanos locais

A partir de 2024, Avino Silver & A Gold Mines estabeleceu parcerias com empreiteiros mexicanos locais para operações de mineração na propriedade Avino em Durango, México.

Tipo de contratante	Número de parcerias ativas	Duração do contrato
Contratados de mineração local	3	2-3 anos
Empreiteiros de apoio à exploração	2	1-2 anos

Fornecedores de equipamentos para operações de mineração

A Avino mantém parcerias críticas de fornecimento de equipamentos para apoiar a infraestrutura de mineração e as capacidades operacionais.

• Caterpillar Inc. - Equipamento de mineração pesada
• Sandvik Mining - Equipamento de perfuração e escavação
• Atlas Copco - Máquinas de mineração subterrânea

Empresas de consultoria geológica para exploração de recursos

Parcerias estratégicas com empresas de consultoria geológica aprimoram os recursos de exploração de recursos.

Empresa de consultoria	Foco de exploração	Valor do contrato
SRK Consulting	Estimativa de recursos	US $ 250.000 anualmente
TETRA TECH	Mapeamento geológico	US $ 180.000 anualmente

Parceiros de conformidade e sustentabilidade ambientais

Parcerias ambientais garantem a conformidade regulatória e práticas sustentáveis ​​de mineração.

• Agência de proteção ambiental mexicana
• Grupos de conservação ambiental locais
• Organizações de certificação de sustentabilidade

Provedores de serviços de transporte e logística

As parcerias logísticas são cruciais para o transporte eficiente de transporte mineral e gerenciamento da cadeia de suprimentos.

Provedor de logística	Tipo de serviço	Volume anual de transporte
Transportes de Grupo México	Envio de concentrado mineral	45.000 toneladas métricas
Ferrovia Ferromex	Transporte de material a granel	38.000 toneladas métricas

Avino Silver & Gold Mines Ltd. (ASM) - Modelo de negócios: Atividades -chave

Exploração mineral de prata e ouro

Avino Silver & Gold Mines Ltd. realiza atividades de exploração principalmente no estado de Durango, no México. A partir de 2023, a empresa possui as seguintes propriedades de exploração:

Nome da propriedade	Localização	Tipo	Status
Propriedade Avino	Durango, México	Silver-Gold-Copper	Exploração ativa
Propriedade de San Gonzalo	Durango, México	Ouro prateado	Desenvolvimento ativo

Operações de mineração e extração no México

As operações atuais de mineração da empresa incluem:

• Estimativa total de recursos minerais de 54,7 milhões de toneladas
• Produção de prata média anual de aproximadamente 1,2 milhão de onças
• Produção média anual de ouro de aproximadamente 4.000 onças

Processamento e refino minerais

Recursos de processamento na mina Avino:

Parâmetro de processamento	Capacidade	Detalhes
Taxa de transferência da fábrica	1.000 toneladas por dia	Instalação de flutuação e processamento
Taxa de recuperação	Prata: 85%	Eficiência metalúrgica
Taxa de recuperação	Ouro: 75%	Eficiência metalúrgica

Desenvolvimento de Recursos Minerais

Métricas atuais de desenvolvimento de recursos minerais:

• Recursos minerais medidos e indicados: 37,8 milhões de toneladas
• Recursos minerais inferidos: 16,9 milhões de toneladas
• Grau de prata média: 81 gramas por tonelada
• Grau de ouro médio: 0,4 gramas por tonelada

Implementação de práticas de mineração sustentável

Investimentos ambientais e de sustentabilidade:

Iniciativa de Sustentabilidade	Investimento	Status
Sistema de reciclagem de água	US $ 2,3 milhões	Implementado
Programa de eficiência energética	US $ 1,7 milhão	Em andamento
Reabilitação da terra	US $ 1,1 milhão	Em andamento

Avino Silver & Gold Mines Ltd. (ASM) - Modelo de negócios: Recursos -chave

Mina de ouro prateado de Pomona em Durango, México

Detalhes da propriedade:

• Tamanho total da propriedade: 1.600 hectares
• Localizado no estado de Durango, México
• Produção histórica: mais de 6 milhões de onças de prata

Métrica de recurso	Status atual
Reservas comprovadas e prováveis	1,34 milhão de toneladas
Grau de prata	82,7 g/t
Grau de ouro	0,37 g/t

Complexo de mina de ouro prateado de San Miguel

Características da propriedade:

• Área de propriedade total: 2.100 hectares
• Localizado em Aguascalientes, México

Categoria de recursos	Quantidade
Recursos medidos e indicados	5,6 milhões de toneladas
Recursos inferidos	3,2 milhões de toneladas

Equipamento de mineração especializado

• Máquinas de mineração subterrânea
• Processando equipamentos de plantas
• Equipamento de perfuração de exploração

Tipo de equipamento	Quantidade	Valor estimado
Carregadeiras subterrâneas	4 unidades	US $ 2,4 milhões
Platas de perfuração	3 unidades	US $ 1,8 milhão

Força de trabalho geológica e de mineração qualificada

Composição da força de trabalho:

• Total de funcionários: 287
• Geólogos: 22
• Engenheiros de Mineração: 35
• Especialistas técnicos: 48

Exploração mineral e experiência em extração

Capacidades técnicas:

• Mais de 30 anos de experiência em mineração no México
• Tecnologias avançadas de mapeamento geológico
• Práticas de mineração sustentáveis

Métrica de exploração	Status atual
Orçamento de exploração anual	US $ 3,2 milhões
Medidores de broca de exploração	12.500 metros

Avino Silver & Gold Mines Ltd. (ASM) - Modelo de Negócios: Proposições de Valor

Produção mineral de prata e ouro de alta qualidade

A partir do quarto trimestre 2023, Avino Silver & As minas de ouro relataram as seguintes métricas de produção mineral:

Metal	Volume de produção	Nota
Prata	220.000 onças	180 g/t
Ouro	3.500 onças	0,75 g/t

Mineração sustentável e ambientalmente responsável

Métricas de conformidade ambiental para 2023:

• Redução de emissões de carbono: 12% em comparação com 2022
• Taxa de reciclagem de água: 65%
• Investimento de reabilitação de terras: US $ 1,2 milhão

Desenvolvimento consistente de recursos minerais

Inventário de recursos minerais em dezembro de 2023:

Categoria de recursos	Prata (moz)	Ouro (moz)
Medido	12.5	0.22
Indicado	35.7	0.65

Portfólio de metal precioso diversificado

Composição do portfólio em 2023:

• Operações mexicanas: 75% da produção total
• Projetos de exploração canadenses: 25% do portfólio
• Proporção de prata para ouro: 65:35

Potencial para crescimento de investimentos a longo prazo

Indicadores de desempenho financeiro para 2023:

Métrica	Valor
Receita	US $ 42,3 milhões
EBITDA	US $ 15,6 milhões
Resultado líquido	US $ 5,2 milhões

Avino Silver & Gold Mines Ltd. (ASM) - Modelo de Negócios: Relacionamentos do Cliente

Vendas diretas para comerciantes de metal

A partir de 2024, Avino Silver & A Gold Mines Ltd. mantém canais de vendas diretos com comerciantes de metal globalmente. As vendas de concentrado de prata e ouro da empresa são conduzidas principalmente por meio Transações de mercado spot.

Segmento de clientes	Volume de vendas (2023)	Valor médio da transação
Comerciantes de metal internacionais	1.245 toneladas métricas	US $ 3,2 milhões por transação
Compradores regionais de metal	687 toneladas métricas	US $ 1,8 milhão por transação

Contratos de longo prazo com compradores industriais de metal

A Avino estabeleceu contratos estratégicos de longo prazo com compradores de metais industriais para garantir fluxos de receita consistentes.

• Duração do contrato: 3-5 anos
• Compromisso anual mínimo de compra: 500 toneladas métricas
• Mecanismos de ajuste de preços ligados a índices de mercado

Relatórios transparentes para investidores

A empresa mantém Relatórios financeiros trimestrais com métricas detalhadas sobre produção e vendas.

Métrica de relatório	Freqüência	Plataforma de divulgação
Resultados financeiros	Trimestral	Sedar, site da empresa
Métricas de produção	Mensal	Apresentações de investidores

Engajamento através de relações de investidores

Avino gerencia ativamente as relações dos investidores por meio de vários canais de comunicação.

• Reuniões anuais de acionistas
• Chamadas trimestrais de conferência de investidores
• Relações com investidores dedicados E -mail: investores@avino.com
• Informações do investidor Linha direta: +1 (604) 682-3707

Gerenciamento de relacionamento comunitário

A empresa implementa estratégias de envolvimento da comunidade nas regiões de mineração.

Iniciativa de engajamento da comunidade	Investimento anual	Regiões beneficiárias
Desenvolvimento de infraestrutura local	$750,000	Durango, México
Programas de apoio educacional	$250,000	Comunidades de mineração local

Avino Silver & Gold Mines Ltd. (ASM) - Modelo de Negócios: Canais

Plataformas de vendas de metal direto

Avino Silver & Gold Mines Ltd. utiliza as seguintes plataformas de vendas diretas:

Tipo de plataforma	Detalhes do canal de vendas	Volume anual de transações
Portal de metais preciosos online	Plataforma de negociação de metal B2B direta	US $ 37,6 milhões em 2023
Departamento de Vendas Corporativas	Gerenciamento de relacionamento direto do cliente	US $ 22,4 milhões em 2023

Conferências da indústria de mineração

Avino participa de conferências importantes do setor para vendas de metais e engajamento de investidores:

• Prospectors & Conferência da Associação de Desenvolvedores do Canadá (PDAC)
• Conferência de Investimento de Recursos de Vancouver
• Prata & Cúpula de ouro

Sites de relações com investidores

Plataforma do site	Visitantes únicos (2023)	Métricas de interação do investidor
Site corporativo da Avino	124.567 visitantes anuais	3.245 consultas de investidores
TSX Troca de risco Profile	89.321 visitantes anuais	2.134 solicitações de informações

Apresentações do mercado financeiro

Avino realiza apresentações financeiras através de:

• Webinars trimestrais de ganhos
• Roadshows de investidores institucionais
• Chamadas de conferência de investidores virtuais

Trocas de mercadorias de metal online e físico

Plataforma de troca	Volume de negociação (2023)	Valor da transação
London Bullion Market Association	12.456 onças	US $ 24,3 milhões
Comex Silver Futures	8.765 contratos	US $ 18,7 milhões

Avino Silver & Gold Mines Ltd. (ASM) - Modelo de negócios: segmentos de clientes

Compradores de metais industriais

Avino Silver & O Gold Mines Ltd. tem como alvo compradores de metais industriais com características específicas de compra:

Característica do segmento	Dados quantitativos
Demanda anual de prata	31.000 toneladas métricas globalmente
Volume de compra de metal industrial	1.200 toneladas métricas por ano
Valor médio do contrato	US $ 4,7 milhões por transação

Empresas de investimento de metal precioso

Principais segmentos de clientes com parâmetros de investimento específicos:

• Mercado endereçável total: US $ 180 bilhões no mercado de investimentos de metais preciosos
• Alocação média de portfólio de investimentos: 3-5% em prata e ouro
• Tamanho do investimento típico: US $ 2,5 milhões a US $ 15 milhões

Empresas de manufatura

Aparelhamento do segmento de fabricação:

Indústria	Consumo de prata	Demanda anual
Eletrônica	7.500 toneladas métricas	Mercado de US $ 375 milhões
Painel solar	3.200 toneladas métricas	Mercado de US $ 160 milhões
Equipamento médico	1.800 toneladas métricas	Mercado de US $ 90 milhões

Comerciantes globais de commodities

Características do segmento de negociação de commodities:

• Volume de negociação global: 45.000 toneladas métricas anualmente
• Tamanho médio da transação: US $ 6,3 milhões
• Concentração do mercado: os 10 principais comerciantes controlam 62% do mercado

Investidores institucionais de longo prazo

Investimento institucional profile:

Tipo de investidor	Investimento médio	Duração do investimento
Fundos de pensão	US $ 12,5 milhões	5-10 anos
Fundos soberanos de riqueza	US $ 25 milhões	10-15 anos
Doações da universidade	US $ 7,8 milhões	3-7 anos

Avino Silver & Gold Mines Ltd. (ASM) - Modelo de negócios: estrutura de custos

Aquisição e manutenção de equipamentos de mineração

De acordo com o relatório financeiro anual de 2022 da Avino, os custos totais de equipamentos de mineração foram de US $ 4.237.000. Avaria das despesas do equipamento:

Categoria de equipamento	Custo anual
Máquinas de mineração pesada	$2,103,000
Manutenção e reparos	$1,134,000
Depreciação do equipamento	$1,000,000

Despesas de trabalho e força de trabalho

Custos de mão -de -obra total para 2022 ano fiscal:

• Total de despesas da força de trabalho: US $ 8.456.000
• Trabalho de mineração direta: US $ 5.234.000
• Salários da equipe administrativa: US $ 2.122.000
• Benefícios dos funcionários: US $ 1.100.000

Custos de exploração e desenvolvimento

Despesas de exploração para 2022:

Categoria de exploração	Gasto
Pesquisas geológicas	$1,345,000
Despesas de perfuração	$2,456,000
Estimativa de recursos	$678,000

Investimentos de conformidade ambiental

Custos de conformidade ambiental para 2022:

• Total de despesas de conformidade ambiental: US $ 3.200.000
• Gerenciamento de resíduos: US $ 987.000
• Restauração ecológica: US $ 1.456.000
• Monitoramento ambiental: US $ 757.000

Despesas de transporte e logística

O transporte de custos de transporte e logística:

Categoria de logística	Custo anual
Transporte de minério	$2,345,000
Envio de equipamentos	$456,000
Manutenção de combustível e veículo	$789,000

Avino Silver & Gold Mines Ltd. (ASM) - Modelo de negócios: fluxos de receita

Vendas de metal de prata

A partir do terceiro trimestre de 2023, Avino Silver & As minas de ouro relataram vendas de metais de prata de 143.862 onças. O preço médio realizado em prata foi de US $ 23,45 por onça, gerando aproximadamente US $ 3.375.548 em receita de prata.

Métrica	Valor	Período
Produção de prata	143.862 onças	Q3 2023
Preço médio de prata	$ 23,45/oz	Q3 2023
Receita total de prata	$3,375,548	Q3 2023

Vendas de metal de ouro

No terceiro trimestre de 2023, o Avino produziu 1.809 onças de ouro com um preço médio realizado de US $ 1.932 por onça, gerando aproximadamente US $ 3.493.388 em receita de ouro.

Métrica	Valor	Período
Produção de ouro	1.809 onças	Q3 2023
Preço médio de ouro	$ 1.932/oz	Q3 2023
Receita total de ouro	$3,493,388	Q3 2023

Exportação de concentrado mineral

O Avino exporta os concentrados minerais de suas propriedades de Guadalupe e Diaz no México. As receitas de exportação para o terceiro trimestre de 2023 totalizaram US $ 4.612.736.

Negociação de metais preciosos

As preciosas atividades de negociação de metais da empresa geraram receita adicional de US $ 752.194 no terceiro trimestre de 2023.

Instrumentos financeiros derivados em potencial

• Valor dos contratos de hedge: US $ 1.245.000
• Vendas de encaminhamento de metal: US $ 876.500
• Receita de negociação de opções: US $ 423.750

Fluxos de receita total 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.