Avino Silver & Gold Mines Ltd
(NYSE MKT:ASM)

Avino Silver & Gold Mines Ltd., together with its subsidiaries, engages in the acquisition, exploration, and advancement of mineral properties in Canada. It primarily explores for silver, gold, and copper deposits. The company owns interests in 42 mineral claims and four leased mineral claims, inclu...

Website: http://www.avino.com

Sector: Basic Materials

Industry: Silver

Materials Silver Canadian

Share this website to your friends

• Market Cap:

• Exchange:

• Shs Outstanding:

• Employees:

• Beta:

• Return on Equity (ROE) ttm:

• Return on Assets (ROA) ttm:

• EPS ttm:

• Book value per Share:

• Cash per Share:

• Current ast per Share:

• P/E ttm:

• P/E forward:

• P/E ttm high:

• P/E ttm low:

• P/S ttm:

• P/B ttm:

• P/FCF ttm:

• PEG ratio:

• Cash Ratio ttm:

• Quick Ratio ttm:

• Current Ratio ttm:

• Gross Mgn ttm:

• EBITDA Mgn ttm:

• Operating Mgn ttm:

• Net Income Mgn ttm:

• Trailing Div yield:

• Forward Div yield:

• Payout Ratio ttm:

• Ex-Dividend date:

• Target Price High:

• Target Price Low:

• Target Price Mean:

• Number of Analysts:

• Debt Ratio ttm:

• Debt to Equity ttm:

• Total Net Debt:

At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-11-08	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-08-11	2021-05-12	2020-12-31	2020-11-09	2020-08-11	2020-03-31	2020-02-26	2019-12-31	2019-11-07	2019-08-07	2019-05-08	2019-02-26	2018-12-31	2018-09-30	2018-07-11	2018-06-30	2018-05-15	2017-12-31	2017-09-30	2017-08-02	2017-05-10	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-11-09	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-05-30	2011-12-31	2011-09-30	2011-06-30	2011-05-31	2010-12-31	2010-09-30	2010-06-30	2010-05-31	2009-12-31	2009-09-30	2009-09-14	2009-09-01	2009-06-01	2009-04-30	2008-12-31	2008-08-31	2007-12-31	2007-07-26	2007-06-07	2007-01-31	2006-12-22	2006-10-12	2006-06-26	2006-06-20	2006-06-14	2006-01-31	2005-06-23	2005-05-31	2005-01-31

revenue from mining operations	21,042,000	21,805,000	18,836,000	66,178,000	14,616,000	14,787,000	12,393,000	43,889,000	12,316,000	9,218,000	9,825,000	44,187,000	9,118,000	9,370,000	11,050,000	9,318,000	1,881,000		29,000	1,407,000	2,659,000	4,840,000	7,116,000	31,746,000	10,426,000	6,796,000	7,813,000	6,711,000	34,116,000	8,268,000	8,516,000	15,222,738	9,176,000	8,155,902	8,883,647	8,435,743	7,911,388	8,127,863	12,006,667	13,218,226	11,918,749	2,751,949			5,028,314	5,908,883	4,285,541	3,895,815.25	4,704,213			3,065,894.5	3,821,622		3,490,004
cost of sales	11,137,000	11,581,000	8,274,000	42,977,000	8,907,000	10,090,000	10,054,000	36,070,000	9,952,000	8,175,000	7,974,000	29,125,000	7,058,000	5,468,000	6,306,000	4,912,000	1,043,000	1,017,000	709,000	2,658,000	2,848,000	4,053,000	6,273,000	32,016,000	10,871,000	6,973,000	7,517,000	6,655,000	27,850,000	6,921,000	7,859,000	8,573,411	6,770,000	6,300,542	5,520,402	6,358,099	5,429,609	4,667,020	8,459,738	7,255,272	8,700,117	976,764			2,839,746	3,535,980	2,197,685	2,225,316	2,994,135	5,727,118	-2,934,125	2,407,294	1,498,405	2,613,553	2,449,157
mine operating income	9,905,000	10,224,000	10,562,000	23,201,000	5,709,000	4,697,000	2,339,000	7,819,000	2,364,000	1,043,000	1,851,000	15,062,000	2,060,000	3,902,000	4,744,000	4,406,000	838,000	-1,017,000	-680,000	-1,251,000	-189,000	787,000	843,000	-270,000	-445,000	-177,000	296,000	56,000	6,266,000	1,347,000	657,000	6,649,327	2,406,000	1,855,360	3,363,245	2,077,644	2,481,779	3,460,843	3,546,929	5,962,954	3,218,632	1,775,185			2,188,568	2,372,903	2,087,856	1,489,376	1,710,078	5,151,930	2,840,002	1,423,829	2,323,217	2,338,399	1,040,847
operating expenses
general and administrative expenses	1,832,000	1,973,000	2,123,000	6,226,000	1,455,000	1,791,000	1,272,000	5,620,000	1,280,000	1,535,000	1,184,000	5,156,000	997,000	1,356,000	1,116,000	840,000	815,000	977,000	934,000	839,000	693,000	562,000	808,000	3,193,000	916,000	810,000	727,000	740,000	3,565,000	359,000	1,050,000	3,192,866	958,000	1,198,587	802,537	879,756	820,931	809,208	1,200,028	1,825,697	1,112,537	882,744			1,162,481	1,094,459	960,727	1,714,863	668,612
share-based payments	1,165,000	1,320,000	362,000	2,035,000	531,000	647,000	423,000	2,269,000	627,000	843,000	339,000	2,024,000	556,000	862,000	200,000	78,000	277,000	498,000	616,000	795,000	692,000	202,000	168,000	937,000	294,000	230,000	195,000	218,000	630,000	224,000	142,000		131,000	133,692	169,550	1,351,252	236,186	261,375	588,890	1,026,135							8,386	206,243	812,687	12,285	8,416	17,686	391,341	217,422	281,913	4,601.75	2,110	4,704	11,593	49,142	918,280	1,116	1,561,082
income before other items	6,908,000	6,931,000			3,723,000	2,259,000			457,000	-1,335,000	328,000		507,000	1,684,000	3,428,000			-2,492,000				23,000	-133,000	-4,400,000	-1,655,000	-1,217,000	-626,000	-902,000	2,071,000	764,000	-535,000		1,317,000	523,081	2,391,158	-153,364	1,424,662	2,390,260	1,758,011	3,111,122	2,106,095					1,278,444
other items
interest and other income	342,000	170,000	163,000	364,000	-77,000	151,000	3,000	414,000	5,000	20,000	209,000	20,000	15,000	59,000		35,000	14,000	107,000	22,000	100,000	8,000	51,000	173,000	545,000	160,000	150,000	96,000	139,000	221,000	-4,000	112,000	50,169	77,000	35,492	67,081	59,129	43,508	76,092	56,073	-28,004	4,277	36,727			27,317	-4,427	27,279	5,156.5	15,644		5,469
gain on long-term investments	2,383,000	-81,000	444,000		-268,000	223,000	132,000							-596,000				169,000		-45,250	-1,231,000	1,343,000	-293,000
unrealized gain on derivative	86,000
foreign exchange gain	1,139,000	-1,431,000	-99,000	979,000	170,000		80,000	110,000								-46,750	716,000					-485,000					66,000	79,000		-111,500	-617,000		4,000	168,512	-402,272	161,936	-135,627	-559,095	-72,369	-50,127	229,514	100,059			-898,991		59,993	-26,866.25	395,999	-503,464	-71,121	100,031	-64,926	150,528	229,644	505,551	-566,437	36,424	141,024	197,631	-95,284	-67,514		-7,898.5	-18,721	1,282	-14,155	46,894.75	168,135	17,357	17,357	2,087					-30,455	-30,455	-47,724	17,269
finance cost	-69,000	-4,000	-5,000	-10,000	-5,000	-3,000	-2,000	-81,000	-3,000	-3,000	-74,000	-273,000	-87,000	-88,000	-13,000	-6,000	-8,000	-17,000	-21,000				-87,000	-84,000				-32,000	-444,000	-34,000	-306,000		-53,000	-51,469	-35,509	-40,797	-40,144	-40,628
accretion of reclamation provision	-56,000	-52,000	-48,000	-197,000	-49,000	-51,000	-51,000	-49,000	-13,000	-12,000	-11,000	-44,000	-11,000	-11,000	-10,000	-11,000	-13,000	-12,000	-11,000	-24,000	-26,000	-22,000	-27,000	-104,000	146,000	-82,000	-85,000	-83,000	-378,000	-74,000	-109,000	-101,929	-97,000	-97,821	-59,952	-61,605	-88,697	-38,013	-195,609	60,590	-116,063	-33,554			-34,374	-33,677	-33,878	-24,536	-33,453
interest expense	-27,000	-110,000	-81,000	-387,000	-77,000	-81,000	-90,000	-381,000	-158,000	-72,000	-45,000	-99,000	-23,000	-22,000	-21,000	-9,000	-13,000		-2,000	-3,000	-4,000	-8,000	-10,000	-64,000	-11,000	-13,000	-18,000	-22,000	-109,000	-26,000	-31,000	-136,178	-23,000	-28,407	-19,400	-24,724	-28,440	-29,977	-36,250	-49,497	-41,476	-39,413			-59,477	-43,514				43,389	9,005	13,015	39,738
other expenses		-421,000
write-down of uncollectible account				-621,000	-621,000
income before income taxes	10,706,000	6,511,000	8,856,000	14,421,000	2,796,000	2,590,000	716,000	-510,000		-384,000	-341,000		-488,000	3,528,000																																				2,677,498																											-3,648,539	-3,648,539				-2,389,474	-2,389,474	-2,389,474		-855,910	-855,910
income taxes:
current income tax expense	-3,333,000	-3,061,000	-2,032,000				-199,000				-25,000	-1,144,000	-142,000	-360,000	-140,000	-2,000	-13,000		-12,000	-71,000	-28,000	-11,000	-51,000	-327,000	-81,000	-63,000	-39,000	-144,000	-1,052,000	347,000	-478,000		-481,000	-438,913	-573,352	-677,666	-953,008				-917,075					-1,927,007	-250,971	-295,592.25	-374,239	-808,130	-152,669
deferred income tax (expense) recovery	329,000		-1,207,000	-33,000
income tax expense	-3,004,000	-3,647,000	-3,239,000				-117,000				-11,000	-4,584,000																	-407,000
net income	7,702,000	2,864,000	5,617,000	8,100,000	1,169,000	1,240,000	599,000	542,000	-803,000	1,134,000	-352,000	3,096,000	-1,129,000	2,283,000	-646,000	2,629,000	-214,000	-2,654,000	-1,818,000	-1,554,000	-4,589,000	-1,276,000	-232,000	-31,461,000	-29,043,000	-1,642,000	-166,000	-610,000	1,626,000	981,000	-1,012,000	126,749	839,000	817,501	1,496,381	-715,774	1,151,549	721,305	1,217,821	1,166,699	-450,087	58,046			-625,193	361,655	376,287	469,145	787,805	1,257,219	1,344,316	-1,625,762	938,694	1,447,301	87,978					-523,702	-1,231,240	-334,400	-1,966,991	-800,422	-386,445	-152,191	-151,136	-716,898	-41,545	-118,778	-118,778	-110,538	-1,538,876
yoy	558.85%	130.97%	837.73%	1394.46%	-245.58%	9.35%	-270.17%	-82.49%	-28.88%	-50.33%	-45.51%	17.76%	427.57%	-186.02%	-64.47%	-269.18%	-95.34%	107.99%	683.62%	-95.06%	-84.20%	-22.29%	39.76%	5057.54%	-1886.16%	-267.38%	-83.60%	-581.27%	93.80%	20.00%	-167.63%	-117.71%	-27.14%	13.34%	22.87%	-161.35%	-355.85%	1142.64%			-28.01%	-83.95%			-179.36%	-71.23%	-72.01%	-128.86%	-16.07%	-13.13%	1428.01%									-34.57%	218.61%	119.72%	1201.47%	11.65%	830.18%	28.13%	27.24%	548.55%	-97.30%
qoq	168.92%	-49.01%	-30.65%	592.90%	-5.73%	107.01%	10.52%	-167.50%	-170.81%	-422.16%	-111.37%	-374.22%	-149.45%	-453.41%	-124.57%	-1328.50%	-91.94%	45.98%	16.99%	-66.14%	259.64%	450.00%	-99.26%	8.33%	1668.76%	889.16%	-72.79%	-137.52%	65.75%	-196.94%	-898.43%	-84.89%	2.63%	-45.37%	-309.06%	-162.16%	59.65%	-40.77%	4.38%	-359.22%	-875.40%				-272.87%	-3.89%	-19.79%	-40.45%	-37.34%	-6.48%	-182.69%	-273.19%	-35.14%	1545.07%						-57.47%	268.19%	-83.00%	145.74%	107.12%	153.92%	0.70%	-78.92%	1625.59%	-65.02%	0.00%	7.45%	-92.82%
net income margin %	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	NaN%	NaN%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	11.56%	23.28%	-Infinity%	Infinity%	29.23%	Infinity%	NaN%	NaN%	NaN%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
other comprehensive income
currency translation differences	-1,075,000	1,419,000	95,000	-827,000	1,000	-13,000	-111,000	15,000	230,000	-313,000	-263,000	-254,000	-290,000	-119,000	357,000	-31,000	-1,235,000	1,013,000	94,000	-155,000	455,000	351,000	-898,000	1,603,000	746,000	-318,000	589,000		-2,051,000	-1,632,000	1,208,000		-852,000		622,936.75	1,155,161	1,114,018	222,568
total comprehensive income	6,627,000	4,283,000	5,712,000	7,273,000	1,170,000	1,227,000	488,000	557,000	-573,000	821,000	-615,000	2,842,000	-1,419,000	2,164,000	1,003,000			-1,641,000				-925,000		-29,900,000	-28,339,000	-1,960,000	423,000	-24,000	-425,000	-651,000	196,000		-13,000	41,592	1,387,355	439,387	2,265,567	943,873
income per share
basic	0.05	0.02			0.01	0.01			-0.01	0.01			-0.01	0.02	0.01
diluted	0.05	0.02			0.01	0.01			-0.01	0.01			-0.01	0.02	0.01
weighted-average number of common shares outstanding
basic	147,988,156	144,108,234	140,863,356	134,599,532	135,070,079	133,622,131	130,027,962	121,261,696	122,433,272	119,195,457	118,572,700	114,372,371	117,876,825	117,129,947	103,819,481	100,161,357	101,559,946	100,512,906	96,204,148	83,180,069		78,612,828	77,267,533	69,980,178	69,980,178	73,428,820	65,637,008	64,020,965	56,851,626	56,851,626	55,805,653	36,037,472	54,910,104	52,718,153	52,523,454	52,494,993	52,442,210	52,435,668	42,695,999	41,220,102	39,569,018	37,752,975	36,229,424		36,453,755	35,819,166	35,502,545	32,333,224	32,290,392		29,678,371	27,405,179	27,434,609
diluted	157,140,213	154,134,484	147,827,215	141,331,864	140,429,861	138,948,601	133,022,671	125,346,674	122,433,272	123,214,209	122,602,929	117,615,898	117,876,825	120,386,601	107,234,957	100,161,357	101,559,946	100,512,906	96,204,148	83,180,069		78,612,828	77,267,533	69,980,178	69,980,178	73,428,820	65,637,008	64,020,965	60,000,637	60,000,637	55,805,653	36,600,853	55,532,236	53,343,473	53,320,009	52,494,993	53,416,781	53,494,526	43,791,451	42,216,480	40,107,411	37,893,805	36,723,725		36,800,790	36,347,672	36,316,952	33,273,740	33,536,345		30,739,038	27,701,403	27,777,794
unrealized gain on derivative liability		1,509,000	405,000
deferred income tax expense		-586,000										-3,440,000																				-786,852										-894,797			-1,325,249		-535,836	-163,508.5	-41,885	-612,149	-739,716	-2,342,453	-91,000	-85,000
items that may be reclassified subsequently to profit or loss:
earnings per share
basic			0.04	0.06								0.03												-0.03	0.01	-0.02		-0.01	0.03	0.02	-0.02		0.02	0.02	0.03	-0.01	0.02	0.01	0.03	0.03	-0.01				-0.02	0.01	0.01	0.02	0.02	0.04	0.05	-0.06	0.03	0.05
diluted			0.04	0.06								0.03												-0.03	0.01	-0.02		-0.01	0.03	0.02	-0.02		0.02	0.02	0.03	-0.01	0.02	0.01	0.03	0.03	-0.01				-0.02	0.01	0.01	0.02	0.02	0.04	0.04	-0.06	0.03	0.05
loss on long-term investments				-172,000				-931,000	-295,000	-285,000	-319,000		-1,221,000		-686,000	-250,500	-1,103,000		-68,000
unrealized loss on derivative liability				-475,000
fair value adjustment on warrant liability								478,000	20,000	751,000	-293,000	2,395,000	86,000	2,373,000	233,000	21,000	516,000	256,000	788,000	-637,000	1,136,000	-2,068,000	919,000	520,000	174,000	-230,000	388,000	188,000	1,304,000	130,000	487,000	212,118	535,000	151,490	516,476	414,378	348,298	-715,686							36,942	210,265	-35,089	245,812.75	690,672	292,579	781,727
current income tax (expense) recovery				-6,288,000
income tax (expense) recovery				-6,321,000
current income tax recovery					-1,258,000	-576,000		527,000	111,000	559,000																						-1,522,232						-706,878	-820,372.25	-2,369,058		4,644			655,746
deferred income tax recovery					-369,000	-774,000	82,000	525,000	-693,000	959,000	14,000		-499,000	-885,000	-1,452,000	252,250	-56,000	627,000	438,000	1,082,000	327,000	113,000	47,000	960,000	266,000	509,000	17,000	168,000	645,000	94,000	467,000		-480,000	564,000	131,828.75	-391,575	589,624	329,266	471,776	143,473	-1,052,554					1,074,233
income tax recovery					-1,627,000	-1,350,000		1,052,000	-582,000	1,518,000			-641,000	-1,245,000	-1,592,000	246,000	-69,000	627,000	426,000	1,011,000	299,000	102,000	-4,000	633,000
unrealized foreign exchange gain						92,000			-234,000	552,000			251,000	123,000	-605,000				283,000				-770,000	-663,000					-802,000
project evaluation expenses												-81,000	-5,000	6,000	-81,000
operating expenses:
other items:
unrealized foreign exchange loss											-136,000
other comprehensive income:
unrealized loss on long-term investments												-2,103,000
realized loss on warrants exercised																5,000		-106,000	-1,005,000
foreign exchange loss												-17,000						-1,186,000		-425,250	-446,000				-140,250	-706,000						-1,035,368														-196,370																	-28,979										-38,481									-9	-9	-9		-29	-29
income from continuing operations before income taxes												7,680,000			-2,238,000									-2,968,000
interest and other															-7,000
loss before other items																3,488,000	-254,000		-2,230,000	-421,000	-1,574,000																																		-111,057				-363,933
loss from continuing operations before income taxes																4,052,000	-145,000	-3,281,000	-2,244,000	-1,581,750	-4,886,000	-1,213,000	-228,000
net income from continuing operations																2,629,000	-214,000	-2,654,000		-1,552,000	-4,587,000	-1,111,000	-232,000	-2,335,000
loss from discontinued operations and on disposal																				-2,000	-2,000	-165,000		-29,126,000
items that may be reclassified subsequently to income or loss:																																		-775,909
total comprehensive loss																2,598,000	-1,449,000		-1,724,000	-1,709,000	-4,134,000		-1,130,000
loss per share from continuing operations
basic																0.03		-0.03				-0.01
diluted																0.03		-0.03				-0.01
loss per share
basic																0.03		-0.03	-0.02			-0.02
diluted																0.03		-0.03	-0.02			-0.02
realized loss on exercise of warrants																				-25,000	-2,708,000
finance costs																				-43,750	-41,000				-500	-6,000
loss per share from continuing operations
basic & diluted																				-0.018	-0.05
loss per share
weighted-average number of common shares outstanding
finance income																						-47,000					36,000
reclassification of foreign exchange on translation into net loss on sale of discontinued operations																								-42,000
unrealized gain on long-term investments																								1,282,000	1,265,000	16,000	-1,000	2,000	-5,000		-2,000		5,000	-8,464	-849	-1,486	-8,627	15,964
earnings per share from continuing operations
basic			0.04	0.06								0.03												-0.03	0.01	-0.02		-0.01	0.03	0.02	-0.02		0.02	0.02	0.03	-0.01	0.02	0.01	0.03	0.03	-0.01				-0.02	0.01	0.01	0.02	0.02	0.04	0.05	-0.06	0.03	0.05
diluted			0.04	0.06								0.03												-0.03	0.01	-0.02		-0.01	0.03	0.02	-0.02		0.02	0.02	0.03	-0.01	0.02	0.01	0.03	0.03	-0.01				-0.02	0.01	0.01	0.02	0.02	0.04	0.04	-0.06	0.03	0.05
earnings per share
gain on sale of asset																									-750				175,000	140,000			35,000
net income before income taxes																									-716,500	-2,088,000	-144,000	-634,000	2,033,000	540,000	-1,001,000	2,435,833	1,800,000	692,414	2,456,733	353,467	1,514,933	1,098,917	1,651,604	3,392,284	1,519,542	948,199			44,310	1,214,429	1,163,094	970,356.75	1,203,929
income taxes
income taxes - sum																									112,000	446,000	-22,000
loss on sale of asset																												-3,000
other comprehensive income items that may be reclassified subsequently to income or loss: currency translation differences																												586,000
income before other income																																3,456,461													1,026,087
other income																																																		483		94,252	-681		1,775	16,432	2,721	478
unrealized loss on investments																																-9,440																						-7,500
other comprehensive income - items that may be reclassified subsequently to income or loss
currency translation differences of foreign operations																																3,111,102							642,155	1,035,309		-1,626,789			1,501,548	-282,153		209,540	865,317		561,816
comprehensive income																																3,237,851							-231,724.5	2,202,008	-1,560,163	-1,568,743			876,355	79,502	2,267,994	720,796	1,653,122		1,906,132	-1,148,492	642,138		20,167
items that may be reclassified subsequently to income or loss
unrealized gain on investments																																							3,352	14,020	7,448	-8,061			-53,194	-9,000		3,750	2,500	12,500		-875	4,000
fair value adjustment on warrant liabilities																																							-84,018.25	334,180	-670,253
other comprehensive income - items that may be reclassified subsequently to income or loss currency translation differences of foreign operations																																									-1,110,076
operating earnings																																										892,441					1,118,743	790,387	228,779
·
share of net loss of equity investee																																																-22,736	-90,944
unrealized gain on investments in related companies																																														12,708	31,046			2,824		-26,995.75	-1,244			-25,537.25	1,033			20,209	-195,809	-28,557	-8,809	140,926	94,648	12,797	64,952
unrealized loss on investments in other companies																																															-5,000
items that may be reclassified subsequently to income or loss currency translation differences of foreign operations																																															1,891,707
mineral property option income																																																					30,000	39,500
unrealized loss on investments in related companies																																																-611.25	-5,268					-63,143	-43,596			-62,446	-40,736														-108,196
revenue																																																		10,879,048	5,774,127			4,951,952
yoy																																																		119.69%
qoq																																																		88.41%
depreciation																																																		31,762	15,321	172	171	172	172	161	215	214	215	-138,646	55,160	51,219	33,070
directors’ fees																																																		40,000	20,000
investor relations																																																		135,055	45,920	52,738	24,367	37,419	80,431	45,371.75	28,998	55,080	97,409	70,648	75,407	68,874	79,953	20,863	19,741	39,921	18,925	21,264	20,490	29,275	29,275	19,002	193,192
management and consulting fees																																																		365,285	260,892
office and miscellaneous																																																		480,884	229,098	197,385	262,457	137,509	125,465	72,295.25	128,135	121,377	39,669	123,759	95,727	63,472	41,317	163,773	24,927	26,371	3,418	29,125	21,885	20,019	20,019	33,519	121,353		34,126		146,348	146,348	50,899	52,189	21,632	119,864	119,864	119,864		112,591	112,591
professional fees																																																		231,300	120,678	28,558	113,977	158,720	9,938	16,031.25	27,110	19,389	17,626	132,760	32,702	18,564	5,433	92,515	1,536	19,705	13,955	92,103	36,361	31,281	31,281	24,166	179,299		50,312		127,441	127,441	71,313	13,196	30,647	141,005	141,005	141,005		34,993	34,993
regulatory and compliance fees																																																		68,125	33,213	59,951	28,068	25,517	27,093	15,435.75	17,365	21,738	22,640	11,193	88,486	7,430	14,482	3,949	6,905	6,452	8,722	2,069	5,037	8,727	8,727	8,707	25,821		5,914		34,416	34,416	-37,524	5,242	13,298	21,690	21,690	21,690		39,463	39,463
salaries and benefits																																																		782,035	530,847	404,020	296,081	283,447	221,118	38,853.75	37,116	58,365	59,934	47,445	35,139	35,484	3,244	33,105	26,762	25,011	24,995	19,147	19,471	20,947	20,947	22,595	109,354		28,601		87,813	87,813	36,138	20,536	13,721	73,529	73,529	73,529		69,310	69,310
travel and promotion																																																		93,733	44,144	33,793	42,223	30,320	59,524	33,194.25	11,205	56,045	65,527	44,893	37,157	28,622	22,773	13,926	10,344	11,500	9,262	4,005	10,713	7,358	7,358	6,859	39,750
income before other items and income taxes																																																		2,868,077	1,522,468	550,371	1,058,354
interest income																																																		4,499		2,934	4,191	23,267	11,212	-11,785	10,012	10,545	12,988	-69,653	56,279	53,726	38,505	7,316	261	3,222	3,407	20,487	21,551	5,914	5,914	20,272	146,386		28,459		430,231	430,231	114,647	119,257	122,816	46,073	46,073	46,073		41,999	41,999
general and administrative expenses - sum																																																			1,317,534
unrealized loss on investments and other																																																			-1,842
net income before income tax																																																			2,236,701	759,238	1,029,694
item that may be reclassified subsequently to income or loss:
directors fees																																																				33,750	20,000	20,000	95,000
consulting fees																																																				11,092.5	8,940	9,180
general exploration																																																								6,078.75	6,350	6,145	11,820	3,899.75	6,105	8,331	1,163	2,969.25	8,362	3,202	313	106	42	73	73	73	8,823		8,541		106,899	106,899	-26,688	35,268	55,400
management fees																																																				75,000	37,500	37,500	251,250	28,125	37,500	37,500	37,500	37,120	38,640	37,500	183,000	24,000	24,000	24,000	24,000	24,000	24,000	24,000	24,000	24,000	96,000		24,000		87,000	87,000	24,000	24,000	24,000	60,000	60,000	60,000		60,000	60,000
other comprehensive income – items that may be reclassified subsequently to income or loss
foreign currency translation differences for foreign operations																																																				17,155.25	-296,556		-67,811	-23,524	-100,165	-76,620	82,689	-73,677	294,388		-103,249
profit before other items and income tax																																																						1,381,193
other revenue																																																						8,456					3,833
income before income tax																																																						1,532,301
earnings per share - basic and diluted
weighted-average number of shares outstanding																																																							27,270,091	27,072,053	27,114,840	27,076,053	26,973,306	26,795,632	26,897,602	26,885,232	26,491,616	21,059,008	20,604,917	20,584,727	20,584,727	20,584,727		20,584,727	20,584,727			20,584,727													10,410,379
operating and administrative expenses
loss before other items and income tax																																																								-260,148.5	-296,104	-380,557		-362,715	-1,382,803	-320,612
mineral property option revenue																																																								13,579.25	19,460		34,857														25,000
net loss for the period																																																								-359,209.5	-829,315	-395,556	-211,967
comprehensive loss																																																								-382,733.5	-929,480	-472,176	-129,278				-2,079,048	-659,496	-291,797	-139,394	-86,184		-40,080	-55,582	-55,582	-74,708	-1,647,072
loss per share - basic and diluted																																																								-0.013	-0.03	-0.01	-0.01	-0.02	-0.05	-0.01	-0.07	-0.04	-0.02	-0.01	-0.01			-0.01	-0.01	-0.01	-0.07
operating and administrative expenses - sum																																																										380,557								156,695											4,014,734	4,014,734
comprehensive gain																																																												-934,364.5	-1,132,661	-388,555
foreign currency translation differences for
foreign operations																																																														-25,598
income before other items and income tax																																																															-1,976,517
amortization																																																																2,722	531	533	48	2,148	60	60	60	60	2,869		75		2,677	2,677	2,089	196	196	980	980	980		1,210	1,210
sales tax
stock-based compensation																																																																80,157	244,877		36,750	-25,833	263,720				585,800				2,860,603	2,860,603	389,287	53,990	53,990	829,106	829,106	829,106		81,540	81,540
sales tax recoverable written off																																																																				-44,080.75	-170,548	309	309	-6,084	213,652
other comprehensive loss
unrealized income on investments in
related companies																																																																				25,122.75	1,465		63,196
weighted average number of sharesoutstanding																																																																					20,584,727
unrealized income on investments in related companies																																																																						63,196		35,830
weighted average number of shares outstanding																																																																								20,584,727	20,584,727							20,566,297	17,593,332	10,965,718	10,965,718	10,965,718	10,965,718	10,410,379
litigation settlement																																																																									2,785
misappropriation loss
equity loss
loss before income tax																																																																									-1,440,223
future income tax recovery																																																																									-98,653
shareholder and investor relations																																																																											74,257		464,806	464,806	256,755	51,633	82,955	93,349	93,349	93,349		42,862	42,862
travel and entertainment																																																																											10,294		96,731	96,731	27,621	29,488	20,166	77,274	77,274	77,274		64,005	64,005
loss for the period																																																																															-689,322.5	-141,156	-193,510
unrealized gain on marketable
securities
basic and diluted loss
per share
weighted-average number of
shares outstanding																																																																											20,584,727
interest																																																																																						65	65
write-down of investment in related company
write-down of mineral property
site assessment costs for cia minera mexicana de avino, s.a. de c.v
equity losses in cia minera mexicana de avino, s.a. de c.v																																																																													-33,581	-33,581	-22,307
future income tax benefit recognized on renouncement of canadian exploration expenditures
net loss for the year																																																																													-3,648,539	-3,648,539
deficit, beginning of year																																																																													-17,109,647	-17,109,647
deficit, end of year																																																																													-20,758,186	-20,758,186				-17,109,647	-17,109,647	-17,109,647		-14,552,931	-14,552,931
basic and diluted loss per share																																																																													-0.2	-0.2				-0.22	-0.22	-0.22
basic weighted-average number of shares outstanding																																																																													18,385,007	18,385,007	18,385,007
income from operations																																																																															-805,211	-285,738	-316,005	-1,416,788	-1,416,788	-1,416,788		-506,010	-506,010
yoy																																																																															-43.17%	-79.83%		179.99%	179.99%
qoq																																																																															181.80%	-9.58%	-77.70%	0.00%	0.00%			0.00%
operating margin %	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	0%	0%	NaN%	NaN%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%
other income and expenses
recovery of advances receivable																																																																															33,479.75
due diligence review of cia minera mexicana de avino, s.a. de c.v																																																																																		-355,921	-355,921	-355,921
loss before non-controlling interest																																																																															-691,336.5	-149,212
non-controlling interest																																																																															2,014	8,056
deficit, beginning of period																																																																															-4,277,411.75	-19,725,781	-19,532,271
deficit, end of period																																																																															-4,966,734.25	-19,866,937	-19,725,781
basic loss per share																																																																															-0.04	-0.01	-0.01					-0.08	-0.08
equity loss in cia minera mexicana de avino, s.a. de c.v																																																																																	-321
write down of investment in related company																																																																																		-217,000	-217,000	-217,000
write down of mineral properties interest																																																																																		-103,242	-103,242	-103,242
equity in losses of cia minera mexicana de avino, s.a. de c.v.																																																																																		-342,596	-342,596	-342,596
future income tax benefit recognized on the renouncement of canadian exploration expenditures																																																																																		19,750	19,750	19,750
loss for the year																																																																																		-2,369,724	-2,369,724	-2,369,724		-814,710	-814,710
deficit, beginning of year:																																																																																		-14,739,923	-14,739,923	-14,739,923
adjustment for change in accounting for stock-based compensation																																																																																						-297,621	-297,621
restated deficit, beginning of year																																																																																		-14,739,923	-14,739,923	-14,739,923		-13,738,221	-13,738,221
due diligence review of cia de minera mexicana de avino, s.a. de c.v.																																																																																						-391,899	-391,899
future income tax benefit recognized on the renouncement of qualified exploration expenditures																																																																																						41,200	41,200
as previously reported																																																																																						-13,440,600	-13,440,600

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-11-08	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-08-11	2021-06-30	2021-05-12	2021-03-31	2020-12-31	2020-11-09	2020-09-30	2020-08-11	2020-03-31	2020-02-26	2019-12-31	2019-11-07	2019-08-07	2019-06-30	2019-05-08	2019-03-31	2019-02-26	2018-12-31	2018-09-30	2018-07-11	2018-06-30	2018-05-15	2018-03-31	2017-12-31	2017-09-30	2017-08-02	2017-06-30	2017-05-10	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-05-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-05-31	2011-03-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2007-01-31	2006-01-31	2005-01-31	2004-01-31	2003-07-02	2003-04-30	2003-01-31	2002-09-18	2002-01-31	2001-10-05	2001-01-31

assets
current assets
cash	57,331,000	37,279,000	26,627,000	27,317,000	7,767,000	5,311,000	3,474,000	2,688,000	11,245,000	11,245,000	2,697,000	11,245,000	10,920,000	10,920,000	12,791,000	24,765,000	24,765,000	11,713,000	26,814,000	26,814,000	27,030,000	27,030,000	11,713,000	12,493,000	12,493,000	9,625,000	6,698,000	9,625,000	9,625,000	3,252,000	3,252,000	9,625,000	2,526,000	2,526,000	3,252,000	3,252,000	7,068,000		4,766,000	2,340,073	2,340,073	3,419,532	3,758,731	5,914,408	5,914,408	7,654,982	7,654,982	15,816,628	14,908,063	10,665,086	6,022,283	7,475,134																													28,474	28,474		11,834	1,317	6,855	6,267
amounts receivable	4,802,000	6,484,000	5,874,000	3,350,000	3,030,000	3,182,000	1,856,000	3,303,000	2,672,000	2,672,000	2,015,000	2,672,000	656,000	656,000	820,000	1,208,000	1,208,000	529,000	527,000	527,000	668,000	668,000	529,000	1,044,000	1,044,000	1,477,000	595,000	1,477,000	1,477,000	4,091,000	4,091,000	1,477,000	2,628,000	2,628,000	4,091,000	4,091,000	1,728,000	4,960,710	3,922,000	3,308,651	3,308,651	4,634,997	3,781,253	2,979,502	2,979,502	3,415,792	3,415,792	4,095,249	4,906,514	3,331,454	2,909,804	3,730,317	4,960,710	2,913,572	2,325,926	2,568,873				1,433,316	1,687,051	473,597		31,137	23,474	27,677	27,677	876,946	2,121	3,293		8,924
amounts due from related parties	210,000	166,000	146,000	18,000			194,000	167,000
taxes recoverable	1,136,000	704,000	549,000	195,000	3,492,000	5,048,000	6,502,000	6,580,000	3,737,000	3,737,000	4,363,000	3,737,000	4,473,000	4,473,000	4,275,000	3,364,000	3,364,000	5,044,000	3,368,000	3,368,000	5,196,000	5,196,000	5,044,000	6,404,000	6,404,000	5,483,000	5,316,000	5,483,000	5,483,000	5,343,000	5,343,000	5,483,000	5,292,000	5,292,000	5,343,000	5,343,000	8,008,000		7,725,000	7,805,779	7,805,779	6,368,775	6,090,473	5,151,033	5,151,033	4,521,941	4,521,941	4,738,945	4,205,765	4,700,425	3,305,499	3,053,035
derivative asset	1,525,000	1,439,000
prepaid expenses and other assets	2,745,000	2,569,000	3,093,000	2,278,000	2,403,000	2,378,000	2,077,000	1,971,000	1,671,000	1,671,000	1,689,000	1,671,000	1,465,000	1,465,000	1,197,000	962,000	962,000	757,000	956,000	956,000	832,000	832,000	757,000	775,000	775,000	594,000	491,000	594,000	594,000	1,030,000	1,030,000	594,000	1,104,000	1,104,000	1,030,000	1,030,000	1,101,000	920,393	950,000	1,513,137	1,513,137	2,065,223	2,743,846	1,851,865	1,851,865	2,027,692	2,027,692	1,295,942	1,210,597	906,407	1,177,874	1,177,053	920,393	1,401,171	1,074,386	812,600	1,039,296	779,676	713,967	163,109	168,908	179,480		120,205	121,793	138,885	138,885	86,265	114,362	90,850	49,614	84,819
inventory	12,000,000	10,516,000	9,880,000	7,611,000	10,874,000	9,881,000	8,338,000	8,826,000	6,260,000	6,260,000	7,670,000	6,260,000	7,173,000	7,173,000	6,622,000	5,179,000	5,179,000	1,659,000	2,064,000	2,064,000	1,734,000	1,734,000	1,659,000	2,223,000	2,223,000	5,592,000	5,440,000	5,592,000	5,592,000	9,231,000	9,231,000	5,592,000	9,269,000	9,269,000	9,231,000	9,231,000	9,377,000	4,270,720	10,051,000	9,340,806	9,340,806	9,102,257	8,102,541	8,330,324	8,330,324	6,014,428	6,014,428	7,793,047	8,460,219	8,170,978	5,756,061	4,612,234	4,270,720	4,105,416	4,658,605	3,804,141	2,096,632	1,741,676	1,854,468	1,616,321	1,062,255	1,501,017
total current assets	79,749,000	59,157,000	46,169,000	40,769,000	27,566,000	25,800,000	22,441,000	23,535,000	25,585,000	25,585,000	18,434,000	25,585,000	24,687,000	24,687,000	25,705,000	35,478,000	35,478,000	19,702,000	33,729,000	33,729,000	35,460,000	35,460,000	19,702,000	22,939,000	22,939,000	22,771,000	18,540,000	22,771,000	22,771,000	22,947,000	22,947,000	22,771,000	20,819,000	20,819,000	22,947,000	22,947,000	27,282,000		27,414,000	24,308,446	24,308,446	26,590,784	28,476,844	31,727,132	31,727,132	33,634,835	33,634,835	47,166,811
exploration and evaluation assets	16,242,000	16,129,000	51,099,000	52,890,000	52,714,000	52,326,000	51,911,000	50,111,000	49,804,000	49,804,000	50,094,000	49,804,000	46,371,000	46,371,000	46,075,000	11,053,000	11,053,000	10,052,000	10,661,000	10,661,000	10,270,000	10,270,000	10,052,000	10,010,000	10,010,000	9,827,000	9,902,000	9,827,000	9,827,000	46,781,000	46,781,000	9,827,000	49,062,000	49,062,000	46,781,000	46,781,000	46,887,000	36,300,850	44,601,000	44,061,593	44,061,593	43,337,870	41,563,244	38,342,475	38,342,475	35,734,954	35,734,954	41,344,065	36,438,735	34,229,006	41,926,559	41,376,974	36,300,850	38,139,580	35,599,530	29,909,220	16,431,361	16,213,411	15,686,176	13,843,914	13,756,079	13,247,734
plant, equipment and mining properties	120,022,000	95,566,000	57,103,000	53,801,000	53,616,000	53,229,000	52,550,000	53,069,000	44,056,000	44,056,000	48,608,000	44,056,000	42,895,000	42,895,000	40,547,000	35,675,000	35,675,000	34,846,000	34,120,000	34,120,000	34,539,000	34,539,000	34,846,000	34,758,000	34,758,000	35,658,000	35,396,000	35,658,000	35,658,000	38,743,000	38,743,000	35,658,000	38,827,000	38,827,000	38,743,000	38,743,000	38,142,000	23,135,683	36,611,000	33,138,570	33,138,570	31,951,605	30,615,240	28,117,399	28,117,399	27,924,121	27,924,121	37,244,816	34,335,397	31,724,390	24,408,879	25,733,033	23,135,683	21,395,300	19,926,697	18,173,513	14,157,656	11,495,483	10,564,617	9,268,776	8,584,788	8,470,303
long-term investments	3,579,000	1,690,000	1,691,000	1,247,000	1,466,000	1,712,000	1,043,000	934,000	1,746,000	1,746,000	1,466,000	1,746,000	1,353,000	1,353,000	2,667,000	3,939,000	3,939,000	4,176,000	4,510,000	4,510,000	4,277,000	4,277,000	4,176,000	3,927,000	3,927,000	4,311,000	3,581,000	4,311,000	4,311,000	10,000	10,000	4,311,000	13,000	13,000	10,000	10,000	12,000			24,565	24,565	33,773	34,874	35,188	35,188	42,782	42,782	35,873
other assets	2,266,000	2,138,000	1,631,000	4,000	4,000	635,000	699,000	691,000	5,000	5,000	4,000	5,000	4,000	4,000	4,000	133,000	133,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	1,000	4,000	4,000			4,000																																																				37,843	37,843	62,924	82,386
total assets	221,858,000	174,680,000	157,693,000	148,711,000	135,366,000	133,702,000	128,644,000	128,340,000	121,196,000	121,196,000	118,606,000	121,196,000	115,310,000	115,310,000	114,998,000	86,278,000	86,278,000	68,780,000	83,024,000	83,024,000	84,550,000	84,550,000	68,780,000	71,638,000	71,638,000	72,571,000	67,420,000	72,571,000	72,571,000	108,588,000	108,588,000	72,571,000	108,830,000	108,830,000	108,588,000	108,588,000	113,210,000	81,567,998	109,498,000	102,227,899	102,227,899	102,627,862	101,207,430	98,719,613	98,719,613	97,445,910	97,445,910	125,937,065															26,191,608						25,823,810		19,206,278	26,554,565	23,295,039	19,206,278	23,295,039	3,901,160	23,295,039	3,957,892	3,084,430	3,522,548			814,546
liabilities
current liabilities
accounts payable and accrued liabilities	12,768,000	12,174,000	10,067,000	10,292,000	9,243,000	9,923,000	10,713,000	11,867,000	9,469,000	9,469,000	10,922,000	9,469,000	5,611,000	5,611,000	5,107,000	3,260,000	3,260,000	2,068,000	2,224,000	2,224,000	2,262,000	2,262,000	2,068,000	2,182,000	2,182,000	4,907,000	3,460,000	4,907,000	4,907,000	5,885,000	5,885,000	4,907,000	6,225,000	6,225,000	5,885,000	5,885,000	7,072,000	4,516,134	4,895,000	4,487,885	4,487,885	3,511,720	3,589,227	3,489,906	3,489,906	3,195,103	3,195,103	5,004,583	3,924,086	3,616,280	4,360,627	4,178,571	4,516,134	5,187,950	5,222,670	3,968,646	1,679,749	1,795,207	1,410,947	1,076,064	1,111,860	1,273,546		1,031,550	597,932	515,391	515,391	600,977	369,243	433,147	382,482	425,160									17,922	17,922		31,896	71,618	163,368	131,596
taxes payable	5,478,000	3,413,000	2,184,000	3,125,000	656,000	297,000	189,000	127,000	895,000	895,000	28,000	895,000	718,000	718,000	566,000	31,000	31,000	7,000					7,000	4,000	4,000	46,000		46,000	46,000	167,000	167,000	46,000	83,000	83,000	167,000	167,000	1,170,000	115,041	589,000	391,371	391,371	525,378	464,445	320,021	320,021	221,283	221,283	1,097,369	963,296	519,736	114,890	1,151,224	115,041	1,632,990	138,590	993,110	1,002,419	304,198
deferred consideration payable	8,161,000
derivative liability			70,000	475,000
current portion of finance lease obligations	2,305,000	2,671,000	2,184,000	1,476,000	1,563,000	1,672,000	1,590,000	1,650,000	971,000	971,000	1,372,000	971,000			785,000	389,000	389,000	208,000	75,000	75,000	137,000	137,000	208,000	265,000	265,000	692,000	505,000	692,000	692,000	950,000	950,000	692,000	953,000	953,000	950,000	950,000	1,057,000	1,766,906	1,030,000	999,883	999,883	1,116,377	1,070,974	1,053,617	1,053,617	1,244,213	1,244,213	1,926,427	1,764,566	1,816,119	1,811,519	1,815,747	1,766,906	1,662,979	1,421,004	1,292,326	934,984	676,346	585,845	471,824	509,698	439,643		47,447
current portion of equipment loans	242,000	284,000	325,000	166,000	165,000	165,000	164,000	164,000			165,000							72,000			18,000	18,000	72,000	127,000	127,000	199,000	217,000	199,000	199,000	517,000	517,000	199,000	443,000	443,000	517,000	517,000	628,000		791,000	707,875	707,875	848,387	990,318	995,594	995,594	987,126	987,126	1,311,753	1,290,610	714,621	244,145	222,192
total current liabilities	28,954,000	18,542,000	14,830,000	15,534,000	11,688,000	12,230,000	12,656,000	13,808,000	16,764,000	16,764,000	13,325,000	16,764,000	12,414,000	12,414,000	11,340,000	3,843,000	3,843,000	5,022,000	3,313,000	3,313,000	4,240,000	4,240,000	5,022,000	6,080,000	6,080,000	9,562,000	7,789,000	9,562,000	9,562,000	9,841,000	9,841,000	9,562,000	10,312,000	10,312,000	9,841,000	9,841,000	18,230,000		17,394,000	12,749,968	12,749,968	10,188,425	8,296,480	14,040,431	14,040,431	12,500,982	12,500,982	15,873,792																					564,383	625,140		584,233
finance lease obligations	1,890,000	2,219,000	2,203,000	960,000	1,351,000	1,645,000	1,159,000	1,445,000	745,000	745,000	1,306,000	745,000			1,040,000	680,000	680,000	278,000	249,000	249,000	262,000	262,000	278,000	284,000	284,000	442,000	354,000	442,000	442,000	869,000	869,000	442,000	653,000	653,000	869,000	869,000	1,181,000	2,068,623	1,396,000	1,005,933	1,005,933	1,232,773	1,087,905	948,335	948,335	1,180,543	1,180,543	1,848,807	1,339,837	1,631,084	1,947,695	2,305,534	2,068,623	2,251,628	1,829,201	2,007,010	1,893,326	987,179	1,090,977	690,897	865,939	928,930		228,043
equipment loans	231,000	274,000	317,000	27,000	69,000	110,000	151,000	195,000			316,000															90,000	18,000	90,000	90,000	411,000	411,000	90,000	333,000	333,000	411,000	411,000	498,000		589,000	314,202	314,202	397,817	515,169	729,766	729,766	946,519	946,519	1,598,798	1,862,473	1,570,970	646,481	731,918
reclamation provision	2,468,000	2,350,000	2,119,000	2,062,000	2,012,000	2,104,000	2,264,000	2,195,000	445,000	445,000	505,000	445,000	767,000	767,000	769,000	726,000	726,000	808,000	838,000	838,000	791,000	791,000	808,000	1,350,000	1,350,000	1,524,000	1,245,000	1,524,000	1,524,000	10,503,000	10,503,000	1,524,000	10,486,000	10,486,000	10,503,000	10,503,000	11,307,000	2,120,224	11,380,000	11,595,896	11,595,896	11,638,157	11,548,621	11,127,573	11,127,573	10,717,288	10,717,288	9,349,100	5,644,856	5,614,642	5,942,052	6,047,369	2,120,224	2,091,549	2,149,960	2,005,881	1,960,658	1,920,959	1,833,938	323,140	323,140	323,140		292,000	292,000	292,000	292,000	292,000
deferred income tax liabilities	6,193,000	6,522,000	5,936,000	4,729,000	5,757,000	5,388,000	4,614,000	4,696,000	5,221,000	5,221,000	5,207,000	5,221,000	4,617,000	4,617,000	4,118,000	1,781,000	1,781,000	1,369,000	304,000	304,000	931,000	931,000	1,369,000	2,451,000	2,451,000	2,938,000	2,891,000	2,938,000	2,938,000	3,903,000	3,903,000	2,938,000	3,735,000	3,735,000	3,903,000	3,903,000	3,997,000	6,829,451	4,464,000	3,984,000	3,984,000	4,548,000	4,161,000	3,932,000	3,932,000	4,396,000	4,396,000	6,295,000	6,582,123	6,672,008	5,614,340	4,892,916	6,829,451	5,250,700	6,383,645	5,637,027
total liabilities	39,736,000	29,907,000	25,405,000	23,312,000	20,877,000	21,477,000	20,844,000	22,339,000	23,175,000	23,175,000	20,659,000	23,175,000	18,789,000	18,789,000	17,614,000	7,771,000	7,771,000	9,772,000	6,011,000	6,011,000	7,754,000	7,754,000	9,772,000	11,715,000	11,715,000	18,648,000	14,543,000	18,648,000	18,648,000	33,420,000	33,420,000	18,648,000	32,432,000	32,432,000	33,420,000	33,420,000	37,473,000	31,475,076	36,317,000	33,298,064	33,298,064	33,832,948	33,980,083	33,508,835	33,508,835	34,761,439	34,761,439	43,419,758	36,228,216	35,111,157	33,884,417	35,403,293	31,475,076	25,146,707	22,691,394	16,365,756	14,138,108	12,063,423	10,005,217	5,213,790	5,337,245	5,493,457	4,244,230	3,933,248	3,196,065	3,114,975	3,114,975	3,202,096	2,961,087	3,021,844		2,980,937	3,789,083	2,241,179	3,789,083	586,714	3,789,083	586,714	206,173	305,710			380,070
equity
share capital	203,434,000	173,527,000	164,993,000	163,325,000	156,908,000	156,175,000	153,088,000	151,688,000	145,515,000	145,515,000	146,229,000	145,515,000	145,515,000	145,515,000	144,616,000	129,953,000	129,953,000	108,303,000	128,686,000	128,686,000	127,325,000	127,325,000	108,303,000	108,304,000	108,304,000	96,396,000	96,312,000	96,396,000	96,396,000	88,045,000	88,045,000	96,396,000	89,049,000	89,049,000	88,045,000	88,045,000	88,212,000	60,701,371	85,417,000	81,601,366	81,601,366	81,467,603	81,468,378	80,829,807	80,829,807	80,807,324	80,807,324	91,527,462	79,884,125	72,727,821	64,013,785	62,262,954	60,701,371	60,268,222	58,993,072	58,606,898	52,823,531	52,785,130	42,784,832	42,687,838	42,659,123	42,631,623		42,078,143	42,016,943	42,000,563	42,000,563	41,720,083	41,641,214	41,620,739	33,112,072	41,593,348													12,931,787		12,595,199
equity reserves	11,456,000	10,706,000	11,038,000	11,529,000	11,424,000	11,063,000	10,952,000	11,041,000	9,852,000	9,852,000	9,679,000	9,852,000	9,446,000	9,446,000	10,620,000	9,573,000	9,573,000	9,951,000	10,938,000	10,938,000	10,441,000	10,441,000	9,951,000	9,239,000	9,239,000	9,391,000	9,365,000	9,391,000	9,391,000	9,849,000	9,849,000	9,391,000	9,872,000	9,872,000	9,849,000	9,849,000	9,611,000	10,507,916	10,603,000	10,574,660	10,574,660	10,581,073	10,427,163	9,600,287	9,600,287	9,362,030	9,362,030	9,679,584	9,245,284	8,969,091	9,121,469	9,531,512	10,507,916	10,599,534	10,599,572	10,797,709	9,960,386	9,982,108	10,150,849	10,226,222	9,852,988	9,621,617		9,753,333	9,898,023	9,899,049	9,899,049	9,898,186	6,279,185	5,401,194		5,563,524
treasury shares	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-97,000	-101,869	-97,000	-97,100	-97,100	-97,100	-97,100	-97,100	-97,100	-97,100	-97,100	-101,869	-101,869	-101,869	-101,869	-101,869	-101,869	-101,869	-101,869	-101,869	-101,869	-101,869	-101,869	-101,869	-101,869	-101,869		-101,869	-101,869	-101,869	-101,869	-101,869	-101,869	-101,869	-101,869	-101,869
accumulated other comprehensive loss	-5,596,000	-4,521,000	-5,940,000	-6,035,000	-5,331,000	-5,332,000	-5,319,000	-5,208,000	-5,223,000	-5,223,000	-5,486,000	-5,223,000	-5,021,000	-5,021,000	-4,731,000	-4,969,000	-4,969,000	-4,810,000	-3,703,000	-3,703,000	-4,716,000	-4,716,000	-4,810,000	-4,655,000	-4,655,000	-4,563,000	-5,461,000	-4,563,000	-4,563,000	-6,124,000	-6,124,000	-4,563,000	-5,538,000	-5,538,000	-6,124,000	-6,124,000	-4,492,000		-5,701,000	-4,849,375	-4,849,375	-4,073,466	-3,964,440	-5,119,601	-5,119,601	-6,233,619	-6,233,619															-270,252		-356,496	-256,331	-325,481	-325,481	-262,400		-160,537	-6,049	-106,381
accumulated deficit	-27,075,000	-34,842,000	-37,706,000	-43,323,000	-48,415,000	-49,584,000	-50,824,000	-51,423,000	-52,026,000	-52,026,000	-52,378,000	-52,026,000	-53,322,000	-53,322,000	-53,024,000	-55,953,000	-55,953,000	-54,339,000	-58,811,000	-58,811,000	-56,157,000	-56,157,000	-54,339,000	-52,868,000	-52,868,000	-47,204,000	-47,242,000	-47,204,000	-47,204,000	-16,505,000	-16,505,000	-47,204,000	-16,888,000	-16,888,000	-16,505,000	-16,505,000	-17,497,000	-25,797,607	-17,041,000	-18,299,716	-18,299,716	-19,083,196	-20,606,654	-20,002,615	-20,002,615	-21,154,164	-21,154,164	-23,181,003	-24,543,824	-25,710,523	-25,260,436	-25,406,432	-25,797,607	-25,186,414	-25,548,069	-25,924,356	-27,234,945	-27,147,848	-28,502,464	-26,915,594	-27,854,288	-29,260,141		-29,631,979	-28,927,264	-28,531,708	-28,531,708	-28,319,741	-24,884,673	-23,556,014		-23,374,994
total equity	182,122,000	144,773,000	132,288,000	125,399,000	114,489,000	112,225,000	107,800,000	106,001,000	98,021,000	98,021,000	97,947,000	98,021,000	96,521,000	96,521,000	97,384,000	78,507,000	78,507,000	59,008,000	77,013,000	77,013,000	76,796,000	76,796,000	59,008,000	59,923,000	59,923,000	53,923,000	52,877,000	53,923,000	53,923,000	75,168,000	75,168,000	53,923,000	76,398,000	76,398,000	75,168,000	75,168,000	75,737,000	50,092,922	73,181,000	68,929,835	68,929,835	68,794,914	67,227,347	65,210,778	65,210,778	62,684,471	62,684,471	82,517,307	68,434,694	58,800,189	51,798,694	51,938,699	50,092,922	48,861,036	47,506,422	45,050,391	35,635,626	36,295,017	24,547,028	25,635,007	24,590,920	22,620,978		21,741,132	22,629,502	22,940,554	22,940,554	22,934,259	22,862,723	23,203,513		23,573,628
total liabilities and equity	221,858,000	174,680,000	157,693,000	148,711,000	135,366,000	133,702,000	128,644,000	128,340,000	121,196,000	121,196,000	118,606,000	121,196,000	115,310,000	115,310,000	114,998,000	86,278,000	86,278,000	68,780,000	83,024,000	83,024,000	84,550,000	84,550,000	68,780,000	71,638,000	71,638,000	72,571,000	67,420,000	72,571,000	72,571,000	108,588,000	108,588,000	72,571,000	108,830,000	108,830,000	108,588,000	108,588,000	113,210,000	81,567,998	109,498,000	102,227,899	102,227,899	102,627,862	101,207,430	98,719,613	98,719,613																								25,823,810	26,225,357		26,554,565
amounts due to related parties					61,000	173,000			28,000	28,000	67,000	28,000	72,000	72,000	125,000	163,000	163,000	154,000	179,000	179,000	150,000	150,000	154,000	147,000	147,000	156,000	193,000	156,000	156,000	157,000	157,000	156,000	157,000	157,000	157,000	157,000	190,000	220,421	206,000	162,954	162,954	186,563	181,516	181,293	181,293	186,590	186,590	267,726	277,763	229,577	215,665	217,822	220,421	246,343	205,145	222,066	183,201	164,030	156,833	110,188	75,931	162,521		228,852	200,777	202,228	202,228	203,763	195,140	191,993	164,690	159,073
note payable									4,926,000	4,926,000		4,926,000	4,842,000	4,842,000	4,757,000
warrant liability									475,000	475,000	771,000				347,000	741,000	741,000	2,295,000	1,307,000	1,307,000	1,530,000	1,530,000	2,295,000	1,550,000	1,550,000	1,579,000	574,000	1,579,000	1,579,000	2,009,000	2,009,000	1,579,000	1,866,000	1,866,000	2,009,000	2,009,000	2,260,000	27,572	427,000	981,398	981,398	1,161,109	1,704,241	2,064,063	2,064,063	2,353,440	2,353,440	2,188,328					27,572	64,514	274,779	239,690	1,003,068	513,920
current portion of warrant liability												475,000	218,000	218,000																									14,000
current portion of lease liability													953,000	953,000
lease liability													991,000	991,000
current portion of term facility																		2,513,000	835,000	835,000	1,673,000	1,673,000	2,513,000	3,355,000	3,355,000	3,384,000	3,375,000	3,384,000	3,384,000	1,017,000	1,017,000	3,384,000	1,804,000	1,804,000	1,017,000	1,017,000	6,667,000		8,000,000	6,000,000	6,000,000	4,000,000	2,000,000	8,000,000	8,000,000	6,666,667	6,666,667	6,265,934	3,497,867	861,133	8,657,991	6,458,660
other liabilities																										178,000	39,000	178,000	178,000	279,000	279,000	178,000	200,000	200,000	279,000	279,000	442,000		434,000
term facility																										2,513,000	1,672,000	2,513,000	2,513,000	5,884,000	5,884,000	2,513,000	5,047,000	5,047,000	5,884,000	5,884,000			667,000	2,666,667	2,666,667	4,666,667	6,666,667	666,667	666,667	2,666,667	2,666,667	6,265,933	8,744,667	11,194,734	4,329,012	7,381,340
deferred revenue																														573,000	573,000		142,000	142,000	573,000	573,000	1,004,000		1,435,000
current portion of reclamation provision																														296,000	296,000		305,000	305,000	296,000	296,000
reclamation bonds																														107,000	107,000		109,000	109,000	107,000	107,000	887,000	145,500	872,000	694,725	694,725	713,830	517,228	497,419	497,419	109,218	109,218	145,500	145,500	145,500	145,500	145,500	145,500	145,500	145,500	145,500	5,500	5,500	5,500	5,500	5,500	5,500		5,500	5,500	5,500	5,500	5,500	5,500	5,500	5,500	5,500
short-term investments																																										1,000,000	4,000,000	7,500,000	7,500,000	10,000,000	10,000,000	13,427,000
cash and cash equivalents																																						9,145,588															9,145,588	3,256,186	4,894,659	4,249,794	13,600,435	15,199,333	3,839,595	4,298,693	4,342,442	3,616,743	4,035,985	3,187,435	4,285,113	4,338,007	4,338,007	5,282,464	6,060,027	8,090,607	2,829,605	8,205,694	11,045,106	2,829,605	11,045,106	3,067,011	11,045,106	3,067,011
sales taxes recoverable																																						2,604,105															2,604,105	2,527,375	1,452,578	1,658,617	737,120	433,142	307,101	75,144	183,165	448,077		569,879	317,844	280,239	280,239	228,820	583,296	581,555	88,725	365,034
current assets - sum																																						21,901,516														20,047,773				13,094,025		20,496,848	8,146,912						4,756,636			6,528,138													202,650				44,618
investments																																						84,449											52,120	38,100	30,652	38,712	84,449																																	1,211,008	1,689,347
current portion of concentrate prepayment																																						3,558,663															3,558,663
current portion of equipment loan																																						174,639															174,639	161,367
concentrate prepayment																																						9,786,337															9,786,337	6,276,302	5,066,400
equipment loan																																						291,065															291,065	320,385
accumulated other comprehensive income																																						4,783,111										4,593,133	3,950,978	2,915,669	4,025,745	5,652,534	4,783,111	3,281,563	3,563,716	1,672,009	188,523	777,496	215,680	-261,590	34,966
total liabilities and shareholders’ equity																																														97,445,910	97,445,910	125,937,065
current portion of warrant liabilities																																																	271,012	587,136
warrant liabilities																																																	65,060	83,117
current liabilities - sum																																																				14,044,216				6,476,148		2,939,781	2,196,172						798,709			804,740													388,621				403,430
investments in related companies																																																						77,643	64,935	33,889	96,864	89,698	94,040												204,036													427,084	427,084
investments in other companies																																																						46,000	55,000	60,000	67,500	57,500	55,000
interest receivable																																																									668	3,821	6,040	6,634	3,343	6,208		15,454	8,412	9,311	9,311	53,643	40,177	42,972	146	20,996
accounts receivable																																																									1,540,702	2,339,200	1,425,741
deferred tax liabilities																																																									5,480,703	5,701,584	4,884,130
income taxes payable																																																											42,547
investment in related companies																																																												86,390	87,634	150,777		202,245	201,212	263,658	263,658	304,394	284,185	479,995		508,553									427,084	427,084
investment in other companies																																																												51,000	47,000	15,000		15,000	15,000	15,000	15,000
deferred tax liability																																																												2,541,677	2,450,677	2,365,677		2,105,356	2,105,356	2,105,356	2,105,356	2,105,356	2,396,704	2,396,704		2,396,704
balance sheet data:																																																																															2,005
shareholders’ equity																																																															21,947,378										19,505,956	16,965,099	19,505,956
mineral properties and exploration costs																																																																17,881,243	17,369,979	17,833,853	17,833,853	16,274,354
property, plant and equipment																																																																3,646,282	3,477,240	3,143,399	3,143,399	3,023,969
non-current assets
mineral properties exploration																																																																					16,172,295	14,765,083	14,573,506	15,546,373
property, plant & equipment																																																																					2,561,847	2,165,502	1,455,146	1,808,672
non-current liabilities
accumulated other comprehensive gain																																																																					-71,134
note
current
non- current
non-current
deferred income tax liability																																																																							1,694,007
shareholders' equity																																																																												3,314,446	19,505,956	3,371,178	2,878,257	3,216,838			434,476
contributed surplus																																																																							8,131,629										184,967	184,967		184,967	184,967	184,967	184,967
reserves
deficit																																																																							-24,170,684										-13,032,175	-13,032,175		-12,883,526	-12,808,018	-10,110,964	-9,517,436
total equity and liabilities																																																																							19,206,278
summary of operations:
revenue
interest income																																																																									430,231	68,224	430,231	46,082
expenses
operating and administrative																																																																									4,014,734	669,178	4,014,734	1,416,797
write-down of mineral properties																																																																										608,118
equity losses in cia minera mexicana de avino, s.a. de c.v.																																																																									33,581
litigation settlement
misappropriation loss
mineral property option revenue
future income tax benefit																																																																										239,562		19,750		19,750
net loss																																																																									-3,648,539	-987,759
loss per share																																																																									-0.2	-0.05
weighted-average number of shares outstanding																																																																									18,385,007	20,584,727
write-down of investment																																																																												217,000		217,000
site assessment of cia minera mexicana de avino, s.a. de c.v.
write-down of mining properties																																																																												103,342		103,342
equity losses in cia minera mexicana
de avino, s.a. de c.v.																																																																											33,581
due diligence review of cia minera
mexicana de avino, s.a. de c.v.																																																																												355,921			391,899
weighted-average number of shares
outstanding																																																																											18,385,007	10,965,718
equity losses in cia minera mexicana de
avino, s.a. de c.v.																																																																												342,596
interest and miscellaneous income																																																																														46,073	41,999	8,299			197
general and administrative																																																																														1,416,788	506,010
equity in loss of mexican affiliate																																																																														342,596
loss in sale of joint venture																																																																																			40,097
due diligence review of cia minera mexicana de avino, s.a. de c.v.																																																																														355,921		122,444
net income for year																																																																														-2,369,724	-814,710	-445,591			-186,991
income (loss) per share																																																																														-0.22	-0.08				-0.03
weighted average number of shares outstanding																																																																														10,965,718
note ("debenture") payable
wriet-down of investment
cash and term deposits																																																																															2,283,535	2,832,457			20,104
number of shares issued																																																																															10,521,775	9,869,775			6,188,525
united states gaap:
net income per canadian gaap																																																																															-814,710				-186,991
adjustments																																																																															-132,600				-204,000
net income per us gaap																																																																															-947,310				-390,991
income (loss) per share per us gaap																																																																															-0.09
total assests under canadian gaap																																																																															3,084,430
total assets under us gaap																																																																															2,820,340				915,550
total equity under canadian gaap																																																																															2,878,257				434,476
total equity under us gaap																																																																															2,614,167				535,480
expenses general and administrative																																																																																331,446			147,091
income per share																																																																																-0.06
accounts receivable and prepaid expense																																																																																	13,860	13,860
due from related parties																																																																																	160,316	160,316		35,059	35,059	22,282	2,057
mineral property																																																																																	204,001	204,001
investment in mexican affiliate																																																																																	1	1		1	1
liabiltiies
due to related parties																																																																																	370,699	370,699			331,812		318,358
capital stock																																																																																	13,394,627	13,394,627		13,036,787		12,595,199
shareholders’ equity - sum																																																																																	547,419
deduct: 14,180 shares held for future disposition-at cost																																																																																	-101,869	-101,869		-101,869	-101,869	-101,869
capital tax
net comprehensive income																																																																																			-85,986
net income per share																																																																																			-0.06
total assets under canadian gaap																																																																																			814,546
current assets:
accounts receivable and prepaid expenses																																																																																				8,169	8,242	14,614	9,880
due from bralorne-pioneer gold mines ltd.																																																																																				108,402	129,922
mineral property interests																																																																																					1,600,000	3,252,063	3,236,838
liabilities and shareholders’ equity
current liabilities:
payable to related parties																																																																																				360,137		413,143
debentures payable																																																																																						1,425,902	1,415,960
shareholders’ equity:
debenture payable																																																																																					1,629,171
shareholders' equity - sum																																																																																					308,736
current assets: - sum																																																																																						43,751
current liabilities: - sum																																																																																						576,511
shareholders’ equity: - sum																																																																																						2,567,333
due from related party
deduct: 14,180 shares held for future disposition - at cost																																																																																							-101,869

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-09-30	2024-06-30	2024-03-31	2023-09-30	2023-06-30	2023-03-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-05-10	2017-03-31	2016-12-31	2014-12-31	2013-09-30	2013-03-31	2012-09-30	2011-09-30	2010-09-30	2009-12-31	2009-09-30	2008-12-31	2007-06-07	2007-01-31	2006-12-22	2006-10-12	2006-06-26	2006-06-20	2006-06-14	2006-01-31	2006-01-05	2005-09-29	2005-06-29	2005-06-23	2005-05-31	2005-04-30	2004-09-28	2004-06-01	2003-12-30	2003-09-30	2002-12-13

operating activities
net income	7,702,000	2,864,000	5,617,000	1,169,000	1,240,000	599,000	-803,000	1,134,000	-352,000	-1,129,000	2,283,000	646,000	-214,000	-2,654,000	-1,818,000		-4,589,000			-1,642,000	-166,000	-610,000	-1,012,000	839,499	817,501	1,496,381	-715,774			721,305	1,992,479		938,694	-530,153	-829,315	-1,359,258	-234,254	-946,214	187,771
adjustments for non-cash items:
deferred income tax expense	-329,000	586,000	1,207,000	369,000	774,000	-82,000	693,000			499,000																387,000	391,575				1,332,102		91,000
depreciation and depletion	940,000	924,000	872,000	812,000	835,000	857,000	756,000	714,000	705,000	551,000	517,000	490,000	353,000	493,000	492,000		575,000			562,000	782,000	685,000	930,000	909,814	852,186	808,676	689,453			468,499	2,530,632
accretion of reclamation provision	56,000	52,000	48,000	49,000	51,000	51,000	13,000	12,000	11,000	11,000	11,000	10,000	13,000	12,000	11,000		26,000			82,000	85,000	83,000	109,000	97,179	97,821	59,952	61,605			38,013	284,636
gain on investments	-2,383,000	81,000	-444,000
unrealized gain on derivatives	-86,000	-1,509,000	-405,000
unrealized foreign exchange gain	-101,000	1,367,000	103,000	-40,000	-155,000	-88,000			-161,000			392,000			-234,000
write down of uncollectible account
write down of equipment and materials and supplies inventory	249,000	163,000	1,000	182,000			4,000
finance costs on deferred consideration payable
other incomes	4,000
share-based payments	1,165,000	1,320,000	362,000	530,000	648,000	423,000	627,000	843,000	339,000	556,000	862,000	200,000	277,000	498,000	616,000		692,000			230,000	195,000	218,000	142,000	131,308	133,692	169,550	1,351,252			261,375	1,615,025		391,341	1,542,675	2,110	918,280
net change in non-cash working capital items	1,048,000	2,081,000	-6,603,000	188,000	-2,476,000	719,000	-1,906,000	-529,000	-766,000	-222,000	1,192,000	-202,000	-2,329,000	1,436,000	-152,000		-679,000			-3,031,000	2,324,000	1,089,000	5,418,000	1,109,635	922,365	-1,754,731	-2,099,263				-855,996														-130,529	-130,529	-130,529					-120,151	-120,151			64,124
cash from operating activities	8,329,000	8,350,000	758,000	4,148,000	1,078,000	2,347,000	-83,000	502,000	448,000	1,366,000																						-656,540
capital expenditures	0	0	0	0	0	0	0	0	0	0																						0
free cash flows	8,329,000	8,350,000	758,000	4,148,000	1,078,000	2,347,000	-83,000	502,000	448,000	1,366,000																						-656,540
financing activities
shares issued for cash, net of issuance costs	28,997,000																																10,608	484,350	39,000	10,785
proceeds from option exercises and rsu vesting	561,000
lease liability payments	-702,000	-510,000	-396,000	-447,000	-472,000	-452,000	-299,000
equipment loan payments	-85,000	-85,000	-70,000	-41,000	-41,000	-44,000	-42,000	-54,000	-88,000				0	-18,000	-54,000		-55,000			-107,000	-181,000	-146,000	-246,000	-401,734	-299,266	-265,191	-176,203				-738,589
cash from financing activities	28,771,000	6,285,000	350,000	76,000	2,037,000	392,000	2,533,000	-242,000	-166,000	-259,000																						5,100
investing activities
exploration and evaluation expenditures	-117,000	-41,000	-410,000	-386,000	-418,000	-1,116,000	-146,000	-1,052,000	389,000	-196,000	-512,000	-85,000	-256,000	-506,000	-219,000		-89,000			-1,496,000	-1,657,000	-1,562,000	-1,427,000	-1,112,149	-1,534,851	-1,401,908	-1,617,079				-11,723,196		-76,917
additions to plant, equipment and mining properties	-16,952,000	-3,920,000	-1,386,000	-1,381,000	-880,000	-851,000	-1,655,000	-1,470,000	-3,450,000	-2,523,000	-1,971,000	-853,000	-924,000	-43,000	-185,000		-329,000			-846,000	-816,000	-891,000	-3,062,000	-2,713,532	-2,040,468	-2,015,706	-2,603,290				-5,131,530		194,235
cash from investing activities	-17,069,000	-3,961,000	-1,796,000	-1,767,000	-1,298,000	-1,967,000	-1,801,000	-1,744,000	-8,839,000	-2,719,000																						-103,713
change in cash	20,031,000	10,674,000	-688,000	2,457,000	1,817,000	772,000	649,000	-1,484,000	-8,557,000	-1,612,000	878,000	-13,086,000	-4,521,000	-145,000	15,265,000		2,069,000			-419,000	869,000	-735,000	2,309,000	2,441,565	-1,079,565	-319,850	-2,132,496				8,977,632
effect of exchange rate changes on cash	21,000	-22,000	-2,000	-1,000	20,000	14,000	0	-6,000	9,000	-259,000	227,000	7,000	48,000	-71,000	52,000		38,000			-105,000	10,000	9,000	-7,000	-16,106	106	-19,349	-23,181				-636,138
cash, beginning	0	0	27,317,000	0	0	2,688,000	0	0	11,245,000	0	0	24,765,000	0	0	11,713,000		0			0	0	3,252,000	0	468	3,419,532		0			11,779,718
cash, ending	20,052,000	10,652,000	26,627,000	2,456,000	1,837,000	3,474,000	649,000	-1,490,000	2,697,000	-1,871,000	1,105,000	11,686,000	-4,473,000	-216,000	27,030,000		2,107,000			-524,000	879,000	2,526,000	2,302,000	2,425,927	2,340,073		-2,155,677			7,654,982
4
5
shares and units issued for cash, net of issuance costs			182,000	251,000	2,491,000	888,000	2,874,000	166,000	202,000		0	30,000	-1,036,000	1,254,000	17,892,000		1,303,000				794,000	1,004,000	4,497,000	4,221,943	77,057	-775	15,851			12,352	30,060,051
proceeds from option and rsu exercises			634,000
- 4 -
loss on investments							295,000	285,000	319,000			686,000			68,000
unrealized loss on derivatives
unrealized foreign exchange (gain) loss
unwinding of fair value adjustment							0	0	74,000		83,000	9,000			-7,000		-12,000			-52,000
fair value adjustment on warrant liability							-20,000	-751,000	293,000	-86,000	-2,373,000	-233,000	-516,000	-256,000	-788,000		-1,136,000			230,000	-388,000	-188,000	-487,000	-535,510	-151,490	-516,476	-414,378			715,686	-10,862
proceeds from option exercise				313,000
acquisition of la preciosa							0	0	-5,000,000	0	19,000	-15,308,000
(gain) loss on investments				268,000	-223,000	-132,000
-5-
-10-
cash generated by
- 5 -
deferred income tax recovery									-14,000			1,452,000	56,000	-627,000	-438,000
finance lease payments									-280,000			-320,000	-265,000	-81,000	-91,000		-134,000			-309,000	-129,000	-205,000	-177,000	-398,940	-419,060	-254,707	-516,115				-2,076,207		-197,980
write down of equipment
unrealized loss on investments																																	-2,756		-1,033
unwinding of fair value adjustment on term facility													-1,000
realized loss on warrants exercised													0	106,000	1,005,000
proceeds from warrant exercise																	3,405,000
term facility payments													-833,000	-834,000	-833,000		-833,000										0
-4-
unrealized (gain) loss foreign exchange
unwinding of fair value adjustment on note payable
cash from operating activities before working capital items										1,588,000
unrealized foreign exchange loss													-989,000
inventory net realizable value adjustment
unrealized gain on investments																				-16,000	1,000	-2,000	2,000	-5,464	8,464		1,486
income from discontinued operations and on disposal
proceeds from sale of long-term investments																	0
cash proceeds from sale of discontinued operations
cash disposed of in discontinued operations
redemption of reclamation bonds																				-1,000
-9-
purchase of long-term investments																	0
cash flow used in operating activities
cash flow used in financing activities
cash flow used in investing activities
net cash decrease from discontinued operations
statement of financial position
cash
working capital
accumulated deficit
inventory net realizable adjustment
unrealized (gain) loss on investments
foreign exchange loss																	283,000				5,000	8,000
realized loss on exercise of warrants
deferred income tax																					-17,000	-168,000			-564,000
during 2019, the company received gross proceeds of 2.9 million in connection with a brokered at-the-market offering issued under prospectus supplements.
in may 2015, the company entered into a master credit facility with sandvik customer finance llc for 5.0 million. the facility is being used to acquire equipment necessary for continuing exploration activities at the avino and bralorne mines.
cash generated by (used in) operating activities
cash generated by (used in) financing activities
cash, beginning of period																																																									369,425	28,474	11,834
cash, end of period																																																									544,927	369,426	8,455
foreign exchange gain																											-1,616				-174,590
shares and warrants issued for cash, net of issuance costs
redemption of short-term investments																							0	0	1,000,000
foreign exchange (gain) loss																							89,000	-180,484	20,484
fair value adjustment on modification of term facility
unwinding of fair value adjustment of term facility
- 7 -
deferred income tax recoveries																							-467,000
- 6 -
redemption (purchase) of short-term investments
cash from:
unrealized gain on long-term investments
term facility proceeds
financing activities - sum																																									9,568,325		-7,286,911	5,316,004	1,996,557		1,996,557	1,852,667	77,589	-194,503	260,804	435,789				3,187,183
recovery of exploration costs from concentrate proceeds																															6,158,972
investing activities - sum																																									-1,095,902		-186,482	-26,848	-186,002		-186,002	-52,523	-105,659	-22,977	-4,843	-91,400				-34,844
cash, beginning of the year																															7,475,134
cash, end of the year																															15,816,628
redemption of short term investments																											3,500,000
in may 2015, the company entered into a master credit facility with sandvik customer finance llc for 5,000,000. the facility is being used to acquire equipment necessary for continuing exploration activities at the avino and bralorne mines.
in december 2014, the company’s master credit facility with caterpillar finance was renewed for 5,375,400. the facility is being used to acquire equipment necessary for advancing operations at the san gonzalo mine and for operations and continuing exploration activities at the avino mine.
cash and cash equivalents, beginning of period																																											-261,048								2,283,535			2,283,535
cash and cash equivalents, end of period																																											-554,088								2,189,611			2,189,611
foreign exchange (gain)loss																														132,281
unrealized loss on long-term investments																															2,839
share of net loss of equity investee
gain on forgiveness of debt
term facility payment																															-861,134
proceeds from term facility
purchase of short-term investments																															-13,427,000
cash from acquisition of subsidiary
cash provided by:
fair value adjustment on warrant liabilities
in may 2015, the company entered into a master credit facility with sandvik customer finance llc for us5,000,000. the facility is being used to acquire equipment necessary for continuing exploration activities at the avino and bralorne mines.
in december 2014, the company's master credit facility with caterpillar finance was renewed for us5,375,400. the facility is being used to acquire equipment necessary for advancing operations at the san gonzalo mine and for continuing exploration activities at the avino mine.
cash flow
cash generated by financing activities
net change in non-cash working capital – concentrate prepayment
share of net income of equity investee
other income
mineral property option income
term facility
proceeds from sale of equipment
change in cash and cash equivalents																																	127,115
effect of exchange rate changes on cash and cash equivalents																																	-170,864	-320,991	192,176	-253,306
cash and cash equivalents, beginning																																	0	3,769,384	0	0	-740,076
cash and cash equivalents, ending																																	-43,749	5,018,259	-1,097,678	-2,030,580	-337,825	-585,007	76,934
cash and cash equivalents consist of:
bank balances
guaranteed investment certificates
concentrate prepayment
finance lease and equipment loan payments
investment in associate
net loss for the year																																-974,826
adjustments for items not involving cash:
amortization																																22,481					-2	2,268	-60	0	2,677														-408	711
share-based compensation																																55,028
write-down of receivables																																77,623
changes in non-cash working capital:
prepaid expenses and deposits																																-28,830
gst/hst receivables																																91,896
accounts payable and accrued liabilities																																14,009																									5,873	-10,141
amounts due to related parties																																86,079
property and equipment acquisitions																																-17,631
recovery of (expenditures on) exploration and evaluation assets, net of incidental sale of gold dore bar and concentrate																																-896,799
gold advances																																754,634
bc mining exploration tax credit																																56,083
issuance of common shares, net of issue costs																																5,100
increase in cash																																-755,153																								2,812,353	175,502	340,952	-3,379
cash, beginning of year																																1,241,817																								20,104
cash, end of year																																486,664																								2,832,457
depreciation, depletion, and accretion
unrealized gain on investments and other
net change in non-cash working capital																																		-1,117,643	196,541	-103,063	4,615	15,009	48,828		61,750
finance lease obligations
fair value adjustment for warrant liability
unrealized loss on investments and other
management and directors’ fees
sales tax write-down
depreciation, depletion and accretion
mineral property option revenue																																	0		0
assets
current assets
cash and cash equivalents
interest receivable
sales taxes recoverable
amounts receivable
prepaid expenses and other assets
non-current assets
mineral properties exploration
property, plant & equipment
investment in related companies
reclamation bonds																																									-2,500	-1,500
total assets
liabilities																																																											-11,990
current liabilities
total current liabilities
non-current liabilities
deferred tax liability
total liabilities
equity
shareholders’ equity
share capital
equity reserves
treasury shares
accumulated other comprehensive loss
total equity
total liabilities and equity
/s/ gary robertson
operating and administrative expenses
depreciation																																		32,426	215	55,160
general exploration
investor relations
management fees
office and miscellaneous
professional fees
regulatory and compliance fees
salaries and benefits
travel and promotion
income before other items and income tax
interest income
other comprehensive income
unrealized gain on investments in related companies
foreign currency translation differences for foreign operations
comprehensive loss
loss per share - basic and diluted
weighted-average number of shares outstanding
balance, january 1, 2010
net income for the period
options and warrants cancelled / expired
cumulative translation adjustments
balance, march 31, 2010
balance, december 31, 2010
common shares issued for cash:
exercise of stock options
fair value of stock options exercised
balance, march 31, 2011
sales tax write-down provision
impairment of mineral properties
future income tax expense
mineral property exploration expenditures																																		918,564	-818,038	-889,784	288,170	-189,918	34,613		-777,586	-436,770			-234,234	-234,234	-234,234
property, plant and equipment purchases																																					18,220	-225,859			-18,331	-17,200
decrease in cash and cash equivalents																																		1,569,866	-1,289,854	-1,777,275		-822,570	314,497
supplementary cash flow disclosures
cash paid for:
interest expense
income taxes
1.
2.
i)
ii)
iii)
a)
b)
c)
iv)
·
3.
ownership interest
oniva silver and gold mines s.a.,
promotora avino, s.a. de c.v.
compania minera mexicana de avino, s.a. de c.v.
99.28% effective
v)
vi)
vii)
office equipment, furniture and fixtures
computer equipment
mine machinery and transportation equipment
mill machinery and processing equipment
buildings and constructions
viii)
ix)
x)
xi)
xii)
xiii)
xiv)
xv)
xvi)
4.
5.
6.
exploration costs incurred during year:
assays
assessment and taxes
drilling and exploration
geological
sale of concentrate
effect of movement in exchange rates
exploration costs incurred during the period:
7.
cost
balance at january 1, 2010
additions
balance at december 31, 2010
balance at march 31, 2011
accumulated depreciation
net book value
at january 1, 2010
at december 31, 2010
at march 31, 2011
8.
(a) bralorne gold mines ltd.
(b) levon resources ltd.
(c) oniva internationalservices corp.
9.
vat recoverable
write-down provision
vat net carrying amount
hst recoverable
sales tax recoverable
10.
balance, december 31, 2009
issued
expired
expiry date
november 10, 2013
december 22, 2013
loan proceeds
acquisition of property, plant and equipment																																			130,356	-409,394
increase in cash and cash equivalents																																																					-548,922	-93,924
stock-based compensation																																						-25,833			2,860,603														-10,192	40,770
financing activites
shares issued for cash																																									9,511,593	9,485,943	-7,286,911	5,563,734	1,748,827	1,748,827	1,748,827	1,604,937	77,589	-194,503	260,804	435,789	435,789	260,804		3,187,183
stock-based compensation included in investor relations
collection of share subscriptions receivable
write down of taxes recoverable																																							-170,553.775
cash and cash equivalents,
beginning
loss for the period																																																	-40,800	457,684	-681,958			-681,958			-176,527	-64,596	-63,435
fair value of options issued for
investor relations services																																								36
net change in non-cash working
capital
receipt of share proceeds receivable																																									56,732
property, plant and equipment
purchases
mineral property exploration
expenditures
decrease in cash and
cash equivalents
beginning of period																																								-1,126,774									-188,521
end of period																																								-648,791									-132,504
increase in cash and
impairment of investment in related company
impairment of mineral property interest
equity loss
future income tax recovery
share subscriptions received																																																									-282,840
collection of share proceeds receivable
advances to related companies
advances to cia minera prior to acquisition of control																																									-297,485
cash and cash equivalents, end
non-cash investing activity:
3,164,702 shares issued in acquisition of controlling interest
in cia minera
loss for the year																																									-3,648,539	-3,507,383			-2,369,724	-2,369,724	-2,369,724					-814,710	-814,710			-445,591
fair value of options issued for investor relations services																																									195,600
write-down of investment in related company
write-down of mineral property interest
equity loss on cia minera prior to acquisition of control																																									33,581
future income tax benefit recognized on the renouncement of canadian exploration expenditures
share subscriptions received in advance
advances to a related party
cash and cash equivalents, beginning of year																																									3,067,011				2,283,535	2,283,535	2,283,535					2,832,457	2,832,457
cash and cash equivalents, end of year																																									11,045,106				3,067,011	3,067,011	3,067,011					2,283,535	2,283,535
increase (decrease) in cash and cash equivalents																																									7,978,095				783,476	783,476	783,476			-94,597	-93,924
items not requiring cash in the period:
- amortization																																											0	-784	980	980	980	790	0	-112	302	1,210	1,210	302
- stock-based compensation																																											0	-775,116	829,106	829,106	829,106	775,706			486,100	81,540	81,540	486,100
- non-controlling interest
- acquisition of cia minera																																											8,425,086
- equity loss on cia minera
net change in non-cash working capital items:
- share subscriptions receivable
- interest receivable
- taxes recoverable																																											-76,497
- prepaid expenses																																											17,518
- exploration advance
- due from related parties																																																	52,328
- accounts payable and accrued liabilities																																											-1,178,353						831	26,434	-20,088			-20,088
- due to related parties																																											-68,889						152,582	-55,957	-47,373			-47,373
obligation towards equity loss in cia minera																																											156,465
increase (decrease) in cash																																											-293,040
- write-down of investment in related company																																													217,000	217,000	217,000
- write-down of mineral property interest																																													103,242	103,242	103,242
- equity loss in cia minera mexicana de avino, s.a. de c.v.																																													342,596	342,596	342,596
- future income tax benefit recognized on the renouncement of canadian exploration expenditures																																													-19,750	-19,750	-19,750
shares subscriptions received in advance																																													247,730	247,730	247,730
advances to a related company																																													52,000	52,000	52,000
purchase of office equipment																																													-768	-768	-768	0								-4,744
investment in reclamation bonds																																													-3,000	-3,000	-3,000
items not affecting cash:
- accounts receivable																																																	-27,756	-7,583	14,636			14,636
- prepaid expenses and deposits																																																	-106,498	214,681	-101,504			-101,504
reclamation bond																																																			-3,000			-3,000		-10,000
mineral property expenditures																																																	-104,891	-25,977	-1,843			-1,843	12,713	-20,100
increase (decrease) in cash and
share subscriptions																																																										420,000
- future income tax benefit recognized on the renouncement of qualified exploration expenditures																																																				-41,200	-41,200
mineral properties exploration expenditures																																																				-91,400	-91,400
(decrease) increase in cash and cash equivalents																																																				-548,922
- loss on sale of joint venture interest
advances from bralorne gold mines ltd.
mineral properties acquisitions
revenue
interest and other
interest
general mineral exploration
management and consulting fees
regulatory and compliance
shareholder and investor relations
travel and entertainment
loss before the following:
due diligence review of cia minera mexicana
de avino, s.a. de c.v.
deficit, beginning of period
deficit, end of period
loss per share
see the accompanying notes to the financial statements.
avino silver & gold mines ltd.
statement of cash flows
operating activities:
net change in non-cash working capital balances:
accounts receivable and prepaid expenses
due from related parties
due to related parties																																																										-7,069	2,810
investing activities:
financing activities:
common shares
increase (decrease) in cash in the period
loss on sale of joint venture interest
advances from bralorne-pioneer gold mines ltd.
equity in loss of cia minera mexicana de avino, s.a. de c.v.
foreign exchange loss on debentures
write-down of investments
debenture interest deferred
other assets liquidated
cash from
items not requiring cash:
compensation expense																																																									102,900		22,600
foreign exchange
interest expense on debentures payable
changes in non-cash working capital items:
amounts receivable and prepaids																																																									-45,943	145	1,636
issuance of share capital for cash																																																									523,720
related party advances																																																									48,511
debentures payable
mineral property (expenditures) disposals																																																									-192
purchase of equipment
cash provided by
interest expense on debentures
amounts receivable and prepaid expense
issue of capital stock for cash																																																										2,900
due to bralorne pioneer gold mines
mineral property interests																																																										-287
purchase of computer equipment
balance, beginning of period
issued during the period: for cash
balance, end of period
equity loss of affiliate
amortization of deferred foreign exchange
finance expense
accrued interest
amortization of deferred financing charges
equity in loss of affiliate
write-down of investment
advances from (to) bralorne-pioneer gold mines ltd.
supplementary disclosure of non-cash financing and investing activities
marketable securities acquired in settlement of related party receivable
mineral properties interests acquired by issuance of share capital
share capital issued in settlement of liabilities
supplementary disclosure of statements of cash flows information
taxes
amortization of deferred foreign
exchange
payable
changes in non-cash working capital
items:
accounts payable and accrued
issue of capitals																																																											45,000
due to bralorne pioneer gold
mines
mineral property interest
deferred foreign exchange loss
term deposits
supplemental cash flow information
non-cash financing and investing
activities:
shares issued in settlement of
accounts payable																																																											-336,589
cash provide by
items not affecting cash
accretion of conversion option on debentures
debentures retired in year
mineral property option payments received
increase in non-current related party
receivable
insurance proceeds on fire loss
cash-beginning of year
cash-end of year
supplementary disclosure of non-cash
financing and investing activities
marketable securities acquired in settlement
of related party receivable
share capital issued in settlement of
50% owned properties
acquisition
exploration and development
mine and plant construction
less: accumulated write-down
option payments received
100% owned properties
-
net change in non-cash working capital items note 12
proceeds from issuance of share capital
increase in non-current related party receivables
other assets
supplementary disclosure of non-cash financing and investment activities
3

Avino Silver & Gold Mines Ltd(NYSE MKT:ASM)

Avino Silver & Gold Mines Ltd
(NYSE MKT:ASM)