Section1: Company Overview

Avino Silver & Gold Mines Ltd. (TSX: ASM) is a silver producer from its wholly owned Avino Mine near Durango, Mexico. The Company's project portfolio consists of the Avino Mine, in production; La Preciosa, in development stage with production anticipated early 2026; and the Oxide Tailings Project, also a development staged asset. As per NI 43-101, Avino controls 277 million AgEq ozs of measured and indicated mineral resources and 94 million AgEq ozs of inferred mineral resources, within our district-scale land package. Early in 2024, the pre-feasibility Study on the Oxide Tailings Project was completed. As part of Avino's commitment to adopting sustainable practices, we have been operating a dry stack tailings facility for over two years now with excellent results. We are committed to managing all business activities in a safe, environmentally responsible, and cost-effective manner, while contributing to the well-being of the communities in which we operate. 

This Report covers the Key Recommendation Rationale, Valuation, Target Price, and Recommendation on the stock. 

Section 2:  Stock Recommendation Summary

Valuation Methodology (Illustrative): EV/Sales based Relative Valuation approach:

The stock has witnessed an upside  of ~10.69% and of ~51.59% over the 1 week and 3 months respectively. It is trading above the average of 52-week high price of CAD 7.36 and 52-week low price of CAD 1.23, providing an opportunity to sell, as the stock might make some correction.

One-Year Technical Price Chart (as of September 26, 2025). Source: REFINITIV, Analysis: Kalkine Group

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on September 26, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement. 

Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.