Avino Silver & Gold Mines Ltd.

Good day and welcome to the Avino Silver and Goldmine's fourth quarter and year-end 2025 financial results conference call and webcast. As a reminder, all participants are on a listen-only mode and this conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then 1 on your telephone keypad. And should you need assistance during the conference, you may signal an operator by pressing star and zero. I would now like to turn the conference over to Jennifer North, Head of Investor Relations. Mom, please go ahead.

Thank you, Operator. Good morning, everyone, and welcome to Avino's Q4 and year-end 2025 earnings call and webcast. To join this webcast and conference call, there is a link in our news release of yesterday's date which can be found on our new website under Investor Center, then News and Media. In addition, a link can be found on the homepage of the Aveeno website. The full financial statements and MD&A are now available on our website under the Investor Center tab, then Reports and Financials. In addition, the full statements are available on Aveeno's profile, on Cedar Plus, and on EDGAR. Before we get started, I remind you to view our precautionary language regarding forward-looking statements. and the risk factors pertaining to these statements. And note that certain statements made today on this call by the management team may include forward-looking information within the meaning of applicable securities laws. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different than those expressed by or implied by such forward-looking statements. For additional information, we refer you to our detailed cautionary note in the presentation related to this call or on our press release of yesterday's date. On the call today, we have the company's President and CEO, David Wolfen, our Chief Financial Officer, Nathan Hart, our Chief Operating Officer, Carlos Rodriguez, and our VP of Technical Services, Peter Lara. I would like to remind everyone that this conference call is being recorded and will be available for replay later today. The replay information and the presentation slides from this conference call and webcast will be available on the website. Also, please note that all figures stated are in U.S. dollars unless otherwise noted. Thank you. I will now hand over the call to Aveeno's President and CEO, David Wolfen. David?

Thanks, Jen. Good morning, everyone, and welcome to Aveeno's Q4 and year-end earnings call and webcast. We will cover the highlights of our financial operating performance, and then we will summarize our goals for 2026, followed by a Q&A. I'll start with the discussion on operations and overall performance, and then I will turn it over to Nathan Hart, Aveeno CFO, to discuss the financial performance for this period. Please turn to slide five. We are transforming Aveeno from a single mine operator into a multi-asset Mexican mid-tier producer. Aveeno achieved a number of important milestones in 2025, underpinned by strong performance at the Aveeno mine and the commencement of development and material extraction at La Preciosa. The fourth quarter of 2025 represents a return to being a primary silver producer, as silver production represented over 50% of our consolidated silver equivalent production and puts us on our way to our long-term target. Our continued investment in infrastructure development and mine optimization reflects a disciplined approach to being a scalable multi-asset production platform. As we look forward and focus remains on executing the next phase of our growth strategy and delivering long-term value for shareholders. The first key driver contributing to our success in 2025 is was our continued disciplined approach to financial management and capital allocation. At the end of the year, Aveeno achieved record revenues of $92.2 million and held cash of $102 million and working capital position of $99 million, providing another quarter of strong financial performance. A strong balance sheet will provide the foundation to support our transformational growth plan to become a Mexican-focused mid-tier primary silver producer. Nathan will provide a detailed overview of the financials later in the call. The next key drivers stem from increased development tonnage at La Preciosa. We commenced extraction, haulage, and processing of mineralized development material from La Preciosa during the quarter at an average rate of 200 tons per day. In total, 11,995 tons of material was processed at the Aveeno Milling and Processing Facility, which is located 19 kilometers away from the entrance of La Preciosa Mine. The third driver reflected portfolio optimization, highlighted by the August announcement of the acquisition of outstanding royalties and contingent payments on La Preciosa. This milestone reinforces the consolidation of ownership at La Preciosa, improving project economics and operational flexibility. Removing third-party obligation reduces complexity and strengthens Aveeno's asset portfolio. We believe this enhances shareholder value by strengthening our portfolio and positioning Aveeno for sustained growth. Another key driver underpinning our results is the commitment we have made to strategic exploration and drilling that further unlock additional resource potential. We reported drill results from La Preciosa in October 25, which followed up from August 2025 drilling. We also announced further holes in January of this year. The results exceeded our expectations. Highlights included 7.9 meters true width of 1.6 kilograms of silver, 2 grams gold, including 15 kilograms of silver and 1.55 grams gold over 0.37 meters of true width. Another significant intercept was over 5 meters of true width of 787 grams silver and half a gram of gold. The full results are available in the news release, which can be found on our website. The intercepts are significantly higher than the average grades outlined in our current resource, highlighting the potential we aim to capture by using underground mining methods. In addition, larger widths encountered at both La Gloria and Abundancia were welcome surprise, underscoring that there is still much to learn about the deposit despite the 1500 drill holes on the property and substantial exploration investment performed by previous operators. Since acquiring La Preciosa, we have learned that recent drilling intercepts suggest wider vein structures on Gloria. Original mine plan is evolving to reflect improved geological understanding. Optimization opportunities are being identified that could reduce mining costs. Engaged independent engineers to deliver a strategic plan that looks beyond the original project scope. The next driver was increasing silver revenues at the right time. A return to primary silver with 54% silver revenue in Q4 and record revenues, operational cash flow, and free cash flow generation in Q4. Our final driver for Q4 and year end included stronger metal prices alongside increasing market recognition. Higher metal prices at the end of 2025 and into early 2026 have supported our strong performance. Aveeno's continued growth and strengthened market recognition resulted in being named fifth among the top performing companies on the Toronto Stock Exchange 2025 TSX 30. For the three years ended June 30, 2025, Aveeno's share price performance increased 610% and market capitalization increased 778%. In addition to this, Avino has been added to several ETFs, including Market Vector's Junior Gold Miners Index, and VanEck's Junior Gold Miners ETF, the GDXJ, GlobalX, Silver Miners, and more. ETF inclusion signals institutional recognition while improving liquidity and expanding global investor access. These achievements demonstrate the meaningful progress made in advancing Aveeno's transformational growth strategy while reinforcing the company's investment case. Moving to slide six, we turn to our Q4 year-end 2025 production results, which were released in mid-January and reflect steady operational performance. On this slide, we show our production results compared to Q4 and year-end 2024, with production remaining consistent at approximately 2.6 million silver equivalent ounces, while total mill feed increased 14% year over year. On slide seven, we highlighted production by operation, showing contributions from both Aveeno and La Preciosa for the year. We were particularly pleased to add just under 12,000 tons of La Preciosa material to our production results. At this time, I will now hand it over to Nathan Hart, Aveeno's CFO, to present our record financial performance for Q4 and year-end 2025. Nathan?