Avino Silver & Gold Mines Ltd.

Welcome to the Aveeno Silver and Gold Mines First Quarter 2026 Financial Results Conference Call and Webcast. As a reminder, all participants are in a listen-only mode and the 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. Should you need assistance during the conference call, 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. Please go ahead.

Thank you, Operator. Good morning, everyone, and welcome to our Q1 2026 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 Avino website. The full financial statements in 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 Avino'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, 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. Replay information and the presentation slides from this call and webcast will be available on our 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 first quarter 2026 earnings call and webcast. We'll cover the highlights of our financial and operating results and then provide an overview of what's coming up in the next quarter, followed by a Q&A session. Once I've gone through the operational highlights and overall progress during the quarter, I'll turn it over to Nathan Hart, Avino CFO, to discuss the financial results for the period. Please turn to slide five. We continue advancing along our clear path for transformational growth, evolving Aveeno from a single mine operator to a diversified multi-asset mid-tier producer in Mexico. We've had a very active first quarter, achieving progress across operations, development, and corporate initiatives, including the completion of the 2025 drill program at La Preciosa and welcoming Linda Broughton to our board. who has a track record in operations, sustainability, and the environment. In addition, we launched an ambitious 30,000-meter drill program across La Preciosa and Avino. We have currently drilled 2,600 meters at La Preciosa and 3,000 meters at Avino. Early in the second quarter, on April 16th, we announced our inaugural mineral reserve and updated mineral resource estimates. We began 2026 with the positive momentum, which is reflected in our quarterly production of just over 568,000 ounces, providing a strong foundation to deliver on our annual production target. Mill performance remained solid during the quarter, with tons milled exceeding expectations. Our teams continued to actively manage throughput across all four circuits. Contributions from La Preciosa development exceeded plan and we are seeing encouraging progress in grade improvements, particularly towards the end of the quarter. The key drivers guiding success achieved in Q1 are as follows. Firstly, financial discipline and strategic capital allocation played an important role driving meaningful improvement across key financial metrics. Record revenue of $39.4 million, cash of $139 million, and working capital position of 140 million. Our financial strength enables us to carry out our organic growth plan with a bulletproof balance sheet. Next, continued advancing La Preciosa with increased tonnage process during Q1, 2026. Throughput averaged approximately 200 to 230 tons per day during the quarter, resulting in more than 14,000 tons of material process. The next key driver was the completion of a new mineral reserve estimate and updated mineral resource estimate. This was released on April 16th. Establishing mineral reserves across all of our properties is a transformational milestone for Aveeno. For the first time, we have defined reserves that demonstrate the underlying quality, scale, and economic potential at our asset base. further advancing the company towards a multi-asset mid-tier producer. We are very pleased to report an inaugural mineral reserve estimate of 127 million silver equivalent ounces across all three assets. The milestone is complemented by growth in our mineral resource base. The growth was achieved after accounting for depletion from ongoing mining activities, underscoring the strength and continuity of our ore bodies and mineralized systems. Together, these results reinforced the depth of our organic pipeline and position Aveeno for continued growth and long-term value creation for shareholders. Next, La Preciosa was an important contributor to our operational progress this quarter with strategic exploration efforts continuing successfully. The planned 2025 drill program was completed and results were released in late January. We reported excellent silver grades from the remaining six holes, which totaled 1400 meters drilled. The entire 2025 program consisted of 14 holes for approximately 3500 meters of drilling. The silver grade continues to surprise us with significantly higher silver grades compared to the average grade in the current mineral resource. These latest holes were outside of our recent mineral resource update as the data was not received until after the cutoff period. However, we expect to encounter similar high grades as we continue with development mining on each face of the vein to the north and south of the main San Fernando ramp. The Preciosa also contributed positively to our first quarter performance through ongoing extraction, haulage, and processing of development materials supporting elevated mill throughput and operational flexibility. Next, silver revenues have increased with 60% revenue from silver production in Q1 2026, record revenues, and free cash flow generation. Also, during Q1, precious metal prices remained strong, supporting our operations and contributing positively to our overall financial results. Another important contributor to our continued progress is the growing recognition Avino is receiving within the institutional investment community. As we continue to execute on our transformational growth strategy, additional funds and ETFs are becoming shareholders of the company, broadening our investor base and enhancing overall market visibility. These achievements demonstrate the meaningful progress made in advancing Aveeno's transformational growth strategy while reinforcing the company's investment case. In addition, a key contributor of our continued success is the quality of the jurisdiction and communities in which we operate. Mexico remains an important and established mining jurisdiction, and we believe our long operating history in Durango continues to demonstrate the strength of the region in which we operate. We have built strong relationships with our local communities and workforce over the decades, which is reflected in our low labor turnover and growing base of skilled employees. Our operations contribute meaningfully to the local economy through employment, training, procurement, and community initiatives. At the same time, we remain focused on responsible mining practices and continually work to reduce our environmental footprint through initiatives such as water recycling, backfilling underground workings where appropriate, and reclaiming historic open pit areas. We believe this balanced approach to operational excellence, community engagement, and environmental stewardship supports the long-term sustainability of our operations and future growth plans. Moving to slide six, we turn to our Q1 production results, which were released on April 23rd and reflect steady operational performance. On this slide, we show our production results compared to Q1 2025 and Q4 2024, with production of 568,000 silver equivalent ounces and 185,000 tons of total mill feed, which is 11% higher than Q1 of last year. On slide 7, we highlight production by operation, showing contributions from both Aveeno and La Preciosa for the year. We continue to see contribution from LaPreciosa delivering just over 14,000 times during the quarter. At this time, I'll hand it over to Nathan Hart, Avino CFO, to present our record financial performance for the first quarter. Nathan?