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AVINO SILVER & GOLD MINES LTD

For the period ended Mar 31, 2026. Filed May 13, 2026.

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Mar 31, 2026 · Filed May 13, 2026

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ASM$4.65+1.5%Stored close · as of Nov 6, 2026
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EX-99.2 · Notes for UG Reserves

Notes for UG Reserves

1.Totals may not sum due to rounding.
2.Underground Mineral Reserves as of October 31, 2025 are derived from Measured & Indicated Resources, account for depletion to that date, and are reported with a reference point of mined ore delivered to the plant.
3.Metal prices considered for the underground Mineral Reserves estimates were US$36.90/t.oz Ag, US$3,210/t.oz Au, and US$4.4/lb Cu. Other key assumptions and parameters include metal recoveries (89% Cu, 74–70% Au, and 87–80% Ag), payable factors applied on a deposit-specific basis (83–96% Ag, 95% Au, and 96.75% Cu), treatment and other smelter charges (US$134.25–68 per dry metric tonne), freight to smelter (US$45 per wet metric tonne), refining charges for silver, gold, and copper (US$0.30/oz Ag, US$6.00/oz Au, and US$0.07/lb Cu), and applicable concentrate penalties. Mining, processing, and G&A operating costs for the Gloria, Abundancia, and Martha veins were estimated at US$75.31/t, US$55.21/t, and US$60.89/t for mining; US$18.45/t for processing; and US$16.80/t for G&A, respectively, resulting in NSR breakeven cut off values of US$110.56/t for Gloria, US$90.46/t for Abundancia, and US$96.14/t for Martha.
4.AgEQ grade is estimated considering metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the selling contract as of effective date
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