附錄99.1

 

avino_ex991img3.jpg

 

AVINO銀金礦業有限公司。

 

基本報表

 

截至2024年9月30日和2023年9月30日的前三個月和前九個月

 

（未經審計）

 

 

 

 

AVINO銀金礦業有限公司。

簡明綜合資產負債表（以美元千計）

(以千美元表示 - 未經審計)

 

 

 

Note

 

 

2024年9月30日，

2024

 

 

12月31日，

2023

 

資產

 

 

 

 

 

 

 

 

 

流動資產

 

 

 

 

 

 

 

 

 

現金

 

 

 

 

$7,767

 

 

$2,688

 

應收賬款

 

 

 

 

 

3,030

 

 

 

3,303

 

應收關聯方款項

 

 

10(b)

 

 

-

 

 

 

167

 

可收回稅款

 

 

4

 

 

 

3,492

 

 

 

6,580

 

預付款和其他資產

 

 

 

 

 

 

2,403

 

 

 

1,971

 

存貨

 

 

5

 

 

 

10,874

 

 

 

8,826

 

總流動資產

 

 

 

 

 

 

27,566

 

 

 

23,535

 

勘探和評估資產

 

 

7

 

 

 

52,714

 

 

 

50,111

 

工廠、設備和礦業資產

 

 

9

 

 

 

53,616

 

 

 

53,069

 

所有基金類型投資

 

 

6

 

 

 

1,466

 

 

 

934

 

其他資產

 

 

 

 

 

 

4

 

 

 

691

 

總資產

 

 

 

 

 

$135,366

 

 

$128,340

 

負債

 

 

 

 

 

 

 

 

 

 

 

 

流動負債

 

 

 

 

 

 

 

 

 

 

 

 

應付賬款及應計負債

 

 

 

 

 

$9,243

 

 

$11,867

 

到相關方款項

 

 

10(b)

 

 

61

 

 

 

-

 

應付稅款

 

 

 

 

 

 

656

 

 

 

127

 

融資租賃負債的流動部分

 

 

 

 

 

 

1,563

 

 

 

1,650

 

設備貸款的當前部分

 

 

 

 

 

 

165

 

 

 

164

 

總流動負債

 

 

 

 

 

 

11,688

 

 

 

13,808

 

融資租賃義務

 

 

 

 

 

 

1,351

 

 

 

1,445

 

設備貸款

 

 

 

 

 

 

69

 

 

 

195

 

囤地條款

 

 

11

 

 

 

2,012

 

 

 

2,195

 

遞延所得稅負債

 

 

 

 

 

 

5,757

 

 

 

4,696

 

總負債

 

 

 

 

 

 

20,877

 

 

 

22,339

 

股東權益

 

 

 

 

 

 

 

 

 

 

 

 

股本

 

 

12

 

 

 

156,908

 

 

 

151,688

 

股本儲備

 

 

 

 

 

 

11,424

 

 

 

11,041

 

庫藏股

 

 

 

 

 

 

(97)

 

 

(97)

其他綜合損失累計額

 

 

 

 

 

 

(5,331)

 

 

(5,208)

累積赤字

 

 

 

 

 

 

(48,415)

 

 

(51,423)

總股本

 

 

 

 

 

 

114,489

 

 

 

106,001

 

總負債和權益

 

 

 

 

 

$135,366

 

 

$128,340

 

 

承諾與或有事項 - 註釋15

 

於2024年11月12日經董事會批准。

 

 

Peter Bojtos

Director 

大衛·沃爾芬

董事

 

附註是簡明綜合財務報表的一部分

 

 
- 1 -

 

 

AVINO銀金礦業有限公司。

綜合損益及綜合利潤的簡明合併中期報表

(以千美元表示 - 未經審計)

 

 

 

 

 

 

截至三個月的時間結束

9月30日，

 

 

九個月結束

九月三十日,

 

 

 

Note

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

礦業經營收入

 

 

13

 

 

$14,616

 

 

$12,316

 

 

$41,796

 

 

$31,359

 

銷售成本

 

 

13

 

 

 

8,907

 

 

 

9,952

 

 

 

29,051

 

 

 

26,101

 

礦山營業收入

 

 

 

 

 

 

5,709

 

 

 

2,364

 

 

 

12,745

 

 

 

5,258

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

營業費用

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

一般和行政費用

 

 

14

 

 

 

1,455

 

 

 

1,280

 

 

 

4,518

 

 

 

3,999

 

股份支付

 

 

12

 

 

 

531

 

 

 

627

 

 

 

1,601

 

 

 

1,809

 

其他項目前利潤（損失）

 

 

 

 

 

 

3,723

 

 

 

457

 

 

 

6,626

 

 

 

(550)

其他項目

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

利息和其他收入（損失）

 

 

 

 

 

 

(77)

 

 

5

 

 

 

77

 

 

 

234

 

長期投資的收益（損失）

 

 

6

 

 

 

(268)

 

 

(295)

 

 

87

 

 

 

(899)

權利憑證負債的公允價值調整

 

 

 

 

 

 

-

 

 

 

20

 

 

 

-

 

 

 

478

 

匯率期貨盈虧

 

 

 

 

 

 

170

 

 

 

(234)

 

 

342

 

 

 

182

 

財務費用

 

 

 

 

 

 

(5)

 

 

(3)

 

 

(10)

 

 

(80)

積存的填海準備金

 

 

11

 

 

 

(49)

 

 

(13)

 

 

(151)

 

 

(36)

壞賬減記

 

 

 

 

 

 

(621)

 

 

-

 

 

 

(621)

 

 

-

 

利息費用

 

 

 

 

 

 

(77)

 

 

(158)

 

 

(248)

 

 

(275)

稅前收入（虧損）

 

 

 

 

 

 

2,796

 

 

 

(221)

 

 

6,102

 

 

 

(946)

所得稅：

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

流動所得稅收入(費用)

 

 

 

 

 

 

(1,258)

 

 

111

 

 

 

(2,033)

 

 

645

 

遞延所得稅收入（費用）

 

 

 

 

 

 

(369)

 

 

(693)

 

 

(1,061)

 

 

280

 

所得稅收回(支出)

 

 

 

 

 

 

(1,627)

 

 

(582)

 

 

(3,094)

 

 

925

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

淨利潤（損失）

 

 

 

 

 

 

1,169

 

 

 

(803)

 

 

3,008

 

 

 

(21)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

其他全面收入（損失）

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

貨幣翻譯差異

 

 

 

 

 

 

1

 

 

 

230

 

 

 

(123)

 

 

(346)

總綜合收益（損失）

 

 

 

 

 

$1,170

 

 

$(573)

 

$2,885

 

 

$(367)

每股盈利（虧損）

 

 

12(e)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

基本

 

 

 

 

 

$0.01

 

 

($0.01)

 

 

$0.02

 

 

$0.00

 

稀釋

 

 

 

 

 

$0.01

 

 

($0.01)

 

 

$0.02

 

 

$0.00

 

加權平均股份在外

 

 

12(e)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

基本

 

 

 

 

 

 

135,070,079

 

 

 

122,433,272

 

 

 

132,925,193

 

 

 

120,093,760

 

Diluted

 

 

 

 

 

 

140,429,861

 

 

 

122,433,272

 

 

 

138,723,903

 

 

 

120,093,760

 

 

附註是簡明綜合財務報表的一部分

 

 
- 2 -

 

 

AVINO銀金礦業有限公司。

簡明合併中間期權益變動表

(以千美元表示 - 未經審計)

 

 

 

Note

 

 

普通股數量

 

 

股本金額

 

 

股權儲備

 

 

庫藏股

 

 

累計其他綜合收益（損失）

 

 

累計虧損

 

 

總權益

 

2023年1月1日的餘額

 

 

 

 

 

118,349,090

 

 

$145,515

 

 

$9,852

 

 

$(97)

 

$(5,223)

 

$(52,026)

 

$98,021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

已發行普通股：

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

在市場發行

 

 

12

 

 

 

5,360,300

 

 

 

3,597

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,597

 

已行使限制性股票單位的賬面價值

 

 

12

 

 

 

1,005,333

 

 

 

1,019

 

 

 

(1,019)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

發行成本

 

 

12

 

 

 

-

 

 

 

(355)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(355)

股份支付

 

 

12

 

 

 

-

 

 

 

-

 

 

 

1,809

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,809

 

期權已取消或已過期

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(61)

 

 

 

 

 

 

 

 

 

 

61

 

 

 

-

 

期間淨虧損

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(21)

 

 

(21)

貨幣翻譯差異

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(346)

 

 

-

 

 

 

(346)

餘額，2023年9月30日

 

 

 

 

 

 

124,714,723

 

 

$149,776

 

 

$10,581

 

 

$(97)

 

$(5,569)

 

$(51,986)

 

$102,705

 

2024年1月1日餘額

 

 

 

 

 

 

128,728,248

 

 

$151,688

 

 

$11,041

 

 

$(97)

 

$(5,208)

 

$(51,423)

 

$106,001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

發行的普通股：

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

按市場發行

 

 

12 (b)

 

 

5,050,585

 

 

 

3,906

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,906

 

期權行使

 

 

12 (b)

 

 

561,000

 

 

 

572

 

 

 

(200)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

372

 

行使的RSU的賬面價值

 

 

12 (d)

 

 

1,197,709

 

 

 

1,018

 

 

 

(1,018)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

發行成本

 

 

 

 

 

 

-

 

 

 

(276)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(276)

基於股份的支付

 

 

12 (c) (d)

 

 

-

 

 

 

-

 

 

 

1,601

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,601

 

本期的淨利潤

 

 

12 (e)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,008

 

 

 

3,008

 

貨幣翻譯差異

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(123)

 

 

-

 

 

 

(123)

餘額，2024年9月30日

 

 

 

 

 

 

135,537,542

 

 

$156,908

 

 

$11,424

 

 

$(97)

 

$(5,331)

 

$(48,415)

 

$114,489

 

 

附註是簡明綜合財務報表的一部分

 

 
- 3 -

 

 

AVINO銀金礦業有限公司。

精簡合併中期現金流量表

(以千美元表示 - 未經審計)

 

 

 

 

 

九個月結束

9月30日，

 

 

 

Note

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

經營活動

 

 

 

 

 

 

 

 

 

淨收入

 

 

 

 

$3,008

 

 

$(21)

非現金項目的調整：

 

 

 

 

 

 

 

 

 

 

 

遞延所得稅費用（回收）

 

 

 

 

 

1,061

 

 

 

(280)

折舊和遞耗

 

 

 

 

 

2,504

 

 

 

2,175

 

積存的填海準備金

 

 

11

 

 

 

151

 

 

 

36

 

投資損益（收益）

 

 

6

 

 

 

(87)

 

 

899

 

未實現外匯匯率期貨收益

 

 

 

 

 

 

(283)

 

 

(241)

記錄不良賬款

 

 

 

 

 

 

621

 

 

 

-

 

解除公允價值調整

 

 

 

 

 

 

-

 

 

 

74

 

權利憑證負債的公允價值調整

 

 

 

 

 

 

-

 

 

 

(478)

書寫設備、物料和供應品庫存

 

 

 

 

 

 

566

 

 

 

95

 

股份支付

 

 

 

 

 

 

1,601

 

 

 

1,809

 

 

 

 

 

 

 

 

9,142

 

 

 

4,068

 

 

 

 

 

 

 

 

 

 

 

 

 

 

非現金營運工作資本項的淨變化

 

 

16

 

 

 

(1,569)

 

 

(3,201)

來自經營活動的現金流入

 

 

 

 

 

 

7,573

 

 

 

867

 

 

 

 

 

 

 

 

 

 

 

 

 

 

籌資活動

 

 

 

 

 

 

 

 

 

 

 

 

發行股票和單位以現金支付，扣除發行成本

 

 

 

 

 

 

3,630

 

 

 

3,242

 

行權所得

 

 

 

 

 

 

372

 

 

 

-

 

租賃責任支付

 

 

 

 

 

 

(1,371)

 

 

(933)

設備貸款還款

 

 

 

 

 

 

(126)

 

 

(184)

融資活動產生的現金流量淨額

 

 

 

 

 

 

2,505

 

 

 

2,125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

投資活動

 

 

 

 

 

 

 

 

 

 

 

 

勘探與評估支出

 

 

 

 

 

 

(1,920)

 

 

(809)

植物、設備和礦產的增加

 

 

 

 

 

 

(3,112)

 

 

(6,575)

La Preciosa的收購

 

 

 

 

 

 

-

 

 

 

(5,000)

投資活動使用的現金

 

 

 

 

 

 

(5,032)

 

 

(12,384)

 

 

 

 

 

 

 

 

 

 

 

 

 

現金變動額

 

 

 

 

 

 

5,046

 

 

 

(9,392)

 

 

 

 

 

 

 

 

 

 

 

 

 

匯率變動對現金的影響

 

 

 

 

 

 

33

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

現金，期初

 

 

 

 

 

 

2,688

 

 

 

11,245

 

 

 

 

 

 

 

 

 

 

 

 

 

 

現金，期末

 

 

 

 

 

$7,767

 

 

$1,856

 

 

現金流補充信息（注16）

 

附註是簡明綜合財務報表的一部分

 

 
- 4 -

 

 

AVINO銀金礦業有限公司。

未經審計的精簡合併財務報表附註

截至2024年9月30日和2023年9月30日的九個月

(以千美元計，除非另有說明)

 

1。操作的性質

 

Avino Silver & Gold Mines Ltd.（「公司」 或 「Avino」）於1968年根據加拿大不列顛哥倫比亞省法律註冊成立。該公司從事銀、金和銅的生產和銷售以及礦產的收購、勘探和開發。

 

公司的總部和主要營業地點位於加拿大卑詩省溫哥華格蘭維爾街570號900套房。該公司在加拿大（魁北克省除外）和美國是報告發行人，在多倫多證券交易所（tsx）、紐約美國交易所、法蘭克福和柏林證券交易所上市。

 

公司運營埃琳娜託洛薩礦區（「Et礦區」或「Avino礦區」），在墨西哥杜蘭戈州的歷史悠久的Avino地產生產銅、白銀和黃金。Avino地產還擁有聖岡薩洛礦區，目前處於護理和維護狀態。公司還擁有Proyectos Mineros La Preciosa S.A. de C.V.（「La Preciosa」）的100%股權，該墨西哥公司擁有La Preciosa礦產。公司還擁有位於加拿大不列顛哥倫比亞省和育空地區的礦產權益。

 

2。演示的基礎

 

合規聲明

 

這些未經審計的簡明合併中期基本報表是根據國際會計準則（「IAS」）第34號——國際財務報告標準（「IFRS」）下的中期財務報告，由國際會計準則委員會（「IASB」）發佈而編制的。這些未經審計的簡明合併中期基本報表遵循與公司最新年度審計合併基本報表相同的會計政策和應用方法。這些未經審計的簡明合併中期基本報表並未包含完整年度合併基本報表所需的所有信息。因此，這些未經審計的簡明合併中期基本報表應與公司截至2023年12月31日的年度合併基本報表一起閱讀，該報表是根據由IASB發佈的IFRS編制的。

 

這些未經審計的簡明綜合中期財務報表以美元表示，並根據歷史成本制度編制，除了衡量公允價值的金融工具。此外，這些未經審計的簡明綜合中期財務報表是根據權責發生制和持續經營基礎編制的。財務會計政策採用2023年12月31日年度綜合財務報表中所述的政策對這些未經審計的簡明綜合中期財務報表中呈現的所有期間保持一致，即使這些政策一直有效也是如此。

 

外幣翻譯

 

外匯交易

 

以功能貨幣以外的貨幣進行的交易按交易日的交易所匯率記賬。在每個財務報表日期，外幣計值的貨幣資產和負債按財務報表日期的匯率進行換算。以外幣歷史成本計量的非貨幣項目不再進行重新換算。

 

海外業務

 

具有除美元以外的職能貨幣的子公司，在年度期間以平均匯率翻譯其經營報表項目。資產和負債按每個報告期末的匯率進行翻譯。由於以閉市匯率重新翻譯這些子公司淨投資所導致的匯率變動，以及按實際和平均匯率翻譯的經營報表項目之間的差異，會在累計其他綜合收益（損失）中確認。在處置或部分處置外資經營時，相關匯率差異的累計金額將在經營報表中確認。

 

 
- 5 -

 

 

AVINO銀金礦業有限公司。

未經審計的精簡合併財務報表附註

截至2024年9月30日和2023年9月30日的九個月

(以千美元計，除非另有說明)

 

重大會計判斷和估計

 

公司管理層在編制公司未經審計的簡明綜合中期財務基本報表時，需根據公司會計政策做出判斷。另外，財務數據的編制要求公司管理層對不確定未來事件對公司資產和負債的賬面金額及對報告期間內收入和費用金額的影響進行假設和估計。由於估計過程本質上具有不確定性，實際結果可能會與這些估計不符。估計根據歷史經驗和在當時情況下被認爲是相關的其他因素持續審查。對估計的修訂和對公司資產和負債賬面金額的造成影響會被前瞻性地計入。

 

在編制截至2024年9月30日的公司未經審計的簡明合併中期基本報表時所涉及的重要判斷和估計與在公司截至2023年12月31日的經審計合併基本報表第2條中所應用和披露的內容一致。

 

合併基礎

 

經審計的合併基本報表包括公司及其墨西哥子公司的賬目如下：

 

子公司

持股比例

司法管轄區

業務性質

Oniva白銀和金礦公司S.A. de C.V.

100%

墨西哥

墨西哥政府部門

Nueva Vizcaya Mining，S.A. de C.V。

100%

墨西哥

墨西哥政府部門

Promotora Avino, S.A. de C.V.（「Promotora」）

79.09%

墨西哥

控股公司

墨西哥阿維諾礦業公司（Avino Mexico）

（「Avino Mexico」）

98.45% 直接

1.22% 間接 (Promotora)

99.67% 有效

墨西哥

採礦和勘探

La Luna Silver & Gold Mines Ltd.

100%

加拿大

控股公司

La Preciosa Silver & Gold Mines Ltd.

100%

加拿大

控股公司

Proyectos Mineros La Preciosa S.A. de C.V.

100%

墨西哥

採礦和勘探

塞萬提斯律師事務所

100%

美國

控股公司

 

在編制合併基本報表時，母公司間的餘額和交易，包括因母公司間交易而產生的未實現收入和費用，都將被消除。

 

 
- 6 -

 

 

AVINO銀金礦業有限公司。

未經審計的精簡合併財務報表附註

截至2024年9月30日和2023年9月30日的九個月

(以千美元計，除非另有說明)

 

3. 最近的會計公告

 

本年度有效的新修訂國際財務報告準則：

 

某些新的會計準則和業績解讀已發佈，這些準則要麼適用於當前年度，要麼在當前期間不是強制要求且未被提前採用。我們已評估這些準則，預計它們在當前或未來的報告期間對公司不會產生重大影響。

 

4. 可追回的稅款

 

公司的可回收稅款包括墨西哥增值稅（「VAT」）和可回收的所得稅，以及可回收的加拿大銷售稅（「GST/HST」）。

 

 

 

9月30日,

2024

 

 

2023年12月31日,

2023

 

應收增值稅

 

$1,550

 

 

$3,231

 

GSt可收回

 

 

22

 

 

 

20

 

應收所得稅款

 

 

1,920

 

 

 

3,329

 

 

 

$3,492

 

 

$6,580

 

 

5. 庫存

 

 

 

九月三十日

2024

 

 

十二月 31,

2023

 

工藝材料庫存

 

$3,482

 

 

$4,050

 

集中庫存

 

 

4,328

 

 

 

2,448

 

材料和用品

 

 

3,064

 

 

 

2,328

 

 

 

$10,874

 

 

$8,826

 

 

截至2024年9月30日的三個月和九個月確認的庫存費用總額爲$8,725 and $28,485 （截至2023年9月30日的三個月和九個月 – $9,948 and $26,006）。有關更多詳情，請參見第13條說明。

 

在截至2024年9月30日的九個月內，由於過時，公司未對材料和供應品庫存進行任何減記（2023年9月30日– 84).

 

 
- 7 -

 

 

AVINO銀金礦業有限公司。

未經審計的精簡合併財務報表附註

截至2024年9月30日和2023年9月30日的九個月

(以千美元計，除非另有說明)

 

6. 開多期投資

 

公司根據IFRS 9將其長期投資分類爲指定按公允價值計量並計入損益。長期投資總結如下：

 

 

 

公允價值

2023年12月31日,

 

 

淨值

 

 

Movements in foreign

 

 

公允價值調整

 

 

公允價值

9月30日,

 

 

 

2023

 

 

添加項

 

 

外匯

 

 

期間

 

 

2024

 

Talisker Resources普通股份

 

$782

 

 

$-

 

 

$(7)

 

$155

 

 

$930

 

白銀狼勘探有限公司（"白銀狼"）普通股

 

 

71

 

 

 

426

 

 

 

(4)

 

 

(46)

 

 

447

 

白銀狼勘探有限公司warrants

 

 

-

 

 

 

30

 

 

 

-

 

 

 

(3)

 

 

27

 

耐力黃金公司普通股

 

 

81

 

 

 

-

 

 

 

(1)

 

 

(19)

 

 

61

 

其他

 

 

-

 

 

 

1

 

 

 

-

 

 

 

-

 

 

 

1

 

 

 

$934

 

 

$457

 

 

$(12)

 

$87

 

 

$1,466

 

 

白銀狼

 

截至2024年9月30日的九個月期間，公司收到了 2,292,000 作爲債務結算的一部分來自白銀狼的定向增發的普通分享，爲$335 （C$458）。公司通過參與白銀狼的上市發行人融資豁免定向增發進一步獲得了 833,334 以C$爲購買價格的0.15 包括833,334股普通分享和 416,667 不可轉讓的普通分享購買warrants，行使價格爲C$0.25 總投資爲$91 （C$125）。分享購買warrants按公允價值記錄。在IFRS 9下，公允價值的任何後續重估將作爲長期投資的收益或損失記錄。

 

7. 勘探和評估資產

 

公司已累計了以下不受耗損計提的收購、勘探和評估成本：

 

 

 

Avino，

墨西哥

 

 

墨西哥La Preciosa

 

 

加拿大不列顛哥倫比亞和育空地區

 

 

總計

 

 

 

 

 

 

 

2022年12月31日餘額

 

$11,828

 

 

$37,975

 

 

$1

 

 

$49,804

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

La Preciosa非核心特許權轉讓

 

 

2,946

 

 

 

(2,946)

 

 

 

 

 

 

-

 

鑽探和勘探

 

 

877

 

 

 

435

 

 

 

-

 

 

 

1,312

 

評估和稅款

 

 

88

 

 

 

(930)

 

 

-

 

 

 

(842)

匯率變動的影響

 

 

22

 

 

 

(122)

 

 

-

 

 

 

(100)

期權收入

 

 

(63)

 

 

-

 

 

 

-

 

 

 

(63)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023年12月31日餘額

 

$15,698

 

 

$34,412

 

 

$1

 

 

$50,111

 

鑽探和勘探

 

 

129

 

 

 

1,265

 

 

 

-

 

 

 

1,394

 

評估和稅款

 

 

195

 

 

 

1,018

 

 

 

-

 

 

 

1,213

 

匯率變動的影響

 

 

(4)

 

 

-

 

 

 

-

 

 

 

(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

餘額，2024年9月30日

 

$16,018

 

 

$36,695

 

 

$1

 

 

$52,714

 

 

 
- 8 -

 

 

AVINO銀金礦業有限公司。

未經審計的精簡合併財務報表附註

截至2024年9月30日和2023年9月30日的九個月

(以千美元計，除非另有說明)

 

(a) 阿維諾，墨西哥

 

該公司子公司Avino Mexico擁有 42 礦產權益和租約在墨西哥杜蘭戈州擁有四個礦產權益。公司的礦產權益在墨西哥分爲以下兩組：

 

(i) Avino礦區物業

 

Avino礦區位於Panuco de Coronado和San Jose de Avino城鎮周圍，圍繞着歷史悠久的Avino礦址。這裏有四個勘探特許權覆蓋 154.4 公頃, 24 開發權讓地覆蓋 1,284.7 公頃, 以及一份租賃的開發權讓地覆蓋 98.83 公頃的開採許可。

 

(ii) Gomez Palacio/Ana Maria物業

 

安娜·瑪麗亞的物業位於戈麥斯·帕拉西奧鎮附近，由九個勘探特許權組成，涵蓋了 2,549 公頃，也被稱爲安娜瑪麗亞財產。

 

期權 協議 - 白銀狼勘探有限公司（前身爲灰巖資源有限公司）（「白銀狼」）

 

在2021年3月11日，公司簽署了一份期權協議，授予白銀狼獨佔權利以收購 100%的利益，涉及位於墨西哥的安娜瑪麗亞和艾爾拉貝林託資產（以下簡稱「期權協議」）。

 

所有物業的所有勘探支出要求截至2024年9月30日已得到滿足。未來要求仍需行使選擇權，而白銀狼在2024年9月30日符合選擇權協議的條款。

 

該公司與銀狼之間的期權協議被視爲關聯方交易，因爲兩家公司有共同的董事。

 

統一拉普拉託薩物業

 

統一拉普拉託薩財產包括三個租賃特許權，以及位於阿維諾礦區財產內的租賃特許權，這些財產靠近帕努科德科羅納多鎮和聖荷西德阿維諾鎮，環繞着阿維諾礦。

 

2012年2月，該公司的全資墨西哥子公司與Minerales de Avino, S.A. de C.V.（「Minerales」）簽訂了一項新協議，Minerales間接授予該公司獨家權利，探勘和開採名爲「Et區」的La Platosa財產。Et區包括Avino礦，該礦在2015年7月1日達到了管理層預期的生產水平。

 

根據協議，公司已獲得獨家探索和開採該物業的權利，初始期限爲15年。 公司已獲得對該資產進行勘探和開採的獨佔權，初始期限爲15年，並可選擇延長協議5年。。爲了授予這些權利，公司發行了 135,189 加元250 在2012年12月31日結束的年度期間。公司同意向Minerales支付相當於淨冶煉收益（NSR）的3.5%的專利費。此外，生產開始後，如果礦山設施的最低月加工量低於15,000噸，則公司必須根據每月15,000噸的加工量支付給Minerales等同於適用的NSR特許權專利的最低專利費。.

 

Minerales還授予公司在協議期間（或其任何續期期間）隨時以支付800萬元的條件購買100%的產權的獨家權利，在公司通知選擇收購該產權後的15天內。購買將受另一份用於法律過戶的獨立購買協議約束。

 

 
- 9 -

 

 

AVINO銀金礦業有限公司。

未經審計的精簡合併財務報表附註

截至2024年9月30日和2023年9月30日的九個月

(以千美元計，除非另有說明)

 

(b) 墨西哥La Preciosa

 

La Preciosa是位於墨西哥杜蘭戈州的開發階段礦產項目，位於帕努科德科羅納多和卡納特蘭市。該項目託管着墨西哥最大的未開發初級白銀資源之一，毗鄰位於墨西哥杜蘭戈的Avino物業上的Avino現有運營。該物業佔地約1,134公頃，位於西班牙東部的西拉馬德雷西代爾山脈。

 

(c) 加拿大不列顛哥倫比亞和育空地區

 

鷹物業 - 育空

 

公司在加拿大育空地區的梅奧礦業區擁有14個石英租賃權益，總共組成了鷹礦區在2023年12月31日結束的一年內，公司將鷹礦產以現金對價售予赫克拉礦業的子公司。250鷹礦產的出售收益已記入綜合利潤表和綜合收益（損失）的「利息和其他收入」中。

 

Minto和Olympic-Kelvin物業 – 不列顛哥倫比亞省

 

2022年5月2日，公司授予Endurance Gold Corporation獲得一項權利，可以獲得前Minto黃金礦、Olympic和Kelvin黃金前景的100%所有權，這些前景包含在一塊王室特許權和礦權索賠（「奧林匹克權利」）內。

 

截至2024年9月30日，Endurance已遵守所有板塊的選項協議條款。

 

8. 非控股權益

 

截至2024年9月30日，公司擁有有效的 99.67%（截至2023年12月31日 - 99.67“）的投資，其餘股份 0.33%（截至2023年12月31日 - 0.33）%的權益表示非控股權益。累計赤字和歸屬於非控股權益的當前期間收入微不足道，因此未在合併基本報表中單獨列示。

 

 
- 10 -

 

 

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated financial statements

For the nine months ended September 30, 2024, and 2023

(Expressed in thousands of US dollars, except where otherwise noted)

 

9. PLANT, EQUIPMENT AND MINING PROPERTIES

 

 

 

Mining

properties

 

 

Office equipment, furniture, and fixtures

 

 

Computer equipment

 

 

Mine machinery and transportation equipment

 

 

Mill machinery and processing equipment

 

 

Buildings and construction in process

 

 

Total

 

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

COST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2023

 

 

14,687

 

 

 

763

 

 

 

774

 

 

 

14,930

 

 

 

23,294

 

 

 

14,693

 

 

 

69,141

 

Additions / Transfers

 

 

3,716

 

 

 

78

 

 

 

1,176

 

 

 

3,270

 

 

 

3,079

 

 

 

701

 

 

 

12,020

 

Writedowns

 

 

-

 

 

 

(6)

 

 

(22)

 

 

(629)

 

 

(141)

 

 

-

 

 

 

(798)

Effect of movements in exchange rates

 

 

(28)

 

 

9

 

 

 

1

 

 

 

2

 

 

 

-

 

 

 

(24)

 

 

(40)

Balance at December 31, 2023

 

 

18,375

 

 

 

844

 

 

 

1,929

 

 

 

17,573

 

 

 

26,232

 

 

 

15,370

 

 

 

80,323

 

Additions / Transfers

 

 

542

 

 

 

410

 

 

 

15

 

 

 

398

 

 

 

1,932

 

 

 

325

 

 

 

3,622

 

Writedowns

 

 

-

 

 

 

(23)

 

 

(23)

 

 

(1,339)

 

 

(221)

 

 

(517)

 

 

(2,123)

Effect of movements in exchange rates

 

 

4

 

 

 

(3)

 

 

-

 

 

 

(1)

 

 

-

 

 

 

(8)

 

 

(8)

Balance at September 30, 2024

 

 

18,921

 

 

 

1,228

 

 

 

1,921

 

 

 

16,631

 

 

 

27,943

 

 

 

15,170

 

 

 

81,814

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACCUMULATED DEPLETION AND DEPRECIATION / IMPAIRMENT

 

 

 

Balance at January 1, 2023

 

 

9,106

 

 

 

441

 

 

 

598

 

 

 

5,178

 

 

 

6,733

 

 

 

3,029

 

 

 

25,085

 

Additions / Transfers

 

 

367

 

 

 

111

 

 

 

204

 

 

 

676

 

 

 

1,170

 

 

 

294

 

 

 

2,822

 

Writedowns

 

 

-

 

 

 

(4)

 

 

(21)

 

 

(619)

 

 

(9)

 

 

-

 

 

 

(653)

Balance at December 31, 2023

 

 

9,473

 

 

 

548

 

 

 

781

 

 

 

5,235

 

 

 

7,894

 

 

 

3,323

 

 

 

27,254

 

Additions / Transfers

 

 

317

 

 

 

99

 

 

 

302

 

 

 

1,200

 

 

 

346

 

 

 

237

 

 

 

2,501

 

Writedowns

 

 

-

 

 

 

(23)

 

 

(23)

 

 

(1,164)

 

 

(151)

 

 

(196)

 

 

(1,557)

Balance at September 30, 2024

 

 

9,790

 

 

 

624

 

 

 

1,060

 

 

 

5,271

 

 

 

8,089

 

 

 

3,364

 

 

 

28,198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET BOOK VALUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At September 30, 2024

 

 

9,131

 

 

 

604

 

 

 

861

 

 

 

11,360

 

 

 

19,854

 

 

 

11,806

 

 

 

53,616

 

At December 31, 2023

 

 

8,902

 

 

 

296

 

 

 

1,148

 

 

 

12,339

 

 

 

18,338

 

 

 

12,047

 

 

 

53,069

 

 

 
- 11 -

 

  

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated financial statements

For the nine months ended September 30, 2024, and 2023

(Expressed in thousands of US dollars, except where otherwise noted)

 

Included in Buildings and construction in process above are assets under construction of $2,610 as at September 30, 2024 (December 31, 2023 - $3,166) on which no depreciation was charged in the periods then ended. Once the assets are available for use, they will be transferred to the appropriate class of plant, equipment and mining properties.

 

As of September 30, 2024, the Company performed an evaluation of the property plant and equipment and recorded a write-down of $566 (December 31, 2023 - $144) against the carrying value of mine and mill machinery and transportation equipment due to damage and obsolescence.

 

As at September 30, 2024, plant, equipment and mining properties included a net carrying amount of $5,325 (December 31, 2023 - $5,832) for mining equipment and right of use assets under lease.

  

10.  RELATED PARTY TRANSACTIONS AND BALANCES

 

All related party transactions are recorded at the exchange amount which is the amount agreed to by the Company and the related party. 

 

(a) Key management personnel

 

The Company has identified its directors and certain senior officers as its key management personnel. The compensation costs for key management personnel for the three and nine months ended September 30, 2024 and 2023 is as follows:

 

 

 

Three months ended

September 30,

 

 

Nine months ended

September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Salaries, benefits, and consulting fees

 

$273

 

 

$289

 

 

$886

 

 

$869

 

Share-based payments

 

 

424

 

 

 

502

 

 

 

1,318

 

 

 

1,472

 

 

 

$697

 

 

$791

 

 

$2,204

 

 

$2,341

 

 

(b) Amounts due to/from related parties

 

In the normal course of operations, the Company transacts with companies related to Avino’s directors or officers. All amounts payable and receivable are non-interest bearing, unsecured and due on demand.

 

The following table summarizes the amounts were due to/(from) related parties:

 

 

 

September 30,

2024

 

 

December 31,

2023

 

Oniva International Services Corp.

 

$100

 

 

$102

 

Silver Wolf Exploration Ltd.

 

 

(39)

 

 

(269)

 

 

$61

 

 

$(167)

 

For services provided to the Company as President and Chief Executive Officer, the Company pays Intermark Capital Corporation (“ICC”), a company controlled by David Wolfin, the Company’s President and CEO and also a director, for consulting services. For the nine months ended September 30, 2024, the Company paid $212 (September 30, 2023 - $215) to ICC.

 

 
- 12 -

 

 

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated financial statements

For the nine months ended September 30, 2024, and 2023

(Expressed in thousands of US dollars, except where otherwise noted)

 

(c) Other related party transactions

 

The Company has a cost sharing agreement with Oniva International Services Corp. (“Oniva”) for office and administration services. Pursuant to the cost sharing agreement, the Company will reimburse Oniva for the Company’s percentage of overhead and corporate expenses and for out-of-pocket expenses incurred on behalf of the Company, with a 2.5% markup. David Wolfin, President & CEO, and a director of the Company, is the sole owner of Oniva. The cost sharing agreement may be terminated with one-month notice by either party without penalty.

 

The transactions with Oniva are summarized below:

 

 

 

Three months ended

September 30,

 

 

Nine months ended

September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Salaries and benefits

 

$235

 

 

$240

 

 

$731

 

 

$729

 

Office and miscellaneous

 

 

95

 

 

 

107

 

 

 

342

 

 

 

364

 

 

 

$330

 

 

$347

 

 

$1,073

 

 

$1,093

 

 

11. RECLAMATION PROVISION

 

Management’s estimate of the reclamation provision at September 30, 2024, is $2,012 (December 31, 2023 – $2,195), and the undiscounted value of the obligation is $4,887 (December 31, 2023 – $5,491).

 

The present value of the obligation was calculated using a risk-free interest rate of 9.72% (December 31, 2023 – 9.82%) and an inflation rate of 3.76% (December 31, 2023 – 3.76%). Reclamation activities are estimated to begin in 2025 for the San Gonzalo Mine and in 2042 for the Avino Mine.

 

A reconciliation of the changes in the Company’s reclamation provision is as follows:

 

 

 

September 30,

2024

 

 

December 31,

2023

 

 

 

 

 

 

 

 

Balance at beginning of the period

 

$2,195

 

 

$445

 

Changes in estimates

 

 

-

 

 

 

1,615

 

Unwinding of discount related to continuing operations

 

 

151

 

 

 

49

 

Effect of movements in exchange rates

 

 

(334)

 

 

86

 

Balance at end of the period

 

$2,012

 

 

$2,195

 

 

 
- 13 -

 

  

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated financial statements

For the nine months ended September 30, 2024, and 2023

(Expressed in thousands of US dollars, except where otherwise noted)

 

12. SHARE CAPITAL AND SHARE-BASED PAYMENTS

 

(a) Authorized: Unlimited common shares without par value

 

(b) Issued:

 

(i) During the nine months ended September 30, 2024, the Company issued 5,050,585 common shares in an at-the-market offering under prospectus supplement for gross proceeds of $3,906. The Company paid a 2.75% cash commission of $107 on gross proceeds, for net proceeds of $3,799. The Company also incurred $169 in share issuance costs related to its base shelf prospectus and prospectus supplement filings.

 

During the nine months ended September 30, 2024, the Company issued 1,197,709 common shares upon exercise of RSUs. As a result, $1,018 was recorded to share capital.

 

During the nine months ended September 30, 2024, the Company issued 561,000 common shares following the exercise of 561,000 options. As a result, $572 was recorded to share capital, representing cash proceeds of $372 and the fair value upon issuance of $200.

 

(ii) During the year ended December 31, 2023, the Company issued 9,373,825 common shares in an at-the-market offering under prospectus supplement for gross proceeds of $5,648. The Company paid a 2.75% cash commission of $155 on gross proceeds, for net proceeds of $5,493. The Company also incurred $339 in share issuance costs related to its base shelf prospectus and prospectus supplement filings.

 

During the year ended December 31, 2023, the Company issued 1,005,333 common shares upon exercise of RSUs. As a result, $1,019 was recorded to share capital.

 

(c) Stock options:

 

The Company has a stock option plan to purchase the Company’s common shares, under which it may grant stock options of up to 10% of the Company’s total number of shares issued and outstanding on a non-diluted basis. The stock option plan provides for the granting of stock options to directors, officers, and employees, and to persons providing investor relations or consulting services, the limits being based on the Company’s total number of issued and outstanding shares per year. The stock options vest on the date of grant, except for those issued to persons providing investor relations services, which vest over a period of one year. The option price must be greater than or equal to the discounted market price on the grant date, and the option term cannot exceed ten years from the grant date.

 

Continuity of stock options is as follows:

 

 

 

Underlying

Shares

 

 

Weighted Average Exercise Price (C$)

 

 

 

 

 

 

 

 

Stock options outstanding, January 1, 2023

 

 

4,256,000

 

 

$1.36

 

Granted

 

 

2,545,000

 

 

$1.12

 

Expired

 

 

(105,000)

 

$1.30

 

Cancelled / Forfeited

 

 

(30,000)

 

$1.40

 

Stock options outstanding, December 31, 2023

 

 

6,666,000

 

 

$1.27

 

Granted

 

 

2,500,000

 

 

$0.78

 

Exercised

 

 

(561,000)

 

$0.90

 

Cancelled / Forfeited

 

 

(190,000)

 

$1.26

 

Stock options outstanding, September 30, 2024

 

 

8,415,000

 

 

$1.15

 

Stock options exercisable, September 30, 2024

 

 

7,165,000

 

 

$1.21

 

 

 
- 14 -

 

  

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated financial statements

For the nine months ended September 30, 2024, and 2023

(Expressed in thousands of US dollars, except where otherwise noted)

 

The following table summarizes information about the stock options outstanding and exercisable at September 30, 2024:

 

 

 

 

 

Outstanding

 

 

Exercisable

 

Expiry Date

 

Price (C$)

 

 

Number of Options

 

 

Weighted Average Remaining Contractual Life (Years)

 

 

Number of Options

 

 

Weighted Average Remaining Contractual Life (Years)

 

August 4, 2025

 

$1.64

 

 

 

1,620,000

 

 

 

0.84

 

 

 

1,620,000

 

 

 

0.84

 

March 25, 2027

 

$1.20

 

 

 

2,195,000

 

 

 

2.48

 

 

 

2,195,000

 

 

 

2.48

 

May 4, 2027

 

$0.92

 

 

 

25,000

 

 

 

2.59

 

 

 

25,000

 

 

 

2.59

 

March 29, 2028

 

$1.12

 

 

 

2,180,000

 

 

 

3.50

 

 

 

2,180,000

 

 

 

3.50

 

July 10, 2028

 

$1.12

 

 

 

150,000

 

 

 

3.78

 

 

 

150,000

 

 

 

3.78

 

March 25, 2029

 

$0.78

 

 

 

2,245,000

 

 

 

4.48

 

 

 

995,000

 

 

 

4.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,415,000

 

 

 

2.99

 

 

 

7,165,000

 

 

 

2.10

 

 

Valuation of stock options requires the use of estimates and assumptions including the expected stock price volatility. The expected volatility used in valuing stock options is based on volatility observed in historical periods. Changes in the underlying assumptions can materially affect the fair value estimates. The fair value of the stock options was calculated using the Black-Scholes model with the following weighted average assumptions and resulting fair values:

 

 

 

September 30,

2024

 

 

December 31,

2023

 

Weighted average assumptions:

 

 

 

 

 

 

Risk-free interest rate

 

 

3.51%

 

 

3.10%

Expected dividend yield

 

 

0%

 

 

0%

Expected warrant life (years)

 

 

5

 

 

 

5

 

Expected stock price volatility

 

 

60.73%

 

 

61.10%

Expected forfeiture rate

 

 

15%

 

 

17%

Weighted average fair value

 

C$0.43

 

 

C$0.60

 

 

During the nine months ended September 30, 2024, the Company charged $610 (nine months ended September 30, 2023 - $783) to operations as share-based payments for the fair value of stock options granted.

 

(d) Restricted Share Units:

 

On April 19, 2018, the Company’s Restricted Share Unit (“RSU”) Plan was approved by its shareholders. The RSU Plan is administered by the Compensation Committee under the supervision of the Board of Directors as compensation to officers, directors, consultants, and employees. The Compensation Committee determines the terms and conditions upon which a grant is made, including any performance criteria or vesting period.

 

 
- 15 -

 

  

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated financial statements

For the nine months ended September 30, 2024, and 2023

(Expressed in thousands of US dollars, except where otherwise noted)

 

Upon vesting, each RSU entitles the participant to receive one common share, provided that the participant is continuously employed with or providing services to the Company. RSUs track the value of the underlying common shares, but do not entitle the recipient to the underlying common shares until such RSUs vest, nor do they entitle a holder to exercise voting rights or any other rights attached to ownership or control of the common shares, until the RSU vests and the RSU participant receives common shares.

 

Continuity of RSUs is as follows:

 

 

 

Underlying

Shares

 

 

Weighted Average Price (C$)

 

 

 

 

 

 

 

 

RSUs outstanding, January 1, 2023

 

 

2,190,666

 

 

$1.27

 

Granted

 

 

1,878,320

 

 

$1.11

 

Exercised

 

 

(1,005,334)

 

$1.37

 

Cancelled / Forfeited

 

 

(68,943)

 

$1.14

 

RSUs outstanding, December 31, 2023

 

 

2,994,709

 

 

$1.03

 

Granted

 

 

1,881,000

 

 

$1.02

 

Exercised

 

 

(1,197,709)

 

$1.15

 

Cancelled / Forfeited

 

 

(137,132)

 

$1.08

 

RSUs outstanding, September 30, 2024

 

 

3,540,868

 

 

$1.08

 

 

The following table summarizes information about the RSUs outstanding at September 30, 2024:

 

Issuance Date

 

Price (C$)

 

 

Number of RSUs Outstanding

 

March 25, 2022

 

$1.19

 

 

 

556,539

 

March 29, 2023

 

$1.12

 

 

 

1,124,288

 

July 10, 2023

 

$0.94

 

 

 

50,000

 

April 1, 2024

 

$1.02

 

 

 

1,810,041

 

 

 

 

 

 

 

 

3,540,868

 

 

During the nine months ended September 30, 2024, 1,881,000 RSUs (year ended December 31, 2023 – 1,878,320) were granted. The weighted average fair value at the measurement date was C$1.02, based on the TSX market price of the Company’s shares on the date the RSUs were granted.

 

During the nine months ended September 30, 2024, the Company charged $991 (September 30, 2023 - $1,026) to operations as share-based payments for the fair value of the RSUs vested. The fair value of the RSUs is recognized over the vesting period with reference to vesting conditions and the estimated RSUs expected to vest.

 

 
- 16 -

 

 

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated financial statements

For the nine months ended September 30, 2024, and 2023

(Expressed in thousands of US dollars, except where otherwise noted)

 

(e) Earnings (loss) per share:

 

The calculations for basic earnings per share and diluted earnings per share are as follows:

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net income (loss) for the period

 

$1,169

 

 

$(803)

 

$3,008

 

 

$(21)

Basic weighted average number of shares outstanding

 

 

135,070,079

 

 

 

122,433,272

 

 

 

132,925,193

 

 

 

120,093,760

 

Effect of dilutive share options, warrants, and RSUs

 

 

5,359,782

 

 

 

-

 

 

 

5,798,710

 

 

 

-

 

Diluted weighted average number of shares outstanding

 

 

140,429,861

 

 

 

122,433,272

 

 

 

138,723,903

 

 

 

120,093,760

 

Basic income (loss) per share

 

$0.01

 

 

$(0.01)

 

$0.02

 

 

$(0.00)

Diluted income (loss) per share

 

$0.01

 

 

$(0.01)

 

$0.02

 

 

$(0.00)

 

13. REVENUE AND COST OF SALES

 

The Company’s revenues for the nine months ended September 30, 2024 and 2023, are all attributable to Mexico, from shipments of concentrate from the Avino Mine.

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Concentrate sales

 

$13,974

 

 

$11,599

 

 

$40,994

 

 

$31,429

 

Provisional pricing adjustments

 

 

642

 

 

 

717

 

 

 

802

 

 

 

(70)

 

 

$14,616

 

 

$12,316

 

 

$41,796

 

 

$31,359

 

 

Cost of sales consists of changes in inventories, direct costs including personnel costs, mine site costs, energy costs (principally diesel fuel and electricity), maintenance and repair costs, operating supplies, external services, third party transport fees, depreciation and depletion, and other expenses for the periods. Direct costs include the costs of extracting co-products.

 

Cost of sales is based on the weighted average cost of inventory sold for the periods and consists of the following:

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Production costs

 

$7,952

 

 

$9,228

 

 

$26,095

 

 

$23,939

 

Write down of equipment and materials and supplies inventory

 

 

182

 

 

 

4

 

 

 

566

 

 

 

95

 

Depreciation and depletion

 

 

773

 

 

 

720

 

 

 

2,390

 

 

 

2,067

 

 

 

$8,907

 

 

$9,952

 

 

$29,051

 

 

$26,101

 

 

 
- 17 -

 

  

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated financial statements

For the nine months ended September 30, 2024, and 2023

(Expressed in thousands of US dollars, except where otherwise noted)

 

14. GENERAL AND ADMINISTRATIVE EXPENSES

 

General and administrative expenses consist of the following:

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Salaries and benefits

 

$585

 

 

$383

 

 

$1,440

 

 

$1,069

 

Office and miscellaneous

 

 

308

 

 

 

391

 

 

 

1,266

 

 

 

1,008

 

Management and consulting fees

 

 

126

 

 

 

109

 

 

 

391

 

 

 

312

 

Professional fees

 

 

240

 

 

 

195

 

 

 

709

 

 

 

898

 

Investor relations

 

 

44

 

 

 

49

 

 

 

225

 

 

 

216

 

Regulatory and compliance fees

 

 

52

 

 

 

35

 

 

 

145

 

 

 

126

 

Directors fees

 

 

38

 

 

 

43

 

 

 

128

 

 

 

132

 

Depreciation

 

 

39

 

 

 

38

 

 

 

114

 

 

 

108

 

Travel and promotion

 

 

23

 

 

 

37

 

 

 

100

 

 

 

130

 

 

 

$1,455

 

 

$1,280

 

 

$4,518

 

 

$3,999

 

 

15. COMMITMENTS & CONTINGENCIES

 

The Company has a cost sharing agreement to reimburse Oniva for a percentage of its overhead expenses, to reimburse 100% of its out-of-pocket expenses incurred on behalf of the Company, and to pay a percentage fee based on Oniva’s total overhead and corporate expenses. The agreement may be terminated with one-month notice by either party. Transactions and balances with Oniva are disclosed in Note 10.

 

The Company and its subsidiaries have various operating lease agreements for their office premises, use of land, and equipment. Commitments in respect of these lease agreements are as follows:

 

 

 

September 30,

2024

 

 

December 31,

2023

 

Not later than one year

 

$189

 

 

$714

 

Later than one year and not later than five years

 

 

1,173

 

 

 

1,241

 

Later than five years

 

 

3,710

 

 

 

3,965

 

 

 

$5,072

 

 

$5,920

 

 

Office lease payments recognized as an expense during the nine months ended September 30, 2024, totalled $30 (September 30, 2023 - $27).

 

Due to the nature of the Company’s activities, the Company is from time to time involved in various claims and legal proceedings arising in the conduct of its business. At the reporting date, none of such claims and legal proceedings are considered probable of resulting in a material loss or judgment against the Company.

 

 
- 18 -

 

  

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated financial statements

For the nine months ended September 30, 2024, and 2023

(Expressed in thousands of US dollars, except where otherwise noted)

 

16. SUPPLEMENTARY CASH FLOW INFORMATION

 

 

 

September 30,

2024

 

 

September 30,

2023

 

Net change in non-cash working capital items:

 

 

 

 

 

 

Inventory

 

$(2,050)

 

$(2,720)

Prepaid expenses and other assets

 

 

(432)

 

 

(329)

Taxes recoverable

 

 

3,088

 

 

 

(2,075)

Taxes payable

 

 

529

 

 

 

(809)

Accounts payable and accrued liabilities

 

 

(2,622)

 

 

2,592

 

Amounts receivable

 

 

273

 

 

 

199

 

Amounts due to related parties

 

 

(355)

 

 

(59)

 

 

$(1,569)

 

$(3,201)

 

 

 

  September 30,

2024

 

 

September 30,

2023

 

Other supplementary information:

 

 

 

 

 

 

Interest paid

 

$187

 

 

$180

 

Taxes paid

 

 

13

 

 

 

29

 

 

 

$200

 

 

$209

 

 

 

 

September 30,

2024

 

 

September 30,

2023

 

Non-cash investing and financing activities:

 

 

 

 

 

 

Shares acquired under terms of option agreements

 

 

-

 

 

 

41

 

Transfer of share-based payments reserve upon exercise of RSUs

 

 

1,018

 

 

 

1,019

 

Transfer of share-based payments reserve upon exercise of options

 

 

572

 

 

 

-

 

Equipment acquired under finance leases and equipment loans

 

 

887

 

 

 

2,888

 

 

 

$2,477

 

 

$3,948

 

 

17.  FINANCIAL INSTRUMENTS

 

The fair values of the Company’s amounts due to related parties and accounts payable approximate their carrying values because of the short-term nature of these instruments. Cash, amounts receivable, long-term investments, and warrant liability are recorded at fair value. The carrying amounts of the Company’s equipment loans, and finance lease obligations are a reasonable approximation of their fair values based on current market rates for similar financial instruments.

 

The Company’s financial instruments are exposed to certain financial risks, including credit risk, liquidity risk, and market risk.

 

(a) Credit Risk

 

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company has exposure to credit risk through its cash, long-term investments and amounts receivable. The Company manages credit risk, in respect of cash and short-term investments, by maintaining the majority of cash and short-term investments at highly rated financial institutions.

 

The Company is exposed to a significant concentration of credit risk with respect to its trade accounts receivable balance because all of its concentrate sales are with three (December 31, 2023 – two) counterparties (see Note 18). However, the Company has not recorded any allowance against its trade receivables because to-date all balances owed have been settled in full when due (typically within 60 days of submission) and because of the nature of the counterparties.

 

The Company’s maximum exposure to credit risk at the end of any period is equal to the carrying amount of these financial assets as recorded in the unaudited condensed consolidated interim statement of financial position. At September 30, 2024, no amounts were held as collateral.

 

 
- 19 -

 

  

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated financial statements

For the nine months ended September 30, 2024, and 2023

(Expressed in thousands of US dollars, except where otherwise noted)

 

(b) Liquidity Risk

 

Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due. The Company manages its liquidity risk by forecasting cash flows required by its operating, investing and financing activities. The Company had cash at September 30, 2024, in the amount of $7,767 and current assets exceeded current liabilities by $15,878 in order to meet short-term business requirements. Accounts payable have contractual maturities of approximately 30 to 90 days, or are due on demand and are subject to normal trade terms. The current portions of finance lease obligations are due within 12 months of the  consolidated  statement of financial position date. Amounts due to related parties are without stated terms of interest or repayment.

 

The maturity profiles of the Company’s contractual obligations and commitments as at September 30, 2024, are summarized as follows:

 

 

 

Total

 

 

Less Than

1 Year

 

 

1-5 years

 

 

More Than 5 Years

 

Accounts payable and accrued liabilities

 

$9,243

 

 

$9,243

 

 

$-

 

 

$-

 

Due to related parties

 

 

61

 

 

 

61

 

 

 

 

 

 

 

 

 

Minimum rental and lease payments

 

 

5,072

 

 

 

189

 

 

 

1,173

 

 

 

3,710

 

Equipment loans

 

 

248

 

 

 

178

 

 

 

70

 

 

 

-

 

Finance lease obligations

 

 

3,148

 

 

 

1,743

 

 

 

1,405

 

 

 

-

 

Total

 

$17,772

 

 

$11,414

 

 

$2,648

 

 

$3,710

 

 

(c) Market Risk

 

Market risk consists of interest rate risk, foreign currency risk and price risk. These are discussed further below.

 

Interest Rate Risk

 

Interest rate risk consists of two components:

 

(i) To the extent that payments made or received on the Company’s monetary assets and liabilities are affected by changes in the prevailing market interest rates, the Company is exposed to interest rate cash flow risk.

 

(ii) To the extent that changes in prevailing market rates differ from the interest rates on the Company’s monetary assets and liabilities, the Company is exposed to interest rate price risk.

 

In management’s opinion, the Company is not materially exposed to interest rate risk, as any material debt obligations that bear interest are fixed and not subject to floating interest rates. A 10% change in the interest rate would not result in a material impact on the Company’s operations.

 

 
- 20 -

 

  

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated financial statements

For the nine months ended September 30, 2024, and 2023

(Expressed in thousands of US dollars, except where otherwise noted)

 

Foreign Currency Risk

 

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company is exposed to foreign currency risk to the extent that the following monetary assets and liabilities are denominated in Mexican pesos and Canadian dollars:

 

 

 

September 30, 2024

 

 

December 31, 2023

 

 

 

MXN

 

 

CDN

 

 

MXN

 

 

CDN

 

Cash

 

$5,060

 

 

$518

 

 

$13,338

 

 

$70

 

Due from related parties

 

 

764

 

 

 

-

 

 

 

4,558

 

 

 

-

 

Long-term investments

 

 

-

 

 

 

1,979

 

 

 

-

 

 

 

1,236

 

Reclamation bonds

 

 

-

 

 

 

6

 

 

 

-

 

 

 

6

 

Amounts receivable

 

 

463

 

 

 

29

 

 

 

18,644

 

 

 

26

 

Accounts payable and accrued liabilities

 

 

(64,581)

 

 

(44)

 

 

(95,662)

 

 

(150)

Due to related parties

 

 

-

 

 

 

(136)

 

 

-

 

 

 

(135)

Finance lease obligations

 

 

(2,413)

 

 

(584)

 

 

(1,129)

 

 

(217)

Net exposure

 

 

(60,707)

 

 

1,768

 

 

 

(60,251)

 

 

836

 

US dollar equivalent

 

$(3,084)

 

$1,310

 

 

$(3,567)

 

$577

 

 

Based on the net US dollar denominated asset and liability exposures as at September 30, 2024, a 10% fluctuation in the US/Mexican and Canadian/US exchange rates would impact the Company’s earnings for the nine months ended September 30, 2024, by approximately $189. The Company has not entered into any foreign currency contracts to mitigate this risk.

 

Price Risk

 

Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices, other than those arising from interest rate risk or foreign currency risk.

 

The Company is exposed to price risk with respect to its amounts receivable, as certain trade accounts receivable are recorded based on provisional terms that are subsequently adjusted according to quoted metal prices at the date of final settlement. Quoted metal prices are affected by numerous factors beyond the Company’s control and are subject to volatility, and the Company does not employ hedging strategies to limit its exposure to price risk. At September 30, 2024, based on outstanding accounts receivable that were subject to pricing adjustments, a 10% change in metals prices would have an impact on net earnings (loss) of approximately $212.

 

The Company is exposed to price risk with respect to its long-term investments, as these investments are carried at fair value based on quoted market prices. Changes in market prices result in gains or losses being recognized in net income (loss). At September 30, 2024, a 10% change in market prices would have an impact on net earnings (loss) of approximately $147.

 

The Company’s profitability and ability to raise capital to fund exploration, evaluation and production activities is subject to risks associated with fluctuations in mineral prices. Management closely monitors commodity prices, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company.

 

 
- 21 -

 

  

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated financial statements

For the nine months ended September 30, 2024, and 2023

(Expressed in thousands of US dollars, except where otherwise noted)

 

(d) Classification of Financial Instruments

 

IFRS 13 Financial Instruments: Disclosures establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value as follows:

 

Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and

Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs).

 

The following table sets forth the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as at September 30, 2024:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets

 

 

 

 

 

 

 

 

 

Cash

 

$7,767

 

 

$-

 

 

$-

 

Amounts receivable

 

 

-

 

 

 

3,030

 

 

 

-

 

Long-term investments

 

 

1,439

 

 

 

-

 

 

 

27

 

Total financial assets

 

$9,206

 

 

$3,030

 

 

$27

 

 

The Company uses Black-Scholes model to measure its Level 3 financial instruments. As at September 30, 2024 the Company’s Level 3 financial instruments consisted of share purchase warrants in Silver Wolf Exploration Ltd.. See Note 6 for further details.

 

18. SEGMENTED INFORMATION

 

The Company reviews its segment reporting to ensure it reflects the operational structure of the Company and enables the Company's Chief Operating Decision Maker (the Company’s CEO) to review operating segment performance. We have determined there is a single reportable operating segment as of September 30, 2024.

 

The Company’s revenues for the nine months ended September 30, 2024 of $41,796 (September 30, 2023 - $31,359) are all attributable to Mexico, from shipments of concentrate.

 

On the condensed consolidated interim statements of operations, the Company had revenue from the following product mixes:

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Silver

 

$6,462

 

 

$4,280

 

 

$18,246

 

 

$11,610

 

Copper

 

 

6,497

 

 

 

5,907

 

 

 

18,329

 

 

 

14,658

 

Gold

 

 

3,359

 

 

 

3,669

 

 

 

9,894

 

 

 

9,516

 

Penalties, treatment costs and refining charges

 

 

(1,702)

 

 

(1,540)

 

 

(4,673)

 

 

(4,425)

Total revenue from mining operations

 

$14,616

 

 

$12,316

 

 

$41,796

 

 

$31,359

 

 

 
- 22 -

 

 

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated financial statements

For the nine months ended September 30, 2024, and 2023

(Expressed in thousands of US dollars, except where otherwise noted)

 

For the three and nine months ended September 30, 2024 and 2023, the Company had the following customers that accounted for total revenues as follows:

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2024

 

 

2023

 

 

               2024

 

 

2023

 

Customer #1

 

$14,117

 

 

$9,101

 

 

$35,404

 

 

$26,209

 

Customer #2

 

 

487

 

 

 

3,220

 

 

 

5,930

 

 

 

5,246

 

Other customers

 

 

12

 

 

 

(5)

 

 

462

 

 

 

(96)

Total revenue from mining operations

 

$14,616

 

 

$12,316

 

 

$41,796

 

 

$31,359

 

 

Geographical information relating to the Company’s non-current assets (other than financial instruments) is as follows:

 

 

 

 September 30,

2024

 

 

December 31,

2023

 

Exploration and evaluation assets - Mexico

 

$52,713

 

 

$50,110

 

Exploration and evaluation assets - Canada

 

 

1

 

 

 

1

 

Total exploration and evaluation assets

 

$52,714

 

 

$50,111

 

 

 

 

September 30,

2024

 

 

December 31,

2023

 

Plant, equipment, and mining properties - Mexico

 

$53,162

 

 

$52,891

 

Plant, equipment, and mining properties - Canada

 

 

454

 

 

 

178

 

Total plant, equipment, and mining properties

 

$53,616

 

 

$53,069

 

 

19. SUBSEQUENT EVENTS

 

Subsequent to September 30, 2024, the Company issued 702,500 common shares through the exercise of 702,500 stock options at an average exercise price of C$1.15 for proceeds of C$806

 

Subsequent to September 30, 2024, the Company issued 4,288,100 common shares in at-the-market offerings under prospectus supplement for gross proceeds of $5,827.

 

 
- 23 -