Avino Silver & Gold Mines Q4 and Year-end 2025 Earnings Call - Record $92M Revenues, $102M Cash, La Preciosa Moves Into Extraction

Conference Operator: Day, and welcome to the Avino Silver & Gold Mines Q4 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 one on your telephone keypad. 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. Ma’am, please go ahead.

Jennifer North, Head of Investor Relations, Avino Silver & Gold Mines: 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 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 SEDAR+ 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 Wolfin, our Chief Financial Officer, Nathan Harte, our Chief Operating Officer, Carlos Rodriguez, and our VP of Technical Services, Peter Latta.

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 Avino’s President and CEO, David Wolfin. David?

David Wolfin, President and Chief Executive Officer, Avino Silver & Gold Mines: Thanks, Jen. Good morning, everyone, and welcome to Avino’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 Harte, Avino CFO, to discuss the financial performance for this period.

Please turn to slide five. We are transforming Avino from a single mine operator into a multi-asset Mexican mid-tier producer. Avino achieved a number of important milestones in 2025, underpinned by strong performance at the Avino Mine and the commencement of development and material extraction at La Preciosa.

The Q4 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 was our continued disciplined approach to financial management and capital allocation. At the end of the year, Avino 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 Avino Milling and Processing Facility, which is located 19 km 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 Avino’s asset portfolio.

We believe this enhances shareholder value by strengthening our portfolio and positioning Avino for sustained growth. Another key driver underpinning our results is the commitment we have made to strategic exploration and drilling to further unlock additional resource potential. We reported drill results from La Preciosa in October 2025, 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 m true width of 1.6 kg of silver, 2 g gold, including 15 kg of silver and 1.55 g gold over 0.37 m of true width. Another significant intercept was over 5 m of true width of 787 g silver and 0.5 g 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 a welcome surprise, underscoring that there is still much to learn about the deposit despite the 1,500 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. Avino continued growth and strengthened market recognition resulted in being named fifth among the top performing companies on the Toronto Stock Exchange 2025 TSX30. For the three years ended 13 June 2025, Avino share price performance increased 610% and a market capitalization increased 778%.

In addition to this, Avino has been added to several ETFs, including MVIS Global Junior Gold Miners Index and VanEck’s Junior Gold Miners ETF, the GDXJ, Global X 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 Avino’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 Avino and La Preciosa for the year. We are 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 Harte, Avino’s CFO, to present our record financial performance for Q4 and year-end 2025. Nathan?

Nathan Harte, Chief Financial Officer, Avino Silver & Gold Mines: Thank you, David, and thank you to all of you for taking the time to join us as we recap a record year with our financial and operating results for the Q4 and full year 2025. Here on slide eight, we have an overview of some key financial and operating highlights and our improved balance sheet with the full table on the next slide.

In the Q4, we generated record revenues of over $30 million and a further record of $92 million for the full year, despite lower ounces sold. With higher silver production, the Q4 marks a return to primary silver, with revenues of 54% being generated from silver in the quarter, with expectations of that to continue into 2026 and beyond.

Gross profit was $17.8 million and on a cash basis, $19 million after removing non-cash expenses. The gross profit margin was 58% inclusive of the non-cash items and 62% excluding these items. This is significantly improved from the 43% margin in the Q4 of last year, as well as the 46% in the Q3.

Avino earned its highest ever earnings for Q4 and the full year 2025, with $10.5 million in net income or $0.06 per share in the Q4, beating last quarter’s record of $7.7 million and $0.05 per share. For the full year 2025, net income was $26.6 million or $0.17 per share, a significant improvement over last year’s net income of $8.1 million or $0.06 per share. Q4 adjusted earnings were a record $16.3 million or $0.10 per share, compared to $10 million or $0.07 per share in Q4 of last year.

The 2025 full year adjusted earnings were a record $46.5 million or $0.29 per share, compared to $21 million or $0.15 per share in 2024. Operating cash flows and free cash flow both improved in the Q4 compared to last year, as well as compared to this previous quarter. We generated operating cash flows before working capital adjustments of $19 million or $0.12 per share. For the full year, Avino generated $35.3 million in operating cash flows, or $0.22 per share, with figures being quarterly and annual records.

Q4 free cash flow generation was $15.6 million, excluding La Preciosa development costs, and the annual free cash flow generation was just over $24 million. Moving to liquidity and treasury, our cash position was a record $102 million at the end of the year, and working capital was just shy of $100 million.

Avino has no secured debt other than leases on operating equipment at both Avino and La Preciosa mining opera tions. Okay, coming to slide nine, we see all other financial metrics for the Q4 and full year, as well as the year-over-year changes. As everyone can see, almost all categories saw meaningful increases. Highlighting again some of the key per share metrics for the quarter, where we saw $0.06 earnings per share and $0.10 on an adjusted earnings basis.

Operating cash flows before working capital changes was $0.12 per share, and free cash flow generated, excluding La Preciosa, was $15.6 million, translating to nine cents per share. For the year, net income was $0.17 per share and adjusted earnings was $0.29 per share. Operating cash flows before working capital changes was $0.22 per share, and free cash flow was $0.16 per share or $24.3 million.

Here on slide 10, we have an overview of operating results on a per ounce and ton basis, as well as margins at our operations. Cash cost per silver equivalent payable ounce for 2025 was $16.13, a 9% increase compared to $14.84 in 2024. All-in sustaining cash costs were $23.75 for the year, a 15% increase from $20.57 in 2024.

On a per ton basis, cash costs were $53.69, which was down 3% compared to $55.43 in 2024. All-in costs per ton were flat compared to 2024, with both years being around $78 per ton, demonstrating the consistency of our operation. Our mine operating income and margins for 2025 were significantly increased from 2024, with margins at 53% on the year and $48.5 million in mine operating income generated, once again demonstrating the leverage producers have in this price environment.

In the Q4, we did see some increase in costs for a few reasons. One being the addition of processing La Preciosa development material. I do want to remind everyone that this is development material running through the mill. We are in a unique position that a lot of the development at La Preciosa is in ore and has allowed us to offset some of the costs associated with development work we would have had to do regardless.

These costs for La Preciosa are not indicative of long-term cost per ounce and per ton expectations. However, at current metal prices, each ton of development material mined is being done so at a profit. One other item to highlight is that the movement in silver price did have an impact on our silver equivalent payable ounce calculation, which did have an impact on our cash cost per ounce figures and all-in sustaining cash cost per ounce figures.

Using prices from our forecast at the beginning of 2025 of $30 silver, $2,700 per ounce of gold, and $9,200 per ton of copper, our cash cost per ounce for the Q4 and full year would have come in at $16.56 and $15.17 respectively, in line with our expectations when we set out at the beginning of 2025. On an all-in sustaining cost basis, a similar story is told with the silver price impacting figures. Using the same budget prices, our all-in sustaining cost per silver equivalent payable ounce was $26.68. Our full year 2025 figure would have been $22.43, once again more in line with expectations.

We look forward to further economies of scale as La Preciosa begins contributing more and more to our overall production profile in 2026 and the coming years. Flipping back to the revenue side, here are our expectations for production by metal moving forward. Given the recent price movement in silver, we expect that the silver portion as it relates to revenues will be higher than the estimated production by metal figures shown here.

In the Q4, Avino generated 54% of its revenues from silver, marking the Q1 with over 50% in silver revenues since we were operating the San Gonzalo mine prior to 2020 and delivering on our promise of a return to primary silver for our future. At this point, I will now turn it back over to David to run through upcoming activities.

David Wolfin, President and Chief Executive Officer, Avino Silver & Gold Mines: Thanks, Nathan. As we summarize our key goals for 2026, our focus remains on strategic exploration and drilling to unlock the full potential of our resource base. This includes the integration of AI technology to enhance data analysis, improve target generation, increase overall exploration efficiency.

We are currently integrating our historical and ongoing geological data into AI-driven models to support the resource and reserve expansion and to identify new exploration opportunities. In 2026, we have planned approximately 30,000 m of drilling with 15,000 m allocated to each of the Avino and La Preciosa projects.

We also look forward to releasing updated mineral resource estimates and announcing our inaugural mineral reserves at the end of the first half of the year. At La Preciosa, our goal is to reach a production rate of 500 tons per day.

As outlined on slide 13, I’d like to again highlight the company’s growth strategy. Within a 20km footprint, we have three key assets, including the operating mill complex, which currently processes material from Avino and La Preciosa. We have access to water, power, tailing storage, critical infrastructure that supports our ability to expand production efficiently.

Collectively, our assets host 277 million silver equivalent ounces in the measured and indicated mineral resources, and additional 94 million silver equivalent ounces in the inferred mineral resources, providing strong foundation for future growth. All of our operations are in a safe jurisdiction of Durango, Mexico, in an area of rolling farmland with several small communities located near both the Avino and La Preciosa projects.

We are proud to be one of the largest employers in this area, supported by a 100% Mexican workforce, drawn largely from the surrounding communities. Alongside our operational growth initiatives, we continue to advance our CSR programs across both Avino and La Preciosa, supporting local communities and contributing to long-term social and economic development in the region.

Our investor relations team is currently preparing the company’s second annual sustainability report, which will be published on our website upon completion. The report is intended to provide transparency on how responsible mining practices, strong governance, and community engagement support Avino’s operational performance and long-term growth. Avino’s strong operating foundation supports our long-term growth strategy.

As you can see on this slide, our goal is to scale up by 2029 through contributions from our three key assets. By leveraging our existing infrastructure assets and resource base, we believe we are well-positioned to execute our growth plans efficiently and effectively.

We concluded the quarter and the year with more record-breaking financial metrics, which reflects the strength of our strategy and the dedication of our team, both which drive our success as we pursue the next phase of growth. On behalf of the leadership, thank you to our entire team for your efforts and contributions. With a clear growth strategy, a strong balance sheet, and significant resource potential across our assets, we believe Avino is well positioned to create lasting value for our shareholders. We’d now like to move the call to the question-and-answer portion. Operator?

Conference Operator: Thank you. Ladies and gentlemen, at this time, we will be conducting our question-and-answer session. As a reminder, if you would like to ask a question, please press star one on your telephone keypad. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Thank you. Our first question is coming from Heiko Ihle with H.C. Wainwright. Your line is live.

Heiko Ihle, Analyst, H.C. Wainwright: Hello, David and team. Thanks for taking my questions.

David Wolfin, President and Chief Executive Officer, Avino Silver & Gold Mines: Hey, Heiko.

Nathan Harte, Chief Financial Officer, Avino Silver & Gold Mines: Hi, Heiko.

Heiko Ihle, Analyst, H.C. Wainwright: Hi. Just thinking out loud here, I mean, there is obviously a newfound fear in the market. You know, just trying to see what you think this will do to, you know, M&A opportunities. I mean, we got silver at $85 we got gold just below $5,200. Is the opportunities that you’re seeing offset by just the fear in the market? Or do you see discount rates being at a place where, you know, there might be interesting things out there? Just sort of what are you seeing?

Nathan Harte, Chief Financial Officer, Avino Silver & Gold Mines: Hey, Heiko. Nathan here. I’ll take that one.

Heiko Ihle, Analyst, H.C. Wainwright: Hey, Nathan.

Nathan Harte, Chief Financial Officer, Avino Silver & Gold Mines: I think we always say this, but everything’s for sale at the right price. I don’t think the markets will generally dictate fully all the M&A moves in the industry. You know, given current prices and the discount rate environment, there’s obviously some good stuff out there. If we’re looking at specifically how it affects us, you know, I think we’re focused on organic growth and what we already have.

Heiko Ihle, Analyst, H.C. Wainwright: Fair enough. Speaking of the things you already have, I mean, again, obviously price, the price environment has changed markedly over the past three, six, 12 months. What are you seeing with labor costs? And should there be anything that maybe we should change in our model compared to where we were, yeah, a year ago?

Nathan Harte, Chief Financial Officer, Avino Silver & Gold Mines: Yeah, I’ll take this one again, Heiko. On labor costs, you know, it’s. I think we saw a huge jump in 2025 and 2024. You know, obviously the post-COVID inflation kinda hit everyone in the mining industry. That has stabilized a little bit based on what we’re seeing but obviously, you know, in a rising price environment, there’s generally a little bit of cost creep. So we’re just doing our best to manage that. I don’t think there’s any. We’re not expecting any material changes at this time.

Heiko Ihle, Analyst, H.C. Wainwright: Once we get the Q1 numbers, we can just sort of use those and trendline them a bit.

Nathan Harte, Chief Financial Officer, Avino Silver & Gold Mines: I would say that’s fair, yeah. Thanks.

Heiko Ihle, Analyst, H.C. Wainwright: Cool. I’ll get back with you. Thank you, guys.

Nathan Harte, Chief Financial Officer, Avino Silver & Gold Mines: Thanks, Heiko.

Conference Operator: Thank you. Our next question is coming from Jake Sekelsky with Alliance Global Partners.

Jake Sekelsky, Analyst, Alliance Global Partners: Hey, David, Nathan, and team. Thanks for taking my questions.

Nathan Harte, Chief Financial Officer, Avino Silver & Gold Mines: Go on, Jake.

David Wolfin, President and Chief Executive Officer, Avino Silver & Gold Mines: Hey, Jake.

Jake Sekelsky, Analyst, Alliance Global Partners: Just looking at the strong balance sheet, I’m just curious, are there any levers you feel you might be able to pull in order to accelerate some of the planned work at La Preciosa?

David Wolfin, President and Chief Executive Officer, Avino Silver & Gold Mines: We just ordered a new, well, actually a new Jumbo. That’s gonna help. Basically, it’s underground development work, so we’re working on that. SRK Consulting revising, looking at a larger mine plan. These are the things that we’re looking at. Anything else?

Nathan Harte, Chief Financial Officer, Avino Silver & Gold Mines: That’s it, Jake.

Jake Sekelsky, Analyst, Alliance Global Partners: Okay. That’s helpful. On that larger mine plan scenario, when do you think we might see some news on that front?

Peter Latta, Vice President of Technical Services, Avino Silver & Gold Mines: Hey, Jake. Peter here. Yeah, we’re evaluating a few different scenarios here, and we just wanna take our time with it because, obviously it’s a volatile environment and, we really want to evaluate a number of different options because we do have all this optionality with the deposit, with the size that it is and how we integrate those two operations now, including how that dovetails with, the oxide tailings, that third leg in the stool. We’re really taking our time with that optimization.

Jake Sekelsky, Analyst, Alliance Global Partners: Got it. Okay. That’s all for me. Thanks again.

David Wolfin, President and Chief Executive Officer, Avino Silver & Gold Mines: Thanks, Jake.

Conference Operator: Thank you. Our next question is coming from Richard Larson, who is an investor. Sir, your line is live.

Richard Larson, Investor: Hello?

Nathan Harte, Chief Financial Officer, Avino Silver & Gold Mines: Hi there.

Richard Larson, Investor: Hello? Yes. My question is about the, like your share count and your ATM. You know, I realize silver prices have kind of sucked for 15 years, so, you know, it’s tempting to issue shares, you know, strengthen the balance sheet. You know, just looking out two, three, four years, you could be doing eight million production at, you know, margins of $60, you know, over, you know, kind of mine operating income.

I guess I’m wondering, what’s your strategy on, you know, potential capital returns or at least minimizing the amount of, you know, share dilution? How are you thinking about, you know, going forward, you know, that on the balance sheet, that sort of thing?

Nathan Harte, Chief Financial Officer, Avino Silver & Gold Mines: Yeah, it’s a fair question. Nathan Harte here. So obviously, shareholder returns are pretty prevalent in the industry, and it’s a big discussion point at this time. We do have a few levers we’re looking at, and some stuff that’s in the works. At this time, you know, we’re focused on delivering the organic growth, and that will require capital. Having said that, you know, the use of the ATM has really been as we’ve hit 52-week or all-time highs. Now obviously, you know, we’ve seen a little bit of a market pullback, so we’re staying put at this time.

Richard Larson, Investor: Okay. Yeah. Thank you. Appreciate it.

Nathan Harte, Chief Financial Officer, Avino Silver & Gold Mines: Thanks for call and question.

Conference Operator: Thank you. Our next question is coming from Joseph Reagor with Roth Capital Partners. Your line is live.

Joseph Reagor, Analyst, Roth Capital Partners: Hey, David, Nathan, and team. Thanks for taking my questions. Jake kind of touched on this already, but just kind of thinking about, you’ve got over $100 million on the balance sheet, and I realize you’re going through options, but is it fair to say that we can start assuming there will be some form of mill expansion coming, you know, within, you know, the next year or two?

David Wolfin, President and Chief Executive Officer, Avino Silver & Gold Mines: Absolutely.

Nathan Harte, Chief Financial Officer, Avino Silver & Gold Mines: Yeah. That’s a safe assumption, Joe. We’re doing the work right now to figure out what’s the appropriate size and whether it’s at just Avino-

David Wolfin, President and Chief Executive Officer, Avino Silver & Gold Mines: If we build a new one.

Nathan Harte, Chief Financial Officer, Avino Silver & Gold Mines: -Yeah.

David Wolfin, President and Chief Executive Officer, Avino Silver & Gold Mines: in La Preciosa.

Nathan Harte, Chief Financial Officer, Avino Silver & Gold Mines: Potentially both. Yeah, we’re, we’ll let the market know once we’ve made some ideas and decisions on that.

Joseph Reagor, Analyst, Roth Capital Partners: Okay. It’s fair. You know, as you think about kind of the operating cost side, obviously inflation’s been putting a lot of pressure on everybody, not just you guys. You know, is there any optimization things that you guys can do to bring down operating costs? Or is it, you know, given margins are where they are, that that’s not a huge focus?

Nathan Harte, Chief Financial Officer, Avino Silver & Gold Mines: Yeah. I think, you know, as you mentioned before, you know, inflation has hit the industry more so in previous years, not necessarily, you know, in the last year or so. As far as operating costs go, we’re seeing fairly consistent operating costs obviously, there’s some volatility in the world with the, you know, diesel and gasoline prices. On the labor side, we’re seeing fairly stable, you know, increases as we reward our employees, but fairly stable.

David Wolfin, President and Chief Executive Officer, Avino Silver & Gold Mines: The tonnage cost.

Nathan Harte, Chief Financial Officer, Avino Silver & Gold Mines: Yeah. Yeah, our cost per ton has been, I think, the evidence is that is in our cost per ton. You see that year-over-year, and it’s very steady.

Joseph Reagor, Analyst, Roth Capital Partners: Okay. Can you remind us how much exposure you guys have to, you know, diesel prices? Like, what percentage of cost is fuel?

Nathan Harte, Chief Financial Officer, Avino Silver & Gold Mines: Yeah. It’s not overly high, I’ll be honest. Like unlike some of the fairly capital intensive operations that are out there. You know, we’re not talking high double digits or anything like that. I’d have to give you an exact number offline if you want, but in Mexico, it’s fairly subsidized by the government, and so prices don’t get too out of whack.

Joseph Reagor, Analyst, Roth Capital Partners: Okay. Fair enough. I’ll turn it over. Thanks, guys.

David Wolfin, President and Chief Executive Officer, Avino Silver & Gold Mines: Thanks, Joe.

Nathan Harte, Chief Financial Officer, Avino Silver & Gold Mines: Thank you.

Conference Operator: Thank you. Our next question is coming from Chen Lin with Lin Asset Management. Your line is live.

Chen Lin, Analyst, Lin Asset Management: Thank you, David and Nathan, for taking my questions. A great year. Congratulations. I’m just curious-

David Wolfin, President and Chief Executive Officer, Avino Silver & Gold Mines: Thank you.

Chen Lin, Analyst, Lin Asset Management: -Because so me of my question already got answered just curious if, do you see any chance with the change in Mexico, you know, more pro mining environment, La Preciosa can potentially be an open pit or you’re just going to continue the underground operation?

David Wolfin, President and Chief Executive Officer, Avino Silver & Gold Mines: Thanks, Chen. That’s one of the scenarios in the four scenarios we’re looking at. Coeur did a feasibility study back in 2013, so it’s outdated, so we’re revisiting that.

Chen Lin, Analyst, Lin Asset Management: Okay. If they potentially Mexico open for the open pit, what kind of impact they have for your production outlook? Or you need to upgrade your mill much more significantly?

Nathan Harte, Chief Financial Officer, Avino Silver & Gold Mines: Yeah. Chen, Nathan here. I think, you know, it’s premature to probably put any numbers on it, but I think if anyone wants to have a look, that study is still available on SEDAR. Yeah, that’s obviously it would be a lot of growth.

Chen Lin, Analyst, Lin Asset Management: Okay, great. Thank you.

David Wolfin, President and Chief Executive Officer, Avino Silver & Gold Mines: Thanks, Chen.

Conference Operator: Thank you. If you have any further questions or comments, please indicate so now by pressing star one on your telephone keypad. Okay, as we have no further questions in the queue at this time, I’d like to hand it back over to management for any closing remarks.

David Wolfin, President and Chief Executive Officer, Avino Silver & Gold Mines: Thank you. It’s been a year and a final quarter of record-breaking achievements, and we remain focused on executing our organic growth plan. We look forward to building on this momentum and delivering additional milestones and sustained growth for the Avino shareholders. Thank you again for participating in our webcast and conference call. Have a great day.

Conference Operator: Thank you. Ladies and gentlemen, this does conclude today’s conference, and you may disconnect your lines at this time. We thank you for your participation.