6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

May, 2022

Commission File Number: 001-35254

AVINO SILVER & GOLD MINES LTD.

Suite 900, 570 Granville Street, Vancouver, BC V6C 3P1

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. ☒ Form 20-F ☐  Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes ☐   No ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

Explanatory Note

Avino Silver & Gold Mines Ltd. (the “Company”) is furnishing this Form 6-K to provide its consolidated financial statements for the three months ended March 31, 2022 and 2021 and Management Discussion and Analysis related thereto as filed in the SEDAR filing system on May 11, 2022.

Exhibits:

99.1	Consolidated Financial Statements For the three months ended March 31, 2022 and 2021
99.2	Management Discussion and Analysis

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	AVINO SILVER & GOLD MINES LTD.
	(Registrant)
Date: May 11, 2022	By:	/s/ Jennifer Trevitt
		Jennifer Trevitt
		Corporate Secretary

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EX-99.1

  EXHIBIT 99.1

AVINO SILVER & GOLD MINES LTD.

Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2022 and 2021

MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING

The condensed consolidated interim financial statements of Avino Silver & Gold Mines Ltd. (the “Company”) are the responsibility of the Company’s management. The condensed consolidated interim financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and reflect management’s best estimates and judgments based on information currently available.

Management has developed and is maintaining a system of internal controls to ensure that the Company’s assets are safeguarded, transactions are authorized and properly recorded, and financial information is reliable.

The Board of Directors is responsible for ensuring that management fulfills its responsibilities. The Audit Committee reviews the results of the annual audit and reviews the condensed consolidated interim financial statements prior to their submission to the Board of Directors for approval.

The condensed consolidated interim financial statements as at March 31, 2022, and for the periods ended March 31, 2022 and 2021, have not been audited by the Company’s independent auditors.

“David Wolfin”	“Nathan Harte”
David Wolfin	Nathan Harte, CPA
President & CEO	Chief Financial Officer
May 11, 2022	May 11, 2022

AVINO SILVER & GOLD MINES LTD.

Condensed Consolidated Interim Statements of Financial Position

(Expressed in thousands of US dollars)

	Note	March 31, 2022 (unaudited)			December 31, 2021
ASSETS
Current assets
Cash		$	11,686		$	24,765
Amounts receivable			2,602			1,208
Taxes recoverable	5		4,246			3,364
Prepaid expenses and other assets			1,297			962
Inventory	6		4,832			5,179
Total current assets			24,663			35,478
Exploration and evaluation assets	8		44,685			11,053
Plant, equipment and mining properties	10		38,727			35,675
Long-term investments	7		3,332			3,939
Other assets			6			133
Total assets		$	111,413		$	86,278
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities		$	4,609		$	3,260
Amounts due to related parties	11(b)		151			163
Taxes payable			4			31
Note payable	12		4,674			-
Current portion of finance lease obligations			697			389
Total current liabilities			10,135			3,843
Finance lease obligations			1,123			680
Warrant liability	13		2,773			741
Reclamation provision	14		758			726
Deferred income tax liabilities			3,233			1,781
Total liabilities			18,022			7,771
EQUITY
Share capital	15		143,649			129,953
Equity reserves			9,758			9,573
Treasury shares (14,180 shares, at cost)			(97	)		(97	)
Accumulated other comprehensive loss			(4,612	)		(4,969	)
Accumulated deficit			(55,307	)		(55,953	)
Total equity			93,391			78,507
Total liabilities and equity		$	111,413		$	86,278

Commitments – Note 18

Subsequent Events – Note 21

Approved by the Board of Directors on May 11, 2022:

Gary Robertson   Director David Wolfin   Director

The accompanying notes are an integral part of the condensed consolidated interim financial statements

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AVINO SILVER & GOLD MINES LTD.

Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss)

(Expressed in thousands of US dollars, except per share amounts - Unaudited)

		Three months ended March 31,
	Note	2022			2021
Revenue from mining operations	16	$	11,050		$	29
Cost of sales	16		6,306			709
Mine operating income (loss)			4,744			(680	)
Operating expenses:
General and administrative expenses	17		1,116			934
Share-based payments	15		200			616
Income (loss) before other items			3,428			(2,230	)
Other items:
Interest and other			(7	)		22
Loss on long-term investments			(686	)		(68	)
Fair value adjustment on warrant liability	13		233			788
Realized loss on warrants exercised			-			(1,005	)
Unrealized foreign exchange gain (loss)			(605	)		283
Project evaluation expenses			(81	)		-
Finance cost			(13	)		(21	)
Accretion of reclamation provision	14		(10	)		(11	)
Interest expense			(21	)		(2	)
Income (loss) from continuing operations before income taxes			(2,238	)		(2,244	)
Income taxes:
Current income tax expense			(140	)		(12	)
Deferred income tax recovery (expense)			(1,452	)		438
Income tax recovery (expense)			(1,592	)		426
Net income (loss)			(646	)		(1,818	)
Other comprehensive income (loss):
Currency translation differences			357			94
Total comprehensive income (loss)		$	1,003		$	(1,724	)
Income (loss) per share	15(e)
Basic		$	0.01		$	(0.02	)
Diluted		$	0.01		$	(0.02	)
Weighted average number of common shares outstanding	15(e)
Basic			103,819,481			96,204,148
Diluted			107,234,957			96,204,148

The accompanying notes are an integral part of the condensed consolidated interim financial statements

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AVINO SILVER & GOLD MINES LTD.

Condensed Consolidated Interim Statements of Changes in Equity

(Expressed in thousands of US dollars - Unaudited)

	Note	Number of Common Shares		Share Capital Amount			Equity Reserves			Treasury Shares			Accumulated Other Comprehensive Income (Loss)			Accumulated Deficit			Total Equity
Balance, January 1, 2021			89,568,682	$	108,303		$	9,951		$	(97	)	$	(4,810	)	$	(54,339	)	$	59,008
Common shares issued for cash:			675,145		-			-			-			-			-			-
At the market issuances			9,050,000		17,244			-			-			-			-			17,244
Exercise of warrants			912,562		1,724			-			-			-			-			1,724
Exercise of options			264,000		364			(126	)		-			-			-			238
Issuance costs			-		(310	)		-			-			-			-			(310	)
Share-based payments			-		-			616			-			-			-			616
Net loss for the period			-		-			-			-			-			(1,818	)		(1,818	)
Currency translation differences			-		-			-			-			94			-			94
Balance, March 31, 2021			99,795,244	$	127,325		$	10,441		$	(97	)	$	(4,716	)	$	(56,157	)	$	76,796
Balance, January 1, 2022			102,243,211	$	129,953		$	9,573		$	(97	)	$	(4,969	)	$	(55,953	)	$	78,507
Common shares issued for cash:
Exercise of options	15		48,000		46			(15	)		-			-			-			31
Common shares issued for acquisition of La Preciosa	15		14,000,000		13,650			-			-			-			-			13,650
Share-based payments	15		-		-			200			-			-			-			200
Net income for the period			-		-			-			-			-			646			646
Currency translation differences			-		-			-			-			357			-			357
Balance, March 31, 2022			116,291,211	$	143,649		$	9,758		$	(97	)	$	(4,612	)	$	(55,307	)	$	93,391

The accompanying notes are an integral part of the condensed consolidated interim financial statements

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AVINO SILVER & GOLD MINES LTD.

Condensed Consolidated Interim Statements of Cash Flows

(Expressed in thousands of US dollars - Unaudited)

		Three months ended March 31,
	Note	2022			2021
Cash generated by (used in):
Operating Activities
Net income (loss)		$	646		$	(1,818	)
Adjustments for non-cash items:
Deferred income tax recovery			1,452			(438	)
Depreciation and depletion			490			492
Accretion of reclamation provision			10			11
Loss on investments			686			68
Unrealized foreign exchange loss (gain)			392			(234	)
Unwinding of fair value adjustment			9			(7	)
Fair value adjustment on warrant liability			(233	)		(788	)
Realized loss on warrants exercised			-			1,005
Share-based payments			200			616
			3,652			(1,093	)
Net change in non-cash working capital items	19		(202	)		(152	)
			3,450			(1,245	)
Financing Activities
Shares and units issued for cash, net of issuance costs			30			17,892
Term facility payments			-			(833	)
Finance lease payments			(320	)		(91	)
Equipment loan payments			-			(54	)
			(290	)		16,914
Investing Activities
Exploration and evaluation expenditures			(85	)		(219	)
Additions to plant, equipment and mining properties			(853	)		(185	)
Acquisition of La Preciosa			(15,308	)		-
			(16,246	)		(404	)
Change in cash			(13,086	)		15,265
Effect of exchange rate changes on cash			7			52
Cash, Beginning			24,765			11,713
Cash, Ending		$	11,686		$	27,030

Supplementary Cash Flow Information (Note 19)

The accompanying notes are an integral part of the condensed consolidated interim financial statements

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AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

1. NATURE OF OPERATIONS

Avino Silver & Gold Mines Ltd. (the “Company” or “Avino”) was incorporated in 1968 under the laws of the Province of British Columbia, Canada. The Company is engaged in the production and sale of silver, gold, and copper and the acquisition, exploration, and advancement of mineral properties.

The Company’s head office and principal place of business is Suite 900, 570 Granville Street, Vancouver, BC, Canada. The Company is a reporting issuer in Canada and the United States, and trades on the Toronto Stock Exchange (“TSX”), the NYSE American, and the Frankfurt and Berlin Stock Exchanges.

The Company operates the Avino Mine which produces copper, silver and gold at the historic Avino property in the state of Durango, Mexico. The Company also owns interests in mineral properties located in British Columbia and Yukon, Canada.

Risks associated with Public Health Crises, including COVID-19

The Company’s business, operations and financial condition could be materially adversely affected by the outbreak of epidemics, pandemics or other health crises, such as the outbreak of COVID-19 that was designated as a pandemic by the World Health Organization on March 11, 2020. The international response to the spread of COVID-19 has led to significant restrictions on travel, temporary business closures, quarantines, global stock market volatility and a general reduction in consumer activity. Such public health crises can result in operating, supply chain and project development delays and disruptions, global stock market and financial market volatility, declining trade and market sentiment, reduced movement of people and labour shortages, and travel and shipping disruption and shutdowns, including as a result of government regulation and prevention measures, or a fear of any of the foregoing, all of which could affect commodity prices, interest rates, credit risk and inflation. In addition, the current COVID-19 pandemic, and any future emergence and spread of similar pathogens could have an adverse impact on global economic conditions which may adversely impact the Company’s operations, and the operations of suppliers, contractors and service providers, including smelter and refining service providers, and the demand for the Company’s production.

The Company may experience business interruptions, including suspended (whether government mandated or otherwise) or reduced operations relating to COVID-19 and other such events outside of the Company’s control, which could have a material adverse impact on its business, operations and operating results, financial condition and liquidity.

As at the date of the condensed consolidated interim financial statements, the duration of the business disruptions internationally and related financial impact of COVID-19 cannot be reasonably estimated. It is unknown whether and how the Company may be affected if the pandemic persists for an extended period of time. In particular, the region in which we operate may not have sufficient public infrastructure to adequately respond or efficiently and quickly recover from such event, which could have a materially adverse effect on the Company’s operations. The Company’s exposure to such public health crises also includes risks to employee health and safety. Should an employee, contractor, community member or visitor become infected with a serious illness that has the potential to spread rapidly, this could place the Company’s workforce at risk.

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AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

2. BASIS OF PRESENTATION

Statement of Compliance

These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 – Interim Financial Reporting under International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”). These unaudited condensed consolidated interim financial statements follow the same accounting policies and methods of application as the most recent annual audited consolidated financial statements of the Company. These unaudited condensed consolidated interim financial statements do not contain all of the information required for full annual consolidated financial statements. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s December 31, 2021, annual consolidated financial statements, which were prepared in accordance with IFRS as issued by the IASB.

These unaudited condensed consolidated interim financial statements are expressed in US dollars and have been prepared on a historical cost basis except for financial instruments that have been measured at fair value. In addition, these unaudited condensed consolidated interim financial statements have been prepared using the accrual basis of accounting on a going concern basis. The accounting policies set out below have been applied consistently to all periods presented in these unaudited condensed consolidated interim financial statements as if the policies have always been in effect.

Significant Accounting Judgments and Estimates

The Company’s management makes judgments in its process of applying the Company’s accounting policies to the preparation of its unaudited condensed consolidated interim financial statements. In addition, the preparation of financial data requires that the Company’s management make assumptions and estimates of the impacts on the carrying amounts of the Company’s assets and liabilities at the end of the reporting period from uncertain future events and on the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates and the resulting impacts on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively.

The critical judgments and estimates applied in the preparation of the Company’s unaudited condensed consolidated interim financial statements for the three months ended March 31, 2022, are consistent with those applied and disclosed in Note 2 to the Company’s audited consolidated financial statements for the year ended December 31, 2021.

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AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

Basis of Consolidation

The unaudited condensed consolidated interim financial statements include the accounts of the Company and its Mexican subsidiaries as follows:

Subsidiary	Ownership Interest	Jurisdiction	Nature of Operations
Oniva Silver and Gold Mines S.A. de C.V.	100%	Mexico	Mexican operations and administration
Nueva Vizcaya Mining, S.A. de C.V.	100%	Mexico	Mexican administration
Promotora Avino, S.A. de C.V. (“Promotora”)	79.09%	Mexico	Holding company
Compañía Minera Mexicana de Avino, S.A. de C.V. (“Avino Mexico”)	98.45% direct 1.22% indirect (Promotora) 99.67% effective	Mexico	Mining and exploration
La Luna Silver & Gold Mines Ltd.	100%	Canada	Holding company
La Preciosa Silver & Gold Mines Ltd.	100%	Canada	Holding company
Proyectos Mineros La Preciosa S.A. de C.V.	100%	Mexico	Mining and exploration
Cervantes LLP	100%	U.S.	Holding company

Intercompany balances and transactions, including unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the unaudited condensed consolidated interim financial statements.

3. RECENT ACCOUNTING PRONOUNCEMENTS

Application of new and revised accounting standards:

Property, Plant and Equipment — Proceeds before Intended Use (Amendments to IAS 16)

The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the cost of producing those items, in profit or loss. The amendments are applied on or after the first annual reporting period beginning on or after January 1, 2022, with early application permitted. The amendments are applied retrospectively, but only to items of property, plant and equipment that are brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after the beginning of the earliest period presented in the financial statements in which the Company first applies the amendments. This amendment will impact the Company’s accounting for proceeds from mineral sales prior to reaching commercial production at levels intended by management.

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AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

Future Changes in Accounting Policies Not Yet Effective as at March 31, 2022:

Certain new accounting standards and interpretations have been published that are not mandatory for the current period and have not been early adopted. These standards are not expected to have a material impact on the Company in the current or future reporting periods.

4. ACQUISITION OF LA PRECIOSA

On March 21, 2022, the Company closed the acquisition with Coeur Mining Inc. (“Coeur”) of all of the issued and outstanding shares of Proyectos Mineros La Preciosa S.A de C.V, a Mexican corporation, and Cervantes LLC, a Delaware LLC, that together hold the La Preciosa property in Mexico (“La Preciosa”).

Total consideration paid to Coeur was comprised of:

a)	Cash consideration of $15.3 million paid;
b)	A promissory note for $5 million in favour of Coeur, payable without interest on or before March 21, 2023;
c)	14,000,000 common shares of Avino, with a value of 13.65 million on issuance;
d)	7,000,000 share purchase warrants with a total value at $2.24 million exercisable at $1.09 per share until September 21, 2023, representing a 25% premium to Avino’s 20-day volume weighted average trading price as of October 26, 2021;

Additionally, Avino issued the following consideration for which payment is contingent on a future event and due to acquisition date uncertainty these are valued at Nil. A liability for these contingent payments will be recognized when related activity and events occur.

e)	An additional cash payment of $8.75 million, to be paid no later than 12 months after initial production at La Preciosa, up to one-half of which may be paid in common shares of Avino (provided Coeur’s total shareholdings cannot exceed 19.9% of the Company’s total issued and outstanding shares);
f)	A 1.25% net smelter returns royalty on the Gloria and Abundancia areas of La Preciosa, and a 2.00% gross value royalty on all other areas of La Preciosa; and
g)	A payment of $0.25 per silver equivalent ounce (subject to inflationary adjustment) of new mineral reserves (as defined by NI 43-101) discovered and declared outside of the current mineral resource area at La Preciosa, subject to a cap of $50 million, and any such payments will be credited against any existing or future payments owing on the gross value royalty.

The transaction has been accounted for as an asset acquisition as La Preciosa is in the exploration and evaluation stage and had not demonstrated technical feasibility, commercial viability, or the ability to provide economic benefits. La Preciosa did not have the workforce, resources and/or reserves, mine plan, or financial resources to the meet the definition of a business for accounting purposes.

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AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

The purchase consideration has been assigned based on the relative fair values of the assets acquired and liabilities assumed and is summarized as follows:

Cash paid	$	15,301
Note payable		4,665
Common shares		13,650
Share purchase warrants		2,240
Total purchase consideration		35,856
Transaction costs		175
Total acquisition cost	$	36,031
Cash	$	168
Other current assets		1,121
Plant and equipment		1,621
Exploration and evaluation assets		33,449
Accounts payable		(328	)
Net assets acquired	$	36,031

5. TAXES RECOVERABLE

The Company’s taxes recoverable consist of the Mexican I.V.A. (“VAT”) and income taxes recoverable and Canadian sales taxes (“GST/HST”) recoverable.

	March 31, 2022		December 31, 2021
VAT recoverable	$	1,573	$	790
GST recoverable		25		26
Income taxes recoverable		2,648		2,548
	$	4,246	$	3,364

6. INVENTORY

	March 31, 2022		December 31, 2021
Process material stockpiles	$	1,356	$	1,083
Concentrate inventory		1,656		2,467
Materials and supplies		1,820		1,629
	$	4,832	$	5,179

The amount of inventory recognized as an expense for the three months ended March 31, 2022 totalled $6,598 (March 31, 2021 – $709). See Note 16 for further details.

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AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

7. LONG-TERM INVESTMENTS

The Company classifies its long-term investments as designated at fair value through profit and loss under IFRS 9. Long-term investments are the three months ended March 31, 2022 are summarized as follows:

	Fair Value January 1,				Movements in foreign		Fair value adjustments			Fair Value March 31,
	2022		Net Additions		exchange		for the period			2022
Talisker Resources Common Shares	$	3,880	$	-	$	48	$	(689	)	$	3,239
Silver Wolf Exploration Ltd. Common Shares		59		31		-		3			93
	$	3,939	$	31	$	48	$	(686	)	$	3,332

During the three months ended March 31, 2022, the Company received 250,000 common shares as part of the terms in the Option Agreement with Silver Wolf Exploration Ltd,,. Upon acquisition, the fair value of these common shares and share purchase warrants were recorded as “Option Income” as a credit to exploration and evaluation assets (see Note 8). Any subsequent revaluation under IFRS 9 at fair value through profit and loss will be recorded as a gain or loss on long-term investments.

For the year ended December 31, 2021:

	Fair Value January 1,				Movements in foreign		Fair value adjustments			Fair Value December 31,
	2021		Net Additions		exchange		for the period			2021
Talisker Resources Common Shares	$	4,176	$	-	$	21	$	(317	)	$	3,880
Silver Wolf Exploration Ltd. Common Shares		-		109		2		(52	)		59
	$	4,176	$	109	$	23	$	(369	)	$	3,939

During the year ended December 31, 2021, the Company received 131,718 common shares as part of the terms in the Option Agreement with Silver Wolf Exploration Ltd., as well as 300,000 share purchase warrants at an exercise price of C$0.20. On October 21, 2021 the Company exercised the 300,000 share purchase warrants. Upon acquisition, the fair value of these common shares and share purchase warrants were recorded as “Option Income” as a credit to exploration and evaluation assets (see Note 8). Any subsequent revaluation under IFRS 9 at fair value through profit and loss will be recorded as a gain or loss on long-term investments.

See Note 8 for full details of the Option Agreement.

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AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

8. EXPLORATION AND EVALUATION ASSETS

The Company has accumulated the following acquisition, exploration and evaluation costs which are not subject to depletion:

	Avino, Mexico			La Preciosa, Mexico		British Columbia & Yukon, Canada		Total
Balance, January 1, 2021	$	10,051		$	-	$	1	$	10,052
Costs incurred during 2021:
Drilling and exploration		1,047			-		-		1,047
Assessments and taxes		68			-		-		68
Effect of movements in exchange rates		3			-		-		3
Option income		(117	)		-		-		(117	)
Balance, December 31, 2021	$	11,052		$	-	$	1	$	11,053
Costs incurred during 2022:
Acquisition costs - Note 4		-			33,449		-		33,449
Drilling and exploration		123			-		-		123
Assessments and taxes		71			-		-		71
Effect of movements in exchange rates		14			-		-		14
Option income		(25	)		-		-		(25	)
Balance, March 31, 2022	$	11,235		$	33,449	$	1	$	44,685

Additional information on the Company’s exploration and evaluation properties by region is as follows:

(a) Avino, Mexico

The Company’s subsidiary Avino Mexico owns 42 mineral claims and leases four mineral claims in the state of Durango, Mexico. The Company’s mineral claims in Mexico are divided into the following four groups:

(i) Avino mine area property

The Avino mine area property is situated around the towns of Panuco de Coronado and San Jose de Avino and surrounding the historic Avino mine site. There are four exploration concessions covering 154.4 hectares, 24 exploitation concessions covering 1,284.7 hectares, and one leased exploitation concession covering 98.83 hectares. Within the Avino mine site area is the Company’s San Gonzalo Mine, which achieved production at levels intended by management as of October 1, 2012, and on this date accumulated exploration and evaluation costs were transferred to mining properties.

(ii) Gomez Palacio/Ana Maria property

The Ana Maria property is located near the town of Gomez Palacio, and consists of nine exploration concessions covering 2,549 hectares, and is also known as the Ana Maria property.

Option Agreement – Silver Wolf Exploration Ltd. (formerly Gray Rock Resources Ltd.) (“Silver Wolf”)

During the three months ended March 31, 2022, the Company was informed that Silver Wolf received TSX Venture Exchange approval on the previously-announced entrance into an option agreement to grant Silver Wolf the exclusive right to acquire a 100% interest in the Ana Maria and El Laberinto properties in Mexico (the “Option Agreement”). In exchange, Avino received Silver Wolf share purchase warrants to acquire 300,000 common shares of Silver Wolf at an exercise price of C$0.20 per share for a period of 36 months from the date of the TSX Venture Exchange’s final acceptance of the Option Agreement (the “Approval Date”). In order to exercise the option, Silver Wolf will:

- 12 -

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

1. Issue to Avino a total of C$600 in cash or common shares of Silver Wolf as follows:

a.	C$50 in common shares of Silver Wolf within 30 days of March 8, 2021 (received on March 26, 2021 – see Note 7 for details);
b.	A further C$50 in cash or shares of Silver Wolf at Avino’s discretion on or before March 8, 2023 (received on March 30, 2022 – See Note 7 for details);
c.	A further C$100 in cash or shares of Silver Wolf at Avino’s discretion on or before March 8, 2024;
d.	A further C$200 in cash or shares of Silver Wolf at Avino’s discretion on or before March 8, 2024; and
e.	A further C$200 in cash or shares of Silver Wolf at Avino’s discretion on or before March 8, 2025; and

2. Incur a total of C$750 in exploration expenditures on the properties, as follows:

a.	C$50 on or before March 8, 2022;
b.	A further C$100 on or before March 8, 2023; and
c.	A further C$600 on or before March 8, 2025.

Under the Option Agreement, all share issuances will be based on the average volume weighted trading price of Silver Wolf’s shares on the TSX Venture Exchange for the ten (10) trading days immediately preceding the date of issuance of the shares, and the shares will be subject to resale restrictions under applicable securities legislation for 4 months and a day from their date of issue.

The Option Agreement between the Company and Silver Wolf is considered a related party transaction as the two companies have directors in common.

(iii) Santiago Papasquiaro property

The Santiago Papasquiaro property is located near the village of Santiago Papasquiaro, and consists of four exploration concessions covering 2,552.6 hectares and one exploitation concession covering 602.9 hectares.

(iv) Unification La Platosa properties

The Unification La Platosa properties, consisting of three leased concessions in addition to the leased concession described in note (i) above, are situated within the Avino mine area property near the towns of Panuco de Coronado and San Jose de Avino and surrounding the Avino Mine.

In February 2012, the Company’s wholly-owned Mexican subsidiary entered into a new agreement with Minerales de Avino, S.A. de C.V. (“Minerales”) whereby Minerales has indirectly granted to the Company the exclusive right to explore and mine the La Platosa property known as the “ET zone”. The ET zone includes the Avino Mine, where production at levels intended by management was achieved on July 1, 2015.

Under the agreement, the Company has obtained the exclusive right to explore and mine the property for an initial period of 15 years, with the option to extend the agreement for another 5 years. In consideration of the granting of these rights, the Company issued 135,189 common shares with a fair value of C$250 during the year ended December 31, 2012.

The Company has agreed to pay to Minerales a royalty equal to 3.5% of net smelter returns (“NSR”). In addition, after the start of production, if the minimum monthly processing rate of the mine facilities is less than 15,000 tonnes, then the Company must pay to Minerales a minimum royalty equal to the applicable NSR royalty based on the processing at a monthly rate of 15,000 tonnes.

- 13 -

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

Minerales has also granted to the Company the exclusive right to purchase a 100% interest in the property at any time during the term of the agreement (or any renewal thereof), upon payment of $8 million within 15 days of the Company’s notice of election to acquire the property. The purchase would be subject to a separate purchase agreement for the legal transfer of the property.

(b) La Preciosa, Mexico

During the three months ended March 31, 2022, the Company received approval for the closing of the acquisition of the La Preciosa property from Coeur Mining Inc. (“Coeur”).

La Preciosa consists of 15 exploration concessions totaling 6,011 hectares located in Durango, Mexico, within the municipalities of Panuco de Coronado and Canatlan. The property is located within 20 kilometres of the Company’s current Avino mining operations.

For further details on the transaction, see Note 4.

(c) British Columbia, Canada

(i) Minto and Olympic-Kelvin properties

Subsequent to March 31, 2022, the Company has granted Endurance Gold Corporation the right to acquire an option to earn 100% ownership of the former Minto Gold Mine, Olympic and Kelvin gold prospects contained within a parcel of crown grant and mineral claims (the “Olympic Claims”).

Under the terms of the letter agreement, Endurance can earn a 100% interest in the Olympic Claims if they pay Avino a total cash consideration in the aggregate amount of C$100, issue up to a total of 1,500,000 common shares (“Shares”) of Endurance and incur exploration expenditures in the aggregate amount of C$300; all of which is to be incurred by December 31, 2024. In the event that Endurance earns the 100% interest, the Olympic Claims will be subject to a 2% net smelter return royalty (“NSR”), of which 1% NSR can be purchased by the Endurance for C$750 and the remaining balance of the NSR can be purchased for C$1,000.

As part of the final requirement to earn its interest, Endurance agreed to grant to Avino 750,000 share purchase warrants (“Warrants”) by December 31, 2024, that offer Avino the option to purchase additional shares in the Company for a period of three years from the date of issuance. The exercise price of the Warrants will be set at a 25% premium to the 20-day VWAP share price at the issuance date. During the Option, if Endurance is successful in defining a compliant mineral resource of at least 500,000 gold-equivalent ounces on the Olympic Claims then Endurance will be obliged to pay Avino a C$1,000 discovery bonus.

The Option agreement is subject to the TSX Venture Exchange acceptance, and any Shares or Warrants to be issued will be subject to a four-month hold period on issuance as per the policies of the TSX Venture Exchange.

(ii) Yukon, Canada

The Company has a 100% interest in 14 quartz leases located in the Mayo Mining Division of Yukon, Canada, which collectively comprise the Eagle property.

9. NON-CONTROLLING INTEREST

At March 31, 2022, the Company had an effective 99.67% (December 31, 2021 - 99.67%) interest in its subsidiary Avino Mexico and the remaining 0.33% (December 31, 2021 - 0.33%) interest represents a non-controlling interest. The accumulated deficit and current period income attributable to the non-controlling interest are insignificant and accordingly have not been recognized in the unaudited condensed consolidated interim financial statements.

- 14 -

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

10. 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, 2021		13,149			563		347			12,955		17,483		11,263			55,760
Additions / Transfers		(113	)		31		(12	)		1,285		1,130		508			2,829
Effect of movements in exchange rates		2			1		-			-		-		7			10
Balance at December 31, 2021		13,038			595		335			14,240		18,613		11,778			58,599
Additions / Transfers		73			9		240			1,202		420		1,937			3,881
Effect of movements in exchange rates		8			4		-			-		-		(6	)		6
Balance at March 31, 2022		13,119			608		575			15,442		19,033		13,709			62,486
ACCUMULATED DEPLETION AND DEPRECIATION
Balance at January 1, 2021		8,643			187		256			4,907		5,297		1,624			20,914
Additions / Transfers		213			107		11			37		1,370		272			2,010
Effect of movements in exchange rates		-			-		-			-		-		-			-
Balance at December 31, 2021		8,856			294		267			4,944		6,667		1,896			22,924
Additions / Transfers		54			39		209			126		317		90			835
Effect of movements in exchange rates		-			-		-			-		-		-			-
Balance at March 31, 2022		8,910			333		476			5,070		6,984		1,986			23,759
NET BOOK VALUE
At March 31, 2022		4,209			275		99			10,372		12,049		11,723			38,727
At December 31, 2021		4,182			301		68			9,296		11,946		9,882			35,675
At January 1, 2021		4,506			376		91			8,048		12,186		9,639			34,846

- 15 -

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

Included in Buildings above are assets under construction of $6,798 as at March 31, 2022 (December 31, 2021 - $6,348) on which no depreciation was charged in the periods then ended. Once the assets are put into service, they will be transferred to the appropriate class of plant, equipment and mining properties.

As at March 31, 2022, plant, equipment and mining properties included a net carrying amount of $2,321 (December 31, 2021 - $1,306 for mining equipment and right of use assets under finance lease.

11. 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 months ended March 31, 2022 and 2021 is as follows:

	Three months ended March 31,
	2022		2021
Salaries, benefits, and consulting fees	$	439	$	235
Share‐based payments		157		488
	$	596	$	723

(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 related parties:

	March 31, 2022		December 31, 2021
Oniva International Services Corp.	$	108	$	107
Directors		43		56
	$	151	$	163

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 three months ended March 31, 2022, the Company paid $126 (March 31, 2021 - $59) to ICC.

(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. 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.

- 16 -

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

The transactions with Oniva during the three months ended March 31, 2022 and 2021 are summarized below:

	March 31, 2022		March 31, 2021
Salaries and benefits	$	220	$	191
Office and miscellaneous		97		105
	$	317	$	296

12. NOTE PAYABLE

On March 21, 2022, the Company closed the acquisition of the La Preciosa property from Coeur Mining Inc. (see Note 4 for further details). As part of the agreement, the Company issued a promissory note payable of $5 million due on or before March 21, 2023. The present value of the note payable was calculated using a discount interest rate of 6.71%.

The note is unsecured and non-interest bearing assuming that the note is repaid in full on or before March 21, 2023. If the note is not repaid by March 21, 2023, a sum of $1 million shall be added to the principal amount and the note shall bear interest at a rate of 7% per annum and will be payable on demand.

The continuity of the note payable is as follows:

	March 31,			December 31,
	2022			2021
Balance at beginning of the period	$	-		$	-
Additions		4,665			-
Repayments		-			-
Unwinding of fair value adjustment		9			-
Balance at end of the period		4,674			-
Less: Current portion		(4,674	)		-
Non-current portion	$	-		$	-

- 17 -

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

13. WARRANT LIABILITY

The Company’s warrant liability arises as a result of the issuance of warrants exercisable in US dollars. As the denomination is different from the Canadian dollar functional currency of the entity issuing the underlying shares, the Company recognizes a derivative liability for these warrants and re-measures the liability at the end of each reporting period using the Black-Scholes model. Changes in respect of the Company’s warrant liability are as follows:

	March 31, 2022			December 31, 2021
Balance at beginning of the period	$	741		$	2,295
Warrants issued		2,240			-
Fair value adjustment		(233	)		(1,581	)
Effect of movement in exchange rates		25			27
Balance at end of the period	$	2,773		$	741

Continuity of warrants during the periods is as follows:

	Underlying Shares			Weighted Average Exercise Price
Warrants outstanding and exercisable, January 1, 2021		2,980,774		$	0.80
Exercised		(1,030,362	)	$	0.80
Warrants outstanding and exercisable, December 31, 2021		1,950,412		$	0.80
Issued		7,000,000		$	1.09
Warrants outstanding and exercisable, March 31, 2022		8,950,412		$	1.03

			All Warrants Outstanding and Exercisable
Expiry Date	Exercise Price per Share		March 31, 2022		December 31, 2021
September 21, 2023	$	1.09		7,000,000		-
September 25, 2023	$	0.80		1,950,412		1,950,412
				8,950,412		1,950,412

As at March 31, 2022, the weighted average remaining contractual life of warrants outstanding was 1.48 years (December 31, 2021 – 1.73 years).

Valuation of the warrant liability requires the use of highly subjective estimates and assumptions including the expected stock price volatility. The expected volatility used in valuing warrants 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 warrant liability was calculated using the Black-Scholes model with the following weighted average assumptions and resulting fair values:

	March 31, 2022			December 31, 2021
Weighted average assumptions:
Risk-free interest rate		2.17	%		0.91	%
Expected dividend yield		0	%		0	%
Expected warrant life (years)		1.48			1.73
Expected stock price volatility		73.94	%		83.13	%
Weighted average fair value	$	0.34		$	0.38

During the three months ended March 31, 2022, the Company recorded no realized loss on the exercise of warrants (March 31, 2021 - $1,005, as result of the exercise of 912,562 warrants for the issuance of 912,562 common shares).

- 18 -

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

14. RECLAMATION PROVISION

Management’s estimate of the reclamation provision at March 31, 2022, is $758 (December 31, 2021 – $726), and the undiscounted value of the obligation is $1,313 (December 31, 2021 – $1,252).

The present value of the obligation was calculated using a risk-free interest rate of 8.41% (December 31, 2021 – 7.78%) and an inflation rate of 7.36% (December 31, 2021 – 7.36%). Reclamation activities are estimated to begin in 2023 for the San Gonzalo Mine and in 2041 for the Avino Mine.

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

	March 31, 2022		December 31, 2021
Balance at beginning of the period	$	726	$	808
Changes in estimates		-		(105	)
Unwinding of discount related to continuing operations		10		47
Effect of movements in exchange rates		22		(24	)
Balance at end of the period	$	758	$	726

15. SHARE CAPITAL AND SHARE-BASED PAYMENTS

(a)	Authorized: Unlimited common shares without par value.
(b)	Issued:

(i) During the three months ended March 31, 2021, the Company issued 14,000,000 common shares as part of the acquisition of La Preciosa from Coeur Mining Inc.. As a result, $13,650 was recorded to share capital, representing the closing price on the NYSE American on March 21, 2022, the date of the issuance and closing.

During the three months ended March 31, 2022, the Company issued 48,000 common shares following the exercise of 48,000 options. As a result, $46 was recorded to share capital, representing cash proceeds of $31 and the fair value upon issuance of $15.

(ii) During the year ended December 31, 2021, the Company issued 10,050,000 common shares in an at-the-market offering under prospectus supplement for gross proceeds of $19,020. The Company paid a 2.75% cash commission of $523 on gross proceeds, for net proceeds of $18,497, and incurred additional $400 in issuance costs during the period.

During the year ended December 31, 2021, the Company issued 1,030,362 common shares following the exercise of 1,030,362 warrants. As a result, $1,911 was recorded to share capital, representing cash proceeds of $824, fair value of the warrants on the date of exercise (see Note 14 for valuation methodology of $US denominated warrants) of $1,106, and movements in foreign exchange of $(19).

During the year ended December 31, 2021, the Company issued 264,000 common shares following the exercise of 264,000 options. As a result, $364 was recorded to share capital, representing cash proceeds of $237 and the fair value upon issuance of $127.

During the year ended December 31, 2021, the Company issued 1,330,167 common shares upon exercise of RSUs. As a result, $1,278 was recorded to share capital.

- 19 -

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

(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, 2021		3,483,000		$	1.77
Exercised		(264,000	)	$	1.16
Expired		(360,000	)	$	2.95
Cancelled / Forfeited		(20,000	)	$	1.64
Stock options outstanding, December 31, 2021		2,839,000		$	1.68
Granted		2,365,000		$	1.20
Exercised		(48,000	)	$	0.79
Stock options outstanding, March 31, 2022		5,156,000		$	1.47
Stock options exercisable, March 31, 2022		2,791,000		$	1.70

The following table summarizes information about the stock options outstanding and exercisable at March 31, 2021:

			Outstanding				Exercisable
Expiry Date	Price (C$)		Number of Options		Weighted Average Remaining Contractual Life (Years)		Number of Options		Weighted Average Remaining Contractual Life (Years)
September 20, 2022	$	1.98		880,000		0.47		880,000		0.47
August 28, 2023	$	1.30		105,000		1.41		105,000		1.41
August 21, 2024	$	0.79		126,000		2.39		126,000		2.39
August 4, 2025	$	1.64		1,680,000		3.35		1,680,000		3.35
March 25, 2027	$	1.20		2,365,000		4.99		-		4.99
				5,156,000		3.55		2,791,000		2.33

Valuation of stock options requires the use of highly subjective 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:

	March 31, 2022			December 31, 2021
Weighted average assumptions:
Risk-free interest rate		2.49	%	-		%
Expected dividend yield		0	%	-		%
Expected warrant life (years)		5.00			-
Expected stock price volatility		59.97	%	-		%
Expected forfeiture rate		20	%	-		%
Weighted average fair value	$	0.63			-

- 20 -

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

During the three months ended March 31, 2022, the Company charged $32 (three months ended March 31, 2021 - $231) 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.

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, 2021		2,874,000		$	1.28
Exercised		(1,330,167	)	$	1.22
Cancelled / Forfeited		(104,356	)	$	1.54
RSUs outstanding, December 31, 2021		1,439,477		$	1.32
Granted		1,799,000		$	1.19
RSUs outstanding, March 31, 2022		3,238,477		$	1.25

The following table summarizes information about the RSUs outstanding at March 31, 2022:

Issuance Date	Price (C$)		Number of RSUs Outstanding
August 21, 2019	$	0.79		539,733
August 4, 2020	$	1.64		899,744
March 23, 2022	$	1.19		1,799,000
				3,238,477

During the three months ended March 31, 2022, 1,799,000 RSUs (year ended December 31, 2021 – Nil) were granted. The weighted average fair value at the measurement date was C$1.19, based on the TSX market price of the Company’s shares on the date the RSUs were granted.

During the three months ended March 31, 2022, the Company charged $168 (March 31, 2021 - $385) 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.

- 21 -

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

(e) Earnings (loss) per share:

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

	Three months ended March 31,
	2022		2021
Net income (loss) for the period	$	646	$	(1,818	)
Basic weighted average number of shares outstanding		103,819,481		96,204,148
Effect of dilutive share options, warrants, and RSUs		3,415,476		-
Diluted weighted average number of shares outstanding		107,234,957		96,204,148
Basic loss per share	$	0.01	$	(0.02	)
Diluted loss per share	$	0.01	$	(0.02	)

16. REVENUE AND COST OF SALES

The Company’s revenues for the three months ended March 31, 2022 and 2021, are all attributable to Mexico, from shipments of concentrate from the Avino Mine, and processing of Historical Above Ground Stockpiles.

	March 31, 2022		March 31, 2021
Concentrate sales	$	9,789	$	-
Provisional pricing adjustments		1,261		29
	$	11,050	$	29

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. Stand-by costs consists of care and maintenance costs incurred during the work stoppage at the Avino Mine during the three months ended March 31, 2021.

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

	March 31, 2022		March 31, 2021
Production costs	$	5,847	$	-
Stand-by costs		-		246
Depreciation and depletion		459		463
	$	6,306	$	709

- 22 -

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

17. GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses on the condensed consolidated interim statements of operations consist of the following:

	March 31, 2022		March 31, 2021
Salaries and benefits	$	438	$	337
Office and miscellaneous		174		156
Management and consulting fees		116		155
Investor relations		52		24
Travel and promotion		10		8
Professional fees		208		143
Directors fees		41		42
Regulatory and compliance fees		47		40
Depreciation		30		29
	$	1,116	$	934

18. COMMITMENTS

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 11.

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:

	March 31, 2022		December 31, 2021
Not later than one year	$	94	$	96
Later than one year and not later than five years		336		330
Later than five years		454		462
	$	884	$	888

Office lease payments recognized as an expense during the three months ended March 31, 2022, totalled $16 (March 31, 2021 - $12).

19. SUPPLEMENTARY CASH FLOW INFORMATION

	March 31, 2022			March 31, 2021
Net change in non-cash working capital items:
Inventory	$	339		$	(74	)
Prepaid expenses and other assets		(327	)		(68	)
Taxes recoverable		210			(165	)
Taxes payable		(28	)		(7	)
Accounts payable and accrued liabilities		1,013			308
Amounts receivable		(1,394	)		(140	)
Amounts due to related parties		(15	)		(6	)
	$	(202	)	$	(152	)

- 23 -

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

	March 31, 2022		March 31, 2021
Interest paid	$	20	$	34
Taxes paid	$	-	$	136
Equipment acquired under finance leases and equipment loans	$	1,101	$	-

20. 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 term facility, 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 four (December 31, 2021 – two) counterparty (see Note 21). 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 March 31, 2022, no amounts were held as collateral.

(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 March 31, 2022, in the amount of $11,686 and working capital of $14,528 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 note payable and finance lease obligations are due within 12 months of the condensed consolidated interim statement of financial position date. Amounts due to related parties are without stated terms of interest or repayment.

- 24 -

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

The maturity profiles of the Company’s contractual obligations and commitments as at March 31, 2022, are summarized as follows:

	Total		Less Than 1 Year		1-5 years		More Than 5 Years
Accounts payable and accrued liabilities	$	4,609	$	4,609	$	-	$	-
Amounts due to related parties		151		151		-		-
Minimum rental and lease payments		884		94		336		454
Note payable		5,000		5,000		-		-
Finance lease obligations		1,936		771		1,165		-
Total	$	12,580	$	10,625	$	1,501	$	454

(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 exposed to interest rate risk primarily on its outstanding term facility, as the interest rate is subject to floating rates of interest. A 10% change in the interest rate would not a result in a material impact on the Company’s operations.

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:

	March 31, 2022						December 31, 2021
	MXN			CDN			MXN			CDN
Cash	$	3,096		$	1,039		$	3,576		$	1,450
Long-term investments		-			4,164			-			4,976
Reclamation bonds		-			6			-			6
Amounts receivable		499			31			-			33
Accounts payable and accrued liabilities		(12,574	)		(464	)		(57,604	)		(211	)
Due to related parties		-			(188	)		-			(206	)
Finance lease obligations		(2,766	)		(342	)		(1	)		(394	)
Net exposure		(11,745	)		4,246			(54,029	)		5,654
US dollar equivalent	$	(587	)	$	3,398		$	(2,363	)	$	4,054

Based on the net US dollar denominated asset and liability exposures as at March 31, 2022, a 10% fluctuation in the US/Mexican and Canadian/US exchange rates would impact the Company’s earnings for the three months ended March 31, 2022, by approximately $250 (year ended December 31, 2021 - $143). The Company has not entered into any foreign currency contracts to mitigate this risk.

- 25 -

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

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 March 31, 2022, 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 $84 (December 31, 2021 - $26).

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 March 31, 2022, a 10% change in market prices would have an impact on net earnings (loss) of approximately $333 (December 31, 2021 - $330).

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.

(d) Classification of Financial Instruments

IFRS 7 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 and financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as at March 31, 2022:

	Level 1		Level 2		Level 3
Financial assets
Cash	$	11,686	$	-	$	-
Amounts receivable		-		2,602		-
Long-term investments		3,332		-		-
Total financial assets	$	15,018	$	2,602	$	-
Financial liabilities
Warrant liability		-		-		(2,773	)
Total financial liabilities	$	-	$	-	$	(2,773	)

- 26 -

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

The Company uses Black-Scholes model to measure its Level 3 financial instruments. As at March 31, 2022, the Company’s Level 3 financial instruments consisted of the warrant liability.

For the Company’s warrant liability valuation and fair value adjustments during the three months ended March 31, 2022 and the year ended December 31, 2021, see Note 13.

21. SEGMENTED INFORMATION

The Company’s revenues for the three months ended March 31, 2022 of $11,050 (March 31, 2021 - $29) are all attributable to Mexico, from shipments of concentrate produced by the Avino Mine and processed material from the Avino Historic Above Ground stockpiles.

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

	March 31, 2022			March 31, 2021
Silver	$	3,896		$	15
Gold		2,442			5
Copper		7,053			9
Penalties, treatment costs and refining charges		(2,344	)		-
Total revenue from mining operations	$	11,050		$	29

For the three months ended March 31, 2022, the Company had four customers (March 31, 2021 – one customer) that accounted for total revenues as follows:

	March 31, 2022			March 31, 2021
Customer #1	$	8,985		$	-
Customer #2		1,232			-
Customer #3		844			-
Customer #4		(11	)		29
Total revenue from mining operations	$	11,050		$	29

- 27 -

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the three months ended March 31, 2022 and 2021

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

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

	March 31, 2022		December 31, 2021
Exploration and evaluation assets - Mexico	$	44,684	$	11,052
Exploration and evaluation assets - Canada		1		1
Total exploration and evaluation assets	$	44,685	$	11,053

	March 31, 2022		December 31, 2021
Plant, equipment, and mining properties - Mexico	$	38,444	$	35,390
Plant, equipment, and mining properties - Canada		283		285
Total plant, equipment, and mining properties	$	38,727	$	35,675

22. SUBSEQUENT EVENTS

Option agreement – Subsequent to March 31, 2022, the Company has granted Endurance Gold Corporation the right to acquire an option to earn 100% ownership of the former Minto Gold Mine, Olympic and Kelvin gold prospects contained within a parcel of crown grant and mineral claims (the “Olympic Claims”).

Under the terms of the letter agreement, Endurance can earn a 100% interest in the Olympic Claims if they pay Avino a total cash consideration in the aggregate amount of C$100, issue up to a total of 1,500,000 common shares (‘Shares’) of Endurance and incur exploration expenditures in the aggregate amount of C$300; all of which is to be incurred by December 31, 2024.

In the event that Endurance earns the 100% interest, the Olympic Claims will be subject to a 2% net smelter return royalty (“NSR”), of which 1% NSR can be purchased by the Endurance for C$750 and the remaining balance of the NSR can be purchased for C$1,000.

As part of the final requirement to earn its interest, Endurance agreed to grant to Avino 750,000 share purchase warrants (“Warrants”) by December 31, 2024, that offer Avino the option to purchase additional shares in the Company for a period of three years from the date of issuance. The exercise price of the Warrants will be set at a 25% premium to the 20-day VWAP share price at the issuance date. During the Option, if Endurance is successful in defining a compliant mineral resource of at least 500,000 gold-equivalent ounces on the Olympic Claims then Endurance will be obliged to pay Avino a C$1,000 discovery bonus.

The Option agreement is subject to the TSX Venture Exchange acceptance, and any Shares or Warrants to be issued will be subject to a four-month hold period on issuance as per the policies of the TSX Venture Exchange.

Share issuance for advisory services – Subsequent to March 31, 2022, the Company issued 1,075,000 common shares as settlement of accrued advisory services provided by Cantor Fitzgerald Canada Corporate for the completion of the acquisition of La Preciosa.

- 28 -

EX-99.2

EXHIBIT 99.2

  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

The following discussion and analysis of the operations, results, and financial position of Avino Silver & Gold Mines Ltd. (the “Company” or “Avino”) should be read in conjunction with the Company’s condensed consolidated interim financial statements for the three months ended March 31, 2022, and the Company’s audited consolidated financial statements as at and for the year ended December 31, 2021, and the notes thereto.

This Management’s Discussion and Analysis (“MD&A”) is dated May 11, 2022 and discloses specified information up to that date. The condensed interim consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Unless otherwise cited, references to dollar amounts are in US dollars. This MD&A contains “forward-looking statements” that are subject to risk factors including those set out in the “Cautionary Statement” at the end of this MD&A. All information contained in this MD&A is current and has been approved by the Company’s Board of Directors as of May 11, 2022, unless otherwise indicated. Throughout this report we refer to “Avino”, the “Company”, “we”, “us”, “our”, or “its”. All these terms are used in respect of Avino Silver & Gold Mines Ltd. We recommend that readers consult the “Cautionary Statement” on the last page of this report. Additional information relating to the Company is available on the Company’s website at www.avino.com and on SEDAR at www.sedar.com.

Business Description

Founded in 1968, the Company is engaged in the production and sale of silver, gold, and copper bulk concentrate, and the acquisition, exploration, and evaluation of mineral properties. The Company holds mineral claims and leases in Durango, Mexico, and in British Columbia and Yukon, Canada. Avino is a reporting issuer in all of the provinces of Canada, except for Quebec, and a foreign private issuer with the Securities and Exchange Commission in the United States. The Company’s shares trade on the Toronto Stock Exchange (“TSX”) and the NYSE American under the symbol “ASM”, and on the Berlin and Frankfurt Stock Exchanges under the symbol “GV6”.

Discussion of Operations

The Company’s production, exploration, and evaluation activities during the three months ended March 31, 2022, have been conducted on its Avino Property.

The Company holds a 99.67% effective interest in Compañía Minera Mexicana de Avino, S.A. de C.V. (“Avino Mexico”), a Mexican corporation which owns the Avino Property. The Avino Property covers approximately 1,104 contiguous hectares, and is located approximately 80 km north-east of the city of Durango. The Avino Property is equipped with milling and processing facilities that presently process all output from the Avino Mine located on the property.

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

Operational Highlights

HIGHLIGHTS (Expressed in US$)	First Quarter 2022		First Quarter 2021		Change			First Quarter 2022		Fourth Quarter 2021		Change1
Operating
Tonnes Milled		111,138		-		100	%		111,138		103,513		7	%
Silver Ounces Produced		164,358		-		100	%		164,358		163,933		-	%
Gold Ounces Produced		801		-		100	%		801		2,158		-63	%
Copper Pounds Produced		1,217,349		-		100	%		1,217,349		1,128,728		8	%
Silver Equivalent Ounces1 Produced		457,798		-		100	%		457,798		541,432		-15	%
Concentrate Sales and Cash Costs
Silver Equivalent Payable Ounces Sold2		495,109		-		100	%		495,109		417,881		18	%
Cash Cost per Silver Equivalent Payable Ounce1,2,3	$	11.81	$	-		100	%	$	11.81	$	9.57		23	%
All-in Sustaining Cash Cost per Silver Equivalent Payable Ounce1,2,3	$	19.90	$	-		100	%	$	19.90	$	17.24		15	%

1. In Q1 2022, AgEq was calculated using metals prices of $23.94 oz Ag, $1,874 oz Au and $4.53 lb Cu. In Q4 2021, AgEq was calculated using metals prices of $23.32 oz Ag, $1,783 oz Au and $4.40 lb Cu. Q4 2021 was the most recent quarter of consolidated production and is most appropriate for comparison purposes, as there was no production for Q1 2021. Calculated figures may not add up due to rounding.

2. “Silver equivalent payable ounces sold” for the purposes of cash costs and all-in sustaining costs consists of the sum of payable silver ounces, gold ounces and copper tonnes sold, before penalties, treatment charges, and refining charges, multiplied by the ratio of the average spot gold and copper prices to the average spot silver price for the corresponding period.

3. The Company reports non-IFRS measures which include cash cost per silver equivalent payable ounce and all-in sustaining cash cost per payable ounce,. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the calculation methods may differ from methods used by other companies with similar reported measures. See Non-IFRS Measures section for further information and detailed reconciliations.

Financial Highlights

HIGHLIGHTS (Expressed in 000’s of US$)	First Quarter 2022		First Quarter 2021			Change			First Quarter 2022		Fourth Quarter 2021		Change
Financial Operating Performance
Revenues	$	11,050	$	29		-%			$	11,050	$	9,318		19	%
Mine operating income (loss)	$	4,744	$	(680	)		798	%	$	4,744	$	4,406		8	%
Net income (loss)	$	646	$	(1,818	)		136	%	$	646	$	2,629		-75	%
Earnings (losses) before interest, taxes and amortization (“EBITDA”)1	$	2,777	$	(1,740	)		260	%	$	2,777	$	4,821		-42	%
Adjusted earnings (losses)1	$	3,350	$	(944	)		455	%	$	3,350	$	4,746		-29	%
Cash flow from operations before working capital changes	$	3,652	$	(1,093	)		434	%	$	3,652	$	4,020		-9	%
Per Share Amounts (diluted)
Earnings (loss) per share	$	0.01	$	(0.02	)		150	%	$	0.01	$	0.03		-67	%
Adjusted earnings (loss)1 per share	$	0.03	$	(0.01	)		400	%	$	0.03	$	0.05		-40	%
Cash flow per share1	$	0.03	$	(0.01	)		400	%	$	0.03	$	0.04		-25	%
HIGHLIGHTS (Expressed in 000’s of US$)	March 31, 2022		March 31, 2021			Change			March 31, 2022		December 31, 2021		Change
Liquidity & Working Capital
Cash	$	11,686	$	27,030			-57	%	$	11,686	$	24,765		-53	%
Working capital	$	14,528	$	31,220			-53	%	$	14,528	$	31,635		-54	%

1. The Company reports non-IFRS measures which include EBITDA, adjusted earnings, adjusted earnings per share and cash flow per share. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning and the calculation methods may differ from methods used by other companies with similar reported measures. See Non-IFRS Measures section for further information and detailed reconciliations.

2 | Page

  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

1^st Quarter 2022 Highlights

Closing of Strategic Acquisition of La Preciosa Silver Project from Coeur Mining Inc. (“Coeur”)

· On March 21, 2022, the Company announced that it has closed the acquisition with Coeur to acquire the La Preciosa silver project, which is located adjacent to the Avino Mine in the state of Durango, Mexico, for upfront consideration of $29.7 million on closing and $5 million due within 12 months of closing. Further contingent consideration including cash, royalties and a mineral reserve discovery payment.

Another Quarter of Steady Production at Avino

· 457,798 silver equivalent ounces were produced in Q1 2022, as the Company continues its ramp-up of production. Q1 2022 marks the second full quarter following the restart of operations in August 2021.

La Potosina Exploration Results Continue to Impress

· On March 9, 2022, the Company announced drill results from the La Potosina area of the Avino property, including 668 g/t AgEq over 2.95 metres. These results are following up on historic results from 2011, which included 2,737 g/t AgEq over 0.40 metres.

Advanced the Oxide Tailings Project

· With the release of the results from the 110 drill-hole program, the Company is moving forward with a comprehensive metallurgical testwork program to progress this project to the next phase of development.

Working Capital & Liquidity at March 31, 2022

· The Company’s cash balance at March 31, 2022, totaled $11.7 million compared to $24.8 million at December 31, 2021. Working capital totaled $14.5 million at March 31, 2022, compared to $31.6 million at December 31, 2021.

3 | Page

  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

Financial Results – Three months ended March 31, 2022, compared to three months ended March 31, 2021

Revenues

The Company recognized revenues net of penalties, treatment costs and refining charges, of $11.1 million on the sale of Avino Mine bulk copper/silver/gold concentrate, compared to revenues of $0.03 million for Q1 2021, an increase of $11.0 million.

The increase in revenues is a direct result of the shutdown of mining operations until August 2021, as well as additional COVID-19 protocols, with the only revenues in the Q1 2021 period being from sales from the finalization of provisionally priced invoices issued during Q3 and Q4 2020.

Metal prices for revenues recognized during the period were $23.96 per ounce of silver, $1,866 per ounce of gold, and $10,047 per tonne of copper, with no comparable prices for Q1 2021, as there were no shipments of metal.

Cost of Sales & Mine Operating Income

Cost of sales was $6.3 million, compared to $0.7 million in Q1 2021, an increase of $5.6 million. The increase in cost of sales is attributable to mining operations being active in Q1 2022, with no tonnage being mined and milled during Q1 2021. Any cost of sales in Q1 2021 related to depreciation and stand-by costs while the mining operations were shutdown.

Mine operating income, after depreciation and depletion, was $4.7 million, compared to a loss of $0.7 million in Q1 2021. The increase in mine operating income is a direct result of the Company being in production for Q1 2022 and making consistent concentrate deliveries.

General and Administrative Expenses & Share-Based Payments

General and administrative expenses was $1.1 million, compared to $0.9 million in Q1 2021, with the increases coming from the increased corporate activity surrounding ramp up procedures and the acquisition of La Preciosa.

Share-based payments was $0.2 million, compared to $0.6 million in Q1 2021, a decrease of $0.4 million. The decrease is a direct result of the 2022 option and RSU grants coming later in Q1 2022, with minimal vesting during the current period, with only historical RSU grants also vesting. Increased levels of share-based payments in Q1 2021 are a result of the vesting of stock options and RSUs at higher valuations when they were issued in 2020.

Other Items

Other Items totaled a loss of $1.2 million for the period, an increase of $1.2 million compared to Nil related to other items in Q1 2021.

Unrealized loss on long-term investment was $0.7 million, an increase of $0.6 million compared to a loss of $0.1 million in Q1 2021. This is a direct result of fluctuations in the Company’s investment in shares of Talisker Resources from period to period, as well as the Company’s investment in shares of Silver Wolf Exploration.

Fair value adjustment on warrant liability was a gain of $0.2 million, a decrease to income of $0.6 million compared to a gain of $0.8 million in Q1 2021. The fair value adjustment on the Company’s warrant liability relates to the issuance of US dollar-denominated warrants, which are re-valued each reporting period, and the value fluctuates with changes in the US-Canadian dollar exchange rate, and in the variables used in the valuation model, such as the Company’s US share price, and expected share price volatility.

Realized loss on warrants exercised was Nil for Q1 2022, a decrease of $1.0 million compared to $1.0 million in Q1 2021. During Q1 2021, 0.9 million warrants were exercised, with no warrants exercised in the current period.

4 | Page

  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

Foreign exchange loss for the period was $0.6 million, a change of $0.9 million compared to a gain of $0.3 million in Q1 2022. Foreign exchange gains or losses result from transactions in currencies other than the Canadian dollar functional currency. During the three months ended December 31, 2021, the Canadian dollar and the US dollar depreciated slightly in relation to the Mexican peso, resulting in a foreign exchange loss. During the three months ended March 31, 2021, the US dollar appreciated slightly in relation to the Canadian dollar but depreciated in relation to the Mexican peso, resulting in a foreign exchange loss.

The remaining Other Items resulted in a loss of $0.1 million, a change of $0.1 million compared to no other impact for Q1 2021.

Current and Deferred Income Taxes

Current income tax expense increased to $0.1 million in Q1 2022, compared to Nil in income tax expense for Q1 2021. Given the return to profitable mining operations, the higher amount of current income tax expenses in Q1 2022 is a result of income generated in the current quarter.

Deferred income tax expense was $1.5 million, a change of $1.9 million compared to a recovery of $0.4 million in Q1 2021. Deferred income tax fluctuates due to movements in taxable and deductible temporary differences related to the special mining duty in Mexico and to changes in inventory, plant, equipment and mining properties, and exploration and evaluation assets, amongst other factors. The changes in current income taxes and deferred income taxes during the current and comparable periods primarily relate to movements in the tax bases and mining profits and/or losses in Mexico.

Net Income/Loss

Net income from all operations was $0.6 million for the period, or $0.01 per share, compared to a loss of $1.8 million, or $0.02 per share during Q1 2021. The changes are a result of the items noted above, which are primarily increases in revenues and mine operating income, decreases in share-based payments between the two comparable quarters. The positive movement in income/loss was partially offset by movements in unrealized foreign exchange, an increase to general and administrative expenses and an increased unrealized loss on investments as noted above.

EBITDA & Adjusted Income/Loss (see “Non-IFRS Measures”)

EBITDA was $2.8 million, a positive increase of $4.5 million when compared to losses of $1.7 million for Q1 2021. The changes in EBITDA are primarily a factor of the items above, excluding any changes in depreciation and depletion, and any changes in income taxes. See Non-IFRS Measures for a reconciliation for EBITDA.

Adjusted earnings for the period was $3.4 million, a positive increase of $4.3 million when compared to adjusted losses of $0.9 million in the corresponding quarter in 2021. Changes to adjusted losses are a result of the items noted above in EBITDA, further excluding share-based payments, gains and losses related to warrants, movements in unrealized foreign exchange, and stand-by costs (only applicable for Q1 2021). See Non-IFRS Measures for a reconciliation for adjusted losses.

Cash Costs & All-in Sustaining Cash Costs (see “Non-IFRS Measures”)

Cash costs per silver equivalent payable ounce, excluding stand-by costs, was $11.81, compared to Nil for Q1 2021. Throughout Q1 2021, no production mining activities took place, and thus there is no comparable cash cost per silver equivalent payable ounce for Q1 2021.

All-in sustaining cash costs per silver equivalent payable ounce was $19.90, compared to Nil for Q1 2021. Throughout Q1 2021, no production mining activities took place, and thus there is no comparable All-in sustaining cash cost per silver equivalent payable ounce for Q1 2021.

5 | Page

  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

See Non-IFRS Measures for a reconciliation for cash costs and all-in sustaining cash costs.

Three months ended March 31, 2022, compared to the three months ended March 31, 2021:

(000’s)	2022			2021
Revenue from mining operations	$	11,050		$	29
Cost of sales		6,306			709
Mine operating income (loss)		4,744			(680	)
Operating expenses
General and administrative expenses		1,116			934
Share-based payments		200			616
Income (loss) before other items		3,428			(2,230	)
Other items
Interest and other income		(7	)		22
Loss on long-term investments		(686	)		(68	)
Fair value adjustment on warrant liability		233			788
Realized loss on exercise of warrants		-			(1,005	)
Unrealized foreign exchange gain (loss)		(605	)		283
Project evaluation expenses		(81	)		-
Finance costs		(13	)		(21	)
Accretion of reclamation provision		(10	)		(11	)
Interest expense		(21	)		(2	)
Net income (loss) before income taxes		2,238			(2,244	)
Income taxes
Current income tax expense		(140	)		(12	)
Deferred income tax (expense) recovery		(1,452	)		438
Income tax (expense) recovery		(1,592	)		426
Net income (loss)	$	646		$	(1,818	)
Earnings (loss) per share
Basic	$	0.01		$	(0.02	)
Diluted	$	0.01		$	(0.02	)

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

Consolidated Production Highlights

Q1 2022
Production by Mine	Tonnes Processed	Silver oz	Gold oz	Copper lbs	AgEq oz
Avino	111,138	164,358	801	1,217,349	457,798
Historic Above Ground Stockpiles	-	-	-	-	-
Consolidated	111,138	164,358	801	1,217,349	457,798

Q1 2022
Grade & Recovery by Mine	Grade Ag g/t	Grade Au g/t	Grade Cu %	Recovery Ag %	Recovery Au %	Recovery Cu %
Avino	50	0.29	0.56	92%	77%	89%
Historic Above Ground Stockpiles	-	-	-	-%	-%	-%
Consolidated	50	0.29	0.56	92%	77%	89%

Avino Mine Production Highlights

	Q1 2022	Q1 2021	Change* %	Q1 2022	Q4 2021	Change* %
Total Mill Feed (dry tonnes)	111,138	-	100%	111,138	103,513	7%
Feed Grade Silver (g/t)	50	-	100%	50	56	-10%
Feed Grade Gold (g/t)	0.29	-	100%	0.29	0.86	-66%
Feed Grade Copper (%)	0.56	-	100%	0.56	0.55	1%
Recovery Silver (%)	92%	-	100%	92%	89%	1%
Recovery Gold (%)	77%	-	100%	77%	75%	3%
Recovery Copper (%)	89%	-	100%	89%	90%	3%
Total Silver Produced (oz)	164,358	-	100%	164,358	163,933	%
Total Gold Produced (oz)	801	-	100%	801	2,158	-63%
Total Copper Produced (lbs)	1,217,349	-	100%	1,217,349	1,128,728	8%
Total Silver Equivalent Produced (oz)*	457,798	-	100%	457,798	541,432	-15%

*In Q1 2022, AgEq was calculated using metals prices of $23.94 oz Ag, $1,874 oz Au and $4.53 lb Cu. In Q4 2021, AgEq was calculated using metals prices of $23.32 oz Ag, $1,783 oz Au and $4.40 lb Cu. Q4 2021 was the most recent quarter of consolidated production and is most appropriate for comparison purposes, as there was no production for Q1 2021. Calculated figures may not add up due to rounding.

Under National Instrument 43-101, the Company is required to disclose that it has not based its production decisions on NI 43-101-compliant reserve estimates, preliminary economic assessments, or feasibility studies, and historically projects without such reports have increased uncertainty and risk of economic viability. The Company’s decision to place a mine into operation at levels intended by management, expand a mine, make other production-related decisions, or otherwise carry out mining and processing operations is largely based on internal non-public Company data, and on reports based on exploration and mining work by the Company and by geologists and engineers engaged by the Company. The results of this work are evident in the Company’s discovery of the San Gonzalo and Avino Mine resources, and in the Company’s record of mineral production and financial returns since operations at levels intended by management commenced at the San Gonzalo Mine in 2012.

Exploration

The Company has budgeted 15,000 metres of drilling in 2022, with a focus on La Potosina, at depth below the current Elena Tolosa production area and further drilling of 17 additional holes on the Oxide Tailings project. To date, the Company has completed 5,075 metres of drilling in 2022.

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

La Potosina

On March 9, 2022, the Company released drill results from the 2021 drilling campaign at La Potosina. In 2021, the Company drilled over 2,400 metres on this area and it remains of the Company’s main focuses for the 2022, with over 6,000 metres planned.

Highlights from the 2021 drill program are as follows:

Hole LP-21-06 from 333.05m to 337.45m returns 4.40 metres at 270 g/t Ag, 2.5% Zn and 0.9% Pb (463 g/t AgEq)

Including 333.05m to 333.25m returns 0.20 metres at 1,257 g/t Ag, 4.4% Zn and 2.8% Pb (1,641 g/t AgEq)

Including 335.55m to 335.90m returns 0.35 metres at 510 g/t Ag, 5.0% Zn and 2.2% Pb (918 g/t AgEq)

Including 335.90m to 336.35m returns 0.45 metres at 406 g/t Ag,4.2% Zn and 1.3% Pb (717 g/t AgEq)

Hole LP-21-07 from 151.70 to 154.65 returns 2.95 metres at 617 g/t Ag and 0.40 g/t Au (668 g/t AgEq)

The La Potosina Vein is a typical low-sulfidation epithermal structure and is similar to the San Gonzalo Vein previously mined at the San Gonzalo Mine. The La Potosina Vein is NW-trending and dips towards the southwest. The vein consists of multiple quartz phases, with adularia, rhodonite, disseminated pyrite, arsenopyrite, as well as base metal sulfides such as galena and sphalerite, and chalcopyrite occurs as a minor component and becomes more prominent with increasing depth below surface. Higher silver grades in the La Potosina Vein appear to occur at elevations 2,100 metres above sea level. The silver minerals consist of silver sulfosalts such as pyrargyrite and proustite that commonly form in low temperature environments and some minor argentite. Abundant galena (associated with silver and sphalerite) are present in Hole LP-21-06, at a relatively low elevation of 1,900 metres above sea level, suggesting a source in the base sulfide zone.

The ongoing exploration model will focus on verifying the continuity of the vein along strike trending NW at elevations above 2,100 metres while looking for favorable dilation structures in the northwest.

Full details on La Potosina, including the current and historical drill results tables, are available in our March 9, 2022 news release here

Oxide Tailings Project

On April 7, 2022, the Company released drill results from its 110 hole drill campaign on the Oxide Tailings project, including 0.76 g/t Au over 19.5 metres in the Oxide Zone – Recent.

The 2021 drill program included 110 drill holes for a total of 3,645 metres of drilling. The drilling follows up the 2015/2016 campaign for which the 2016 NI 43-101 Preliminary Economic Assessment (“PEA”) is based on, which can be found on Avino’s SEDAR profile. The drill density of the current program should be sufficient to upgrade most of the existing inferred mineral resources to the measured and indicated categories, and to potentially expand the resources. Furthermore, a comprehensive sampling program is underway for an upcoming metallurgical testing program. Once completed and assuming results are conclusive, the existing PEA will be used as the framework for an updated study with the intention of increasing confidence to the Pre-Feasibility Study level.

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

Selected highlights are shown below with the complete list of drill results available at this link

	SULPHIDE ZONE			OXIDE ZONE - RECENT			OXIDE ZONE - HISTORIC
HOLE ID	DEPTH (m)	Au (g/t)	Ag (g/t)	DEPTH (m)	Au (g/t)	Ag  g/t)	DEPTH (m)	Au (g/t)	Ag (g/t)
PJ-21-01	16.50	0.21	17	21.60	0.50	35	18.90	0.64	78
PJ-21-02	16.50	0.22	17	22.50	0.56	36	18.00	0.59	71
PJ-21-36	18.00	0.18	15	19.50	0.43	30	12.00	0.57	91
PJ-21-37	18.00	0.19	16	19.50	0.42	31	12.00	0.63	73
PJ-21-45	21.00	0.24	18	19.50	0.53	32	13.50	0.49	46
PJ-21-46	30.00	0.25	18	13.50	0.57	36	11.90	0.41	55
PJ-21-60	16.50	0.31	27	15.00	0.74	40	15.00	0.59	80
PJ-21-61	16.50	0.39	31	15.00	0.61	31	16.50	0.57	67
PJ-21-62	16.50	0.34	35	13.50	0.57	34	18.00	0.60	49
PJ-21-63	15.00	0.28	28	18.00	0.48	30	15.00	0.47	57
PJ-21-74	9.00	0.19	15	22.50	0.55	41	13.50	0.52	67
PJ-21-75	16.50	0.18	15	16.50	0.65	42	12.00	0.51	82
PJ-21-87				19.50	0.76	46	9.00	0.70	100
PJ-21-88				19.50	0.73	39	15.00	0.73	79

As the holes are drilled vertically the mineralization represents true width (depth)

The plans for 2022 include an additional 17 holes to confirm the extent of the resource. Full details are available in our April 7, 2022 news release here.

The oxide tailings deposit is located to the southwest of the Avino mine and mill complex and is the current tailings facility for the Avino mill. Over Avino’s 54-year history the mine has operated for various periods of time and as such, generated different types of tailings. There are 3 distinct zones of tailing identified that correspond to the timeline of extraction from the earlier operations. The historic oxides are tailings that were generated prior to the 1980’s from the open pit mine on Avino’s property. The recent oxides consist of tailings from the processing operation from the 1980’s until the late 1990’s. Finally, the sulfide tailings are the recent tailings from when the operation recommenced in 2011.

Qualified Person(s)

Peter Latta, P.Eng, MBA, VP Technical Services, Avino, is a qualified person within the context of National Instrument 43-101, and has reviewed and approved the technical data in this document.

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

Non – IFRS Measures

EBITDA and Adjusted earnings

Earnings, or loss, before interest, taxes and amortization (“EBITDA”) is a non IFRS financial measure which excludes the following items from net earnings:

· Income tax expense

· Finance cost

· Amortization and depletion

Adjusted earnings excludes the following additional items from EBITDA

· Share based compensation;

· Non-operational items including foreign exchange movements, fair value adjustments on outstanding warrants and other non-recurring items

Management believes EBITDA and adjusted earnings provides an indication of continuing capacity to generate operating cash flow to fund capital needs, service debt obligations and fund capital expenditures. These measures are intended to provide additional information to investors and analysts. There are not standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of operating performance prepared in accordance with IFRS.

Adjusted earnings excludes share-based payments, and non-operating or recurring items such as foreign exchange gains and losses and fair value adjustments on outstanding warrants. Under IFRS, entities must reflect within compensation expense the cost of share-based payments. In the Company’s circumstances, share-based compensation can involve significant amounts that will not be settled in cash but are settled by issuance of shares in exchange. The Company discloses adjusted earnings to aid in understanding the results of the company.

The following table provides a reconciliation of net earnings in the financial statements to EBITDA and adjusted earnings:

Expressed in 000’s of US$, unless otherwise noted	Q1 2022			Q1 2021			Q1 2022			Q4 2021
Net income (loss) for the period	$	646		$	(1,818	)	$	646		$	2,629
Depreciation and depletion		489			492			489			778
Interest income and other		7			(22	)		7			(35	)
Interest expense		21			2			21			9
Finance cost		13			21			13			6
Accretion of reclamation provision		10			11			10			11
Current income tax expense		140			12			140			2
Deferred income tax expense (recovery)		1,452			(438	)		1,452			1,421
EBITDA	$	2,778		$	(1,740	)	$	2,778		$	4,821
Fair value adjustment on warrant liability		(233	)		(788	)		(233	)		(21	)
Realized loss on warrants exercised		-			1,005			-			-
Share-based payments		200			616			200			78
Stand-by costs during strike action		-			246			-			-
Foreign exchange loss (gain)		605			(283	)		605			(132	)
Adjusted earnings (loss)	$	3,350		$	(944	)	$	3,350		$	4,746
Shares outstanding (diluted)		107,234,957			96,204,148			107,234,957			103,938,699
Adjusted earnings (loss) per share	$	0.03		$	(0.01	)	$	0.03		$	0.05

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

Cash cost per payable ounce, all-in sustaining cash cost per payable ounce, and cash flow per share

Cash cost per payable ounce, all-in sustaining cash cost per payable ounce, and cash flow per share are measures developed by mining companies in an effort to provide a comparable standard. However, there can be no assurance that our reporting of these non-IFRS measures is similar to that reported by other mining companies. Total cash cost per payable ounce, all-in sustaining cash cost per payable ounce, and cash flow per share are measures used by the Company to manage and evaluate operating performance of the Company’s mining operations, and are widely reported in the silver and gold mining industry as benchmarks for performance, but do not have standardized meanings prescribed by IFRS, and are disclosed in addition to IFRS measures.

Management believes that the Company’s ability to control the cash cost per payable silver equivalent ounce is one of its key performance drivers impacting both the Company’s financial condition and results of operations. Achieving a low silver equivalent production cost base allows the Company to remain profitable from mining operations even during times of low commodity prices, and provides more flexibility in responding to changing market conditions. In addition, a profitable operation results in the generation of positive cash flows, which then improve the Company’s financial condition.

The Company has adopted the reporting of “all-in sustaining cash cost per silver equivalent payable ounce”. This measure has no standardized meaning throughout the industry. However, it is intended to provide additional information. Avino presents all-in sustaining cash cost, because it believes that it more fully defines the total current cost associated with producing a silver equivalent payable ounce. Further, the Company believes that this measure allows investors of the Company to better understand its cost of producing silver equivalent payable ounces, and better assess the Company’s ability to generate cash flow from operations. Although the measure seeks to reflect the full cost per silver equivalent ounce of production from current operations, it does not include capital expenditures attributable to mine expansions, exploration, and evaluation costs attributable to growth projects, income tax payments, and financing costs. In addition, the calculation of all-in sustaining cash costs does not include depreciation and depletion expense as it does not reflect the impact of expenditures incurred in prior periods.

The Company’s calculation of all-in sustaining cash costs includes sustaining capital expenditures of $576 for the three months ended March 31, 2022 (March 31, 2021 - $103) and all of which is attributable to the Avino Mine

The Company also presents cash flow per share, as it believes it assists investors and other stakeholders in evaluating the Company’s overall performance and its ability to generate cash flow from current operations. To facilitate a better understanding of these measures as calculated by the Company, detailed reconciliations between the non-IFRS measures and the Company’s consolidated financial statements are provided below. The measures presented are intended to provide additional information, and should not be considered in isolation nor should they be considered substitutes for IFRS measures. Calculated figures may not add up accurately due to rounding.

Cash Cost and All-in Sustaining Cash Cost per Silver Equivalent Payable Ounce

The following table provide a reconciliation of cost of sales from the consolidated financial statements to cash cost and all-in sustaining cash cost per silver equivalent payable ounce sold. In each table, “silver equivalent payable ounces sold” consists of the sum of payable silver ounces, gold ounces and copper tonnes sold, before penalties, treatment charges, and refining charges, multiplied by the ratio of the average spot gold and copper prices for the corresponding period.

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

The following table reconciles cost of sales to cash cost per payable AgEq oz and all-in sustaining cash cost per payable AgEq oz for the three months ended March 31, 2022, and 2021:

Expressed in 000’s of US$, unless otherwise noted	Avino						AHAG Stockpiles				Consolidated
	Q1 2022			Q1 2021			Q1 2022		Q1 2021		Q1 2022			Q1 2021
Cost of sales	$	6,306		$	709		$	-	$	-	$	6,306		$	709
Stand-by costs during strike action		-			(246	)		-		-		-			(246	)
Depletion and depreciation		(459	)		(463	)		-		-		(459	)		(463	)
Cash production cost		5,847			-			-		-		5,847			-
Payable silver equivalent ounces sold		495,109			-			-		-		495,109			-
Cash cost per silver equivalent ounce	$	11.81		$	-		$	-	$	-	$	11.81		$	-
General and administrative expenses		1,316			1,550			-		-		1,316			1,550
Treatment & refining charges		766			-							766			-
Penalties		1,578			-							1,578			-
Sustaining capital expenditures		576			103			-		-		576			103
Stand-by costs during stoppages		-			246			-		-		-			246
Share-based payments and G&A depreciation		(230	)		(645	)		-		-		(230	)		(645	)
Cash operating cost	$	9,853		$	1,254		$	-	$	-	$	9,853		$	1,254
AISC per silver equivalent ounce	$	19.90		$	-		$	-	$	-	$	19.90		$	-

The following table reconciles cash cost per AgEq oz production cost to all-in sustaining cash cost per AgEq oz for the three months ended March 31, 2022, and three months ended December 31, 2021:

Expressed in 000’s of US$, unless otherwise noted	Avino						AHAG Stockpiles					Consolidated
	Q1 2022			Q4 2021			Q1 2022		Q4 2021			Q1 2022			Q4 2021
Cost of sales	$	6,306		$	4,766		$	-	$	146		$	6,306		$	4,912
Depletion and depreciation		(459	)		(728	)		-		(13	)		(459	)		(741	)
Cash production cost		5,847			4,038			-		133			5,847			4,171
Payable silver equivalent ounces sold		495,109			417,881			-		18,004			495,109			435,885
Cash cost per silver equivalent ounce	$	11.81		$	9.67		$	-	$	7.37		$	11.81		$	9.57
General and administrative expenses		1,316			928			-		39			1,316			967
Treatment & refining charges		766			510					19			766			529
Penalties		1,578			1,181					19			1,578			1,200
Sustaining capital expenditures		576			774			-		-			576			774
Share-based payments and G&A depreciation		(230	)		(120	)		-		(5	)		(230	)		(125	)
Cash operating cost	$	9,853		$	7,311		$	-	$	205		$	9,853		$	7,516
AISC per silver equivalent ounce	$	19.90		$	17.50		$	-	$	11.37		$	19.90		$	17.24

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

Operating Cash Flow & Cash Flow per Share

Cash flow per share is determined based on operating cash flows before movements in working capital, as illustrated in the consolidated statements of cash flows, divided by the basic and diluted weighted average shares outstanding during the three months March 31, 2022 and 2021, as well as three months ended December 31, 2021.

	Q1 2022		Q1 2021			Q1 2022		Q4 2021
Operating cash flows before movements in working capital	$	3,652	$	(1,093	)	$	3,652	$	4,020
Weighted average number of shares outstanding
Basic		103,819,481		96,204,148			103,819,481		102,243,211
Diluted		107,234,957		96,204,148			107,234,957		103,938,699
Cash Flow per Share – diluted	$	0.03	$	(0.01	)	$	0.03	$	0.04

Working Capital

	March 31, 2022			December 31, 2021
Current assets	$	24,663		$	35,478
Current liabilities		(10,135	)		(3,843	)
Working capital	$	14,528		$	31,635

Results of Operations

Summary of Quarterly Results

(000’s)	2022		2021		2021			2021			2021			2020			2020			2020
Quarter ended	Mar 31 Q1		Dec 31 Q4		Sep 30 Q3			Jun 30 Q2			Mar 31 Q1			Dec 31 Q4			Sep 30 Q3			Jun 30 Q2
Revenue	$	11,050	$	9,318	$	1,881		$	-		$	29		$	1,407		$	2,659		$	4,840
Net income (loss) from all operations for the quarter		646		2,629		(214	)		(2,654	)		(1,818	)		(1,555	)		(4,589	)		(1,276	)
Earnings (loss) per share from all operations - basic	$	0.01	$	0.03	$	(0.00	)	$	(0.03	)	$	(0.02	)	$	(0.02	)	$	(0.05	)	$	(0.02	)
Earnings (loss) per share from all operations - diluted	$	0.01	$	0.04	$	(0.00	)	$	(0.03	)	$	(0.02	)	$	(0.02	)	$	(0.05	)	$	(0.02	)
Total Assets	$	111,413	$	86,264	$	82,109		$	83,024		$	84,550		$	68,780		$	71,638		$	70,970

· Revenue increased in Q1 2022 and Q4 2021 compared to previous quarters, due to the restart of operations during Q3 2021 and the commencement of sales in September 2021.

· Net income was generated in Q1 2022 and Q4 2021 increased primarily due to higher mine operating income compared with prior quarters, partially offset by higher current and deferred income taxes.

· Total assets increased at March 31, 2022 compared to previous quarters, as result of the acquisition of La Preciosa as well as the increased operating cash flow generation.

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

Quarterly results will fluctuate with changes in revenues, cost of sales, general and administrative expenses, including non-cash items such as share-based payments, and other items including foreign exchange and deferred income taxes.

Liquidity and Capital Resources

The Company’s ability to generate sufficient amounts of cash, in both the short term and the long term, to maintain existing capacity and to fund ongoing exploration, is dependent upon the discovery of economically recoverable reserves or resources and the ability of the Company to obtain the financing necessary to generate and sustain profitable operations.

Management expects that the Company’s ongoing liquidity requirements will be funded from cash generated from current operations and from further financing, as required, in order to fund ongoing exploration activities, and meet its objectives, including ongoing advancement at the Avino Mine. The Company continues to evaluate financing opportunities to advance its projects. The Company’s ability to secure adequate financing is, in part, dependent on overall market conditions, the prices of silver, gold, and copper, and other factors outside the Company’s control. There is no guarantee the Company will be able to secure any or all necessary financing in the future. The Company’s recent financing activities are summarized in the table below.

Intended Use of Proceeds	Actual Use of Proceeds
During 2021, the Company received net proceeds of $18.1 million in connection with a brokered at-the-market offering issued under prospectus supplements, $0.8 million in connection with warrants exercised and $0.2 million in connection with stock options exercised.	As of the date of this MD&A, the Company is using the funds as intended. During 2021, the Company announced an increase to its exploration from 12,000 to 30,600 metres of exploration and resource drilling. As of the date of this MD&A, over 20,000 metres of the program had been completed. The Company will use the gross proceeds raised from the at-the-market offering, as well as warrants and options exercised, for advancing the development of other areas of the Avino Mine, and its operations and production, and to a lesser extent, for general working capital. In supporting mining operations in Mexico, the Company incurred expenditures of $0.1 million for exploration and evaluation activities, acquired property and equipment of $0.9 million, made lease and loan repayments of $0.3 million, and acquired la Preciosa for net cash consideration of $15.3 million during the three months ended March 31, 2022.
During 2020, the Company received net proceeds of $4.7 million in connection with a brokered at-the-market offering issued under prospectus supplements and $3.7 million in connection with warrants exercised.	As of the date of this MD&A, the Company had used, and was continuing to use, the funds as intended. There has been no impact on the ability of the Company to achieve its business objectives and milestones. The Company intends to continue to explore its properties, as described above, subject to market conditions and the ability to continue to obtain suitable financing.
In May 2015, the Company entered into a master credit facility with Sandvik Customer Finance LLC for $5.0 million. The facility is being used to acquire equipment necessary for continuing exploration activities at the Avino and Bralorne Mines.	As of the date of this MD&A, the Company had used, and was continuing to use, the facility as intended, and there was $5.0 million in available credit remaining under the facility. There has been no impact on the ability of the Company to achieve its business objectives and milestones.

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

Discussion and analysis relating to the Company’s liquidity as at March 31, 2022 and December 31, 2021, as well as movements in cash flow during the three months ended March 31, 2022 and 2021, is as follows:

Statement of Financial Position

(000’s)	March 31, 2022			December 31, 2021
Cash	$	11,686		$	24,765
Working capital		14,528			31,635
Accumulated Deficit		(55,307	)		(55,953	)

Cash Flow

(000’s)	March 31, 2022			March 31, 2021
Cash generated by operating activities	$	3,450		$	(1,245	)
Cash generated by (used in) financing activities		(290	)		16,914
Cash used in investing activities		(16,246	)		(404	)
Change in cash		(13,086	)		15,265
Effect of exchange rate changes on cash		7			52
Cash, beginning of period		24,765			11,713
Cash, end of period	$	11,686		$	27,030

Operating Activities

Cash generated by operating activities for the three months ended March 31, 2022, was $3.5 million compared to $1.2 million used for the three months ended March 31, 2021. Cash movements from operating activities can fluctuate with changes in net income, non-cash items, such as foreign exchange and deferred income tax expenses, and working capital.

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

Financing Activities

Cash used in financing activities was $0.3 million for the three months ended March 31, 2022, compared to $16.9 million for the three months ended March 31, 2021. Cash generated by financing activities for the three months ended March 31, 2021, relates to the issuance of shares for cash, by way of at-the-market sales and the exercise of warrants and stock options. Cash used in financing activities relates to the repayment of the term facility, as well as on its existing equipment loans and finance leases for mining equipment.

During the three months ended March 31, 2022, the Company received net proceeds from issuance of shares for cash of Nil (March 31, 2021 - $16.9 million), received proceeds from warrants exercise of Nil (March 31, 2021 - $0.8 million) and received proceeds from stock options exercised by $0.03 million (March 31, 2021 - $0.2 million). The Company also made term facility repayments of Nil (March 31, 2021 - $0.8 million) and made finance lease and equipment loan payments totalling $0.3 million (March 31, 2021 - $0.1 million).

Investing Activities

Cash used in investing activities for the three months ended March 31, 2022, was $16.2 million compared to $0.4 million for the three months ended March 31, 2021. Cash used in investing activities included cash capital expenditures and exploration and evaluation expenditures of $0.9 million (March 31, 2021 - $0.4 million) on the acquisition of property and equipment and exploration expenditures, as well as $15.3 million related to the acquisition of La Preciosa.

Off-Balance Sheet Arrangements

The Company has no off-balance sheet arrangements.

Transactions with Related Parties

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 months ended March 31, 2022 and 2021 is as follows:

	Three months ended March 31,
	2022		2021
Salaries, benefits, and consulting fees	$	439	$	235
Share‐based payments		157		488
	$	596	$	723

16 | Page

  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

(b) Amounts due to 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 due to related parties:

	March 31, 2022		December 31, 2021
Oniva International Services Corp.	$	108	$	107
Directors		43		56
	$	151	$	163

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 three months ended March 31, 2022, the Company paid $126 (March 31, 2021 - $59) to ICC.

(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. 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 during the three months ended March 31, 2022 and 2021 are summarized below:

	March 31, 2022		March 31, 2021
Salaries and benefits	$	220	$	191
Office and miscellaneous		97		105
	$	317	$	296

Financial Instruments and Risks

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 term facility, 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.

17 | Page

  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

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 four (December 31, 2021 – two) counterparty. 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 highly-rated 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 consolidated statement of financial position. At March 31, 2022, no amounts were held as collateral.

(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 March 31, 2022, in the amount of $11,686 and working capital of $14,528 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 term facility, equipment loans, and 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 March 31, 2022, are summarized as follows:

	Total		Less Than 1 Year		1-5 years		More Than 5 Years
Accounts payable and accrued liabilities	$	4,609	$	4,609	$	-	$	-
Amounts due to related parties		151		151		-		-
Minimum rental and lease payments		884		94		336		454
Note payable		5,000		5,000		-		-
Finance lease obligations		1,936		771		1,165		-
Total	$	12,580	$	10,625	$	1,501	$	454

18 | Page

  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

(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 exposed to interest rate risk primarily on its outstanding term facility, as the interest rate is subject to floating rates of interest. A 10% change in the interest rate would not result in a material impact on the Company’s operations.

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:

	March 31, 2022						December 31, 2021
	MXN			CDN			MXN			CDN
Cash	$	3,096		$	1,039		$	3,576		$	1,450
Long-term investments		-			4,164			-			4,976
Reclamation bonds		-			6			-			6
Amounts receivable		499			31			-			33
Accounts payable and accrued liabilities		(12,574	)		(464	)		(57,604	)		(211	)
Due to related parties		-			(188	)		-			(206	)
Finance lease obligations		(2,766	)		(342	)		(1	)		(394	)
Net exposure		(11,745	)		4,246			(54,029	)		5,654
US dollar equivalent	$	(587	)	$	3,398		$	(2,363	)	$	4,054

Based on the net US dollar denominated asset and liability exposures as at March 31, 2022, a 10% fluctuation in the US/Mexican and Canadian/US exchange rates would impact the Company’s earnings for the three months ended March 31, 2022, by approximately $250 (year ended December 31, 2021 - $143). 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.

19 | Page

  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

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 March 31, 2022, 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 $84 (December 31, 2021 - $26).

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 March 31, 2022, a 10% change in market prices would have an impact on net earnings (loss) of approximately $333 (December 31, 2021 - $330).

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.

(d) Classification of Financial Instruments

IFRS 7 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 and financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as at March 31, 2022:

	Level 1		Level 2		Level 3
Financial assets
Cash	$	11,686	$	-	$	-
Amounts receivable		-		2,602		-
Long-term investments		3,332		-		-
Total financial assets	$	15,018	$	2,602	$	-
Financial liabilities
Warrant liability		-		-		(2,773	)
Total financial liabilities	$	-	$	-	$	(2,773	)

The Company uses Black-Scholes model to measure its Level 3 financial instruments. As at March 31, 2022, the Company’s Level 3 financial instruments consisted of the warrant liability.

For the Company’s warrant liability valuation and fair value adjustments during the three months ended March 31, 2022 and the year ended December 31, 2021, see Note 13 of the condensed consolidated interim statements of operations.

20 | Page

  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

Risks associated with Public Health Crises, including COVID-19

The Company’s business, operations and financial condition could be materially adversely affected by the outbreak of epidemics, pandemics or other health crises, such as the outbreak of COVID-19 that was designated as a pandemic by the World Health Organization on March 11, 2020. The international response to the spread of COVID-19 has led to significant restrictions on travel, temporary business closures, quarantines, global stock market volatility and a general reduction in consumer activity. Such public health crises can result in operating, supply chain and project development delays and disruptions, global stock market and financial market volatility, declining trade and market sentiment, reduced movement of people and labour shortages, and travel and shipping disruption and shutdowns, including as a result of government regulation and prevention measures, or a fear of any of the foregoing, all of which could affect commodity prices, interest rates, credit risk and inflation. In addition, the current COVID-19 pandemic, and any future emergence and spread of similar pathogens could have an adverse impact on global economic conditions which may adversely impact the Company’s operations, and the operations of suppliers, contractors and service providers, including smelter and refining service providers, and the demand for the Company’s production.

The Company may experience business interruptions, including suspended (whether government mandated or otherwise) or reduced operations relating to COVID-19 and other such events outside of the Company’s control, which could have a material adverse impact on its business, operations and operating results, financial condition and liquidity.

As at the date of this MD&A, the duration of the business disruptions internationally and related financial impact of COVID-19 cannot be reasonably estimated. It is unknown whether and how the Company may be affected if the pandemic persists for an extended period of time. In particular, the region in which we operate may not have sufficient public infrastructure to adequately respond or efficiently and quickly recover from such event, which could have a materially adverse effect on the Company’s operations. The Company’s exposure to such public health crises also includes risks to employee health and safety. Should an employee, contractor, community member or visitor become infected with a serious illness that has the potential to spread rapidly, this could place the Company’s workforce at risk.

Mexico has been particularly impacted by the COVID-19 pandemic. The Company’s mining operations have been temporarily shut-down since April 2020, first as a result of governmental COVID-19 quarantine and containment measures, and later in July 2020 due to a labour strike, which was resolved in October 2020. The labour settlement agreement must be approved by the Mexican governmental labour authority. On August 3, 2021, the Company announced that mining operations had resumed. Although the Company takes appropriate measures and safeguards to protect its staff from infection, these events can result in volatility and disruption to supply chains, operations, transportation, and mobility of people, which are beyond the control of the Company, and which have had and could continue to adversely affect the availability of components, supplies and materials, labour, interest rates, credit ratings, credit risk, inflation, business operations, financial markets, exchange rates, and other factors material to the Company, including in particular, the Company’s revenues and concentrate delivery schedule.

Commitments

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 the “Transactions with Related Parties” section.

21 | Page

  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

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:

	March 31, 2022		December 31, 2021
Not later than one year	$	94	$	96
Later than one year and not later than five years		336		330
Later than five years		454		462
	$	884	$	888

Office lease payments recognized as an expense during the three months ended March 31, 2022, totalled $16 (March 31, 2021 - $12).

Subsequent Events

Option agreement – Subsequent to March 31, 2022, the Company has granted Endurance Gold Corporation the right to acquire an option to earn 100% ownership of the former Minto Gold Mine, Olympic and Kelvin gold prospects contained within a parcel of crown grant and mineral claims (the “Olympic Claims”).

Under the terms of the letter agreement, Endurance can earn a 100% interest in the Olympic Claims if they pay Avino a total cash consideration in the aggregate amount of C$100, issue up to a total of 1,500,000 common shares (‘Shares’) of Endurance and incur exploration expenditures in the aggregate amount of C$300; all of which is to be incurred by December 31, 2024.

In the event that Endurance earns the 100% interest, the Olympic Claims will be subject to a 2% net smelter return royalty (“NSR”), of which 1% NSR can be purchased by the Endurance for C$750 and the remaining balance of the NSR can be purchased for C$1,000.

As part of the final requirement to earn its interest, Endurance agreed to grant to Avino 750,000 share purchase warrants (“Warrants”) by December 31, 2024, that offer Avino the option to purchase additional shares in the Company for a period of three years from the date of issuance. The exercise price of the Warrants will be set at a 25% premium to the 20-day VWAP share price at the issuance date. During the Option, if Endurance is successful in defining a compliant mineral resource of at least 500,000 gold-equivalent ounces on the Olympic Claims then Endurance will be obliged to pay Avino a C$1,000 discovery bonus.

The Option agreement is subject to the TSX Venture Exchange acceptance, and any Shares or Warrants to be issued will be subject to a four-month hold period on issuance as per the policies of the TSX Venture Exchange.

Share issuance for advisory services – Subsequent to March 31, 2022, the Company issued 1,075,000 common shares as settlement of accrued advisory services provided by Cantor Fitzgerald Canada Corporate for the completion of the acquisition of La Preciosa.

22 | Page

  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

Outstanding Share Data

The Company’s authorized share capital consists of an unlimited number of common shares without par value.

As at May 11, 2022 the following common shares, warrants, and stock options were outstanding:

	Number of shares		Exercise price		Remaining life years)
Share capital		117,366,211		-		-
Warrants (US$)		8,950,412	$0.80 - $1.09		1.38 – 1.38
Restricted Share Units (“RSUs”)		3,238,477		-	0.28 – 2.87
Stock options		5,156,000	C$0.79 - C$1.98		0.36 – 4.87
Fully diluted		134,711,100

The following are details of outstanding stock options as at March 31, 2022 and May 11, 2022:

Expiry Date	Exercise Price Per Share	Number of Shares Remaining Subject to Options (March 31, 2022)		Number of Shares Remaining Subject to Options (May 11, 2022)
September 20, 2022	C$1.98		880,000		880,000
August 28, 2023	C$1.30		105,000		105,000
August 21, 2024	C$0.79		126,000		126,000
August 4, 2025	C$1.64		1,680,000		1,680,000
March 25, 2027	C$1.20		2,365,000		2,365,000
Total:			5,156,000		5,156,000

The following are details of outstanding warrants as at March 31, 2022 and May 11, 2022:

Expiry Date	Exercise Price Per Share		Number of Underlying Shares (March 31, 2022)		Number of Underlying Shares (May 11, 2022)
September 21, 2023	$	1.09		7,000,000		7,000,000
September 25, 2023	$	0.80		1,950,412		1,950,412
Total:				8,950,412		8,950,412

The following are details of outstanding RSUs as at March 31, 2022 and May 11, 2022:

Expiry Date	Number of Shares Remaining Subject to RSUs (March 31, 2022)		Number of Shares Remaining Subject to RSUs (May 11, 2022)
August 21, 2022		539,733		539,733
August 4, 2023		899,744		899,744
March 25, 2025		1,799,000		1,799,000
Total:		3,238,477		3,238,477

23 | Page

  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

Recent Accounting Pronouncements

Application of new and revised accounting standards:

Property, Plant and Equipment — Proceeds before Intended Use (Amendments to IAS 16)

The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the cost of producing those items, in profit or loss. The amendments are applied on or after the first annual reporting period beginning on or after January 1, 2022, with early application permitted. The amendments are applied retrospectively, but only to items of property, plant and equipment that are brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after the beginning of the earliest period presented in the financial statements in which the Company first applies the amendments. This amendment will impact the Company’s accounting for proceeds from mineral sales prior to reaching commercial production at levels intended by management.

Future Changes in Accounting Policies Not Yet Effective as at March 31, 2022:

Certain new accounting standards and interpretations have been published that are not mandatory for the current period and have not been early adopted. These standards are not expected to have a material impact on the Company in the current or future reporting periods.

Disclosure Controls and Procedures

Management has designed and evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures on financial reporting (as defined in NI 52-109 - Certification of Disclosure in Issuers’ Annual and Interim Filings) and has concluded that, based on its evaluation, they are effective as of March 31, 2022, to provide reasonable assurance that material information relating to the Company and its consolidated subsidiaries is made known to management and disclosed in accordance with applicable securities regulations.

Internal Controls over Financial Reporting (“ICFR”)

The management of the Company is responsible for establishing and maintaining adequate internal controls over financial reporting. Internal controls over financial reporting is a process to provide reasonable assurance regarding the reliability of the Company’s financial reporting for external purposes in accordance with IFRS. Internal controls over financial reporting includes maintaining records that in reasonable detail accurately and fairly reflect the Company’s transactions and dispositions of the assets of the Company; providing reasonable assurance that transactions are recorded as necessary for preparation of the Company’s consolidated financial statements in accordance with IFRS; providing reasonable assurance that receipts and expenditures are made in accordance with authorizations of management and the directors of the Company; and providing reasonable assurance that unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the Company’s consolidated financial statements would be prevented or detected on a timely basis. Our management and the Board of Directors do not expect that our disclosure controls and procedures or internal controls over financial reporting will prevent all errors or all instances of fraud. A control system, no matter how well designed and operated, can provide only reasonable (not absolute) assurance that the control system’s objectives will be met. Further, the design, maintenance and testing of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs.

24 | Page

  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE MONTHS ENDED MARCH 31, 2022

Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control gaps and instances of fraud have been detected. These inherent limitations include the reality that judgment in decision-making can be faulty, and that breakdowns can occur because of simple errors or mistakes. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design, maintenance and testing of any system of controls is based in part upon certain assumptions about the likelihood of future events, and any control system may not succeed in achieving its stated goals under all potential future conditions.

Management conducted an evaluation of the effectiveness of the Company’s internal controls over financial reporting based on the framework and criteria established in Internal Control – Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013) (‘COSO’). This evaluation included review of the documentation of controls, evaluation of the design effectiveness of controls, testing of the operating effectiveness of controls and a conclusion on this evaluation.

Based on this evaluation, management concluded that as of March 31, 2022, the Company’s internal controls over financial reporting, as defined in NI 52-109 - Certification of Disclosure in Issuer’s Annual and Interim Filings, are effective to achieve the purpose for which they have been designed.

Cautionary Statement

This MD&A is based on a review of the Company’s operations, financial position and plans for the future based on facts and circumstances as of May 11, 2022. Except for historical information or statements of fact relating to the Company, this document contains “forward-looking statements” within the meaning of applicable Canadian securities regulations. Forward-looking statements in this document include, but are not limited to, those regarding the economic outlook for the mining industry, expectations regarding metals prices, expectations regarding production output, production costs, cash costs and other operating results, expectations regarding growth prospects and the outlook for the Company’s operations, and statements regarding the Company’s liquidity, capital resources, and capital expenditures. There can be no assurance that such statements will prove to be accurate, and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company’s documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates or opinions change, except as required by applicable securities regulations. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

25 | Page

XML

Cover	3 Months Ended
	Mar. 31, 2022
Cover [Abstract]
Entity Registrant Name	AVINO SILVER & GOLD MINES LTD.
Entity Central Index Key	0000316888
Document Type	6-K
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 31, 2022
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-35254
Entity Address Address Line 1	Suite 900
Entity Address Address Line 2	570 Granville Street
Entity Address City Or Town	Vancouver
Entity Address State Or Province	BC
Entity Address Postal Zip Code	V6C 3P1

XML

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current Assets
Cash	$ 11,686	$ 24,765
Amounts Receivable	2,602	1,208
Taxes Recoverable	4,246	3,364
Prepaid Expenses And Other Assets	1,297	962
Inventory	4,832	5,179
Total Current Assets	24,663	35,478
Exploration And Evaluation Assets	44,685	11,053
Plant, Equipment And Mining Properties	38,727	35,675
Long-term Investments	3,332	3,939
Other Assets	6	133
Total Assets	111,413	86,278
Current Liabilities
Accounts Payable And Accrued Liabilities	4,609	3,260
Amounts Due To Related Parties	151	163
Taxes Payable	4	31
Notes Payable	4,674	0
Current Portion Of Finance Lease Obligations	697	389
Total Current Liabilities	10,135	3,843
Finance Lease Obligations	1,123	680
Warrant Liability	2,773	741
Reclamation Provision	758	726
Deferred Income Tax Liabilities	3,233	1,781
Total Liabilities	18,022	7,771
Equity
Share Capital	143,649	129,953
Equity Reserves	9,758	9,573
Treasury Shares (14,180 Shares, At Cost)	(97)	(97)
Accumulated Other Comprehensive Loss	(4,612)	(4,969)
Accumulated Deficit	(55,307)	(55,953)
Total Equity	93,391	78,507
Total Liabilities And Equity	$ 111,413	$ 86,278

XML

Consolidated Statements of Financial Position (Parenthetical) - shares	Mar. 31, 2022	Dec. 31, 2021
Consolidated Statements of Financial Position
Treasury Shares	14,180	14,180

XML

Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)
Revenue From Mining Operations	$ 11,050	$ 29
Cost Of Sales	6,306	709
Mine Operating Income (loss)	4,744	(680)
Operating Expenses
General And Administrative Expenses	1,116	934
Share-based Payments	200	616
Loss Before Other Items	3,428	(2,230)
Interest And Other	(7)	22
Unrealized Gain (loss) On Long-term Investments	(686)	(68)
Fair Value Adjustment On Warrant Liability	233	788
Realized Loss On Warrants Exercised	0	(1,005)
Foreign Exchange Loss	(605)	283
Project Evaluation Expenses	(81)
Finance Cost	13	21
Accretion Of Reclamation Provision	(10)	(11)
Interest Expense	(21)	(2)
Loss From Continuing Operations Before Income Taxes	(2,238)	(2,244)
Income Taxes:
Current Income Tax Expense	(140)	(12)
Deferred Income Tax Recovery (expense)	(1,452)	438
Income Tax Recovery (expense)	1,592	426
Net Income (loss)	(646)	(1,818)
Other Comprehensive Income (loss)
Currency Translation Differences	357	94
Total Comprehensive Loss	$ 1,003	$ (1,724)
Income (loss) Per Share
Basic	$ 0.01	$ (0.02)
Diluted	$ 0.01	$ (0.02)
Weighted Average Number Of Common Shares Outstanding
Basic	103,819,481	96,204,148
Diluted	107,234,957	96,204,148

XML

Condensed Consolidated Interim Statements of Changes in Equity (unaudited) - USD ($) $ in Thousands	Total	Number of Common Shares	Equity Reserves	Treasury shares	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance, Shares at Dec. 31, 2020		89,568,682
Balance, Amount at Dec. 31, 2020	$ 59,008	$ 108,303	$ 9,951	$ (97)	$ (4,810)	$ (54,339)
Statement [Line Items]
Common Shares Issued For Cash:		675,145
At The Market Issuances, Shares		9,050,000
At The Market Issuances, Amount	17,244	$ 17,244	0	0	0	0
Exercise Of Warrants, Shares		912,562
Exercise Of Warrants, Amount	1,724	$ 1,724	0	0	0	0
Exercise Of Options, Shares		264,000
Exercise Of Options, Amount	238	$ 364	(126)	0	0	0
Issuance Costs	(310)	(310)	0	0	0
Share-based Payments	616		616
Net Loss For The Period	(1,818)					(1,818)
Currency Translation Differences	94				94
Balance, Amount at Mar. 31, 2021	76,796	$ 127,325	10,441	(97)	(4,716)	(56,157)
Balance, Shares at Mar. 31, 2021		99,795,244
Balance, Shares at Dec. 31, 2021		102,243,211
Balance, Amount at Dec. 31, 2021	78,507	$ 129,953	9,573	(97)	(4,969)	(55,953)
Statement [Line Items]
Exercise Of Options, Shares		48,000
Exercise Of Options, Amount	31	$ 46	(15)
Share-based Payments	200		200
Net Loss For The Period	646					646
Currency Translation Differences	357				357
Common Shares Issued For Acquisition Of La Preciosa, Shares		14,000,000
Common Shares Issued For Acquisition Of La Preciosa, Amount	13,650	$ 13,650
Balance, Amount at Mar. 31, 2022	$ 93,391	$ 143,649	$ 9,758	$ (97)	$ (4,612)	$ (55,307)
Balance, Shares at Mar. 31, 2022		116,291,211

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities
Net income (loss)	$ 646	$ (1,818)
Adjustments For Non-cash Items:
Deferred income tax recovery	1,452	(438)
Depreciation And Depletion	490	492
Accretion Of Reclamation Provision	10	11
Unrealized Loss On Investments	686	68
Unrealized foreign exchange loss (gain)	392	(234)
Unwinding Of Fair Value Adjustment On Term Facility	9	(7)
Fair Value Adjustment On Warrant Liability	(233)	(788)
Realized Loss On Warrants Exercised	0	1,005
Share-based Payments	200	616
Cash Flows From Used In Operations Before Changes In Working Capital	3,652	(1,093)
Net Change In Non-cash Working Capital Items	(202)	(152)
Cash Flow From Used In Operation	3,450	(1,245)
Financing Activities
Shares And Units Issued For Cash, Net Of Issuance Costs	30	17,892
Term Facility Payments		(833)
Finance Lease Payments	(320)	(91)
Equipment Loan Payments		(54)
Net Cash Used In Financing Activities	(290)	16,914
Investing Activities
Exploration And Evaluation Expenditures	(85)	(219)
Additions To Plant, Equipment And Mining Properties	(853)	(185)
Acquisition Of La Preciosa	(15,308)
Net Cash Used In Investing Activities	(16,246)	(404)
Change In Cash	(13,086)	15,265
Effect Of Exchange Rate Changes On Cash	7	52
Cash, Beginning	24,765	11,713
Cash, Ending	$ 11,686	$ 27,030

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NATURE OF OPERATIONS

3 Months Ended

Mar. 31, 2022

Nature Of Operations

1. NATURE OF OPERATIONS

Avino Silver & Gold Mines Ltd. (the “Company” or “Avino”) was incorporated in 1968 under the laws of the Province of British Columbia, Canada. The Company is engaged in the production and sale of silver, gold, and copper and the acquisition, exploration, and advancement of mineral properties.

The Company’s head office and principal place of business is Suite 900, 570 Granville Street, Vancouver, BC, Canada. The Company is a reporting issuer in Canada and the United States, and trades on the Toronto Stock Exchange (“TSX”), the NYSE American, and the Frankfurt and Berlin Stock Exchanges.

The Company operates the Avino Mine which produces copper, silver and gold at the historic Avino property in the state of Durango, Mexico. The Company also owns interests in mineral properties located in British Columbia and Yukon, Canada.

Risks associated with Public Health Crises, including COVID-19

The Company’s business, operations and financial condition could be materially adversely affected by the outbreak of epidemics, pandemics or other health crises, such as the outbreak of COVID-19 that was designated as a pandemic by the World Health Organization on March 11, 2020. The international response to the spread of COVID-19 has led to significant restrictions on travel, temporary business closures, quarantines, global stock market volatility and a general reduction in consumer activity. Such public health crises can result in operating, supply chain and project development delays and disruptions, global stock market and financial market volatility, declining trade and market sentiment, reduced movement of people and labour shortages, and travel and shipping disruption and shutdowns, including as a result of government regulation and prevention measures, or a fear of any of the foregoing, all of which could affect commodity prices, interest rates, credit risk and inflation. In addition, the current COVID-19 pandemic, and any future emergence and spread of similar pathogens could have an adverse impact on global economic conditions which may adversely impact the Company’s operations, and the operations of suppliers, contractors and service providers, including smelter and refining service providers, and the demand for the Company’s production.

The Company may experience business interruptions, including suspended (whether government mandated or otherwise) or reduced operations relating to COVID-19 and other such events outside of the Company’s control, which could have a material adverse impact on its business, operations and operating results, financial condition and liquidity.

As at the date of the condensed consolidated interim financial statements, the duration of the business disruptions internationally and related financial impact of COVID-19 cannot be reasonably estimated. It is unknown whether and how the Company may be affected if the pandemic persists for an extended period of time. In particular, the region in which we operate may not have sufficient public infrastructure to adequately respond or efficiently and quickly recover from such event, which could have a materially adverse effect on the Company’s operations. The Company’s exposure to such public health crises also includes risks to employee health and safety. Should an employee, contractor, community member or visitor become infected with a serious illness that has the potential to spread rapidly, this could place the Company’s workforce at risk.

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BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2022

Basis Of Presentation

2. BASIS OF PRESENTATION

Statement of Compliance

These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 – Interim Financial Reporting under International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”). These unaudited condensed consolidated interim financial statements follow the same accounting policies and methods of application as the most recent annual audited consolidated financial statements of the Company. These unaudited condensed consolidated interim financial statements do not contain all of the information required for full annual consolidated financial statements. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s December 31, 2021, annual consolidated financial statements, which were prepared in accordance with IFRS as issued by the IASB.

These unaudited condensed consolidated interim financial statements are expressed in US dollars and have been prepared on a historical cost basis except for financial instruments that have been measured at fair value. In addition, these unaudited condensed consolidated interim financial statements have been prepared using the accrual basis of accounting on a going concern basis. The accounting policies set out below have been applied consistently to all periods presented in these unaudited condensed consolidated interim financial statements as if the policies have always been in effect.

Significant Accounting Judgments and Estimates

The Company’s management makes judgments in its process of applying the Company’s accounting policies to the preparation of its unaudited condensed consolidated interim financial statements. In addition, the preparation of financial data requires that the Company’s management make assumptions and estimates of the impacts on the carrying amounts of the Company’s assets and liabilities at the end of the reporting period from uncertain future events and on the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates and the resulting impacts on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively.

The critical judgments and estimates applied in the preparation of the Company’s unaudited condensed consolidated interim financial statements for the three months ended March 31, 2022, are consistent with those applied and disclosed in Note 2 to the Company’s audited consolidated financial statements for the year ended December 31, 2021.

Basis of Consolidation

The unaudited condensed consolidated interim financial statements include the accounts of the Company and its Mexican subsidiaries as follows:

Subsidiary	Ownership Interest	Jurisdiction	Nature of Operations
Oniva Silver and Gold Mines S.A. de C.V.	100%	Mexico	Mexican operations and administration
Nueva Vizcaya Mining, S.A. de C.V.	100%	Mexico	Mexican administration
Promotora Avino, S.A. de C.V. (“Promotora”)	79.09%	Mexico	Holding company
Compañía Minera Mexicana de Avino, S.A. de C.V. (“Avino Mexico”)	98.45% direct 1.22% indirect (Promotora) 99.67% effective	Mexico	Mining and exploration
La Luna Silver & Gold Mines Ltd.	100%	Canada	Holding company
La Preciosa Silver & Gold Mines Ltd.	100%	Canada	Holding company
Proyectos Mineros La Preciosa S.A. de C.V.	100%	Mexico	Mining and exploration
Cervantes LLP	100%	U.S.	Holding company

Intercompany balances and transactions, including unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the unaudited condensed consolidated interim financial statements.

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RECENT ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Mar. 31, 2022

Recent Accounting Pronouncements

3. RECENT ACCOUNTING PRONOUNCEMENTS

Application of new and revised accounting standards:

Property, Plant and Equipment — Proceeds before Intended Use (Amendments to IAS 16)

The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the cost of producing those items, in profit or loss. The amendments are applied on or after the first annual reporting period beginning on or after January 1, 2022, with early application permitted. The amendments are applied retrospectively, but only to items of property, plant and equipment that are brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after the beginning of the earliest period presented in the financial statements in which the Company first applies the amendments. This amendment will impact the Company’s accounting for proceeds from mineral sales prior to reaching commercial production at levels intended by management.

Future Changes in Accounting Policies Not Yet Effective as at March 31, 2022:

Certain new accounting standards and interpretations have been published that are not mandatory for the current period and have not been early adopted. These standards are not expected to have a material impact on the Company in the current or future reporting periods.

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ACQUISITION OF LA PRECIOSA

3 Months Ended

Mar. 31, 2022

Acquisition Of La Preciosa

4. ACQUISITION OF LA PRECIOSA

On March 21, 2022, the Company closed the acquisition with Coeur Mining Inc. (“Coeur”) of all of the issued and outstanding shares of Proyectos Mineros La Preciosa S.A de C.V, a Mexican corporation, and Cervantes LLC, a Delaware LLC, that together hold the La Preciosa property in Mexico (“La Preciosa”).

Total consideration paid to Coeur was comprised of:

a)	Cash consideration of $15.3 million paid;
b)	A promissory note for $5 million in favour of Coeur, payable without interest on or before March 21, 2023;
c)	14,000,000 common shares of Avino, with a value of 13.65 million on issuance;
d)	7,000,000 share purchase warrants with a total value at $2.24 million exercisable at $1.09 per share until September 21, 2023, representing a 25% premium to Avino’s 20-day volume weighted average trading price as of October 26, 2021;

Additionally, Avino issued the following consideration for which payment is contingent on a future event and due to acquisition date uncertainty these are valued at Nil. A liability for these contingent payments will be recognized when related activity and events occur.

e)	An additional cash payment of $8.75 million, to be paid no later than 12 months after initial production at La Preciosa, up to one-half of which may be paid in common shares of Avino (provided Coeur’s total shareholdings cannot exceed 19.9% of the Company’s total issued and outstanding shares);
f)	A 1.25% net smelter returns royalty on the Gloria and Abundancia areas of La Preciosa, and a 2.00% gross value royalty on all other areas of La Preciosa; and
g)	A payment of $0.25 per silver equivalent ounce (subject to inflationary adjustment) of new mineral reserves (as defined by NI 43-101) discovered and declared outside of the current mineral resource area at La Preciosa, subject to a cap of $50 million, and any such payments will be credited against any existing or future payments owing on the gross value royalty.

The transaction has been accounted for as an asset acquisition as La Preciosa is in the exploration and evaluation stage and had not demonstrated technical feasibility, commercial viability, or the ability to provide economic benefits. La Preciosa did not have the workforce, resources and/or reserves, mine plan, or financial resources to the meet the definition of a business for accounting purposes.

The purchase consideration has been assigned based on the relative fair values of the assets acquired and liabilities assumed and is summarized as follows:

Cash paid	$	15,301
Note payable		4,665
Common shares		13,650
Share purchase warrants		2,240
Total purchase consideration		35,856
Transaction costs		175
Total acquisition cost	$	36,031
Cash	$	168
Other current assets		1,121
Plant and equipment		1,621
Exploration and evaluation assets		33,449
Accounts payable		(328	)
Net assets acquired	$	36,031

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TAXES RECOVERABLE

3 Months Ended

Mar. 31, 2022

Taxes Recoverable

5. TAXES RECOVERABLE

The Company’s taxes recoverable consist of the Mexican I.V.A. (“VAT”) and income taxes recoverable and Canadian sales taxes (“GST/HST”) recoverable.

	March 31, 2022		December 31, 2021
VAT recoverable	$	1,573	$	790
GST recoverable		25		26
Income taxes recoverable		2,648		2,548
	$	4,246	$	3,364

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INVENTORY

3 Months Ended

Mar. 31, 2022

INVENTORY

Inventory

6. INVENTORY

	March 31, 2022		December 31, 2021
Process material stockpiles	$	1,356	$	1,083
Concentrate inventory		1,656		2,467
Materials and supplies		1,820		1,629
	$	4,832	$	5,179

The amount of inventory recognized as an expense for the three months ended March 31, 2022 totalled $6,598 (March 31, 2021 – $709). See Note 16 for further details.

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LONGTERM INVESTMENTS

3 Months Ended

Mar. 31, 2022

Long Term Investments

7. LONG-TERM INVESTMENTS

The Company classifies its long-term investments as designated at fair value through profit and loss under IFRS 9. Long-term investments are the three months ended March 31, 2022 are summarized as follows:

	Fair Value January 1,				Movements in foreign		Fair value adjustments			Fair Value March 31,
	2022		Net Additions		exchange		for the period			2022
Talisker Resources Common Shares	$	3,880	$	-	$	48	$	(689	)	$	3,239
Silver Wolf Exploration Ltd. Common Shares		59		31		-		3			93
	$	3,939	$	31	$	48	$	(686	)	$	3,332

During the three months ended March 31, 2022, the Company received 250,000 common shares as part of the terms in the Option Agreement with Silver Wolf Exploration Ltd,,. Upon acquisition, the fair value of these common shares and share purchase warrants were recorded as “Option Income” as a credit to exploration and evaluation assets (see Note 8). Any subsequent revaluation under IFRS 9 at fair value through profit and loss will be recorded as a gain or loss on long-term investments.

For the year ended December 31, 2021:

	Fair Value January 1,				Movements in foreign		Fair value adjustments			Fair Value December 31,
	2021		Net Additions		exchange		for the period			2021
Talisker Resources Common Shares	$	4,176	$	-	$	21	$	(317	)	$	3,880
Silver Wolf Exploration Ltd. Common Shares		-		109		2		(52	)		59
	$	4,176	$	109	$	23	$	(369	)	$	3,939

During the year ended December 31, 2021, the Company received 131,718 common shares as part of the terms in the Option Agreement with Silver Wolf Exploration Ltd., as well as 300,000 share purchase warrants at an exercise price of C$0.20. On October 21, 2021 the Company exercised the 300,000 share purchase warrants. Upon acquisition, the fair value of these common shares and share purchase warrants were recorded as “Option Income” as a credit to exploration and evaluation assets (see Note 8). Any subsequent revaluation under IFRS 9 at fair value through profit and loss will be recorded as a gain or loss on long-term investments.

See Note 8 for full details of the Option Agreement.

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EXPLORATION AND EVALUATION ASSETS

3 Months Ended

Mar. 31, 2022

Exploration And Evaluation Assets

8. EXPLORATION AND EVALUATION ASSETS

The Company has accumulated the following acquisition, exploration and evaluation costs which are not subject to depletion:

	Avino, Mexico			La Preciosa, Mexico		British Columbia & Yukon, Canada		Total
Balance, January 1, 2021	$	10,051		$	-	$	1	$	10,052
Costs incurred during 2021:
Drilling and exploration		1,047			-		-		1,047
Assessments and taxes		68			-		-		68
Effect of movements in exchange rates		3			-		-		3
Option income		(117	)		-		-		(117	)
Balance, December 31, 2021	$	11,052		$	-	$	1	$	11,053
Costs incurred during 2022:
Acquisition costs - Note 4		-			33,449		-		33,449
Drilling and exploration		123			-		-		123
Assessments and taxes		71			-		-		71
Effect of movements in exchange rates		14			-		-		14
Option income		(25	)		-		-		(25	)
Balance, March 31, 2022	$	11,235		$	33,449	$	1	$	44,685

Additional information on the Company’s exploration and evaluation properties by region is as follows:

(a) Avino, Mexico

The Company’s subsidiary Avino Mexico owns 42 mineral claims and leases four mineral claims in the state of Durango, Mexico. The Company’s mineral claims in Mexico are divided into the following four groups:

(i) Avino mine area property

The Avino mine area property is situated around the towns of Panuco de Coronado and San Jose de Avino and surrounding the historic Avino mine site. There are four exploration concessions covering 154.4 hectares, 24 exploitation concessions covering 1,284.7 hectares, and one leased exploitation concession covering 98.83 hectares. Within the Avino mine site area is the Company’s San Gonzalo Mine, which achieved production at levels intended by management as of October 1, 2012, and on this date accumulated exploration and evaluation costs were transferred to mining properties.

(ii) Gomez Palacio/Ana Maria property

The Ana Maria property is located near the town of Gomez Palacio, and consists of nine exploration concessions covering 2,549 hectares, and is also known as the Ana Maria property.

Option Agreement – Silver Wolf Exploration Ltd. (formerly Gray Rock Resources Ltd.) (“Silver Wolf”)

During the three months ended March 31, 2022, the Company was informed that Silver Wolf received TSX Venture Exchange approval on the previously-announced entrance into an option agreement to grant Silver Wolf the exclusive right to acquire a 100% interest in the Ana Maria and El Laberinto properties in Mexico (the “Option Agreement”). In exchange, Avino received Silver Wolf share purchase warrants to acquire 300,000 common shares of Silver Wolf at an exercise price of C$0.20 per share for a period of 36 months from the date of the TSX Venture Exchange’s final acceptance of the Option Agreement (the “Approval Date”). In order to exercise the option, Silver Wolf will:

1. Issue to Avino a total of C$600 in cash or common shares of Silver Wolf as follows:

a.	C$50 in common shares of Silver Wolf within 30 days of March 8, 2021 (received on March 26, 2021 – see Note 7 for details);
b.	A further C$50 in cash or shares of Silver Wolf at Avino’s discretion on or before March 8, 2023 (received on March 30, 2022 – See Note 7 for details);
c.	A further C$100 in cash or shares of Silver Wolf at Avino’s discretion on or before March 8, 2024;
d.	A further C$200 in cash or shares of Silver Wolf at Avino’s discretion on or before March 8, 2024; and
e.	A further C$200 in cash or shares of Silver Wolf at Avino’s discretion on or before March 8, 2025; and

2. Incur a total of C$750 in exploration expenditures on the properties, as follows:

a.	C$50 on or before March 8, 2022;
b.	A further C$100 on or before March 8, 2023; and
c.	A further C$600 on or before March 8, 2025.

Under the Option Agreement, all share issuances will be based on the average volume weighted trading price of Silver Wolf’s shares on the TSX Venture Exchange for the ten (10) trading days immediately preceding the date of issuance of the shares, and the shares will be subject to resale restrictions under applicable securities legislation for 4 months and a day from their date of issue.

The Option Agreement between the Company and Silver Wolf is considered a related party transaction as the two companies have directors in common.

(iii) Santiago Papasquiaro property

The Santiago Papasquiaro property is located near the village of Santiago Papasquiaro, and consists of four exploration concessions covering 2,552.6 hectares and one exploitation concession covering 602.9 hectares.

(iv) Unification La Platosa properties

The Unification La Platosa properties, consisting of three leased concessions in addition to the leased concession described in note (i) above, are situated within the Avino mine area property near the towns of Panuco de Coronado and San Jose de Avino and surrounding the Avino Mine.

In February 2012, the Company’s wholly-owned Mexican subsidiary entered into a new agreement with Minerales de Avino, S.A. de C.V. (“Minerales”) whereby Minerales has indirectly granted to the Company the exclusive right to explore and mine the La Platosa property known as the “ET zone”. The ET zone includes the Avino Mine, where production at levels intended by management was achieved on July 1, 2015.

Under the agreement, the Company has obtained the exclusive right to explore and mine the property for an initial period of 15 years, with the option to extend the agreement for another 5 years. In consideration of the granting of these rights, the Company issued 135,189 common shares with a fair value of C$250 during the year ended December 31, 2012.

The Company has agreed to pay to Minerales a royalty equal to 3.5% of net smelter returns (“NSR”). In addition, after the start of production, if the minimum monthly processing rate of the mine facilities is less than 15,000 tonnes, then the Company must pay to Minerales a minimum royalty equal to the applicable NSR royalty based on the processing at a monthly rate of 15,000 tonnes.

Minerales has also granted to the Company the exclusive right to purchase a 100% interest in the property at any time during the term of the agreement (or any renewal thereof), upon payment of $8 million within 15 days of the Company’s notice of election to acquire the property. The purchase would be subject to a separate purchase agreement for the legal transfer of the property.

(b) La Preciosa, Mexico

During the three months ended March 31, 2022, the Company received approval for the closing of the acquisition of the La Preciosa property from Coeur Mining Inc. (“Coeur”).

La Preciosa consists of 15 exploration concessions totaling 6,011 hectares located in Durango, Mexico, within the municipalities of Panuco de Coronado and Canatlan. The property is located within 20 kilometres of the Company’s current Avino mining operations.

For further details on the transaction, see Note 4.

(c) British Columbia, Canada

(i) Minto and Olympic-Kelvin properties

Subsequent to March 31, 2022, the Company has granted Endurance Gold Corporation the right to acquire an option to earn 100% ownership of the former Minto Gold Mine, Olympic and Kelvin gold prospects contained within a parcel of crown grant and mineral claims (the “Olympic Claims”).

Under the terms of the letter agreement, Endurance can earn a 100% interest in the Olympic Claims if they pay Avino a total cash consideration in the aggregate amount of C$100, issue up to a total of 1,500,000 common shares (“Shares”) of Endurance and incur exploration expenditures in the aggregate amount of C$300; all of which is to be incurred by December 31, 2024. In the event that Endurance earns the 100% interest, the Olympic Claims will be subject to a 2% net smelter return royalty (“NSR”), of which 1% NSR can be purchased by the Endurance for C$750 and the remaining balance of the NSR can be purchased for C$1,000.

As part of the final requirement to earn its interest, Endurance agreed to grant to Avino 750,000 share purchase warrants (“Warrants”) by December 31, 2024, that offer Avino the option to purchase additional shares in the Company for a period of three years from the date of issuance. The exercise price of the Warrants will be set at a 25% premium to the 20-day VWAP share price at the issuance date. During the Option, if Endurance is successful in defining a compliant mineral resource of at least 500,000 gold-equivalent ounces on the Olympic Claims then Endurance will be obliged to pay Avino a C$1,000 discovery bonus.

The Option agreement is subject to the TSX Venture Exchange acceptance, and any Shares or Warrants to be issued will be subject to a four-month hold period on issuance as per the policies of the TSX Venture Exchange.

(ii) Yukon, Canada

The Company has a 100% interest in 14 quartz leases located in the Mayo Mining Division of Yukon, Canada, which collectively comprise the Eagle property.

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NONCONTROLLING INTEREST

3 Months Ended

Mar. 31, 2022

Non-controlling Interest

9. NON-CONTROLLING INTEREST

At March 31, 2022, the Company had an effective 99.67% (December 31, 2021 - 99.67%) interest in its subsidiary Avino Mexico and the remaining 0.33% (December 31, 2021 - 0.33%) interest represents a non-controlling interest. The accumulated deficit and current period income attributable to the non-controlling interest are insignificant and accordingly have not been recognized in the unaudited condensed consolidated interim financial statements.

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PLANT EQUIPMENT AND MINING PROPERTIES

3 Months Ended

Mar. 31, 2022

Plant Equipment And Mining Properties

10. 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, 2021		13,149			563		347			12,955		17,483		11,263			55,760
Additions / Transfers		(113	)		31		(12	)		1,285		1,130		508			2,829
Effect of movements in exchange rates		2			1		-			-		-		7			10
Balance at December 31, 2021		13,038			595		335			14,240		18,613		11,778			58,599
Additions / Transfers		73			9		240			1,202		420		1,937			3,881
Effect of movements in exchange rates		8			4		-			-		-		(6	)		6
Balance at March 31, 2022		13,119			608		575			15,442		19,033		13,709			62,486
ACCUMULATED DEPLETION AND DEPRECIATION
Balance at January 1, 2021		8,643			187		256			4,907		5,297		1,624			20,914
Additions / Transfers		213			107		11			37		1,370		272			2,010
Effect of movements in exchange rates		-			-		-			-		-		-			-
Balance at December 31, 2021		8,856			294		267			4,944		6,667		1,896			22,924
Additions / Transfers		54			39		209			126		317		90			835
Effect of movements in exchange rates		-			-		-			-		-		-			-
Balance at March 31, 2022		8,910			333		476			5,070		6,984		1,986			23,759
NET BOOK VALUE
At March 31, 2022		4,209			275		99			10,372		12,049		11,723			38,727
At December 31, 2021		4,182			301		68			9,296		11,946		9,882			35,675
At January 1, 2021		4,506			376		91			8,048		12,186		9,639			34,846

Included in Buildings above are assets under construction of $6,798 as at March 31, 2022 (December 31, 2021 - $6,348) on which no depreciation was charged in the periods then ended. Once the assets are put into service, they will be transferred to the appropriate class of plant, equipment and mining properties.

As at March 31, 2022, plant, equipment and mining properties included a net carrying amount of $2,321 (December 31, 2021 - $1,306 for mining equipment and right of use assets under finance lease.

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RELATED PARTY TRANSACTIONS AND BALANCES

3 Months Ended

Mar. 31, 2022

Related Party Transactions And Balances

11. 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 months ended March 31, 2022 and 2021 is as follows:

	Three months ended March 31,
	2022		2021
Salaries, benefits, and consulting fees	$	439	$	235
Share‐based payments		157		488
	$	596	$	723

(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 related parties:

	March 31, 2022		December 31, 2021
Oniva International Services Corp.	$	108	$	107
Directors		43		56
	$	151	$	163

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 three months ended March 31, 2022, the Company paid $126 (March 31, 2021 - $59) to ICC.

(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. 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 during the three months ended March 31, 2022 and 2021 are summarized below:

	March 31, 2022		March 31, 2021
Salaries and benefits	$	220	$	191
Office and miscellaneous		97		105
	$	317	$	296

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NOTES PAYBLE

3 Months Ended

Mar. 31, 2022

Notes Payble Discloser

12. NOTE PAYABLE

On March 21, 2022, the Company closed the acquisition of the La Preciosa property from Coeur Mining Inc. (see Note 4 for further details). As part of the agreement, the Company issued a promissory note payable of $5 million due on or before March 21, 2023. The present value of the note payable was calculated using a discount interest rate of 6.71%.

The note is unsecured and non-interest bearing assuming that the note is repaid in full on or before March 21, 2023. If the note is not repaid by March 21, 2023, a sum of $1 million shall be added to the principal amount and the note shall bear interest at a rate of 7% per annum and will be payable on demand.

The continuity of the note payable is as follows:

	March 31,			December 31,
	2022			2021
Balance at beginning of the period	$	-		$	-
Additions		4,665			-
Repayments		-			-
Unwinding of fair value adjustment		9			-
Balance at end of the period		4,674			-
Less: Current portion		(4,674	)		-
Non-current portion	$	-		$	-

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WARRANT LIABILITY

3 Months Ended

Mar. 31, 2022

Warrant Liability

13. WARRANT LIABILITY

The Company’s warrant liability arises as a result of the issuance of warrants exercisable in US dollars. As the denomination is different from the Canadian dollar functional currency of the entity issuing the underlying shares, the Company recognizes a derivative liability for these warrants and re-measures the liability at the end of each reporting period using the Black-Scholes model. Changes in respect of the Company’s warrant liability are as follows:

	March 31, 2022			December 31, 2021
Balance at beginning of the period	$	741		$	2,295
Warrants issued		2,240			-
Fair value adjustment		(233	)		(1,581	)
Effect of movement in exchange rates		25			27
Balance at end of the period	$	2,773		$	741

Continuity of warrants during the periods is as follows:

	Underlying Shares			Weighted Average Exercise Price
Warrants outstanding and exercisable, January 1, 2021		2,980,774		$	0.80
Exercised		(1,030,362	)	$	0.80
Warrants outstanding and exercisable, December 31, 2021		1,950,412		$	0.80
Issued		7,000,000		$	1.09
Warrants outstanding and exercisable, March 31, 2022		8,950,412		$	1.03

			All Warrants Outstanding and Exercisable
Expiry Date	Exercise Price per Share		March 31, 2022		December 31, 2021
September 21, 2023	$	1.09		7,000,000		-
September 25, 2023	$	0.80		1,950,412		1,950,412
				8,950,412		1,950,412

As at March 31, 2022, the weighted average remaining contractual life of warrants outstanding was 1.48 years (December 31, 2021 – 1.73 years).

Valuation of the warrant liability requires the use of highly subjective estimates and assumptions including the expected stock price volatility. The expected volatility used in valuing warrants 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 warrant liability was calculated using the Black-Scholes model with the following weighted average assumptions and resulting fair values:

	March 31, 2022			December 31, 2021
Weighted average assumptions:
Risk-free interest rate		2.17	%		0.91	%
Expected dividend yield		0	%		0	%
Expected warrant life (years)		1.48			1.73
Expected stock price volatility		73.94	%		83.13	%
Weighted average fair value	$	0.34		$	0.38

During the three months ended March 31, 2022, the Company recorded no realized loss on the exercise of warrants (March 31, 2021 - $1,005, as result of the exercise of 912,562 warrants for the issuance of 912,562 common shares).

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RECLAMATION PROVISION

3 Months Ended

Mar. 31, 2022

RECLAMATION PROVISION

Reclamation Provision

14. RECLAMATION PROVISION

Management’s estimate of the reclamation provision at March 31, 2022, is $758 (December 31, 2021 – $726), and the undiscounted value of the obligation is $1,313 (December 31, 2021 – $1,252).

The present value of the obligation was calculated using a risk-free interest rate of 8.41% (December 31, 2021 – 7.78%) and an inflation rate of 7.36% (December 31, 2021 – 7.36%). Reclamation activities are estimated to begin in 2023 for the San Gonzalo Mine and in 2041 for the Avino Mine.

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

	March 31, 2022		December 31, 2021
Balance at beginning of the period	$	726	$	808
Changes in estimates		-		(105	)
Unwinding of discount related to continuing operations		10		47
Effect of movements in exchange rates		22		(24	)
Balance at end of the period	$	758	$	726

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SHARE CAPITAL AND SHAREBASED PAYMENTS

3 Months Ended

Mar. 31, 2022

Share Capital And Share-based Payments

15. SHARE CAPITAL AND SHARE-BASED PAYMENTS

(a)	Authorized: Unlimited common shares without par value.
(b)	Issued:

(i) During the three months ended March 31, 2021, the Company issued 14,000,000 common shares as part of the acquisition of La Preciosa from Coeur Mining Inc.. As a result, $13,650 was recorded to share capital, representing the closing price on the NYSE American on March 21, 2022, the date of the issuance and closing.

During the three months ended March 31, 2022, the Company issued 48,000 common shares following the exercise of 48,000 options. As a result, $46 was recorded to share capital, representing cash proceeds of $31 and the fair value upon issuance of $15.

(ii) During the year ended December 31, 2021, the Company issued 10,050,000 common shares in an at-the-market offering under prospectus supplement for gross proceeds of $19,020. The Company paid a 2.75% cash commission of $523 on gross proceeds, for net proceeds of $18,497, and incurred additional $400 in issuance costs during the period.

During the year ended December 31, 2021, the Company issued 1,030,362 common shares following the exercise of 1,030,362 warrants. As a result, $1,911 was recorded to share capital, representing cash proceeds of $824, fair value of the warrants on the date of exercise (see Note 14 for valuation methodology of $US denominated warrants) of $1,106, and movements in foreign exchange of $(19).

During the year ended December 31, 2021, the Company issued 264,000 common shares following the exercise of 264,000 options. As a result, $364 was recorded to share capital, representing cash proceeds of $237 and the fair value upon issuance of $127.

During the year ended December 31, 2021, the Company issued 1,330,167 common shares upon exercise of RSUs. As a result, $1,278 was recorded to share capital.

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, 2021		3,483,000		$	1.77
Exercised		(264,000	)	$	1.16
Expired		(360,000	)	$	2.95
Cancelled / Forfeited		(20,000	)	$	1.64
Stock options outstanding, December 31, 2021		2,839,000		$	1.68
Granted		2,365,000		$	1.20
Exercised		(48,000	)	$	0.79
Stock options outstanding, March 31, 2022		5,156,000		$	1.47
Stock options exercisable, March 31, 2022		2,791,000		$	1.70

The following table summarizes information about the stock options outstanding and exercisable at March 31, 2021:

			Outstanding				Exercisable
Expiry Date	Price (C$)		Number of Options		Weighted Average Remaining Contractual Life (Years)		Number of Options		Weighted Average Remaining Contractual Life (Years)
September 20, 2022	$	1.98		880,000		0.47		880,000		0.47
August 28, 2023	$	1.30		105,000		1.41		105,000		1.41
August 21, 2024	$	0.79		126,000		2.39		126,000		2.39
August 4, 2025	$	1.64		1,680,000		3.35		1,680,000		3.35
March 25, 2027	$	1.20		2,365,000		4.99		-		4.99
				5,156,000		3.55		2,791,000		2.33

Valuation of stock options requires the use of highly subjective 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:

	March 31, 2022			December 31, 2021
Weighted average assumptions:
Risk-free interest rate		2.49	%	-		%
Expected dividend yield		0	%	-		%
Expected warrant life (years)		5.00			-
Expected stock price volatility		59.97	%	-		%
Expected forfeiture rate		20	%	-		%
Weighted average fair value	$	0.63			-

During the three months ended March 31, 2022, the Company charged $32 (three months ended March 31, 2021 - $231) 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.

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, 2021		2,874,000		$	1.28
Exercised		(1,330,167	)	$	1.22
Cancelled / Forfeited		(104,356	)	$	1.54
RSUs outstanding, December 31, 2021		1,439,477		$	1.32
Granted		1,799,000		$	1.19
RSUs outstanding, March 31, 2022		3,238,477		$	1.25

The following table summarizes information about the RSUs outstanding at March 31, 2022:

Issuance Date	Price (C$)		Number of RSUs Outstanding
August 21, 2019	$	0.79		539,733
August 4, 2020	$	1.64		899,744
March 23, 2022	$	1.19		1,799,000
				3,238,477

During the three months ended March 31, 2022, 1,799,000 RSUs (year ended December 31, 2021 – Nil) were granted. The weighted average fair value at the measurement date was C$1.19, based on the TSX market price of the Company’s shares on the date the RSUs were granted.

During the three months ended March 31, 2022, the Company charged $168 (March 31, 2021 - $385) 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.

(e) Earnings (loss) per share:

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

	Three months ended March 31,
	2022		2021
Net income (loss) for the period	$	646	$	(1,818	)
Basic weighted average number of shares outstanding		103,819,481		96,204,148
Effect of dilutive share options, warrants, and RSUs		3,415,476		-
Diluted weighted average number of shares outstanding		107,234,957		96,204,148
Basic loss per share	$	0.01	$	(0.02	)
Diluted loss per share	$	0.01	$	(0.02	)

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REVENUE AND COST OF SALES

3 Months Ended

Mar. 31, 2022

Revenue And Cost Of Sales

16. REVENUE AND COST OF SALES

The Company’s revenues for the three months ended March 31, 2022 and 2021, are all attributable to Mexico, from shipments of concentrate from the Avino Mine, and processing of Historical Above Ground Stockpiles.

	March 31, 2022		March 31, 2021
Concentrate sales	$	9,789	$	-
Provisional pricing adjustments		1,261		29
	$	11,050	$	29

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. Stand-by costs consists of care and maintenance costs incurred during the work stoppage at the Avino Mine during the three months ended March 31, 2021.

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

	March 31, 2022		March 31, 2021
Production costs	$	5,847	$	-
Stand-by costs		-		246
Depreciation and depletion		459		463
	$	6,306	$	709

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GENERAL AND ADMINISTRATIVE EXPENSES

3 Months Ended

Mar. 31, 2022

General And Administrative Expenses

17. GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses on the condensed consolidated interim statements of operations consist of the following:

	March 31, 2022		March 31, 2021
Salaries and benefits	$	438	$	337
Office and miscellaneous		174		156
Management and consulting fees		116		155
Investor relations		52		24
Travel and promotion		10		8
Professional fees		208		143
Directors fees		41		42
Regulatory and compliance fees		47		40
Depreciation		30		29
	$	1,116	$	934

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COMMITMENTS

3 Months Ended

Mar. 31, 2022

Commitments

18. COMMITMENTS

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 11.

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:

	March 31, 2022		December 31, 2021
Not later than one year	$	94	$	96
Later than one year and not later than five years		336		330
Later than five years		454		462
	$	884	$	888

Office lease payments recognized as an expense during the three months ended March 31, 2022, totalled $16 (March 31, 2021 - $12).

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SUPPLEMENT CASH FLOW INFORMATION

3 Months Ended

Mar. 31, 2022

Supplement Cash Fow Information

19. SUPPLEMENTARY CASH FLOW INFORMATION

	March 31, 2022			March 31, 2021
Net change in non-cash working capital items:
Inventory	$	339		$	(74	)
Prepaid expenses and other assets		(327	)		(68	)
Taxes recoverable		210			(165	)
Taxes payable		(28	)		(7	)
Accounts payable and accrued liabilities		1,013			308
Amounts receivable		(1,394	)		(140	)
Amounts due to related parties		(15	)		(6	)
	$	(202	)	$	(152	)

	March 31, 2022		March 31, 2021
Interest paid	$	20	$	34
Taxes paid	$	-	$	136
Equipment acquired under finance leases and equipment loans	$	1,101	$	-

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FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2022

Financial Instruments

20. 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 term facility, 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 four (December 31, 2021 – two) counterparty (see Note 21). 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 March 31, 2022, no amounts were held as collateral.

(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 March 31, 2022, in the amount of $11,686 and working capital of $14,528 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 note payable and finance lease obligations are due within 12 months of the condensed consolidated interim 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 March 31, 2022, are summarized as follows:

	Total		Less Than 1 Year		1-5 years		More Than 5 Years
Accounts payable and accrued liabilities	$	4,609	$	4,609	$	-	$	-
Amounts due to related parties		151		151		-		-
Minimum rental and lease payments		884		94		336		454
Note payable		5,000		5,000		-		-
Finance lease obligations		1,936		771		1,165		-
Total	$	12,580	$	10,625	$	1,501	$	454

(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 exposed to interest rate risk primarily on its outstanding term facility, as the interest rate is subject to floating rates of interest. A 10% change in the interest rate would not a result in a material impact on the Company’s operations.

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:

	March 31, 2022						December 31, 2021
	MXN			CDN			MXN			CDN
Cash	$	3,096		$	1,039		$	3,576		$	1,450
Long-term investments		-			4,164			-			4,976
Reclamation bonds		-			6			-			6
Amounts receivable		499			31			-			33
Accounts payable and accrued liabilities		(12,574	)		(464	)		(57,604	)		(211	)
Due to related parties		-			(188	)		-			(206	)
Finance lease obligations		(2,766	)		(342	)		(1	)		(394	)
Net exposure		(11,745	)		4,246			(54,029	)		5,654
US dollar equivalent	$	(587	)	$	3,398		$	(2,363	)	$	4,054

Based on the net US dollar denominated asset and liability exposures as at March 31, 2022, a 10% fluctuation in the US/Mexican and Canadian/US exchange rates would impact the Company’s earnings for the three months ended March 31, 2022, by approximately $250 (year ended December 31, 2021 - $143). 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 March 31, 2022, 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 $84 (December 31, 2021 - $26).

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 March 31, 2022, a 10% change in market prices would have an impact on net earnings (loss) of approximately $333 (December 31, 2021 - $330).

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.

(d) Classification of Financial Instruments

IFRS 7 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 and financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as at March 31, 2022:

	Level 1		Level 2		Level 3
Financial assets
Cash	$	11,686	$	-	$	-
Amounts receivable		-		2,602		-
Long-term investments		3,332		-		-
Total financial assets	$	15,018	$	2,602	$	-
Financial liabilities
Warrant liability		-		-		(2,773	)
Total financial liabilities	$	-	$	-	$	(2,773	)

The Company uses Black-Scholes model to measure its Level 3 financial instruments. As at March 31, 2022, the Company’s Level 3 financial instruments consisted of the warrant liability.

For the Company’s warrant liability valuation and fair value adjustments during the three months ended March 31, 2022 and the year ended December 31, 2021, see Note 13.

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SEGMENTED INFORMATION

3 Months Ended

Mar. 31, 2022

SEGMENTED INFORMATION

Segmented Information

21. SEGMENTED INFORMATION

The Company’s revenues for the three months ended March 31, 2022 of $11,050 (March 31, 2021 - $29) are all attributable to Mexico, from shipments of concentrate produced by the Avino Mine and processed material from the Avino Historic Above Ground stockpiles.

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

	March 31, 2022			March 31, 2021
Silver	$	3,896		$	15
Gold		2,442			5
Copper		7,053			9
Penalties, treatment costs and refining charges		(2,344	)		-
Total revenue from mining operations	$	11,050		$	29

For the three months ended March 31, 2022, the Company had four customers (March 31, 2021 – one customer) that accounted for total revenues as follows:

	March 31, 2022			March 31, 2021
Customer #1	$	8,985		$	-
Customer #2		1,232			-
Customer #3		844			-
Customer #4		(11	)		29
Total revenue from mining operations	$	11,050		$	29

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

	March 31, 2022		December 31, 2021
Exploration and evaluation assets - Mexico	$	44,684	$	11,052
Exploration and evaluation assets - Canada		1		1
Total exploration and evaluation assets	$	44,685	$	11,053

	March 31, 2022		December 31, 2021
Plant, equipment, and mining properties - Mexico	$	38,444	$	35,390
Plant, equipment, and mining properties - Canada		283		285
Total plant, equipment, and mining properties	$	38,727	$	35,675

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SUBSEQUENT EVENT

3 Months Ended

Mar. 31, 2022

SEGMENTED INFORMATION

Subsequent Event

22. SUBSEQUENT EVENTS

Option agreement – Subsequent to March 31, 2022, the Company has granted Endurance Gold Corporation the right to acquire an option to earn 100% ownership of the former Minto Gold Mine, Olympic and Kelvin gold prospects contained within a parcel of crown grant and mineral claims (the “Olympic Claims”).

Under the terms of the letter agreement, Endurance can earn a 100% interest in the Olympic Claims if they pay Avino a total cash consideration in the aggregate amount of C$100, issue up to a total of 1,500,000 common shares (‘Shares’) of Endurance and incur exploration expenditures in the aggregate amount of C$300; all of which is to be incurred by December 31, 2024.

In the event that Endurance earns the 100% interest, the Olympic Claims will be subject to a 2% net smelter return royalty (“NSR”), of which 1% NSR can be purchased by the Endurance for C$750 and the remaining balance of the NSR can be purchased for C$1,000.

As part of the final requirement to earn its interest, Endurance agreed to grant to Avino 750,000 share purchase warrants (“Warrants”) by December 31, 2024, that offer Avino the option to purchase additional shares in the Company for a period of three years from the date of issuance. The exercise price of the Warrants will be set at a 25% premium to the 20-day VWAP share price at the issuance date. During the Option, if Endurance is successful in defining a compliant mineral resource of at least 500,000 gold-equivalent ounces on the Olympic Claims then Endurance will be obliged to pay Avino a C$1,000 discovery bonus.

The Option agreement is subject to the TSX Venture Exchange acceptance, and any Shares or Warrants to be issued will be subject to a four-month hold period on issuance as per the policies of the TSX Venture Exchange.

Share issuance for advisory services – Subsequent to March 31, 2022, the Company issued 1,075,000 common shares as settlement of accrued advisory services provided by Cantor Fitzgerald Canada Corporate for the completion of the acquisition of La Preciosa.

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BASIS OF PRESENTATION (Tables)

3 Months Ended

Mar. 31, 2022

Disclosure Of Detailed Information About The Accounts Of The Company And Its Canadian And Mexican Subsidiaries

Subsidiary	Ownership Interest	Jurisdiction	Nature of Operations
Oniva Silver and Gold Mines S.A. de C.V.	100%	Mexico	Mexican operations and administration
Nueva Vizcaya Mining, S.A. de C.V.	100%	Mexico	Mexican administration
Promotora Avino, S.A. de C.V. (“Promotora”)	79.09%	Mexico	Holding company
Compañía Minera Mexicana de Avino, S.A. de C.V. (“Avino Mexico”)	98.45% direct 1.22% indirect (Promotora) 99.67% effective	Mexico	Mining and exploration
La Luna Silver & Gold Mines Ltd.	100%	Canada	Holding company
La Preciosa Silver & Gold Mines Ltd.	100%	Canada	Holding company
Proyectos Mineros La Preciosa S.A. de C.V.	100%	Mexico	Mining and exploration
Cervantes LLP	100%	U.S.	Holding company

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ACQUISITION OF LA PRECIOSA (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of fair values of assets acquired and liabilities assumed

Cash paid	$	15,301
Note payable		4,665
Common shares		13,650
Share purchase warrants		2,240
Total purchase consideration		35,856
Transaction costs		175
Total acquisition cost	$	36,031
Cash	$	168
Other current assets		1,121
Plant and equipment		1,621
Exploration and evaluation assets		33,449
Accounts payable		(328	)
Net assets acquired	$	36,031

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TAXES RECEOVERABLE (Tables)

3 Months Ended

Mar. 31, 2022

Schedule Of Income Taxes Recoverable And Canadian Sales Taxes

	March 31, 2022		December 31, 2021
VAT recoverable	$	1,573	$	790
GST recoverable		25		26
Income taxes recoverable		2,648		2,548
	$	4,246	$	3,364

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INVENTORY (Tables)

3 Months Ended

Mar. 31, 2022

Schedule Of Inventory

	March 31, 2022		December 31, 2021
Process material stockpiles	$	1,356	$	1,083
Concentrate inventory		1,656		2,467
Materials and supplies		1,820		1,629
	$	4,832	$	5,179

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LONGTERM INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Schedule Of Long-term Investments

	Fair Value January 1,				Movements in foreign		Fair value adjustments			Fair Value March 31,
	2022		Net Additions		exchange		for the period			2022
Talisker Resources Common Shares	$	3,880	$	-	$	48	$	(689	)	$	3,239
Silver Wolf Exploration Ltd. Common Shares		59		31		-		3			93
	$	3,939	$	31	$	48	$	(686	)	$	3,332

	Fair Value January 1,				Movements in foreign		Fair value adjustments			Fair Value December 31,
	2021		Net Additions		exchange		for the period			2021
Talisker Resources Common Shares	$	4,176	$	-	$	21	$	(317	)	$	3,880
Silver Wolf Exploration Ltd. Common Shares		-		109		2		(52	)		59
	$	4,176	$	109	$	23	$	(369	)	$	3,939

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EXPLORATION AND EVALUATION ASSETS (Tables)

3 Months Ended

Mar. 31, 2022

Schedule Of Exploration And Evaluation Costs

	Avino, Mexico			La Preciosa, Mexico		British Columbia & Yukon, Canada		Total
Balance, January 1, 2021	$	10,051		$	-	$	1	$	10,052
Costs incurred during 2021:
Drilling and exploration		1,047			-		-		1,047
Assessments and taxes		68			-		-		68
Effect of movements in exchange rates		3			-		-		3
Option income		(117	)		-		-		(117	)
Balance, December 31, 2021	$	11,052		$	-	$	1	$	11,053
Costs incurred during 2022:
Acquisition costs - Note 4		-			33,449		-		33,449
Drilling and exploration		123			-		-		123
Assessments and taxes		71			-		-		71
Effect of movements in exchange rates		14			-		-		14
Option income		(25	)		-		-		(25	)
Balance, March 31, 2022	$	11,235		$	33,449	$	1	$	44,685

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PLANT EQUIPMENT AND MINING PROPERTIES (Tables)

3 Months Ended

Mar. 31, 2022

Schedule Of 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, 2021		13,149			563		347			12,955		17,483		11,263			55,760
Additions / Transfers		(113	)		31		(12	)		1,285		1,130		508			2,829
Effect of movements in exchange rates		2			1		-			-		-		7			10
Balance at December 31, 2021		13,038			595		335			14,240		18,613		11,778			58,599
Additions / Transfers		73			9		240			1,202		420		1,937			3,881
Effect of movements in exchange rates		8			4		-			-		-		(6	)		6
Balance at March 31, 2022		13,119			608		575			15,442		19,033		13,709			62,486
ACCUMULATED DEPLETION AND DEPRECIATION
Balance at January 1, 2021		8,643			187		256			4,907		5,297		1,624			20,914
Additions / Transfers		213			107		11			37		1,370		272			2,010
Effect of movements in exchange rates		-			-		-			-		-		-			-
Balance at December 31, 2021		8,856			294		267			4,944		6,667		1,896			22,924
Additions / Transfers		54			39		209			126		317		90			835
Effect of movements in exchange rates		-			-		-			-		-		-			-
Balance at March 31, 2022		8,910			333		476			5,070		6,984		1,986			23,759
NET BOOK VALUE
At March 31, 2022		4,209			275		99			10,372		12,049		11,723			38,727
At December 31, 2021		4,182			301		68			9,296		11,946		9,882			35,675
At January 1, 2021		4,506			376		91			8,048		12,186		9,639			34,846

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RELATED PARTY TRANSACTIONS AND BALANCES (Tables)

3 Months Ended

Mar. 31, 2022

Schedule Of Related Party Transactions With Oniva

	Three months ended March 31,
	2022		2021
Salaries, benefits, and consulting fees	$	439	$	235
Share‐based payments		157		488
	$	596	$	723

Schedule Of Related Party Transactions And Balances

	March 31, 2022		December 31, 2021
Oniva International Services Corp.	$	108	$	107
Directors		43		56
	$	151	$	163

Schedule Of Due To Related Parties

	March 31, 2022		March 31, 2021
Salaries and benefits	$	220	$	191
Office and miscellaneous		97		105
	$	317	$	296

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NOTE PAYABLE (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of note payable

	March 31,			December 31,
	2022			2021
Balance at beginning of the period	$	-		$	-
Additions		4,665			-
Repayments		-			-
Unwinding of fair value adjustment		9			-
Balance at end of the period		4,674			-
Less: Current portion		(4,674	)		-
Non-current portion	$	-		$	-

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WARRANT LIABILITY (Tables)

3 Months Ended

Mar. 31, 2022

Schedule Of Change In Warrant Liability

	March 31, 2022			December 31, 2021
Balance at beginning of the period	$	741		$	2,295
Warrants issued		2,240			-
Fair value adjustment		(233	)		(1,581	)
Effect of movement in exchange rates		25			27
Balance at end of the period	$	2,773		$	741

Schedule Of Warrants Outstanding And Exercisable

	Underlying Shares			Weighted Average Exercise Price
Warrants outstanding and exercisable, January 1, 2021		2,980,774		$	0.80
Exercised		(1,030,362	)	$	0.80
Warrants outstanding and exercisable, December 31, 2021		1,950,412		$	0.80
Issued		7,000,000		$	1.09
Warrants outstanding and exercisable, March 31, 2022		8,950,412		$	1.03

			All Warrants Outstanding and Exercisable
Expiry Date	Exercise Price per Share		March 31, 2022		December 31, 2021
September 21, 2023	$	1.09		7,000,000		-
September 25, 2023	$	0.80		1,950,412		1,950,412
				8,950,412		1,950,412

Schedule Of Fair Value Of Warrant Liability

	March 31, 2022			December 31, 2021
Weighted average assumptions:
Risk-free interest rate		2.17	%		0.91	%
Expected dividend yield		0	%		0	%
Expected warrant life (years)		1.48			1.73
Expected stock price volatility		73.94	%		83.13	%
Weighted average fair value	$	0.34		$	0.38

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RECLAMATION PROVISION (Tables)

3 Months Ended

Mar. 31, 2022

RECLAMATION PROVISION (Tables)

Reconciliation Of The Changes In The Company's Reclamation Provision

	March 31, 2022		December 31, 2021
Balance at beginning of the period	$	726	$	808
Changes in estimates		-		(105	)
Unwinding of discount related to continuing operations		10		47
Effect of movements in exchange rates		22		(24	)
Balance at end of the period	$	758	$	726

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SHARE CAPITAL AND SHAREBASED PAYMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Schedule Of Stock Options

	Underlying Shares			Weighted Average Exercise Price (C$)
Stock options outstanding, January 1, 2021		3,483,000		$	1.77
Exercised		(264,000	)	$	1.16
Expired		(360,000	)	$	2.95
Cancelled / Forfeited		(20,000	)	$	1.64
Stock options outstanding, December 31, 2021		2,839,000		$	1.68
Granted		2,365,000		$	1.20
Exercised		(48,000	)	$	0.79
Stock options outstanding, March 31, 2022		5,156,000		$	1.47
Stock options exercisable, March 31, 2022		2,791,000		$	1.70

Schedule Of Stock Options Outsanding And Exercisable

			Outstanding				Exercisable
Expiry Date	Price (C$)		Number of Options		Weighted Average Remaining Contractual Life (Years)		Number of Options		Weighted Average Remaining Contractual Life (Years)
September 20, 2022	$	1.98		880,000		0.47		880,000		0.47
August 28, 2023	$	1.30		105,000		1.41		105,000		1.41
August 21, 2024	$	0.79		126,000		2.39		126,000		2.39
August 4, 2025	$	1.64		1,680,000		3.35		1,680,000		3.35
March 25, 2027	$	1.20		2,365,000		4.99		-		4.99
				5,156,000		3.55		2,791,000		2.33

Schedule of fair value of the stock options was calculated using the Black-Scholes model

	March 31, 2022			December 31, 2021
Weighted average assumptions:
Risk-free interest rate		2.49	%	-		%
Expected dividend yield		0	%	-		%
Expected warrant life (years)		5.00			-
Expected stock price volatility		59.97	%	-		%
Expected forfeiture rate		20	%	-		%
Weighted average fair value	$	0.63			-

Schedule Of Rsu Outstanding

	Underlying Shares			Weighted Average Price (C$)
RSUs outstanding, January 1, 2021		2,874,000		$	1.28
Exercised		(1,330,167	)	$	1.22
Cancelled / Forfeited		(104,356	)	$	1.54
RSUs outstanding, December 31, 2021		1,439,477		$	1.32
Granted		1,799,000		$	1.19
RSUs outstanding, March 31, 2022		3,238,477		$	1.25

Schedule of fair value of options granted

Issuance Date	Price (C$)		Number of RSUs Outstanding
August 21, 2019	$	0.79		539,733
August 4, 2020	$	1.64		899,744
March 23, 2022	$	1.19		1,799,000
				3,238,477

Schedule Of Basic Earnings Per Share And Diluted Earnings Per Share

	Three months ended March 31,
	2022		2021
Net income (loss) for the period	$	646	$	(1,818	)
Basic weighted average number of shares outstanding		103,819,481		96,204,148
Effect of dilutive share options, warrants, and RSUs		3,415,476		-
Diluted weighted average number of shares outstanding		107,234,957		96,204,148
Basic loss per share	$	0.01	$	(0.02	)
Diluted loss per share	$	0.01	$	(0.02	)

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REVENUE AND COST OF SALES (Tables)

3 Months Ended

Mar. 31, 2022

Schedule Of Revenue

	March 31, 2022		March 31, 2021
Concentrate sales	$	9,789	$	-
Provisional pricing adjustments		1,261		29
	$	11,050	$	29

Schedule Of Cost Of Sales

	March 31, 2022		March 31, 2021
Production costs	$	5,847	$	-
Stand-by costs		-		246
Depreciation and depletion		459		463
	$	6,306	$	709

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GENERAL AND ADMINISTRATIVE EXPENSES (Tables)

3 Months Ended

Mar. 31, 2022

Schedule Of General And Administrative Expenses

	March 31, 2022		March 31, 2021
Salaries and benefits	$	438	$	337
Office and miscellaneous		174		156
Management and consulting fees		116		155
Investor relations		52		24
Travel and promotion		10		8
Professional fees		208		143
Directors fees		41		42
Regulatory and compliance fees		47		40
Depreciation		30		29
	$	1,116	$	934

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COMMITMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Schedule Of Commitments

	March 31, 2022		December 31, 2021
Not later than one year	$	94	$	96
Later than one year and not later than five years		336		330
Later than five years		454		462
	$	884	$	888

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SUPPLEMENT CASH FLOW INFORMATION (Tables)

3 Months Ended

Mar. 31, 2022

Schedule Of Supplement Cash Flow Information

	March 31, 2022			March 31, 2021
Net change in non-cash working capital items:
Inventory	$	339		$	(74	)
Prepaid expenses and other assets		(327	)		(68	)
Taxes recoverable		210			(165	)
Taxes payable		(28	)		(7	)
Accounts payable and accrued liabilities		1,013			308
Amounts receivable		(1,394	)		(140	)
Amounts due to related parties		(15	)		(6	)
	$	(202	)	$	(152	)

	March 31, 2022		March 31, 2021
Interest paid	$	20	$	34
Taxes paid	$	-	$	136
Equipment acquired under finance leases and equipment loans	$	1,101	$	-

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FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Schedule Of Contractual Obligations And Commitments

	Total		Less Than 1 Year		1-5 years		More Than 5 Years
Accounts payable and accrued liabilities	$	4,609	$	4,609	$	-	$	-
Amounts due to related parties		151		151		-		-
Minimum rental and lease payments		884		94		336		454
Note payable		5,000		5,000		-		-
Finance lease obligations		1,936		771		1,165		-
Total	$	12,580	$	10,625	$	1,501	$	454

Schedule Of Foreign Currency Risk

	March 31, 2022						December 31, 2021
	MXN			CDN			MXN			CDN
Cash	$	3,096		$	1,039		$	3,576		$	1,450
Long-term investments		-			4,164			-			4,976
Reclamation bonds		-			6			-			6
Amounts receivable		499			31			-			33
Accounts payable and accrued liabilities		(12,574	)		(464	)		(57,604	)		(211	)
Due to related parties		-			(188	)		-			(206	)
Finance lease obligations		(2,766	)		(342	)		(1	)		(394	)
Net exposure		(11,745	)		4,246			(54,029	)		5,654
US dollar equivalent	$	(587	)	$	3,398		$	(2,363	)	$	4,054

Schedule Of Fair Value On Recurring Basis

	Level 1		Level 2		Level 3
Financial assets
Cash	$	11,686	$	-	$	-
Amounts receivable		-		2,602		-
Long-term investments		3,332		-		-
Total financial assets	$	15,018	$	2,602	$	-
Financial liabilities
Warrant liability		-		-		(2,773	)
Total financial liabilities	$	-	$	-	$	(2,773	)

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SEGMENTED INFORMATION (Tables)

3 Months Ended

Mar. 31, 2022

Schedule Of Condensed Consolidated Interim Statements Of Operations

	March 31, 2022			March 31, 2021
Silver	$	3,896		$	15
Gold		2,442			5
Copper		7,053			9
Penalties, treatment costs and refining charges		(2,344	)		-
Total revenue from mining operations	$	11,050		$	29

Schedule Of Revenues From Customers

	March 31, 2022			March 31, 2021
Customer #1	$	8,985		$	-
Customer #2		1,232			-
Customer #3		844			-
Customer #4		(11	)		29
Total revenue from mining operations	$	11,050		$	29

Schedule Of Geographical Information Of Company's Non-current Assets

	March 31, 2022		December 31, 2021
Exploration and evaluation assets - Mexico	$	44,684	$	11,052
Exploration and evaluation assets - Canada		1		1
Total exploration and evaluation assets	$	44,685	$	11,053

	March 31, 2022		December 31, 2021
Plant, equipment, and mining properties - Mexico	$	38,444	$	35,390
Plant, equipment, and mining properties - Canada		283		285
Total plant, equipment, and mining properties	$	38,727	$	35,675

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BASIS OF PRESENTATION (Details)	3 Months Ended
	Mar. 31, 2022
Compania Minera Mexicana de Avino, S.A. de C.V. (Member)
Statement [Line Items]
Subsidiary	Compañía Minera Mexicana de Avino, S.A. de C.V. (“Avino Mexico”)
Jurisdiction	Mexico
Nature Of Operations	Mining and exploration
Oniva Silver And GoldMines SADeCV [Member]
Statement [Line Items]
Subsidiary	Oniva Silver and Gold Mines S.A. de C.V.
Jurisdiction	Mexico
Nature Of Operations	Mexican operations and administration
Ownership Interest	100.00%
Nueva Vizcaya Mining, S.A. de C.V. (Member)
Statement [Line Items]
Subsidiary	Nueva Vizcaya Mining, S.A. de C.V.
Jurisdiction	Mexico
Nature Of Operations	Mexican administration
Ownership Interest	100.00%
Promotora Avino, S.A. de C.V. (Member)
Statement [Line Items]
Subsidiary	Promotora Avino, S.A. de C.V. (“Promotora”)
Jurisdiction	Mexico
Nature Of Operations	Holding company
Ownership Interest	79.09%
La Luna Silver & Gold Mines Ltd. (Member)
Statement [Line Items]
Subsidiary	La Luna Silver & Gold Mines Ltd.
Jurisdiction	Canada
Nature Of Operations	Holding company
Ownership Interest	100.00%
La Preciosa Silver & Gold Mines Ltd.(Member)
Statement [Line Items]
Subsidiary	La Preciosa Silver & Gold Mines Ltd.
Jurisdiction	Canada
Nature Of Operations	Holding company
Ownership Interest	100.00%
Proyectos Mineros La Preciosa S.A. de C.V. (Member)
Statement [Line Items]
Subsidiary	Proyectos Mineros La Preciosa S.A. de C.V.
Jurisdiction	Mexico
Nature Of Operations	Mining and exploration
Ownership Interest	100.00%
Cervantes LLP (Member)
Statement [Line Items]
Subsidiary	Cervantes LLP
Jurisdiction	U.S.
Nature Of Operations	Holding company
Ownership Interest	100.00%
Compania Minera Mexicana de Avino, S.A. de C.V. Direct (Member)
Statement [Line Items]
Ownership Interest	98.45%
Compania Minera Mexicana de Avino, S.A. de C.V. Indirect (Member)
Statement [Line Items]
Ownership Interest	1.22%
Compania Minera Mexicana de Avino, S.A. de C.V. Effective (Member)
Statement [Line Items]
Ownership Interest	99.67%

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ACQUISITION OF LA PRECIOSA (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ACQUISITION OF LA PRECIOSA (Details)
Cash Paid	$ 15,301
Note Payable	4,665
Common Shares	13,650
Share Purchase Warrants	2,240
Total Purchase Consideration	35,856
Transaction Costs	175
Total Acquisition Cost	36,031
Cash	168	$ 24,765	$ 11,713
Other Current Assets	1,121
Plant And Equipment	1,621
Exploration And Evaluation Assets	33,449
Accounts Payable	(328)
Net Assets Acquired	$ 36,031

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ACQUISITION OF LA PRECIOSA (Details Narrative) $ / shares in Units, $ in Thousands, $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2022 CAD ($) shares	Mar. 31, 2022 USD ($) $ / shares shares
Statement [Line Items]
Inflationary Adjustment Description		A payment of $0.25 per silver equivalent ounce (subject to inflationary adjustment) of new mineral reserves (as defined by NI 43-101) discovered and declared outside of the current mineral resource area at La Preciosa, subject to a cap of $50 million, and any such payments will be credited against any existing or future payments owing on the gross value royalty.
Avino
Statement [Line Items]
Cash Consideration	$ 100
Warrants Purchase | shares	750,000
Warrants Premium	25.00%
Common Stock Shares Issuance, Shares | shares		14,000,000
Common Shares Issuance, Value		$ 13,650
La Preciosa Silver & Gold Mines Ltd.(Member)
Statement [Line Items]
Royalty Returns		2.00%
Gloria and Abundancia
Statement [Line Items]
Royalty Returns		1.25%
Coeur
Statement [Line Items]
Cash Consideration		$ 15,300
Promissory Note		$ 5,000
Warrants Purchase | shares		7,000,000
Warrants Value		$ 2,240
Warrants Exercisable Price Per Shares | $ / shares		$ 1.09
Warrants Premium		25.00%
Additional Cash Payment		$ 8,750

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TAXES RECOVERABLE (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Vat Recoverable	$ 1,573	$ 790
Gst Recoverable	25	26
Income Taxes Recoverable	2,648	2,548
Total Taxes Recoverable	$ 4,246	$ 3,364

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INVENTORY (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Process Material Stockpiles	$ 1,356	$ 1,083
Concentrate Inventory	1,656	2,467
Materials And Supplies	1,820	1,629
Inventories	$ 4,832	$ 5,179

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INVENTORY (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cost Of Sales	$ 6,598	$ 709

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LONG TERM INVESTMENTS (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement [Line Items]
Fair Value Of Long Term Investments, Beginning Balance	$ 3,939,000	$ 4,176,000
Net Additions And (warrants Exercised)	31,000	109,000
Movements In Foreign Exchange	48,000	23,000
Fair Value Adjustments For The Period	(686,000)	(369,000)
Fair Value Of Long Term Investments, Ending Balance	3,332,000	3,939,000
Talisker Resources Ltd [Member] | Common Shares [Member]
Statement [Line Items]
Fair Value Of Long Term Investments, Beginning Balance	3,880,000	4,176,000
Net Additions And (warrants Exercised)	0	0
Movements In Foreign Exchange	48,000	21,000
Fair Value Adjustments For The Period	(689,000)	(317,000)
Fair Value Of Long Term Investments, Ending Balance	3,239,000	3,880,000
Silver Wolf Exploration Ltd. [Member] | Common Share [Member]
Statement [Line Items]
Fair Value Of Long Term Investments, Beginning Balance	59,000	0
Net Additions And (warrants Exercised)	31,000	109,000
Movements In Foreign Exchange	0	2,000
Fair Value Adjustments For The Period	3,000	(52,000)
Fair Value Of Long Term Investments, Ending Balance	$ 93,000	$ 59,000

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LONGTERM INVESTMENTS (Details Narrative) - Silver Wolf Exploration Ltd. [Member] - $ / shares	Mar. 31, 2022	Dec. 31, 2021	Mar. 26, 2021
Common Share [Member]
Statement [Line Items]
Exercise Price Per Share		$ 0.20
Common Stock Shares Purchased	250,000	131,718
Warrants [Member]
Statement [Line Items]
Exercise Price Per Share		$ 0.20	$ 0.20
Common Stock Shares Purchased		300,000	300,000

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EXPLORATION AND EVALUATION ASSETS (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Beginning, Balance	$ 11,053,000	$ 10,052,000
Acquisition Costs	33,449,000
Drilling And Exploration	123,000	1,047,000
Assessments And Taxes	71,000	68,000
Effect Of Movements In Exchange Rates	14,000	3,000
Option Income	(25,000)	(117,000)
Ending, Balance	44,685,000	11,053,000
Avino, Mexico [Member]
Statement [Line Items]
Drilling And Exploration	123,000	1,047,000
Assessments And Taxes	71,000	68,000
Effect Of Movements In Exchange Rates	14,000	3,000
Option Income	(25,000)	(117,000)
Beginning Balance	11,052,000	10,051,000
Ending Balance	11,235,000	11,052,000
La Preciosa, Mexico [Member]
Statement [Line Items]
Acquisition Costs	33,449,000
Drilling And Exploration	0	0
Assessments And Taxes	0	0
Effect Of Movements In Exchange Rates	0	0
Option Income	0	0
Beginning Balance	0	0
Ending Balance	33,449,000	0
British Columbia & Yukon, Canada [Member]
Statement [Line Items]
Drilling And Exploration	0	0
Assessments And Taxes	0	0
Effect Of Movements In Exchange Rates	0	0
Option Income	0	0
Beginning Balance	1,000	1,000
Ending Balance	$ 1,000	$ 1,000

XML

EXPLORATION AND EVALUATION ASSETS (Details Narrative) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022 USD ($) a integer $ / shares shares	Mar. 31, 2021 shares	Dec. 31, 2021 USD ($)	Dec. 31, 2012 CAD ($) shares	Dec. 31, 2020 USD ($)
Statement [Line Items]
Letter Agreement Description	Endurance can earn a 100% interest in the Olympic Claims if they pay Avino a total cash consideration in the aggregate amount of C$100, issue up to a total of 1,500,000 common shares (“Shares”) of Endurance and incur exploration expenditures in the aggregate amount of C$300; all of which is to be incurred by December 31, 2024. In the event that Endurance earns the 100% interest, the Olympic Claims will be subject to a 2% net smelter return royalty (“NSR”), of which 1% NSR can be purchased by the Endurance for C$750 and the remaining balance of the NSR can be purchased for C$1,000.
Warrants Acquire Shares Purchase | shares	107,234,957	96,204,148
Avino, Mexico [Member]
Statement [Line Items]
Exploration Expenditures Properties	$ 11,235,000		$ 11,052,000		$ 10,051,000
Ownership Percentage	99.67%		99.67%
Warrants Purchase | shares	750,000
Warrants Premium	25.00%
Option Description	Endurance is successful in defining a compliant mineral resource of at least 500,000 gold-equivalent ounces on the Olympic Claims then Endurance will be obliged to pay Avino a C$1,000 discovery bonus.
Number Of Mineral Claims On Lease | integer	4
Number Of Mineral Claims Owned By Avino Mexico | integer	42
La Preciosa, Mexico [Member]
Statement [Line Items]
Exploration Expenditures Properties	$ 33,449,000		$ 0		$ 0
Area Of Exploitation Concessions | a	6,011
Number Of Exploitation Concessions | integer	15
Durango, Mexico [Member] | Santiago Papasquiaro property [Member]
Statement [Line Items]
Area Of Exploitation Concessions | a	2,552.6
Number Of Exploitation Concessions | integer	4
Durango, Mexico [Member] | Unification La Platosa properties [Member]
Statement [Line Items]
Description For Exploration Period	the Company has obtained the exclusive right to explore and mine the property for an initial period of 15 years, with the option to extend the agreement for another 5 years.
Exploration And Mining Rights Acquisition Consideration Transferred, Shares Issued | shares				135,189
Exploration And Mining Rights Acquisition Consideration Transferred Shares Issued, Value				$ 250
Durango, Mexico [Member] | Unification La Platosa properties [Member] | Minerales [Member]
Statement [Line Items]
Description Of Royalty Terms	The Company has agreed to pay to Minerales a royalty equal to 3.5% of net smelter returns (“NSR”). In addition, after the start of production, if the minimum monthly processing rate of the mine facilities is less than 15,000 tonnes, then the Company must pay to Minerales a minimum royalty equal to the applicable NSR royalty based on the processing at a monthly rate of 15,000 tonnes.
Description For Exclusive Right Acquisition Under Agreement	Minerales has also granted to the Company the exclusive right to purchase a 100% interest in the property at any time during the term of the agreement (or any renewal thereof), upon payment of $8 million within 15 days of the Company’s notice of election to acquire the property. The purchase would be subject to a separate purchase agreement for the legal transfer of the property.
Durango, Mexico [Member] | 9 Concessions [Member] | Gomez Palacio property [Member]
Statement [Line Items]
Area Of Exploitation Concessions | a	2,549
Number Of Exploitation Concessions | integer	9
Durango, Mexico [Member] | Concessions One [Member] | Santiago Papasquiaro property [Member]
Statement [Line Items]
Area Of Exploitation Concessions | a	602.9
Number Of Exploitation Concessions | integer	1
Avino Mine Area Property [Member] | Durango, Mexico [Member] | 4 Concessions [Member]
Statement [Line Items]
Area Of Exploitation Concessions | a	154.4
Number Of Exploitation Concessions | integer	4
Avino Mine Area Property [Member] | Durango, Mexico [Member] | 1 Concessions [Member]
Statement [Line Items]
Area Of Exploitation Concessions | a	98.83
Number Of Exploitation Concessions | integer	1
Avino Mine Area Property [Member] | Durango, Mexico [Member] | 24 Concessions [Member]
Statement [Line Items]
Area Of Exploitation Concessions | a	1,284.7
Number Of Exploitation Concessions | integer	24
Eagle property option agreement [Member] | Mayo Mining Division [Member] | Yukon, Canada [Member]
Statement [Line Items]
Terms Of Agreement	The Company has a 100% interest in 14 quartz leases located in the Mayo Mining Division of Yukon, Canada, which collectively comprise the Eagle property.
Silver Wolf Exploration Ltd. [Member]
Statement [Line Items]
Common Stock Shares Issued Value	$ 50,000
Exploration Expenditures Properties	750,000
Silver Wolf Exploration Ltd. [Member] | Option Agreement [Member]
Statement [Line Items]
Common Stock Shares Issued Value	$ 600,000
Warrants Acquire Shares Purchase | shares	300,000
Exercise Price | $ / shares	$ 0.20
Ownership Percentage	100.00%
Silver Wolf Exploration Ltd. [Member] | First Anniversary [Member]
Statement [Line Items]
Common Stock Shares Issued Value	$ 50,000
Exploration Expenditures Properties	50,000
Silver Wolf Exploration Ltd. [Member] | Second Anniversary [Member]
Statement [Line Items]
Common Stock Shares Issued Value	100,000
Exploration Expenditures Properties	100,000
Silver Wolf Exploration Ltd. [Member] | Third Anniversary [Member]
Statement [Line Items]
Common Stock Shares Issued Value	200,000
Silver Wolf Exploration Ltd. [Member] | Fourth Anniversary [Member]
Statement [Line Items]
Common Stock Shares Issued Value	200,000
Exploration Expenditures Properties	$ 600,000

XML

NONCONTROLLING INTEREST (Details Narrative) - Avino, Mexico [Member]	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Ownership Interest, Percentage	99.67%	99.67%
Non-controlling Interest	0.33%	0.33%

XML

PLANT EQUIPMENT AND MINING PROPERTIES (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Beginning Balance	$ 58,599,000	$ 55,760,000
Additions/ Transfers	3,881,000	2,829,000
Effect Of Movements In Exchange Rates	6,000	10,000
Ending Balance	62,486,000	58,599,000
Accumulated Depletion And Depreciation, Beginning Balance	22,924,000	20,914,000
Accumulated Depletion And Depreciation, Additions / Transfers	835,000	2,010,000
Accumulated Depletion And Depreciation, Effect Of Movements In Exchange Rates	0	0
Accumulated Depletion And Depreciation, Ending Balance	23,759,000	22,924,000
Plant, Equipment And Mining Properties	38,727,000	35,675,000
Office equipment, furniture, and fixtures [Member]
Statement [Line Items]
Beginning Balance	595,000	563,000
Effect Of Movements In Exchange Rates	4,000	1,000
Ending Balance	608,000	595,000
Accumulated Depletion And Depreciation, Beginning Balance	294,000	187,000
Accumulated Depletion And Depreciation, Additions / Transfers	39,000	107,000
Accumulated Depletion And Depreciation, Effect Of Movements In Exchange Rates	0	0
Accumulated Depletion And Depreciation, Ending Balance	333,000	294,000
Plant, Equipment And Mining Properties	275,000	301,000
Additions / Transfers	9,000	31,000
Mine machinery and transportation equipment [Member]
Statement [Line Items]
Beginning Balance	14,240,000	12,955,000
Ending Balance	15,442,000	14,240,000
Accumulated Depletion And Depreciation, Beginning Balance	4,944,000	4,907,000
Accumulated Depletion And Depreciation, Additions / Transfers	126,000	37,000
Accumulated Depletion And Depreciation, Effect Of Movements In Exchange Rates	0	0
Accumulated Depletion And Depreciation, Ending Balance	5,070,000	4,944,000
Plant, Equipment And Mining Properties	10,372,000	9,296,000
Effect Of Movements In Exchange Rates	0	0
Additions / Transfers	1,202,000	1,285,000
Mill machinery and processing equipment [Member]
Statement [Line Items]
Beginning Balance	18,613,000	17,483,000
Ending Balance	19,033,000	18,613,000
Accumulated Depletion And Depreciation, Beginning Balance	6,667,000	5,297,000
Accumulated Depletion And Depreciation, Additions / Transfers	317,000	1,370,000
Accumulated Depletion And Depreciation, Effect Of Movements In Exchange Rates	0	0
Accumulated Depletion And Depreciation, Ending Balance	6,984,000	6,667,000
Plant, Equipment And Mining Properties	12,049,000	11,946,000
Effect Of Movements In Exchange Rates	0	0
Additions / Transfers	420,000	1,130,000
Mining Property [Member]
Statement [Line Items]
Beginning Balance	13,038,000	13,149,000
Additions/ Transfers	73,000	(113,000)
Ending Balance	13,119,000	13,038,000
Accumulated Depletion And Depreciation, Beginning Balance	8,856,000	8,643,000
Accumulated Depletion And Depreciation, Additions / Transfers	54,000	213,000
Accumulated Depletion And Depreciation, Effect Of Movements In Exchange Rates	0	0
Accumulated Depletion And Depreciation, Ending Balance	8,910,000	8,856,000
Plant, Equipment And Mining Properties	4,209,000	4,182,000
Effect Of Movements In Exchange Rates	8,000	2,000
Computer equipment [member]
Statement [Line Items]
Beginning Balance	335,000	347,000
Ending Balance	575,000	335,000
Accumulated Depletion And Depreciation, Beginning Balance	267,000	256,000
Accumulated Depletion And Depreciation, Additions / Transfers	209,000	11,000
Accumulated Depletion And Depreciation, Effect Of Movements In Exchange Rates	0	0
Accumulated Depletion And Depreciation, Ending Balance	476,000	267,000
Plant, Equipment And Mining Properties	99,000	68,000
Effect Of Movements In Exchange Rates	0	0
Additions / Transfers	240,000	(12,000)
Buildings and construction in process [Member]
Statement [Line Items]
Beginning Balance	11,778,000	11,263,000
Ending Balance	13,709,000	11,778,000
Accumulated Depletion And Depreciation, Beginning Balance	1,896,000	1,624,000
Accumulated Depletion And Depreciation, Additions / Transfers	90,000	272,000
Accumulated Depletion And Depreciation, Effect Of Movements In Exchange Rates	0	0
Accumulated Depletion And Depreciation, Ending Balance	1,986,000	1,896,000
Plant, Equipment And Mining Properties	11,723,000	9,882,000
Effect Of Movements In Exchange Rates	(6,000)	7,000
Additions / Transfers	$ 1,937,000	$ 508,000

XML

PLANT EQUIPMENT AND MINING PROPERTIES (Details Narrative) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
PLANT EQUIPMENT AND MINING PROPERTIES (Details)
Assets Under Construction	$ 6,798,000	$ 6,348,000
Property Plant Equipment, Net Carrying Amount	$ 2,321	$ 1,306

XML

RELATED PARTY TRANSACTIONS AND BALANCES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Salaries, Benefits, And Consulting Fees	$ 439	$ 235
Share-based Payments	157	488
Total Key Management Personnel Compensation	$ 596	$ 723

XML

RELATED PARTY TRANSACTIONS AND BALANCES (Details 1) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Silver Wolf Exploration Ltd. [Member]
Statement [Line Items]
Due To Related Parties	$ 151	$ 163
Oniva International Services Corp. [Member]
Statement [Line Items]
Due To Related Parties	108	107
Directors [Member]
Statement [Line Items]
Due To Related Parties	$ 43	$ 56

XML

RELATED PARTY TRANSACTIONS AND BALANCES (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement [Line Items]
Salaries And Benefits	$ 439	$ 235
Office And Miscellaneous	174	156
Oniva International Services Corp. [Member]
Statement [Line Items]
Salaries And Benefits	220	191
Office And Miscellaneous	97	105
Total Cost	$ 317	$ 296

XML

RELATED PARTY TRANSACTIONS AND BALANCES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement [Line Items]
Salaries, Benefits, And Consulting Fees	$ 439	$ 235
ICC [Member]
Statement [Line Items]
Salaries, Benefits, And Consulting Fees	$ 126	$ 59

XML

NOTE PAYABLE (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Note Payable At Beginning Of The Period	$ 0	$ 0
Additions	4,665
Repayments	0	0
Unwinding Of Fair Value Adjustment	9	0
Note Payable At Ending Of The Period	4,674	0
Less: Current Portion	(4,674)	0
Non-current Portion	$ 0	$ 0

XML

NOTE PAYABLE (Details Narrative) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Discount Interest Rate	6.71%
Promissory Note Payable Issued	$ 5
Bear Interest Rate	7.00%
Increasing Principal Amount	$ 1

XML

WARRANT LIABILITY (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Balance At Beginning Of The Year	$ 680,000
Balance At End Of The Year	1,123,000	$ 680,000
Warrants [Member]
Statement [Line Items]
Balance At Beginning Of The Year	741,000	2,295,000
Warrants Issued	2,240	0
Fair Value Adjustment	(233,000)	(1,581,000)
Effect Of Movement In Exchange Rates	25,000	27,000
Balance At End Of The Year	$ 2,773,000	$ 741,000

XML

WARRANT LIABILITY (Details 1) - Warrants [Member] - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Outstanding And Exercisable Underlying Shares, Beginning	1,950,412	2,980,774
Warrants Exercised, Underlying Share		$ (1,030,362)
Warrants Issued, Underlying Shares	7,000,000
Outstanding And Exercisable Underlying Shares, Ending	8,950,412	1,950,412
Outstanding And Exercisable Weighted Average Exercise Price, Beginning	$ 0.80	$ 0.80
Warrants Excersied Weighte Average Exercised		0.80
Warrants Issued, Weighted Average Exercised	1.09
Outstanding And Exercisable Weighted Average Exercise Price, Ending	$ 1.03	$ 0.80

XML

WARRANT LIABILITY (Details 2) - $ / shares	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Warrants Outstanding And Exercisable	8,950,412	1,950,412
September 25, 2023 [Member]
Statement [Line Items]
Warrants Outstanding And Exercisable	1,950,412	1,950,412
Expiry Date	Sep. 25, 2023
Exercise Price	$ 0.80
September 21, 2023 [Member]
Statement [Line Items]
Warrants Outstanding And Exercisable	7,000,000
Expiry Date	Sep. 21, 2023
Exercise Price	$ 1.09

XML

WARRANT LIABILITY (Details 3) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Weighted Average Assumptions:
Risk-free Interest Rate	2.17%	0.91%
Expected Dividend Yield	0.00%	0.00%
Expected Option Life (years)	1 year 5 months 23 days	1 year 8 months 23 days
Expected Stock Price Volatility	73.94%	83.13%
Weighted Average Fair Value	$ 0.34	$ 0.38

XML

WARRANT LIABILITY (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Weighted Average Remaining Contractual Life (years)	1 year 5 months 23 days		1 year 8 months 23 days
Realized Loss On The Exercise Of Warrants		$ 1,005
Warrants Exercised	912,562
Issuance Of Common Shares	912,562

XML

RECLAMATION PROVISION (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Balance At Beginning Of The Year	$ 726	$ 808
Changes In Estimates	0	(105)
Unwinding Of Discount Related To Continuing Operations	10	47
Effect Of Movements In Exchange Rates	22	(24)
Balance At End Of The Year	$ 758	$ 726

XML

RECLAMATION PROVISION (Details Narrative) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Management's estimate one [Member]
Statement [Line Items]
Risk Free Interest Rate	8.41%	7.78%
Inflation Rate	7.36%	7.36%
Management's Estimate [Member]
Statement [Line Items]
Reclamation Provision	$ 758	$ 726
Reclamation Provision Undiscounted Value	$ 1,313	$ 1,252

XML

SHARE CAPITAL AND SHAREBASED PAYMENTS (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Outstanding And Exercisable Underlying Shares, Beginning	1,950,412
Stock options [Member]
Statement [Line Items]
Outstanding And Exercisable Underlying Shares, Beginning	2,839,000	3,483,000
Granted	2,365,000
Cancelled / Forfeited		(20,000)
Expired		(360,000)
Exercised	(48,000)	(264,000)
Stock Options Outstanding, Ending	5,156,000	2,839,000
Stock Options Exercisable	2,791,000
Outstanding And Exercisable Weighted Average Exercise Price, Beginning	$ 1.68	$ 1.77
Weighted Average Exercise Price, Granted	1.20
Weighted Average Exercise Price, Expired		2.95
Weighted Average Exercise Price, Exercised	0.79	1.16
Weighted Average Exercise Price, Cancelled / Forfeited		1.64
Outstanding And Exercisable Weighted Average Exercise Price, Ending	1.47	$ 1.68
Weighted Average Exercise Price, Stock Options Exercisable	$ 1.70

XML

SHARE CAPITAL AND SHAREBASED PAYMENTS (Details 1) - Stock options [Member]	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Statement [Line Items]
Stock Options Exercisable	2,791,000
Stock Options Outstanding	5,156,000
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable	2.33
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding	3.55
September 20, 2022 [Member]
Statement [Line Items]
Expiry Date	Sep. 20, 2022
Stock Options Exercisable	880,000
Exercise Price | $ / shares	$ 1.98
Stock Options Outstanding	880,000
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable	0.47
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding	0.47
August 28, 2023 [Member]
Statement [Line Items]
Expiry Date	Aug. 28, 2023
Stock Options Exercisable	105,000
Exercise Price | $ / shares	$ 1.30
Stock Options Outstanding	105,000
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable	1.41
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding	1.41
August 21, 2024 [Member]
Statement [Line Items]
Expiry Date	Aug. 21, 2024
Stock Options Exercisable	126,000
Exercise Price | $ / shares	$ 0.79
Stock Options Outstanding	126,000
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable	2.39
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding	2.39
March 25, 2027 [Member]
Statement [Line Items]
Expiry Date	Mar. 25, 2027
Exercise Price | $ / shares	$ 1.20
Stock Options Outstanding	2,365,000
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable	4.99
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding	4.99
August 4, 2025 [Member]
Statement [Line Items]
Expiry Date	Aug. 04, 2025
Stock Options Exercisable	1,680,000
Exercise Price | $ / shares	$ 1.64
Stock Options Outstanding	1,680,000
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable	3.35
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding	3.35

XML

SHARE CAPITAL AND SHAREBASED PAYMENTS (Details 2) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Weighted Average Fair Value	$ 0.34	$ 0.38
Stock options [Member]
Statement [Line Items]
Risk-free Interest Rate	2.49%
Expected Dividend Yield	0.00%
Expected Warrant Life (years)	5 years
Expected Stock Price Volatility	59.97%
Expected Forfeiture Rate	20.00%
Weighted Average Fair Value	$ 0.63	$ 0

XML

SHARE CAPITAL AND SHAREBASED PAYMENTS (Detail 3) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Outstanding And Exercisable Underlying Shares, Beginning	1,950,412
Outstanding And Exercisable Underlying Shares, Ending	8,950,412	1,950,412
Restricted Share Units [Member]
Statement [Line Items]
Outstanding And Exercisable Underlying Shares, Beginning	1,439,477	2,874,000
Exercised		(1,330,167)
Granted	1,799,000
Cancelled / Forfeited		(104,356)
Outstanding And Exercisable Underlying Shares, Ending	3,238,477	1,439,477
Outstanding And Exercisable Weighted Average Exercise Price, Beginning	$ 1.32	$ 1.28
Weighted Average Exercise Price, Granted	1.19
Weighted Average Exercise Price, Exercised		1.22
Weighted Average Exercise Price, Cancelled / Forfeited		1.54
Outstanding And Exercisable Weighted Average Exercise Price, Ending	$ 1.25	$ 1.32

XML

SHARE CAPITAL AND SHAREBASED PAYMENTS (Details 4) - Restricted Share Units [Member]	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Statement [Line Items]
Stock Options Outstanding	3,238,477
March 23, 2022 [Member]
Statement [Line Items]
Exercise Price | $ / shares	$ 1.19
Stock Options Outstanding	1,799,000
Issuance Date	Mar. 23, 2022
August 21, 2019 [Member]
Statement [Line Items]
Exercise Price | $ / shares	$ 0.79
Stock Options Outstanding	539,733
Issuance Date	Aug. 21, 2019
August 4, 2020 [Member]
Statement [Line Items]
Exercise Price | $ / shares	$ 1.64
Stock Options Outstanding	899,744
Issuance Date	Aug. 04, 2020

XML

SHARE CAPITAL AND SHAREBASED PAYMENTS (Details 5) - Earning loss Per Share [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement [Line Items]
Net Loss For The Period	$ 646	$ (1,818)
Basic Weighted Average Number Of Shares Outstanding	103,819,481	96,204,148
Effect Of Dilutive Share Options, Warrants, And Rsus	3,415,476
Diluted Weighted Average Number Of Shares Outstanding	107,234,957	96,204,148
Basic Loss Per Share	$ 0.01	$ (0.02)
Diluted Loss Per Share	$ 0.01	$ (0.02)

XML

SHARE CAPITAL AND SHAREBASED PAYMENTS (Details Narrative) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2022 USD ($) shares	Mar. 31, 2022 $ / shares shares	Mar. 31, 2021 USD ($) shares	Dec. 31, 2021 USD ($) shares
Statement [Line Items]
Gross Proceeds On Cash Commission				$ 523
Net Proceeds				$ 18,497
Fair Value Of The Rsus Vested, Share-based Payments	$ 168		$ 385
Fair Value Of Stock Options Granted, Share-based Payments	$ 32		231
Common Shares Issued | shares				1,030,362
Restricted Share Units | shares	1,799,000
Weighted Average Fair Value Per Share | $ / shares		$ 1.19
Share-based Payments	$ 200		$ 616
Share Capital Two [Member]
Statement [Line Items]
Gross Proceeds On Cash Commission				$ 237
Common Shares Issued | shares				264,000,000
Exercise Of Warrants | shares				264,000,000
Share-based Payments				$ 364
Fair Value Upon Issuance Of Warrants				$ 127
Share Capital [Member]
Statement [Line Items]
Common Shares Issued | shares	48,000	48,000	14,000,000	10,050,000
Exercise Of Warrants | shares	48,000	48,000		1,030,362,000
Share-based Payments	$ 46		$ 13,650	$ 1,911
Cash Commission, Percent				2.75%
Realized Loss On Exercise Of Warrants				$ 1,106
Common Stock, Shares Issued During Period Upon Exercise Of Rsus, Shares | shares				1,330,167
Common Stock Upon Exercise Of Rsus, Value				$ 1,278
Market Offering Under Prospectus Supplements, Amount				19,020
Additional Share Issuance Cost	15			400
Proceeds From Excercise Of Warrants	$ 31			824
Foreign Exchange Amount				$ 19

XML

REVENUE AND COST OF SALES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Concentrate Sales	$ 9,789	$ 0
Provisional Pricing Adjustments	1,261	29
Total Revenue	$ 11,050	$ 29

XML

REVENUE AND COST OF SALES (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Production Costs	$ 5,847	$ 0
Stand-by And Ramp-up Costs	0	246
Depreciation And Depletion	459	463
Cost Of Sales	$ 6,306	$ 709

XML

GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Salaries And Benefits	$ 438	$ 337
Office And Miscellaneous	174	156
Management And Consulting Fees	116	155
Investor Relations	52	24
Travel And Promotion	10	8
Professional Fees	208	143
Directors Fees	41	42
Regulatory And Compliance Fees	47	40
Depreciation	30	29
General And Administrative Expenses	$ 1,116	$ 934

XML

COMMITMENTS (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Minimum Rental And Lease Payments	$ 884	$ 888
Later than five years [member]
Statement [Line Items]
Minimum Rental And Lease Payments	454	462
Not later than one year [member]
Statement [Line Items]
Minimum Rental And Lease Payments	94	96
Later than one year and not later than five years [member]
Statement [Line Items]
Minimum Rental And Lease Payments	$ 336	$ 330

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COMMITMENTS (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Office Lease Payments Recognized As Expense	$ 16	$ 12

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SUPPLEMENTARY CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Change In Non-cash Working Capital Items:
Inventory	$ 339	$ (74)
Prepaid Expenses And Other Assets	(327)	(68)
Taxes Recoverable	210	(165)
Taxes Payable	(28)	(7)
Accounts Payable And Accrued Liabilities	1,013	308
Amounts Receivable	(1,394)	(140)
Amounts Due To Related Parties	(15)	(6)
Net Change In Non-cash Working Capital	$ (202)	$ (152)

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SUPPLEMENTARY CASH FLOW INFORMATION (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest Paid	$ 20	$ 34
Taxes Paid	0	136
Equipment Acquired Under Finance Leases And Equipment Loans	$ 1,101	$ 0

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FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Accounts Payable And Accrued Liabilities	$ 4,609	$ 3,260
Amounts Due To Related Parties	151	$ 163
Note Payable	4,665
Later than one year and not later than five years [member]
Statement [Line Items]
Accounts Payable And Accrued Liabilities	0
Amounts Due To Related Parties	0
Minimum Rental And Lease Payments	336
Note Payable	0
Finance Lease Obligations	1,165
Total	1,501
More Than 5 Years [Member]
Statement [Line Items]
Accounts Payable And Accrued Liabilities	0
Amounts Due To Related Parties	0
Minimum Rental And Lease Payments	454
Note Payable	0
Finance Lease Obligations	0
Total	454
Financial Instruments [Member]
Statement [Line Items]
Accounts Payable And Accrued Liabilities	4,609
Amounts Due To Related Parties	151
Minimum Rental And Lease Payments	884
Note Payable	5,000
Finance Lease Obligations	1,936
Total	12,580
Less Than One Year [Member]
Statement [Line Items]
Accounts Payable And Accrued Liabilities	4,609
Amounts Due To Related Parties	151
Minimum Rental And Lease Payments	94
Note Payable	5,000
Finance Lease Obligations	771
Total	$ 10,625

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FINANCIAL INSTRUMENTS (Details 1) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement [Line Items]
Cash	$ 168	$ 24,765	$ 11,713
Long-term Investments	3,332	3,939
Amounts Receivable	2,602	1,208
Accounts Payable And Accrued Liabilities	4,609	3,260
Amounts Due To Related Parties	151	163
MXN [Member]
Statement [Line Items]
Cash	3,096	3,576
Long-term Investments	0	0
Reclamation Bonds	0	0
Amounts Receivable	499	0
Accounts Payable And Accrued Liabilities	(12,574)	(57,604)
Amounts Due To Related Parties	0	0
Finance Lease Obligations	(2,766)	(1)
Net Exposure	(11,745)	(54,029)
Us Dollar Equivalent	(587)	(2,363)
CDN [Member]
Statement [Line Items]
Cash	1,039	1,450
Long-term Investments	4,164	4,976
Reclamation Bonds	6	6
Amounts Receivable	31	33
Accounts Payable And Accrued Liabilities	(464)	(211)
Amounts Due To Related Parties	(188)	(206)
Finance Lease Obligations	(342)	(394)
Net Exposure	4,246	5,654
Us Dollar Equivalent	$ 3,398	$ 4,054

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FINANCIAL INSTRUMENTS (Details 2) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement [Line Items]
Cash	$ 168	$ 24,765	$ 11,713
Amounts Receivable	2,602	1,208
Long-term Investments	3,332	3,939
Warrant Liability	1,123	$ 680
Level 1 of fair value hierarchy [member]
Statement [Line Items]
Cash	11,686
Amounts Receivable	0
Long-term Investments	3,332
Total Financial Assets	15,018
Warrant Liability	0
Total Financial Liabilities	0
Level 2 of fair value hierarchy [member]
Statement [Line Items]
Cash	0
Amounts Receivable	2,602
Long-term Investments	0
Total Financial Assets	2,602
Warrant Liability	0
Total Financial Liabilities	0
Level 3 of fair value hierarchy [member]
Statement [Line Items]
Cash	0
Amounts Receivable	0
Long-term Investments	0
Total Financial Assets	0
Warrant Liability	(2,773)
Total Financial Liabilities	$ (2,773)

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FINANCIAL INSTRUMENTS (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement [Line Items]
Cash	$ 168,000	$ 24,765,000	$ 11,713,000
Liquidity Risk [Member]
Statement [Line Items]
Cash	11,686,000
Working Capital	$ 14,528,000
Price Risk [Member]
Statement [Line Items]
Asset And Liability Exposure, Description	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 $84 (December 31, 2021 - $26).
Impact On Net Earning (loss)	$ 84,000	26,000
Price Risk [Member] | Long-term investments [Member]
Statement [Line Items]
Asset And Liability Exposure, Description	a 10% change in market prices would have an impact on net earnings (loss) of approximately $333 (December 31, 2021 - $330).
Impact On Net Earning (loss)	$ 333,000	330,000
Foreign Currency Risk [Member]
Statement [Line Items]
Asset And Liability Exposure, Description	A 10% change in the interest rate would not a result in a material impact on the Company’s operations.
Impact On Net Earning (loss)	$ 250,000	$ 143,000

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SEGMENTED INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Silver	$ 3,896	$ 15
Gold	2,442	5
Copper	7,053	9
Penalties, Treatment Costs And Refining Charges	(2,344)	0
Total Revenue From Mining Operations	$ 11,050	$ 29

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SEGMENTED INFORMATION (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Customer 1	$ 8,985	$ 0
Customer 2	1,232	0
Customer 3	844	0
Customer 4	(11)	29
Total Revenue From Mining Operations	$ 11,050	$ 29

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SEGMENTED INFORMATION (Details 2) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Exploration And Evaluation Assets - Mexico	$ 44,684	$ 11,052
Exploration And Evaluation Assets - Canada	1	1
Total Exploration And Evaluation Assets	$ 44,685	$ 11,053

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SEGMENTED INFORMATION (Details 3) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Plant, Equipment And Mining Properties - Mexico	$ 38,444	$ 35,390
Plant, Equipment And Mining Properties - Canada	283	285
Total Plant, Equipment And Mining Properties	$ 38,727	$ 35,675

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SEGMENTED INFORMATION (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Total Revenue From Mining Operations	$ 11,050	$ 29

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SUBSEQUENT EVENTS (Details Narrative)	1 Months Ended
	Mar. 31, 2022 CAD ($) shares
Olympic Claims
Statement [Line Items]
Ownership Interest, Percentage	100.00%
Net Smelter Return Royalty Description	Endurance earns the 100% interest, the Olympic Claims will be subject to a 2% net smelter return royalty (“NSR”), of which 1% NSR can be purchased by the Endurance for C$750 and the remaining balance of the NSR can be purchased for C$1,000.
Avino
Statement [Line Items]
Cash Consideration | $	$ 100,000,000
Common Stock Shares	1,500,000
Exploration Expenditures | $	$ 300
Option Description	Endurance is successful in defining a compliant mineral resource of at least 500,000 gold-equivalent ounces on the Olympic Claims then Endurance will be obliged to pay Avino a C$1,000 discovery bonus.
Warrants Premium	25.00%
Warrants Purchase	750,000
Cantor Fitzgerald Canada Corporate [Member]
Statement [Line Items]
Common Stock Shares Issued	1,075,000