6-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K/A

(Amendment No. 1 to Form 6-K filed on November 9, 2022)

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the Month of November 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): ☐

EXPLANATORY NOTE

Avino Gold and Silver (the “Company”) is furnishing this Amendment No. 1 on Form 6-K/A (the “Amendment”) to provide its three and nine months interim financial statements using Inline XBRL in accordance with Section 405 of Regulation S-T and to incorporate such financial statements into the Company’s registration statements referenced below.

This Form 6-K, including exhibit 99.1 attached hereto, are hereby incorporated by reference into the Company’s Registration Statements on Form F-3 (Registration file number 333-252081 and 333-226963) and Form S-8 (Registration file number 333-195120) to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

Exhibit:

99.1	Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2022 and 2021
101.INS	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

2

Signatures

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

	Avino Silver & Gold Mines, Ltd.
Date: November 15, 2022	By:	/s/ Nathan Harte
		Nathan Harte
		Chief Financial Officer

3

EX-99.1

EXHIBIT 99.1

 AVINO SILVER & GOLD MINES LTD.

Condensed Consolidated Interim Financial Statements

For the nine months ended September 30, 2022 and 2021

(Unaudited)

1

AVINO SILVER & GOLD MINES LTD.

Condensed Consolidated Interim Statements of Financial Position

(Expressed in thousands of US dollars)

	Note		September 30, 2022			December 31, 2021
ASSETS			(unaudited)
Current assets
Cash			$	10,920		$	24,765
Amounts receivable				656			1,208
Taxes recoverable		5		4,473			3,364
Prepaid expenses and other assets				1,465			962
Inventory		6		7,173			5,179
Total current assets				24,687			35,478
Exploration and evaluation assets		8		46,371			11,053
Plant, equipment and mining properties		10		42,895			35,675
Long-term investments		7		1,353			3,939
Other assets				4			133
Total assets			$	115,310		$	86,278
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities			$	5,611		$	3,260
Amounts due to related parties		11(b)		72			163
Taxes payable				718			31
Note payable		12		4,842			-
Current portion of lease liability				953			389
Current portion of warrant liability		13		218			-
Total current liabilities				12,414			3,843
Lease liability				991			680
Warrant liability		13		-			741
Reclamation provision		14		767			726
Deferred income tax liabilities				4,617			1,781
Total liabilities				18,789			7,771
EQUITY
Share capital		15		145,515			129,953
Equity reserves				9,446			9,573
Treasury shares				(97	)		(97	)
Accumulated other comprehensive loss				(5,021	)		(4,969	)
Accumulated deficit				(53,322	)		(55,953	)
Total equity				96,521			78,507
Total liabilities and equity			$	115,310		$	86,278

Commitments – Note 18

Approved by the Board of Directors on November 9, 2022:

Peter Bojtos Director David Wolfin Director

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

2

AVINO SILVER & GOLD MINES LTD.

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

(Expressed in thousands of US dollars)

			Three months ended  September 30,						Nine months ended September 30,
	Note		2022			2021			2022			2021
Revenue from mining operations		16	$	9,118		$	1,881		$	29,538		$	1,910
Cost of sales		16		7,058			1,043			18,832			2,769
Mine operating income (loss)				2,060			838			10,706			(859	)
Operating expenses
General and administrative expenses		17		997			815			3,469			2,726
Share-based payments		15		556			277			1,618			1,391
Income (loss) before other items				507			(254	)		5,619			(4,976	)
Other items
Interest and other income				15			14			67			143
Loss on long-term investments		7		(1,221	)		(1,103	)		(2,503	)		(1,002	)
Fair value adjustment on warrant liability		13		86			516			2,692			1,560
Realized loss on warrants exercised				-			-			-			(1,111	)
Unrealized foreign exchange gain (loss)				251			716			(231	)		(187	)
Project evaluation expenses				(5	)		-			(80	)		-
Finance cost				(87	)		(8	)		(188	)		(46	)
Accretion of reclamation provision		14		(11	)		(13	)		(32	)		(36	)
Interest expense				(23	)		(13	)		(66	)		(15	)
Income (loss) before income taxes				(488	)		(145	)		(5,278	)		(5,670	)
Income taxes:
Current income tax expense				(142	)		(13	)		(642	)		(25	)
Deferred income tax recovery (expense)				(499	)		(56	)		(2,836	)		1,009
Income tax recovery (expense)				(641	)		(69	)		(3,478	)		984
Net income (loss)				(1,129	)		(214	)		1,800			(4,686	)
Other comprehensive income (loss)
Currency translation differences				(290	)		(1,235	)		(52	)		(128	)
Total comprehensive income (loss)			$	(1,419	)	$	(1,449	)	$	1,748		$	(4,814	)
Income (loss) per share		15(e)
Basic			$	(0.01	)	$	(0.00	)	$	0.02		$	(0.05	)
Diluted			$	(0.01	)	$	(0.00	)	$	0.02		$	(0.05	)
Weighted average number of common shares outstanding		15(e)
Basic				117,876,825			101,559,946			113,027,305			99,457,201
Diluted				117,876,825			101,559,946			116,275,433			99,457,201

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

3

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:					-			-			-			-			-			-
At the market issuances			10,050,000		18,497			-			-			-			-			18,497
Exercise of warrants			1,030,362		1,911			-			-			-			-			1,911
Exercise of options			264,000		364			(127	)		-			-			-			237
Issuance costs			-		(388	)		-			-			-			-			(388	)
Options cancelled or expired			-		-			(443	)		-			-			443			-
Carrying value of exercise of RSUs			1,330,167		1,278			(1,278	)		-			-			-			-
Share-based payments			-		-			1,391			-			-			-			1,391
Net loss for the period			-		-			-			-			-			(4,686	)		(4,686	)
Currency translation differences			-		-			-			-			(128	)		-			(128	)
Balance, September 30, 2021			102,243,211	$	129,965		$	9,494		$	(97	)	$	(4,938	)	$	(58,582	)	$	75,842
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		15,075,000		14,630			-			-			-			-			14,630
Issuance costs	15		-		(13	)		-			-			-			-			(13	)
Options cancelled or expired	15		-		-			(831	)		-			-			831			-
Carrying value of exercise of RSUs	15		982,879		899			(899	)		-			-			-			-
Share-based payments	15		-		-			1,618			-			-			-			1,618
Net income for the period	15		-		-			-			-			-			1,800			1,800
Currency translation differences			-		-			-			-			(52	)		-			(52	)
Balance, September 30, 2022			118,349,090	$	145,515		$	9,446		$	(97	)	$	(5,021	)	$	(53,322	)	$	96,521

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

4

AVINO SILVER & GOLD MINES LTD.

Condensed Consolidated Interim Statements of Cash Flows

(Expressed in thousands of US dollars - Unaudited)

			Nine months ended September 30
	Note		2022			2021
Cash generated by (used in):
Operating activities
Net income (loss)			$	1,800		$	(4,686	)
Adjustments for non-cash items:
Deferred income tax expense (recovery)				2,836			(1,009	)
Depreciation and depletion				1,558			1,338
Accretion of reclamation provision		14		32			36
Loss on investments		7		2,503			1,002
Unrealized (gain) loss foreign exchange				(88	)		26
Unwinding of fair value adjustment on note payable		12		177			-
Unwinding of fair value adjustment on term facility				-			(13	)
Fair value adjustment on warrant liability		13		(2,692	)		(1,560	)
Realized loss on warrants exercised				-			1,111
Share-based payments				1,618			1,391
Cash provided by (used in) operating activities before working capital items				7,744			(2,364	)
Net change in non-cash working capital items		19		768			(1,045	)
Cash provided by (used in) operating activities				8,512			(3,409	)
Financing activities
Shares and units issued for cash, net of issuance costs				-			18,110
Proceeds from option exercise				30			237
Proceeds from warrant exercise				-			803
Term facility payments				-			(2,500	)
Finance lease payments				(933	)		(437	)
Equipment loan payments				-			(72	)
Cash provided by (used in) financing activities				(903	)		16,141
Investing activities
Exploration and evaluation expenditures				(793	)		(981	)
Additions to plant, equipment and mining properties				(5,347	)		(1,152	)
Acquisition of La Preciosa				(15,289	)		-
Cash used in investing activities				(21,429	)		(2,133	)
Change in cash				(13,820	)		10,599
Effect of exchange rate changes on cash				(25	)		29
Cash, beginning				24,765			11,713
Cash, ending			$	10,920		$	22,341

Supplementary Cash Flow Information (Note 19)

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

5

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 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 holds 100% interest in Proyectos Mineros La Preciosa S.A. de C.V . (“La Preciosa”), a Mexican corporation which owns the La Preciosa Property. 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.

6

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 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 nine months ended September 30, 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.

7

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 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. The Company adopted the amendments to IAS 16 with no material impact on the financial statements.

8

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 2022 and 2021

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

Future Changes in Accounting Policies Not Yet Effective as at September 30, 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 meet the definition of a business for accounting purposes.

9

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 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		14,630
Share purchase warrants		2,240
Total purchase consideration		36,836
Transaction costs		270
Total acquisition cost	$	37,106
Cash	$	168
Other current assets		1,121
Plant and equipment		1,621
Exploration and evaluation assets		34,524
Accounts payable		(328	)
Net assets acquired	$	37,106

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.

	September 30, 2022		December 31, 2021
VAT recoverable	$	1,862	$	790
GST recoverable		16		26
Income taxes recoverable		2,595		2,548
	$	4,473	$	3,364

6. INVENTORY

	September 30, 2022		December 31, 2021
Process material stockpiles	$	1,661	$	1,083
Concentrate inventory		3,263		2,467
Materials and supplies		2,249		1,629
	$	7,173	$	5,179

The amount of inventory recognized as an expense for the nine months ended September 30, 2022 totalled $18,842 (September 30, 2021 – $2,769). See Note 16 for further details.

10

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 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 summarized as follows:

	Fair Value December 31,		Net		Movements in foreign			Fair value adjustments			Fair Value September 30,
	2021		Additions		exchange			for the period			2022
Talisker Resources Common Shares	$	3,880	$	-	$	(132	)	$	(2,475	)	$	1,273
Silver Wolf Exploration Ltd. Common Shares		59		31		(5	)		(34	)		51
Endurance Gold Corp. Common Shares		-		26		(3	)		6			29
	$	3,939	$	57	$	(140	)	$	(2,503	)	$	1,353

Silver Wolf Exploration Ltd.

During the nine months ended September 30, 2022, the Company received 250,000 common shares (September 30, 2021 - received 131,718 common shares and 300,000 share purchase warrant at an exercise price of C$0.20) as part of the terms in the Option Agreement with Silver Wolf Exploration Ltd. Upon acquisition, the fair value of these common shares 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.

Endurance Gold Corp.

During the nine months ended September 30, 2022, the Company received 100,000 common shares as part of the terms of the Option Agreement with Endurance Gold Corp. Upon acquisition, the fair value of these common shares were recorded as “Other Income” on the statement of profit and loss. 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.

11

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 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 (Note 7)		(117	)		-		-		(117	)
Balance, December 31, 2021	$	11,052		$	-	$	1	$	11,053
Costs incurred during 2022:
Acquisition costs – Note 4		-			34,524		-		34,524
Drilling and exploration		588			89		-		677
Assessments and taxes		95			61		-		156
Effect of movements in exchange rates		(9	)		-		-		(9	)
Option income (Note 7)		(30	)		-		-		(30	)
Balance, September 30, 2022	$	11,696		$	34,674	$	1	$	46,371

12

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 2022 and 2021

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

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.

(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”)

On March 11, 2021, 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, 2022 (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, 2023;
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.

13

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 2022 and 2021

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

(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 nine months ended September 30, 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.

14

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 2022 and 2021

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

(c) British Columbia, Canada

(i) Minto and Olympic-Kelvin properties

On May 2, 2022, the Company has granted Endurance Gold Corp. (“Endurance”) 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 term, 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.

During the nine months ended September 30, 2022, Endurance granted 100,000 common shares and paid C$10 as per the terms of the agreement, which required payment upon signing of a letter agreement between the two parties. As of September 30, 2022, Endurance was in compliance with all terms of the Option agreement.

(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 September 30, 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.

15

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 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 December 31, 2020		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		1,009			170			434			2,018		3,728		2,857			10,216
Effect of movements in exchange rates		-			(20	)		(2	)		-		-		(3	)		(25	)
Balance at September 30, 2022		14,047			745			767			16,258		22,341		14,632			68,790
ACCUMULATED DEPLETION AND DEPRECIATION
Balance at December 31, 2020		8,643			187			256			4,907		5,297		1,624			20,914
Additions		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		175			116			314			318		987		1,061			2,971
Effect of movements in exchange rates		-			-			-			-		-		-			-
Balance at September 30, 2022		9,031			410			581			5,262		7,654		2,957			25,895
NET BOOK VALUE
At September 30, 2022		5,016			335			186			10,996		14,687		11,675			42,895
At December 31, 2021		4,182			301			68			9,296		11,946		9,882			35,675
At December 31, 2020		4,506			376			91			8,048		12,186		9,639			34,846

16

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 2022 and 2021

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

Included in Buildings and construction in process above are assets under construction of $9,752 as at September 30, 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 September 30, 2022, plant, equipment and mining properties included a net carrying amount of $2,500 (December 31, 2021 - $1,306) for mining equipment and right of use assets under 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 and nine months ended September 30, 2022 and 2021 is as follows:

	Three months ended  September 30,				Nine months ended  September 30,
	2022		2021		2022		2021
Salaries, benefits, and consulting fees	$	237	$	243	$	975	$	742
Share-based payments		427		230		1,251		1,133
	$	664	$	473	$	2,226	$	1,875

(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:

	September 30, 2022			December 31, 2021
Oniva International Services Corp.	$	99		$	107
Directors		31			56
Silver Wolf Exploration		(58	)		-
	$	72		$	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 and nine months ended September 30, 2022, the Company paid $66 and $263 (September 30, 2021 - $60 and $180 respectively) 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.

17

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 2022 and 2021

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

The transactions with Oniva during the three and nine months ended September 30, 2022 and 2021 are summarized below:

	Three months ended September 30,				Nine months ended  September 30,
	2022		2021		2022		2021
Salaries and benefits	$	218	$	172	$	670	$	550
Office and miscellaneous		119		91		325		273
	$	337	$	263	$	995	$	823

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:

	September 30,		December 31,
	2022		2021
Balance at beginning of the period	$	-	$	-
Additions		4,665		-
Repayments		-		-
Unwinding of fair value adjustment		177		-
Balance at end of the period	$	4,842	$	-

18

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 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:

	September 30, 2022			December 31, 2021
Balance at beginning of the period	$	741		$	2,295
Warrants issued		2,240			-
Fair value adjustment		(2,692	)		(1,581	)
Effect of movement in exchange rates		(71	)		27
Balance at end of the period	$	218		$	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, September 30, 2022		8,950,412		$	1.03

			All Warrants Outstanding and Exercisable
Expiry Date	Exercise Price per Share		September 30, 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 September 30, 2022, the weighted average remaining contractual life of warrants outstanding was 0.98 years (December 31, 2021 – 1.73 years).

Valuation of the warrant liability requires the use of 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:

	September 30, 2022			December 31, 2021
Weighted average assumptions:
Risk-free interest rate		3.76	%		0.91	%
Expected dividend yield		0	%		0	%
Expected warrant life (years)		0.98			1.73
Expected stock price volatility		55.79	%		83.13	%
Weighted average fair value	$	0.02		$	0.38

During the nine months ended September 30, 2022, the Company recorded no realized loss on the exercise of warrants (December 31, 2021 - $1,106, as result of the exercise of 1,030,362 warrants for the issuance of 1,030,362 common shares).

19

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 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 September 30, 2022, is $767 (December 31, 2021 – $726), and the undiscounted value of the obligation is $1,292 (December 31, 2021 – $1,252).

The present value of the obligation was calculated using a risk-free interest rate of 7.78% (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:

	September 30, 2022		December 31, 2021
Balance at beginning of the period	$	726	$	808
Changes in estimates		-		(105	)
Unwinding of discount related to continuing operations		32		47
Effect of movements in exchange rates		9		(24	)
Balance at end of the period	$	767	$	726

15. SHARE CAPITAL AND SHARE-BASED PAYMENTS

(a) Authorized:Unlimited common shares without par value, 14,180 treasury shares issued at cost of $97

(b) Issued:

(i)	During the nine months ended September 30, 2022, 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, and exploration and evaluation assets as acquisition costs, representing the closing price on the Toronto Stock Exchange on March 21, 2022, the date of the issuance and closing.
	The Company further issued 1,075,000 common shares as payment for services provided during the acquisition, and as a result $980 was recorded to share capital and exploration and evaluation assets as acquisition costs.
	During the nine months ended September 30, 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.
	During the nine months ended September 30, 2022, the Company issued 982,879 common shares upon exercise of RSUs. As a result, $899 was recorded to share capital.
(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.

20

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 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
Forfeited		(20,000	)	$	1.64
Stock options outstanding, December 31, 2021		2,839,000		$	1.68
Granted		2,390,000		$	1.20
Exercised		(48,000	)	$	0.79
Expired		(880,000	)	$	1.98
Forfeited		(45,000	)	$	1.40
Stock options outstanding, September 30, 2022		4,256,000		$	1.36
Stock options exercisable, September 30, 2022		3,067,250		$	1.42

The following table summarizes information about the stock options outstanding and exercisable at September 30, 2022:

			Outstanding				Exercisable
Expiry Date	Price (C$)		Number of Options		Weighted Average Remaining Contractual Life (Years)		Number of Options		Weighted Average Remaining Contractual Life (Years)
August 28, 2023	$	1.30		105,000		0.91		105,000		0.91
August 21, 2024	$	0.79		126,000		1.89		126,000		1.89
August 4, 2025	$	1.64		1,660,000		2.85		1,660,000		2.85
March 25, 2027	$	1.20		2,340,000		4.48		1,170,000		4.48
May 4, 2027	$	0.92		25,000		4.59		6,250		4.59
				4,256,000		3.68		3,067,250		3.37

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

21

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 2022 and 2021

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

	September 30, 2022			December 31, 2021
Weighted average assumptions:
Risk-free interest rate		2.49	%	-%
Expected dividend yield		0.00	%	-%
Expected option life (years)		5.00			-
Expected stock price volatility		59.98	%	-%
Expected forfeiture rate		20	%	-%
Weighted average fair value	$	0.63			-

During the nine months ended September 30, 2022, the Company charged $748 (nine months ended September 30, 2021 - $362) 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
Forfeited		(104,356	)	$	1.54
RSUs outstanding, December 31, 2021		1,439,477		$	1.32
Granted		1,799,000		$	1.19
Exercised		(982,879	)	$	1.18
Forfeited		(64,932	)	$	1.40
RSUs outstanding, September 30, 2022		2,190,666		$	1.27

The following table summarizes information about the RSUs outstanding at September 30, 2022:

Issuance Date	Price (C$)		Number of RSUs Outstanding
August 4, 2020	$	1.64		412,666
March 25, 2022	$	1.19		1,778,000
				2,190,666

During the nine months ended September 30, 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 nine months ended September 30, 2022, the Company charged $870 (September 30, 2021 - $1,028) 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.

22

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 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  September 30,						Nine months ended  September 30,
	2022			2021			2022		2021
Net income (loss) for the period	$	(1,129	)	$	(214	)	$	1,800	$	(4,686	)
Basic weighted average number of shares outstanding		117,876,825			101,559,946			113,027,305		99,457,201
Effect of dilutive share options, warrants, and RSUs (‘000)		-			-			3,248,128		-
Diluted weighted average number of shares outstanding		117,876,825			101,559,946			116,275,433		99,457,201
Basic loss per share	$	(0.01	)	$	(0.00	)	$	0.02	$	(0.05	)
Diluted loss per share	$	(0.01	)	$	(0.00	)	$	0.02	$	(0.05	)

16.  REVENUE AND COST OF SALES

The Company’s revenues for the nine months ended September 30, 2022 and 2021, are all attributable to Mexico, from shipments of concentrate from the Avino Mine.

	Three months ended September 30,					Nine months ended September 30,
	2022			2021		2022			2021
Concentrate sales	$	9,445		$	1,881	$	30,423		$	1,881
Provisional pricing adjustments		(327	)		-		(885	)		29
	$	9,118		$	1,881	$	29,538		$	1,910

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 nine months ended September 30, 2021.

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

	Three months ended  September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Production costs	$	6,544	$	724	$	17,378	$	724
Stand-by and ramp-up costs		-		-		-		800
Depreciation and depletion		514		319		1,454		1,245
	$	7,058	$	1,043	$	18,832	$	2,769

23

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 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:

	Three months ended September 30,				Nine months ended  September 30,
	2022		2021		2022		2021
Salaries and benefits	$	321	$	326	$	1,123	$	1,068
Office and miscellaneous		261		92		855		333
Management and consulting fees		110		124		345		411
Investor relations		84		28		234		183
Travel and promotion		29		10		75		29
Professional fees		89		103		501		343
Directors fees		30		43		116		133
Regulatory and compliance fees		36		55		116		133
Depreciation		37		34		104		93
	$	997	$	815	$	3,469	$	2,726

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:

	September 30, 2022		December 31, 2021
Not later than one year	$	84	$	96
Later than one year and not later than five years		331		330
Later than five years		396		462
	$	811	$	888

Office lease payments recognized as an expense during the nine months ended September 30, 2022, totalled $12 (September 30, 2021 - $11).

24

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 2022 and 2021

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

19.  SUPPLEMENTARY CASH FLOW INFORMATION

	September 30, 2022			September 30, 2021
Net change in non-cash working capital items:
Inventory	$	(1,986	)	$	(2,896	)
Prepaid expenses and other assets		(535	)		(22	)
Taxes recoverable		28			1,773
Taxes payable		687			(2	)
Accounts payable and accrued liabilities		2,101			1,066
Amounts receivable		552			(985	)
Amounts due to related parties		(79	)		21
	$	768		$	(1,045	)

	September 30, 2022		September 30, 2021
Interest paid	$	73	$	78
Taxes paid	$	-	$	240
Equipment acquired under finance leases and equipment loans	$	1,589	$	1,007

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 primarily all of its concentrate sales are with two (December 31, 2021 – two) counterparties (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 September 30, 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 September 30, 2022, in the amount of $10,920 and working capital of $12,273 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.

25

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 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 September 30, 2022, are summarized as follows:

	Total		Less Than 1 Year		1-5 years		More Than 5  Years
Accounts payable and accrued liabilities	$	5,611	$	5,611	$	-	$	-
Amounts due to related parties		72		72		-		-
Note payable		5,000		5,000		-		-
Lease liability		2,072		1,039		1,033		-
Total	$	12,755	$	11,722	$	1,033	$	-

(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.

26

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 2022 and 2021

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

Foreign Currency Risk

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

	September 30, 2022						December 31, 2021
	MXN			CDN			MXN			CDN
Cash	$	6,064		$	392		$	3,576		$	1,450
Long-term investments		-			1,855			-			4,976
Reclamation bonds		-			4			-			6
Amounts receivable		-			21			-			33
Accounts payable and accrued liabilities		(17,454	)		(56	)		(57,604	)		(211	)
Due to related parties		-			(176	)		-			(206	)
Finance lease obligations		(992	)		(110	)		(1	)		(394	)
Net exposure		(12,382	)		1,930			(54,029	)		5,654
US dollar equivalent	$	(609	)	$	1,409		$	(2,363	)	$	(4,054	)

Based on the net US dollar denominated asset and liability exposures as at September 30, 2022, a 10% fluctuation in the US/Mexican and Canadian/US exchange rates would impact the Company’s earnings for the nine months ended September 30, 2022, by approximately $67 (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 September 30, 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 $69 (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 September 30, 2022, a 10% change in market prices would have an impact on net earnings (loss) of approximately $132 (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: Disclosuresestablishes 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).

27

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 2022 and 2021

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

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 September 30, 2022:

	Level 1		Level 2		Level 3
Financial assets
Cash	$	10,920	$	-	$	-
Amounts receivable		-		656		-
Long-term investments		1,353		-		-
Total financial assets	$	12,273	$	656	$	-
Financial liabilities
Warrant liability		-		-		(218	)
Total financial liabilities	$	-	$	-	$	(218	)

The Company uses Black-Scholes model to measure its Level 3 financial instruments. As at September 30, 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 nine months ended September 30, 2022 and the year ended December 31, 2021, see Note 13.

21. SEGMENTED INFORMATION

The Company’s revenues for the three and nine months ended September 30, 2022 are all attributable to Mexico, from shipments of concentrate produced by the Avino Mine, and is considered to be one single reportable operating segment.

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

	Three months ended  September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Silver	$	3,454		$	683		$	10,722		$	698
Copper		5,625			398			17,884			407
Gold		2,310			1,179			7,141			1,184
Penalties, treatment costs and refining charges		(2,271	)		(379	)		(6,209	)		(379	)
Total revenue from mining operations	$	9,118		$	1,881		$	29,538		$	1,910

For the three and nine months ended September 30, 2022 and 2021, the Company had the following customers that accounted for total revenues:

	Three months ended September 30,					Nine months ended  September 30,
	2022			2021		2022		2021
Customer #1	$	7,710		$	429	$	25,569	$	429
Customer #2		1,415			-		3,161		-
Other customers		(7	)		1,452		808		1,481
Total revenue from mining operations	$	9,118		$	1,881	$	29,538	$	1,910

28

AVINO SILVER & GOLD MINES LTD.

Notes to the unaudited condensed consolidated interim financial statements

For the nine months ended September 30, 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:

	September 30, 2022		December 31, 2021
Exploration and evaluation assets - Mexico	$	46,370	$	11,052
Exploration and evaluation assets - Canada		1		1
Total exploration and evaluation assets	$	46,371	$	11,053

	September 30, 2022		December 31, 2021
Plant, equipment, and mining properties - Mexico	$	42,631	$	35,390
Plant, equipment, and mining properties - Canada		264		285
Total plant, equipment, and mining properties	$	42,895	$	35,675

29

EX-99.2

EXHIBIT 99.2

  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 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 nine months ended September 30, 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 November 9, 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 November 9, 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 nine months ended September 30, 2022, have been conducted primarily 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. The Company also holds 100% interest in Proyectos Mineros La Preciosa S.A. de C.V. (“La Preciosa”), a Mexican corporation which owns the La Preciosa Property. La Preciosa covers approximately 6,011 hectares in Durango, Mexico, within the municipalities of Panuco de Coronado and Canatlan. The property is located within 20 kilometres of the Company’s mill facility and production mining area at the Avino Property,

1 | Page

  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

Operational Highlights

HIGHLIGHTS (Expressed in US$)		Third    Quarter 2022		Third    Quarter 2021	Change1		YTD 2022		YTD 2021	Change1
Operating
Tonnes Milled		162,169		58,258	178%		391,531		61,791	534%
Silver Ounces Produced		285,444		77,935	266%		675,339		81,439	729%
Gold Ounces Produced		1,201		1,183	1%		3,352		1,228	173%
Copper Pounds Produced		2,101,635		685,535	207%		4,963,327		740,578	570%
Silver Equivalent Ounces1 Produced		778,008		285,464	173%		1,885,375		300,941	526%
Concentrate Sales and Cash Costs
Silver Equivalent Payable Ounces Sold2		603,360		107,112	463%		1,693,168		107,112	1481%
Cash Cost per Silver Equivalent Payable Ounce1,2,3	$	10.29	$	3.87	166%	$	9.71	$	3.87	151%
All-in Sustaining Cash Cost per Silver Equivalent Payable Ounce1,2,3	$	17.32	$	25.60	-32%	$	17.59	$	51.85	-66%

1. In Q3 2022, AgEq was calculated using metals prices of $19.32 oz Ag, $1,734 oz Au and $3.51 lb Cu. In Q3 2021, AgEq was calculated using metals prices of $24.36 oz Ag, $1,789 oz Au and $4.25 lb Cu. For YTD 2022, AgEq was calculated using metal prices of $22.05 oz Ag, $1,856 oz Au, and $4.10 lb Cu. For YTD 2021, AgEq was calculated using metals prices of $24.36 oz Ag, $1,789 oz Au and $4.25 lb Cu.

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$)		Third Quarter 2022			Third Quarter 2021		Change		YTD 2022		YTD 2021		Change
Financial Operating Performance
Revenues	$	9,118		$	1,881		385%	$	29,538	$	1,910		1446%
Mine operating income (loss)	$	2,060		$	838		146%	$	10,706	$	(859	)	1346%
Net income (loss)	$	(1,129	)	$	(214	)	-428%	$	1,800	$	(4,686	)	138%
Earnings (loss) before interest, taxes and amortization (“EBITDA”)1	$	170		$	(227	)	175%	$	7,056	$	(4,378	)	261%
Adjusted earnings (losses)1	$	389		$	(728	)	153%	$	6,213	$	(2,449	)	354%
Cash flow from operations before working capital changes	$	1,588		$	102		1457%	$	7,744	$	(2,364	)	417%
Per Share Amounts
Earnings (loss) per share	$	(0.01	)	$	(0.00	)	-100%	$	0.02	$	(0.05	)	140%
Adjusted earnings (loss) per share1	$	0.00		$	(0.00	)	-%	$	0.05	$	(0.02	)	350%
Cash flow per share1	$	0.01		$	0.00		100%	$	0.07	$	(0.02	)	450%
HIGHLIGHTS (Expressed in 000’s of US$)		September 30, 2022			September 30, 2021		Change		September 30, 2022		December 31, 2021		Change
Liquidity & Working Capital
Cash	$	10,920		$	22,341		-51%	$	10,920	$	24,765		-56%
Working capital1	$	12,273		$	28,903		-58%	$	12,273	$	31,635		-61%

1. The Company reports non-IFRS measures which include EBITDA, adjusted earnings, adjusted earnings per share, cash flow per share and working capital. 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 NINE MONTHS ENDED SEPTEMBER 30, 2022

3rd Quarter 2022 Highlights

Record Quarterly Production at Avino

· A record 778,008 silver equivalent ounces were produced in Q3 2022, marking a 20% increase over Q2 2022. Q3 2022 marks the fourth full quarter following the restart of operations in August 2021.

Avino ET Area Drills High Grade Silver and Copper in Multiple Holes

· On October 11, 2022, the Company announced drill results from a further six holes at the Avino Elena Tolosa Area (“ET”) to define the continuity of widths and grades of the Avino vein extending significant potential depth of at least 290 metre down dip below the deepest levels of development. The results confirm the mineralization continues and also contains significantly higher copper mineralization in the ET area.

Commissioning of Dry-Stack Tailings Facility

· During Q3 2022, the Company completed construction of the dry-stack tailings facility

Working Capital & Liquidity at September 30, 2022

· The Company’s cash balance at September 30, 2022, totaled $10.9 million compared to $24.8 million at December 31, 2021 and $22.3 million at September 30, 2021. Working capital totaled $12.3 million at September 30, 2022, compared to $31.6 million at December 31, 2021 and $28.9 million at September 30, 2021.

Financial Results – Three months ended September 30, 2022, compared to three months ended September 30, 2021

Revenues

The Company recognized revenues net of penalties, treatment costs and refining charges, of $9.1 million on the sale of Avino Mine bulk copper/silver/gold concentrate, compared to $1.9 million revenues for Q3 2021, an increase of $7.2 million.

Metal prices for revenues recognized during the period were $19.32 per ounce of silver, $1,734 per ounce of gold, and $7,730 per tonne of copper, compared to averages of $24.61, $1,803, and $9,402, respectively, for the third quarter of 2021.

Cost of Sales & Mine Operating Income

Cost of sales was $7.1 million, compared to $1.0 million in Q3 2021, an increase of $6.1 million. The increase in cost of sales is attributable to increasing mining operations in Q3 2022 compared to Q3 2021.

Mine operating income, after depreciation and depletion, was $2.0 million, compared to a loss of $0.8 million in Q3 2021. The increase in mine operating income is a direct result of the Company being in production for Q3 2022 and making consistent concentrate deliveries.

3 | Page

  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

General and Administrative Expenses & Share-Based Payments

General and administrative expenses was $1.0 million, compared to $0.8 million in Q3 2021, with the increases coming from the increased corporate activity surrounding ramp up procedures and the acquisition of La Preciosa.

Share-based payments was $0.6 million, compared to $0.3 million in Q3 2021, an increase of $0.2 million. The increase is a direct result of the 2022 option and RSU grants carrying a higher expense when compared to the vesting of option and RSU issuances from 2020 and prior years.

Other Items

Other Items totaled a loss of $1.0 million for the period, a change of $1.1 million compared to income of $0.1 million related to other items in Q3 2021.

Unrealized loss on long-term investment was $1.2 million, a decrease to income of $0.1 million compared to a loss of $1.1 million in Q3 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 and Endurance Gold.

Fair value adjustment on warrant liability was a gain of $0.1 million, a decrease to income of $0.4 million compared to a gain of $0.5 million in Q3 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.

Foreign exchange gain for the period was $0.3 million, a decrease to income of $0.4 million compared to a gain of $0.7 million in Q3 2021. Foreign exchange gains or losses result from transactions in currencies other than the Canadian dollar functional currency. During the three months ended September 30, 2022 and 2021, the US dollar appreciated in relation to the Canadian dollar and the Mexican peso, resulting in an unrealized foreign exchange gain.

The remaining Other Items resulted in a change of $0.2 million compared to Q3 2021.

Current and Deferred Income Taxes

Current income tax expense increased to $0.2 million in Q3 2022, compared to Nil in income tax expense for Q3 2021. Given the return to profitable mining operations, the higher amount of current income tax expenses in Q3 2022 is a result of income generated in the current quarter.

Deferred income tax expense was $0.5 million, a change of $0.4 million compared to $0.1 million in Q3 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 loss from all operations was $1.1 million for the period, or $0.01 per share, compared to a loss of $0.3 million, or Nil per share during Q3 2021. The changes are a result of the items noted above, which are primarily increases in revenues and mine operating income, and movements in the fair value adjustment of the warrant liability and unrealized foreign exchange. The positive movement in income/loss was offset by increases to share-based payments, an increase to general and administrative expenses and an increased unrealized loss on investments, as well as increased current and deferred income tax expense, as noted above.

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

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

EBITDA was $0.2 million, a positive increase of $0.4 million when compared to losses of $0.2 million for Q3 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 $0.4 million, a positive increase of $1.1 million when compared to adjusted losses of $0.7 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, and movements in unrealized foreign exchange. 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 was $10.29, compared to $3.87 Q3 2021 excluding stand-by-cost. Throughout Q3 2022, mining activities continued to ramp-up and thus certain incremental and non-recurring costs were incurred to reach the current mill throughput.

All-in sustaining cash costs per silver equivalent payable ounce was $17.29, compared to $25.60 for Q3 2021. The decrease is a result of higher ounces produced and sold, with a similar level of administrative and support costs, which resulted in a decrease in overall all-in sustaining cash costs.

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

Financial Results – nine months ended September 30, 2022, compared to nine months ended September 30, 2021

Revenues

The Company recognized revenues net of penalties, treatment costs and refining charges, of $29.5 million on the sale of Avino Mine bulk copper/silver/gold concentrate, compared to $1.9 million in revenues for the nine month period ended September 30, 2022, an increase of $27.6 million.

The increase in revenues is a direct result of the restart of mining operations in August 2021, with the only no production or sales in the nine month period ended September 30, 2021. The only revenues in the comparable period were from the finalization of provisionally priced invoices issued during Q3 and Q4 2020.

Metal prices for revenues recognized during the period were $22.05 per ounce of silver, $1,856 per ounce of gold, and $9,045 per tonne of copper, compared to averages of $24.61, $1,803, and $9,402, respectively, for the same period in 2021.

Cost of Sales & Mine Operating Income

Cost of sales was $18.9 million, compared to $2.8 million in 2021, an increase of $16.1 million. The increase in cost of sales is attributable to mining operations being active during the nine month period ended September 30, 2022, with minimal tonnage being mined and milled during the same period in 2021, with these activities recommending during Q3 2021.

Mine operating income, after depreciation and depletion, was $10.7 million, compared to a loss of $0.9 million in the corresponding period. The increase in mine operating income is a direct result of the Company being in production for the nine months of 2022 and making consistent concentrate deliveries, which was not the case in the same period of 2021.

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

General and Administrative Expenses & Share-Based Payments

General and administrative expenses was $3.5 million, compared to $2.7 million in 2021, with the increases coming from the increased corporate activity surrounding ramp up procedures and the acquisition of La Preciosa.

Share-based payments was $1.6 million, compared to $1.3 million in 2021. Movements in share-based payments are a direct result of the 2022 option and RSU grants carrying a higher expense when compared to the vesting of option and RSU issuances from 2020 and prior years.

Other Items

Other Items totaled a loss of $0.3 million for the period, an positive change to income of $0.4 million compared to a loss of $0.7 million related to other items in 2021.

Unrealized loss on long-term investment was $2.5 million, a decrease in income of $1.5 million compared to a loss of $1.0 million in the comparable period for 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 and Endurance Gold.

Fair value adjustment on warrant liability was a gain of $2.7 million, in increase to income of $1.1 million compared to a gain of $1.6 million in 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 2022, an increase to income of $1.1 million compared to a loss of $1.1 million in the comparable period for 2021, in which 1.0 million warrants were exercised. No warrants were exercised in the current period.

Foreign exchange loss for the period was $0.2 million, unchanged from in the comparable period for 2021. Foreign exchange gains or losses result from transactions in currencies other than the Canadian dollar functional currency. During the nine months ended September 30, 2022, the Canadian dollar and the US dollar depreciated slightly in relation to the Mexican peso, resulting in a foreign exchange loss. During the nine months ended September 30, 2021, the US dollar appreciated slightly in relation to the Canadian dollar but remained consistent to the Mexican peso, resulting in a foreign exchange loss.

The remaining Other Items resulted in a loss of $0.3 million, a change of $0.3 million compared to Nil for the nine months ended September 30, 2021.

Current and Deferred Income Taxes

Current income tax expense increased to $0.6 million in 2022, compared to Nil in income tax expense for 2021. Given the return to profitable mining operations, the higher amount of current income tax expenses in 2022 is a result of income generated in the current period and relates specifically to the special mining duties tax on profits in Mexico.

Deferred income tax expense was $2.8 million, a change of $3.8 million compared to a recovery of $1.0 million in 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.

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

Net Income/Loss

Net income from all operations was $1.8 million for the nine months ended September 30, 2022, or $0.02 per share, compared to a loss of $4.7 million, or $0.05 per share during the nine months ended September 30, 2021. The changes are a result of the items noted above, which are primarily increases in revenues and mine operating income, and movements in the fair value adjustment of the warrant liability, realized loss on warrants exercised, and unrealized foreign exchange. The positive movement in income/loss was partially offset by increases to share-based payments, an increase to general and administrative expenses and an increased unrealized loss on investments, as well as increased current and deferred income tax expense, as noted above.

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

EBITDA was $7.1 million, a positive increase of $11.5 million when compared to losses of $4.4 million for 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 $7.1 million, a positive increase of $9.5 million when compared to adjusted losses of $2.4 million in the corresponding period 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 2021). See Non-IFRS Measures for a reconciliation for adjusted earnings/losses.

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

Cash costs per silver equivalent payable ounce, excluding stand-by costs, was $9.71, compared to $3.87 excluding stand-by cost for the comparable period in 2021. Throughout 2022, mining activities continued to ramp-up and thus certain incremental and non-recurring costs were incurred to reach the current mill throughput. Cash costs at the Avino Mine are expected to stabilize at these levels moving forward.

All-in sustaining cash costs per silver equivalent payable ounce was $17.58, compared to $51.85 including stand-by cost for the comparable period in 2021. The decrease is a result of higher ounces produced and sold, with a similar level of administrative and support costs, which resulted in a decrease in overall all-in sustaining cash costs.

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

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

Three months ended September 30, 2022, compared to the three months ended September 30, 2021:

(000’s)	2022			2021
Revenue from mining operations	$	9,118		$	1,881
Cost of sales		7,058			1,043
Mine operating income		2,060			838
Operating expenses
General and administrative expenses		997			815
Share-based payments		556			277
Income (loss) before other items		507			(254	)
Other items
Interest and other income		15			14
Gain (loss) on long-term investments		(1,221	)		(1,103	)
Fair value adjustment on warrant liability		86			516
Unrealized foreign exchange gain (loss)		251			716
Project evaluation expenses		(5	)		-
Finance costs		(87	)		(8	)
Accretion of reclamation provision		(11	)		(13	)
Interest expense		(23	)		(13	)
Net loss before income taxes		(488	)		(145	)
Income taxes
Current income tax expense		(142	)		(13	)
Deferred income tax expense		(499	)		(56	)
Income tax expense		(641	)		(69	)
Net loss	$	(1,129	)	$	(214	)
Loss per share
Basic	$	(0.01	)	$	(0.00	)
Diluted	$	(0.01	)	$	(0.00	)

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

Nine months ended September 30, 2022, compared to the Nine months ended September 30, 2021:

(000’s)	2022			2021
Revenue from mining operations	$	29,538		$	1,910
Cost of sales		18,832			2,769
Mine operating income (loss)		10,706			(859	)
Operating expenses
General and administrative expenses		3,469			2,726
Share-based payments		1,618			1,391
Income (loss) before other items		5,619			(4,976	)
Other items
Interest and other income		67			143
Gain (loss) on long-term investments		(2,503	)		(1,002	)
Fair value adjustment on warrant liability		2,692			1,560
Realized loss on exercise of warrants		-			(1,111	)
Unrealized foreign exchange loss		(231	)		(187	)
Project evaluation expenses		(80	)		-
Finance costs		(188	)		(46	)
Accretion of reclamation provision		(32	)		(36	)
Interest expense		(66	)		(15	)
Net income (loss) before income taxes		5,278			(5,670	)
Income taxes
Current income tax expense		(642	)		(25	)
Deferred income tax (expense) recovery		(2,836	)		1,009
Income tax (expense) recovery		(3,478	)		984
Net income (loss)	$	1,800		$	(4,686	)
Earnings (loss) per share
Basic	$	0.02		$	(0.05	)
Diluted	$	0.02		$	(0.05	)

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

Avino Mine Production Highlights

Q3 2022	Q2 20221	Change1		YTD 2022	FY 20211	Change1
162,169	118,224	37%	Total Mill Feed (dry tonnes)	391,531	165,304	137%
59	65	-9%	Feed Grade Silver (g/t)	58	53	9%
0.31	0.46	-33%	Feed Grade Gold (g/t)	0.35	0.84	-61%

0.66	0.69	-4%	Feed Grade Copper (%)	0.64	0.57	12%
92%	91%	1%	Recovery Silver (%)	92%	87%	6%
74%	78%	-5%	Recovery Gold (%)	76%	75%	1%
89%	92%	-3%	Recovery Copper (%)	90%	88%	2%
285,444	225,537	27%	Total Silver Produced (oz)	675,339	245,372	175%
1,201	1,350	-11%	Total Gold Produced (oz)	3,352	3,386	-1%
2,101,635	1,644,342	28%	Total Copper Produced (Lbs)	4,963,327	1,869,306	166%
778,008	649,569	20%	Total Silver Equivalent Produced (oz)2	1,885,375	842,373	124%

¹Q2 2022 was the most recent three-month period of consolidated production and is most appropriate for comparison purposes, as there was limited production for Q3 2021. Full Year 2021 was used as a comparison for YTD 2022, as it includes the most recent 9 month period of production prior to 2022.

²In Q3 2022, AgEq was calculated using metals prices of $19.22 per oz Ag, $1,729 per oz Au and $3.51 per lb Cu. In Q2 2022, AgEq was calculated using metals prices of $22.64 per oz Ag, $1,873 per oz Au and $4.32 per lb Cu. In YTD 9M 2022, AgEq was calculated using metal prices of $21.94 per oz Ag, $1,825 per oz Au and $4.12 per lb Cu. In FY 2021, AgEq was calculated using metal prices of $23.84 per oz Ag, $1,786 per oz Au and $4.32 per lb Cu.

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 the area at depth below the current Elena Tolosa production area, further drilling of 17 additional holes on the Oxide Tailings project, and La Potosina. The Company has completed 11,253 metres of drilling in nine months ended September 30, 2022.

Avino – Elena Tolosa Area

On October 11, 2022, Avino announced further drill results from the Avino Elena Tolosa (“ET”) area below the current Level 17 mining area. These drill results continue to confirm the downdip continuity of widths and grades of the Avino vein extending significant potential to a depth of at least 290 metres down dip below the deepest levels of development. Avino is advancing geological modelling to determine the potential geometry and controls of the mineralization. Currently, three drills are turning to include a further 14 drill holes for 7,000 metres. For full news release, visit our website here.

Selected high grade intercepts include:

- Hole ET 22-08: 95 AgEq g/t over 43.80 metres, including 673 AgEq g/t over 0.66 metres

- Hole ET 22-09: 150 AgEq g/t over 26.77 metres, including 1,037 AgEq g/t over 0.46 metres and 1,800 AgEq g/t over 0.28 meters

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

Results from the program are shown below:

Structure	Hole Number	From (m)	To (m)	Drill Intercept Length (m)	True width (m)	Au (g/t)	Ag (g/t)	Cu (%)	AgEq¹ (g/t)
AVINO VEIN	ET-22-04	432.85	435.30	2.45	2.12	0.02	2	0.02	5
AVINO VEIN	ET-22-05	494.75	512.00	17.25	14.40	0.17	30	0.19	62
	Including	505.45	505.85	0.40	0.34	0.42	430	0.42	524
HW BX	ET-22-06	70.50	74.80	4.30	3.72	0.07	8	0.16	36
AVINO VEIN	And	566.35	603.85	37.50	27.25	0.02	8	0.10	23
	Including	585.40	585.60	0.20	0.14	0.49	132	1.92	436
HW STW	ET-22-07	213.80	223.90	10.10	9.95	0.25	17	0.40	93
	Including	223.00	223.90	0.90	0.90	1.85	37	0.22	232
AVINO VEIN	And	555.60	569.15	13.55	10.90	0.06	25	1.05	172
	Including	563.70	564.70	1.00	0.74	0.06	65	2.84	454
HW STW	ET-22-08	510.15	513.70	3.55	3.20	0.02	12	0.98	146
	Including	510.15	510.40	0.25	0.22	0.06	41	7.78	1,099
AVINO VEIN	And	519.00	576.65	57.65	43.80	0.15	15	0.49	95
	Including	533.00	534.00	1.00	0.66	4.19	36	1.94	673
AVINO VEIN	ET-22-09	548.25	581.25	33.00	26.77	0.15	40	0.71	150
	Including	548.25	548.65	0.40	0.28	2.96	155	10.20	1,800
	Including	556.65	557.25	0.60	0.46	1.98	260	4.43	1,037

1.	AgEq in drill results above assumes $1,700 oz Au and $19.00 oz Ag, and $3.75 lb Cu, and 100% metallurgical recovery
2.	HW BX = Hanging Wall Breccia and HW STW = Hanging Wall Stockworks

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

Avino – Oxide Tailings

No new drilling was performed on the oxide tailings, however internal analyses were performed to estimate the total resource. Results will be released in a forthcoming property-wide mineral resource update.

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.

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.

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

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		Q3 2022			Q3 2021			YTD 2022			YTD 2021
Net income (loss) for the period	$	(1,129	)	$	(214	)	$	1,800		$	(4,686	)
Depreciation and depletion		551			352			1,558			1,338
Interest income and other		(14	)		(14	)		(66	)		(143	)
Interest expense		23			13			66			15
Finance cost		87			8			188			46
Accretion of reclamation provision		11			13			32			36
Current income tax expense		142			13			642			25
Deferred income tax expense (recovery)		499			56			2,836			(1,009	)
EBITDA	$	170		$	227		$	7,056		$	(4,378	)
Fair value adjustment on warrant liability		(86	)		(516	)		(2,692	)		(1,560	)
Realized loss on warrants exercised		-			-			-			1,111
Share-based payments		556			277			1,618			1,391
Stand-by costs during strike action		-			-			-			800
Foreign exchange loss (gain)		(251	)		(716	)		231			187
Adjusted earnings (loss)	$	389		$	(728	)	$	6,213		$	(2,449	)
Shares outstanding (diluted)		120,386,601			101,559,946			113,814,123			99,457,201
Adjusted earnings (loss) per share	$	0.00		$	(0.01	)	$	0.05		$	(0.02	)

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.

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

The Company’s calculation of all-in sustaining cash costs includes sustaining capital expenditures of $2,834 for the nine months ended September 30, 2022 (September 30, 2021 - $1,015) 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 NINE MONTHS ENDED SEPTEMBER 30, 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 preceding quarters:

Expressed in 000’s of US$, unless otherwise noted		Avino – Consolidated
		Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q2 2021			Q1 2021			Q4 2020
Cost of sales	$	7,058		$	5,468		$	6,306		$	4,912		$	1,043		$	1,017		$	709		$	2,658
Exploration expenses		(336	)		(305	)		(296	)		(214	)		(308	)		(129	)		-			-
Stand-by costs during strike action		-			-			-			-			-			(425	)		(246	)		(1,519	)
Depletion and depreciation		(514	)		(481	)		(459	)		(741	)		(319	)		(463	)		(463	)		(303	)
Cash production cost		6,208			4,682			5,551			3,957			416			-			-			836
Payable silver equivalent ounces sold		603,360			594,700			495,109			435,885			107,112			-			-			59,710
Cash cost per silver equivalent ounce	$	10.29		$	7.87		$	11.21		$	9.08		$	3.87		$	-		$	-		$	14.01
General and administrative expenses		1,553			2,218			1,316			967			1,094			1,475			1,550			1,633
Treatment & refining charges		568			700			766			529			127			-			-			47
Penalties		1,705			897			1,578			1,200			255			-			-			45
Sustaining capital expenditures		672			1,586			576			774			855			57			103			1,106
Exploration expenses		336			305			296			214			308			129			-			-
Stand-by costs during stoppages		-			-			-			-			-			425			246			1,519
Share-based payments and G&A depreciation		(591	)		(899	)		(230	)		(125	)		(312	)		(528	)		(645	)		(824	)
Cash operating cost	$	10,451		$	9,489		$	9,853		$	7,516		$	2,743		$	1,558		$	1,254		$	4,362
AISC per silver equivalent ounce	$	17.32		$	15.95		$	19.90		$	17.24		$	25.60		$	-		$	-		$	73.08

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

The following table reconciles cash cost per AgEq oz production cost to all-in sustaining cash cost per AgEq oz for the nine months ended September 30, 2022 and 2021:

Expressed in 000’s of US$, unless otherwise noted	Avino					Consolidated
		YTD 2022			YTD 2021			YTD 2022			YTD 2021
Cost of sales	$	18,832		$	2,769		$	18,832		$	2,769
Exploration expenses		(937	)		(437	)		(937	)		(437	)
Stand-by costs during strike action		-			(671	)		-			(671	)
Depletion and depreciation		(1,454	)		(1,245	)		(1,454	)		(1,245	)
Cash production cost		16,441			416			16,441			416
Payable silver equivalent ounces sold		1,693,198			107,112			1,693,198			107,112
Cash cost per silver equivalent ounce	$	9.71		$	3.87		$	9.71		$	3.87
General and administrative expenses		5,086			4,117			5,086			4,117
Treatment & refining charges		2,034			127			2,034			127
Penalties		4,179			255			4,179			255
Sustaining capital expenditures		2,834			1,015			2,834			1,015
Exploration expenses		937			437			937			437
Stand-by costs during stoppages		-			671			-			671
Share-based payments and G&A depreciation		(1,721	)		(1,484	)		(1,721	)		(1,484	)
Cash operating cost	$	29,790		$	5,554		$	29,790		$	5,554
AISC per silver equivalent ounce	$	17.59		$	51.85		$	17.59		$	51.85

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 diluted weighted average shares outstanding during the three and nine month periods ended September 30, 2022 and 2021.

	Q3 2022		Q3 2021		YTD 2022		YTD 2021
Cash provided by (used in) operating activities before working capital items	$	1,588	$	82	$	7,744	$	(2,364	)
Weighted average number of shares outstanding
Basic		117,876,825		101,559,946		113,027,305		99,457,201
Diluted		117,876,825		101,559,946		116,275,433		99,457,201
Cash Flow per Share – diluted	$	0.01	$	0.00	$	0.07	$	(0.02	)

Working Capital

	September 30, 2022			December 31, 2021
Current assets	$	24,687		$	35,478
Current liabilities		(12,414	)		(3,843	)
Working capital	$	12,273		$	31,635

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

Results of Operations

Summary of Quarterly Results

(000’s)	2022			2022		2021		2021		2021			2021			2021			2020
Quarter ended	Sep 30 Q3			Jun 30 Q2		Mar 31 Q1		Dec 31 Q4		Sep 30 Q3			Jun 30 Q2			Mar 31 Q1			Dec 30 Q4
Revenue	$	9,118		$	9,370	$	11,050	$	9,318	$	1,881		$	-		$	29		$	1,407
Net income (loss) from operations for the quarter		(1,129	)		2,283		646		2,629		(214	)		(2,654	)		(1,818	)		(1,555	)
Earnings (loss) per share from operations - basic	$	(0.01	)	$	0.02	$	0.01	$	0.03	$	(0.00	)	$	(0.03	)	$	(0.02	)	$	(0.02	)
Earnings (loss) per share from operations - diluted	$	(0.01	)	$	0.02	$	0.01	$	0.04	$	(0.00	)	$	(0.03	)	$	(0.02	)	$	(0.02	)
Total Assets	$	115,310		$	114,998	$	111,413	$	86,264	$	82,109		$	83,024		$	84,550		$	68,780

· Revenue maintained constant in four most recent quarters 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 the three most recent quarters primarily due to higher mine operating income compared with prior quarters, partially offset by higher current and deferred income taxes.

· Total assets increased at September 30, 2022 compared to previous quarters, as result of the acquisition of La Preciosa as well as the increased operating cash flow generation.

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.

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

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. The intended use of the funds is to fund the acquisition of La Preciosa mine and exploration and evaluation expenses.	As of the date of this MD&A, the Company has used 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. In supporting mining operations in Mexico, the Company acquired la Preciosa for net cash consideration of $15.4 million. During the nine months ended September 30, 2022, the remaining $3.7 million was used for exploration and evaluation activities, the acquisition of property and equipment, the repayment of capital equipment acquired under lease and loan.
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. The intended use of the funds is to fund ongoing operations in Mexico.	As of the date of this MD&A, the Company had used all of 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.

Discussion and analysis relating to the Company’s liquidity as at September 30, 2022 and December 31, 2021, as well as movements in cash flow during the nine months ended September 30, 2022 and 2021, is as follows:

Statement of Financial Position

	September 30, 2022			December 31, 2021
Cash	$	10,920		$	24,765
Working capital		12,273			31,635
Accumulated Deficit		(53,322	)		(55,953	)

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

Cash Flow

	September 30, 2022			September 30, 2021
Cash generated by operating activities	$	8,512		$	(3,409	)
Cash generated by (used in) financing activities		(903	)		16,141
Cash used in investing activities		(21,429	)		(2,133	)
Change in cash		(13,820	)		10,599
Effect of exchange rate changes on cash		(25	)		29
Cash, beginning of period		24,765			11,713
Cash, end of period	$	10,920		$	22,341

Operating Activities

Cash generated by operating activities for the nine months ended September 30, 2022, was $8.5 million compared to $3.4 million used for the nine months ended September 30, 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.

Financing Activities

Cash used in financing activities was $0.9 million for the nine months ended September 30, 2022, compared to $16.1 million for the nine months ended September 30, 2021. Cash generated by financing activities for the nine months ended September 30, 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 nine months ended September 30, 2022, the Company received net proceeds from issuance of shares for cash of Nil (September 30, 2021 - $18.1 million), received proceeds from warrants exercise of Nil (September 30, 2021 - $0.8 million) and received proceeds from stock options exercised by $0.03 million (September 30, 2021 - $0.2 million). The Company also made term facility repayments of Nil (September 30, 2021 - $2.5 million) and made finance lease and equipment loan payments totalling $0.9 million (September 30, 2021 - $0.5 million).

Investing Activities

Cash used in investing activities for the nine months ended September 30, 2022, was $21.4 million compared to $2.1 million for the nine months ended September 30, 2021. Cash used in investing activities included cash capital expenditures and exploration and evaluation expenditures of $6.1 million (September 30, 2021 - $2.1 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.

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

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 and nine months ended September 30, 2022 and 2021 is as follows:

	Three months ended  September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Salaries, benefits, and consulting fees	$	237	$	243	$	975	$	742
Share-based payments		427		230		1,251		1,133
	$	664	$	473	$	2,226	$	1,875

(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:

	September 30, 2022			December 31, 2021
Oniva International Services Corp.	$	99		$	107
Directors		31			56
Silver Wolf Exploration Ltd.		(58	)		-
	$	72		$	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 and nine months ended September 30, 2022, the Company paid $66 and $263, respectively (September 30, 2021 - $60 and $180, respectively), to ICC.

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

(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 and nine months ended September 30, 2022 and 2021 are summarized below:

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Salaries and benefits	$	218	$	172	$	670	$	550
Office and miscellaneous		119		91		325		273
	$	337	$	263	$	995	$	823

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.

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) counterparties. 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 September 30, 2022, no amounts were held as collateral.

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

(b) Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due. The Company manages its liquidity risk by forecasting cash flows required by its operating, investing and financing activities. The Company had cash at September 30, 2022, in the amount of $10,920 and working capital of $12,273 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 September 30, 2022, are summarized as follows:

	Total		Less Than 1 Year		1-5 years		More Than 5 Years
Accounts payable and accrued liabilities	$	5,611	$	5,611	$	-	$	-
Amounts due to related parties		72		72		-		-
Note payable		5,000		5,000		-		-
Lease liability		2,072		1,039		1,033		-
Total	$	12,755	$	11,722	$	1,033	$	-

(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.

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

Foreign Currency Risk

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

	September 30, 2022						December 31, 2021
	MXN			CDN			MXN			CDN
Cash	$	6,064		$	392		$	3,576		$	1,450
Long-term investments		-			1,855			-			4,976
Reclamation bonds		-			4			-			6
Amounts receivable		-			21			-			33
Accounts payable and accrued liabilities		(17,454	)		(56	)		(57,604	)		(211	)
Due to related parties		-			(176	)		-			(206	)
Finance lease obligations		(992	)		(110	)		(1	)		(394	)
Net exposure		(12,382	)		1,930			(54,029	)		5,654
US dollar equivalent	$	(609	)	$	1,409		$	(2,363	)	$	(4,054	)

Based on the net US dollar denominated asset and liability exposures as at September 30, 2022, a 10% fluctuation in the US/Mexican and Canadian/US exchange rates would impact the Company’s earnings for the nine months ended September 30, 2022, by approximately $67 (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 September 30, 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 $69 (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 September 30, 2022, a 10% change in market prices would have an impact on net earnings (loss) of approximately $132 (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.

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

(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 September 30, 2022:

	Level 1		Level 2		Level 3
Financial assets
Cash	$	10,920	$	-	$	-
Amounts receivable		-		656		-
Long-term investments		1,353		-		-
Total financial assets	$	12,273	$	656	$	-
Financial liabilities
Warrant liability		-		-		(218	)
Total financial liabilities	$	-	$	-	$	(218	)

The Company uses Black-Scholes model to measure its Level 3 financial instruments. As at September 30, 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 nine months ended September 30, 2022 and the year ended December 31, 2021.

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.

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

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.

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

	September 30, 2022		December 31, 2021
Not later than one year	$	84	$	96
Later than one year and not later than five years	331		330
Later than five years	396		462
	$	811	$	888

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

Outstanding Share Data

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

As at November 9, 2022, the following common shares, warrants, and stock options were outstanding:

	Number of shares	Exercise price	Remaining life (years)
Share capital	118,349,090	-	-
Warrants (US$)	8,950,412	$0.80 - $1.09	0.87 – 0.88
Restricted Share Units (“RSUs”)	2,190,666	-	0.73 – 2.38
Stock options	4,256,000	C$0.79 - C$1.64	0.80 – 4.48
Fully diluted	133,746,168

The following are details of outstanding stock options as at September 30, 2022 and November 9, 2022:

Expiry Date	Exercise Price Per Share	Number of Shares Remaining Subject to Options (September 30, 2022)	Number of Shares Remaining Subject to Options (November 9, 2022)
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	1,660,000	1,660,000
March 25, 2027	C$1.20	2,340,000	2,340,000
May 4, 2027	C$0.92	25,000	25,000
Total:		4,256,000	4,256,000

The following are details of outstanding warrants as at September 30, 2022 and November 9, 2022:

Expiry Date	Exercise Price Per Share	Number of Underlying Shares (September 30, 2022)	Number of Underlying Shares (November 9, 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 September 30, 2022 and November 9, 2022:

Expiry Date	Number of Shares Remaining Subject to RSUs (September 30, 2022)	Number of Shares Remaining Subject to RSUs (November 9, 2022)
August 4, 2023	412,666	412,666
March 25, 2025	1,778,000	1,778,000
Total:	2,190,666	2,190,666

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 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. The Company adopted the amendments to IAS 16 with no material impact on the financial statements.

Future Changes in Accounting Policies Not Yet Effective as at September 30, 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 September 30, 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.

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  MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022

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.

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 September 30, 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 November 9, 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.

28 | Page

EX-99.3

EXHIBIT 99.3

Form 52-109F2

Certification of Interim Filings

Full Certificate

I, David Wolfin, Chief Executive Officer, of Avino Silver & Gold Mines Ltd., certify the following:

1.	Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Avino Silver & Gold Mines Ltd. (the “issuer”) for the interim period ended September 30, 2022.
2.	No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
3.	Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
4.	Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
5.	Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)	material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
(ii)	information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1	Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).
5.2	ICFR – material weakness relating to design – N/A
5.3	Limitation on scope of design - N/A
6.	Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July 1, 2022 and ended on September 30, 2022 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: November 9, 2022

“David Wolfin”                                                        

David Wolfin

Chief Executive Officer

EX-99.4

EXHIBIT 99.4

Form 52-109F2

Certification of Interim Filings

Full Certificate

I, Nathan Harte, Chief Financial Officer, of Avino Silver & Gold Mines Ltd., certify the following:

1.	Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Avino Silver & Gold Mines Ltd. (the “issuer”) for the interim period ended September 30, 2022.
2.	No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
3.	Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
4.	Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
5.	Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)	material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
(ii)	information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1	Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).
5.2	ICFR – material weakness relating to design – N/A
5.3	Limitation on scope of design - N/A
6.	Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July 1, 2022 and ended on September 30, 2022 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: November 9, 2022

“Nathan Harte”                                                

Nathan Harte

Chief Financial Officer

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Cover	9 Months Ended
	Sep. 30, 2022
Cover [Abstract]
Entity Registrant Name	AVINO SILVER & GOLD MINES LTD.
Entity Central Index Key	0000316888
Document Type	6-K/A
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Period End Date	Sep. 30, 2022
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
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

Condensed Consolidated Interim Statements of Financial Position - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash	$ 10,920	$ 24,765
Amounts receivable	656	1,208
Taxes recoverable	4,473	3,364
Prepaid expenses And other Assets	1,465	962
Inventory	7,173	5,179
Total current assets	24,687	35,478
Exploration and evaluation assets	46,371	11,053
Plant, equipment and mining properties	42,895	35,675
Long-term investments	1,353	3,939
Other assets	4	133
Total assets	115,310	86,278
Current liabilities
Accounts payable and accrued liabilities	5,611	3,260
Amounts due to related parties	72	163
Taxes payable	718	31
Notes payable	4,842	0
Current portion of lease liability	953	389
Current portion of warrant liability	218	0
Total current liabilities	12,414	3,843
Lease liability	991	680
Warrant liability	0	741
Reclamation provision	767	726
Deferred income tax liabilities	4,617	1,781
Total liabilities	18,789	7,771
EQUITY
Share capital	145,515	129,953
Equity reserves	9,446	9,573
Treasury shares	(97)	(97)
Accumulated other comprehensive loss	(5,021)	(4,969)
Accumulated deficit	(53,322)	(55,953)
Total equity	96,521	78,507
Total liabilities and equity	$ 115,310	$ 86,278

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Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss)
Revenue from mining operations	$ 9,118,000	$ 1,881,000	$ 29,538,000	$ 1,910,000
Cost of sales	7,058,000	1,043,000	18,832,000	2,769,000
Mine operating income (loss)	2,060,000	838,000	10,706,000	(859,000)
Operating expenses
General and administrative expenses	997,000	815,000	3,469,000	2,726,000
Share-based payments	556,000	277,000	1,618,000	1,391,000
Income (loss) before other items	507,000	(254,000)	5,619,000	(4,976,000)
Other items
Interest and other income	15,000	14,000	67,000	143,000
Loss on long-term investments	(1,221,000)	(1,103,000)	(2,503,000)	(1,002,000)
Fair value adjustment on warrant liability	86,000	516,000	2,692,000	1,560,000
Realized loss on warrants exercised	0	0	0	(1,111,000)
Unrealized foreign exchange gain (loss)	251,000	716,000	(231,000)	(187,000)
Project evaluation expenses	(5,000)	0	(80,000)	0
Finance cost	(87,000)	(8,000)	(188,000)	(46,000)
Accretion of reclamation provision	(11,000)	(13,000)	(32,000)	(36,000)
Interest expense	(23,000)	(13,000)	(66,000)	(15,000)
Income (loss) before income taxes	(488,000)	(145,000)	(5,278,000)	(5,670,000)
Income taxes:
Current income tax expense	(142,000)	(13,000)	(642,000)	(25,000)
Deferred income tax recovery (expense)	(499,000)	(56,000)	(2,836,000)	1,009,000
Income tax recovery (expense)	(641,000)	(69,000)	(3,478,000)	984,000
Net income (loss)	(1,129,000)	(214,000)	1,800,000	(4,686,000)
Other comprehensive income (loss)
Currency translation differences	(290,000)	(1,235,000)	(52,000)	(128,000)
Total comprehensive income (loss)	$ (1,419,000)	$ (1,449,000)	$ 1,748,000	$ (4,814,000)
Income (loss) per share
Basic income	$ (0.01)	$ (0.00)	$ 0.02	$ (0.05)
Diluted income	$ (0.01)	$ (0.00)	$ 0.02	$ (0.05)
Weighted average number of common shares outstanding
Basic	117,876,825	101,559,946	113,027,305	99,457,201
Diluted	117,876,825	101,559,946	116,275,433	99,457,201

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Condensed Consolidated Interim Statements of Changes in Equity - USD ($) $ in Thousands	Total	Number of Common Shares	Treasury Shares	Equity Reserves	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance, shares at Dec. 31, 2020		89,568,682
Balance, amount at Dec. 31, 2020	$ 59,008	$ 108,303	$ (97)	$ 9,951	$ (54,339)	$ (4,810)
Statement [Line Items]
Common shares issued for cash:	0	$ 0	0	0	0	0
At the market issuances, shares		10,050,000
At the market issuances, amount	18,497	$ 18,497	0	0	0	0
Exercise of warrants, shares		1,030,362
Exercise of warrants, amount	1,911	$ 1,911	0	0	0	0
Exercise of options, shares		264,000
Exercise of options, amount	237	$ 364	0	(127)	0	0
Issuance costs	(388)	(388)	0	0	0	0
Options cancelled or expired	0	$ 0	0	(443)	443	0
Carrying value of exercise of RSUs, shares		1,330,167
Carrying value of exercise of RSUs, amount	0	$ 1,278	0	(1,278)	0	0
Share-based payments	1,391	0	0	1,391	0	0
Net loss for the period	(4,686)	0	0	0	(4,686)	0
Currency translation differences	(128)	$ 0	0	0	0	(128)
Balance, shares at Sep. 30, 2021		102,243,211
Balance, amount at Sep. 30, 2021	75,842	$ 129,965	(97)	9,494	(58,582)	(4,938)
Balance, shares at Dec. 31, 2021		102,243,211
Balance, amount at Dec. 31, 2021	78,507	$ 129,953	(97)	9,573	(55,953)	(4,969)
Statement [Line Items]
Exercise of options, shares		48,000
Exercise of options, amount	31	$ 46	0	(15)	0	0
Issuance costs	(13)	(13)	0	0	0	0
Options cancelled or expired	0	$ 0	0	(831)	831	0
Carrying value of exercise of RSUs, shares		982,879
Carrying value of exercise of RSUs, amount	0	$ 899	0	(899)	0	0
Share-based payments	1,618	0	0	1,618	0	0
Net loss for the period	1,800	0	0	0	1,800	0
Currency translation differences	(52)	$ 0	0	0	0	(52)
Common shares issued for acquisition of La Preciosa, shares		15,075,000
Common shares issued for acquisition of La Preciosa, amount	14,630	$ 14,630	0	0	0	0
Balance, shares at Sep. 30, 2022		118,349,090
Balance, amount at Sep. 30, 2022	$ 96,521	$ 145,515	$ (97)	$ 9,446	$ (53,322)	$ (5,021)

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Condensed Consolidated Interim Statements of Cash Flows - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Operating activities
Net income (loss)	$ (1,129,000)	$ (214,000)	$ 1,800,000	$ (4,686,000)
Adjustments for non-cash items:
Deferred income tax expense (recovery)	499,000	56,000	2,836,000	(1,009,000)
Depreciation and depletion			1,558,000	1,338,000
Accretion of reclamation provision			32,000	36,000
Loss on investments			2,503,000	1,002,000
Unrealized (gain) loss foreign exchange			(88,000)	26,000
Unwinding of fair value adjustment on note payable			177,000		$ 0
Unwinding of fair value adjustment on term facility				(13,000)
Fair value adjustment on warrant liability			(2,692,000)	(1,560,000)
Realized loss on warrants exercised				1,111,000
Share-based payments			1,618,000	1,391,000
Cash provided by (used in) operating activities before working capital items			7,744,000	(2,364,000)
Net change in non-cash working capital items			768,000	(1,045,000)
Cash provided by (used in) operating activities			8,512,000	(3,409,000)
Financing activities
Shares and units issued for cash, net of issuance costs				18,110,000
Proceeds from option exercise			30,000	237,000
Proceeds from warrant exercise				803,000
Term facility payments				(2,500,000)
Finance lease payments			(933,000)	(437,000)
Equipment loan payments				(72,000)
Cash provided by (used in) financing activities			(903,000)	16,141,000
Investing activities
Exploration and evaluation expenditures			(793,000)	(981,000)
Additions to plant, equipment and mining properties			(5,347,000)	(1,152,000)
Acquisition of La Preciosa			(15,289,000)
Cash provided by (used in) investing activities			(21,429,000)	(2,133,000)
Change in cash			(13,820,000)	10,599,000
Effect of exchange rate changes on cash			(25,000)	29,000
Cash, beginning			24,765,000	11,713,000	11,713,000
Cash, ending	$ 10,920,000	$ 22,341,000	$ 10,920,000	$ 22,341,000	$ 24,765,000

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NATURE OF OPERATIONS

9 Months Ended

Sep. 30, 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 holds 100% interest in Proyectos Mineros La Preciosa S.A. de C.V . (“La Preciosa”), a Mexican corporation which owns the La Preciosa Property. 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

9 Months Ended

Sep. 30, 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 nine months ended September 30, 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

9 Months Ended

Sep. 30, 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. The Company adopted the amendments to IAS 16 with no material impact on the financial statements.

Future Changes in Accounting Policies Not Yet Effective as at September 30, 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

9 Months Ended

Sep. 30, 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 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		14,630
Share purchase warrants		2,240
Total purchase consideration		36,836
Transaction costs		270
Total acquisition cost	$	37,106
Cash	$	168
Other current assets		1,121
Plant and equipment		1,621
Exploration and evaluation assets		34,524
Accounts payable		(328	)
Net assets acquired	$	37,106

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TAXES RECOVERABLE

9 Months Ended

Sep. 30, 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.

	September 30, 2022		December 31, 2021
VAT recoverable	$	1,862	$	790
GST recoverable		16		26
Income taxes recoverable		2,595		2,548
	$	4,473	$	3,364

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INVENTORY

9 Months Ended

Sep. 30, 2022

INVENTORY

Inventory

6. INVENTORY

	September 30, 2022		December 31, 2021
Process material stockpiles	$	1,661	$	1,083
Concentrate inventory		3,263		2,467
Materials and supplies		2,249		1,629
	$	7,173	$	5,179

The amount of inventory recognized as an expense for the nine months ended September 30, 2022 totalled $18,842 (September 30, 2021 – $2,769). See Note 16 for further details.

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LONGTERM INVESTMENTS

9 Months Ended

Sep. 30, 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 summarized as follows:

	Fair Value December 31,		Net		Movements in foreign			Fair value adjustments			Fair Value September 30,
	2021		Additions		exchange			for the period			2022
Talisker Resources Common Shares	$	3,880	$	-	$	(132	)	$	(2,475	)	$	1,273
Silver Wolf Exploration Ltd. Common Shares		59		31		(5	)		(34	)		51
Endurance Gold Corp. Common Shares		-		26		(3	)		6			29
	$	3,939	$	57	$	(140	)	$	(2,503	)	$	1,353

Silver Wolf Exploration Ltd.

During the nine months ended September 30, 2022, the Company received 250,000 common shares (September 30, 2021 - received 131,718 common shares and 300,000 share purchase warrant at an exercise price of C$0.20) as part of the terms in the Option Agreement with Silver Wolf Exploration Ltd. Upon acquisition, the fair value of these common shares 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.

Endurance Gold Corp.

During the nine months ended September 30, 2022, the Company received 100,000 common shares as part of the terms of the Option Agreement with Endurance Gold Corp. Upon acquisition, the fair value of these common shares were recorded as “Other Income” on the statement of profit and loss. 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

9 Months Ended

Sep. 30, 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 (Note 7)		(117	)		-		-		(117	)
Balance, December 31, 2021	$	11,052		$	-	$	1	$	11,053
Costs incurred during 2022:
Acquisition costs – Note 4		-			34,524		-		34,524
Drilling and exploration		588			89		-		677
Assessments and taxes		95			61		-		156
Effect of movements in exchange rates		(9	)		-		-		(9	)
Option income (Note 7)		(30	)		-		-		(30	)
Balance, September 30, 2022	$	11,696		$	34,674	$	1	$	46,371

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.

(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”)

On March 11, 2021, 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, 2022 (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, 2023;
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 nine months ended September 30, 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

On May 2, 2022, the Company has granted Endurance Gold Corp. (“Endurance”) 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 term, 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.

During the nine months ended September 30, 2022, Endurance granted 100,000 common shares and paid C$10 as per the terms of the agreement, which required payment upon signing of a letter agreement between the two parties. As of September 30, 2022, Endurance was in compliance with all terms of the Option agreement.

(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

9 Months Ended

Sep. 30, 2022

Non-controlling Interest

9. NON-CONTROLLING INTEREST

At September 30, 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

9 Months Ended

Sep. 30, 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 December 31, 2020		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		1,009			170			434			2,018		3,728		2,857			10,216
Effect of movements in exchange rates		-			(20	)		(2	)		-		-		(3	)		(25	)
Balance at September 30, 2022		14,047			745			767			16,258		22,341		14,632			68,790
ACCUMULATED DEPLETION AND DEPRECIATION
Balance at December 31, 2020		8,643			187			256			4,907		5,297		1,624			20,914
Additions		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		175			116			314			318		987		1,061			2,971
Effect of movements in exchange rates		-			-			-			-		-		-			-
Balance at September 30, 2022		9,031			410			581			5,262		7,654		2,957			25,895
NET BOOK VALUE
At September 30, 2022		5,016			335			186			10,996		14,687		11,675			42,895
At December 31, 2021		4,182			301			68			9,296		11,946		9,882			35,675
At December 31, 2020		4,506			376			91			8,048		12,186		9,639			34,846

Included in Buildings and construction in process above are assets under construction of $9,752 as at September 30, 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 September 30, 2022, plant, equipment and mining properties included a net carrying amount of $2,500 (December 31, 2021 - $1,306) for mining equipment and right of use assets under lease.

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RELATED PARTY TRANSACTIONS AND BALANCES

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2022 and 2021 is as follows:

	Three months ended  September 30,				Nine months ended  September 30,
	2022		2021		2022		2021
Salaries, benefits, and consulting fees	$	237	$	243	$	975	$	742
Share-based payments		427		230		1,251		1,133
	$	664	$	473	$	2,226	$	1,875

(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:

	September 30, 2022			December 31, 2021
Oniva International Services Corp.	$	99		$	107
Directors		31			56
Silver Wolf Exploration		(58	)		-
	$	72		$	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 and nine months ended September 30, 2022, the Company paid $66 and $263 (September 30, 2021 - $60 and $180 respectively) 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 and nine months ended September 30, 2022 and 2021 are summarized below:

	Three months ended September 30,				Nine months ended  September 30,
	2022		2021		2022		2021
Salaries and benefits	$	218	$	172	$	670	$	550
Office and miscellaneous		119		91		325		273
	$	337	$	263	$	995	$	823

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NOTES PAYBLE

9 Months Ended

Sep. 30, 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:

	September 30,		December 31,
	2022		2021
Balance at beginning of the period	$	-	$	-
Additions		4,665		-
Repayments		-		-
Unwinding of fair value adjustment		177		-
Balance at end of the period	$	4,842	$	-

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WARRANT LIABILITY

9 Months Ended

Sep. 30, 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:

	September 30, 2022			December 31, 2021
Balance at beginning of the period	$	741		$	2,295
Warrants issued		2,240			-
Fair value adjustment		(2,692	)		(1,581	)
Effect of movement in exchange rates		(71	)		27
Balance at end of the period	$	218		$	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, September 30, 2022		8,950,412		$	1.03

			All Warrants Outstanding and Exercisable
Expiry Date	Exercise Price per Share		September 30, 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 September 30, 2022, the weighted average remaining contractual life of warrants outstanding was 0.98 years (December 31, 2021 – 1.73 years).

Valuation of the warrant liability requires the use of 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:

	September 30, 2022			December 31, 2021
Weighted average assumptions:
Risk-free interest rate		3.76	%		0.91	%
Expected dividend yield		0	%		0	%
Expected warrant life (years)		0.98			1.73
Expected stock price volatility		55.79	%		83.13	%
Weighted average fair value	$	0.02		$	0.38

During the nine months ended September 30, 2022, the Company recorded no realized loss on the exercise of warrants (December 31, 2021 - $1,106, as result of the exercise of 1,030,362 warrants for the issuance of 1,030,362 common shares).

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RECLAMATION PROVISION

9 Months Ended

Sep. 30, 2022

RECLAMATION PROVISION

Reclamation Provision

14.  RECLAMATION PROVISION

Management’s estimate of the reclamation provision at September 30, 2022, is $767 (December 31, 2021 – $726), and the undiscounted value of the obligation is $1,292 (December 31, 2021 – $1,252).

The present value of the obligation was calculated using a risk-free interest rate of 7.78% (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:

	September 30, 2022		December 31, 2021
Balance at beginning of the period	$	726	$	808
Changes in estimates		-		(105	)
Unwinding of discount related to continuing operations		32		47
Effect of movements in exchange rates		9		(24	)
Balance at end of the period	$	767	$	726

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SHARE CAPITAL AND SHAREBASED PAYMENTS

9 Months Ended

Sep. 30, 2022

Share Capital And Share-based Payments

15. SHARE CAPITAL AND SHARE-BASED PAYMENTS

(a) Authorized:Unlimited common shares without par value, 14,180 treasury shares issued at cost of $97

(b) Issued:

(i)	During the nine months ended September 30, 2022, 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, and exploration and evaluation assets as acquisition costs, representing the closing price on the Toronto Stock Exchange on March 21, 2022, the date of the issuance and closing.
	The Company further issued 1,075,000 common shares as payment for services provided during the acquisition, and as a result $980 was recorded to share capital and exploration and evaluation assets as acquisition costs.
	During the nine months ended September 30, 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.
	During the nine months ended September 30, 2022, the Company issued 982,879 common shares upon exercise of RSUs. As a result, $899 was recorded to share capital.
(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.

(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
Forfeited		(20,000	)	$	1.64
Stock options outstanding, December 31, 2021		2,839,000		$	1.68
Granted		2,390,000		$	1.20
Exercised		(48,000	)	$	0.79
Expired		(880,000	)	$	1.98
Forfeited		(45,000	)	$	1.40
Stock options outstanding, September 30, 2022		4,256,000		$	1.36
Stock options exercisable, September 30, 2022		3,067,250		$	1.42

The following table summarizes information about the stock options outstanding and exercisable at September 30, 2022:

			Outstanding				Exercisable
Expiry Date	Price (C$)		Number of Options		Weighted Average Remaining Contractual Life (Years)		Number of Options		Weighted Average Remaining Contractual Life (Years)
August 28, 2023	$	1.30		105,000		0.91		105,000		0.91
August 21, 2024	$	0.79		126,000		1.89		126,000		1.89
August 4, 2025	$	1.64		1,660,000		2.85		1,660,000		2.85
March 25, 2027	$	1.20		2,340,000		4.48		1,170,000		4.48
May 4, 2027	$	0.92		25,000		4.59		6,250		4.59
				4,256,000		3.68		3,067,250		3.37

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

	September 30, 2022			December 31, 2021
Weighted average assumptions:
Risk-free interest rate		2.49	%	-%
Expected dividend yield		0.00	%	-%
Expected option life (years)		5.00			-
Expected stock price volatility		59.98	%	-%
Expected forfeiture rate		20	%	-%
Weighted average fair value	$	0.63			-

During the nine months ended September 30, 2022, the Company charged $748 (nine months ended September 30, 2021 - $362) 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
Forfeited		(104,356	)	$	1.54
RSUs outstanding, December 31, 2021		1,439,477		$	1.32
Granted		1,799,000		$	1.19
Exercised		(982,879	)	$	1.18
Forfeited		(64,932	)	$	1.40
RSUs outstanding, September 30, 2022		2,190,666		$	1.27

The following table summarizes information about the RSUs outstanding at September 30, 2022:

Issuance Date	Price (C$)		Number of RSUs Outstanding
August 4, 2020	$	1.64		412,666
March 25, 2022	$	1.19		1,778,000
				2,190,666

During the nine months ended September 30, 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 nine months ended September 30, 2022, the Company charged $870 (September 30, 2021 - $1,028) 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  September 30,						Nine months ended  September 30,
	2022			2021			2022		2021
Net income (loss) for the period	$	(1,129	)	$	(214	)	$	1,800	$	(4,686	)
Basic weighted average number of shares outstanding		117,876,825			101,559,946			113,027,305		99,457,201
Effect of dilutive share options, warrants, and RSUs (‘000)		-			-			3,248,128		-
Diluted weighted average number of shares outstanding		117,876,825			101,559,946			116,275,433		99,457,201
Basic loss per share	$	(0.01	)	$	(0.00	)	$	0.02	$	(0.05	)
Diluted loss per share	$	(0.01	)	$	(0.00	)	$	0.02	$	(0.05	)

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REVENUE AND COST OF SALES

9 Months Ended

Sep. 30, 2022

Revenue And Cost Of Sales

16.  REVENUE AND COST OF SALES

The Company’s revenues for the nine months ended September 30, 2022 and 2021, are all attributable to Mexico, from shipments of concentrate from the Avino Mine.

	Three months ended September 30,					Nine months ended September 30,
	2022			2021		2022			2021
Concentrate sales	$	9,445		$	1,881	$	30,423		$	1,881
Provisional pricing adjustments		(327	)		-		(885	)		29
	$	9,118		$	1,881	$	29,538		$	1,910

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 nine months ended September 30, 2021.

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

	Three months ended  September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Production costs	$	6,544	$	724	$	17,378	$	724
Stand-by and ramp-up costs		-		-		-		800
Depreciation and depletion		514		319		1,454		1,245
	$	7,058	$	1,043	$	18,832	$	2,769

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GENERAL AND ADMINISTRATIVE EXPENSES

9 Months Ended

Sep. 30, 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:

	Three months ended September 30,				Nine months ended  September 30,
	2022		2021		2022		2021
Salaries and benefits	$	321	$	326	$	1,123	$	1,068
Office and miscellaneous		261		92		855		333
Management and consulting fees		110		124		345		411
Investor relations		84		28		234		183
Travel and promotion		29		10		75		29
Professional fees		89		103		501		343
Directors fees		30		43		116		133
Regulatory and compliance fees		36		55		116		133
Depreciation		37		34		104		93
	$	997	$	815	$	3,469	$	2,726

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COMMITMENTS

9 Months Ended

Sep. 30, 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:

	September 30, 2022		December 31, 2021
Not later than one year	$	84	$	96
Later than one year and not later than five years		331		330
Later than five years		396		462
	$	811	$	888

Office lease payments recognized as an expense during the nine months ended September 30, 2022, totalled $12 (September 30, 2021 - $11).

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SUPPLEMENT CASH FLOW INFORMATION

9 Months Ended

Sep. 30, 2022

Supplement Cash Fow Information

19.  SUPPLEMENTARY CASH FLOW INFORMATION

	September 30, 2022			September 30, 2021
Net change in non-cash working capital items:
Inventory	$	(1,986	)	$	(2,896	)
Prepaid expenses and other assets		(535	)		(22	)
Taxes recoverable		28			1,773
Taxes payable		687			(2	)
Accounts payable and accrued liabilities		2,101			1,066
Amounts receivable		552			(985	)
Amounts due to related parties		(79	)		21
	$	768		$	(1,045	)

	September 30, 2022		September 30, 2021
Interest paid	$	73	$	78
Taxes paid	$	-	$	240
Equipment acquired under finance leases and equipment loans	$	1,589	$	1,007

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FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 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 primarily all of its concentrate sales are with two (December 31, 2021 – two) counterparties (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 September 30, 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 September 30, 2022, in the amount of $10,920 and working capital of $12,273 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 September 30, 2022, are summarized as follows:

	Total		Less Than 1 Year		1-5 years		More Than 5  Years
Accounts payable and accrued liabilities	$	5,611	$	5,611	$	-	$	-
Amounts due to related parties		72		72		-		-
Note payable		5,000		5,000		-		-
Lease liability		2,072		1,039		1,033		-
Total	$	12,755	$	11,722	$	1,033	$	-

(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:

	September 30, 2022						December 31, 2021
	MXN			CDN			MXN			CDN
Cash	$	6,064		$	392		$	3,576		$	1,450
Long-term investments		-			1,855			-			4,976
Reclamation bonds		-			4			-			6
Amounts receivable		-			21			-			33
Accounts payable and accrued liabilities		(17,454	)		(56	)		(57,604	)		(211	)
Due to related parties		-			(176	)		-			(206	)
Finance lease obligations		(992	)		(110	)		(1	)		(394	)
Net exposure		(12,382	)		1,930			(54,029	)		5,654
US dollar equivalent	$	(609	)	$	1,409		$	(2,363	)	$	(4,054	)

Based on the net US dollar denominated asset and liability exposures as at September 30, 2022, a 10% fluctuation in the US/Mexican and Canadian/US exchange rates would impact the Company’s earnings for the nine months ended September 30, 2022, by approximately $67 (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 September 30, 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 $69 (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 September 30, 2022, a 10% change in market prices would have an impact on net earnings (loss) of approximately $132 (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: Disclosuresestablishes 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 September 30, 2022:

	Level 1		Level 2		Level 3
Financial assets
Cash	$	10,920	$	-	$	-
Amounts receivable		-		656		-
Long-term investments		1,353		-		-
Total financial assets	$	12,273	$	656	$	-
Financial liabilities
Warrant liability		-		-		(218	)
Total financial liabilities	$	-	$	-	$	(218	)

The Company uses Black-Scholes model to measure its Level 3 financial instruments. As at September 30, 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 nine months ended September 30, 2022 and the year ended December 31, 2021, see Note 13.

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SEGMENTED INFORMATION

9 Months Ended

Sep. 30, 2022

SEGMENTED INFORMATION

Segmented Information

21. SEGMENTED INFORMATION

The Company’s revenues for the three and nine months ended September 30, 2022 are all attributable to Mexico, from shipments of concentrate produced by the Avino Mine, and is considered to be one single reportable operating segment.

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

	Three months ended  September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Silver	$	3,454		$	683		$	10,722		$	698
Copper		5,625			398			17,884			407
Gold		2,310			1,179			7,141			1,184
Penalties, treatment costs and refining charges		(2,271	)		(379	)		(6,209	)		(379	)
Total revenue from mining operations	$	9,118		$	1,881		$	29,538		$	1,910

For the three and nine months ended September 30, 2022 and 2021, the Company had the following customers that accounted for total revenues:

	Three months ended September 30,					Nine months ended  September 30,
	2022			2021		2022		2021
Customer #1	$	7,710		$	429	$	25,569	$	429
Customer #2		1,415			-		3,161		-
Other customers		(7	)		1,452		808		1,481
Total revenue from mining operations	$	9,118		$	1,881	$	29,538	$	1,910

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

	September 30, 2022		December 31, 2021
Exploration and evaluation assets - Mexico	$	46,370	$	11,052
Exploration and evaluation assets - Canada		1		1
Total exploration and evaluation assets	$	46,371	$	11,053

	September 30, 2022		December 31, 2021
Plant, equipment, and mining properties - Mexico	$	42,631	$	35,390
Plant, equipment, and mining properties - Canada		264		285
Total plant, equipment, and mining properties	$	42,895	$	35,675

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BASIS OF PRESENTATION (Tables)

9 Months Ended

Sep. 30, 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)

9 Months Ended

Sep. 30, 2022

Schedule of fair values of assets acquired and liabilities assumed

Cash paid	$	15,301
Note payable		4,665
Common shares		14,630
Share purchase warrants		2,240
Total purchase consideration		36,836
Transaction costs		270
Total acquisition cost	$	37,106
Cash	$	168
Other current assets		1,121
Plant and equipment		1,621
Exploration and evaluation assets		34,524
Accounts payable		(328	)
Net assets acquired	$	37,106

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TAXES RECEOVERABLE (Tables)

9 Months Ended

Sep. 30, 2022

Schedule Of Income Taxes Recoverable And Canadian Sales Taxes

	September 30, 2022		December 31, 2021
VAT recoverable	$	1,862	$	790
GST recoverable		16		26
Income taxes recoverable		2,595		2,548
	$	4,473	$	3,364

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INVENTORY (Tables)

9 Months Ended

Sep. 30, 2022

Schedule Of Inventory

	September 30, 2022		December 31, 2021
Process material stockpiles	$	1,661	$	1,083
Concentrate inventory		3,263		2,467
Materials and supplies		2,249		1,629
	$	7,173	$	5,179

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LONGTERM INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Schedule Of Long-term Investments

	Fair Value December 31,		Net		Movements in foreign			Fair value adjustments			Fair Value September 30,
	2021		Additions		exchange			for the period			2022
Talisker Resources Common Shares	$	3,880	$	-	$	(132	)	$	(2,475	)	$	1,273
Silver Wolf Exploration Ltd. Common Shares		59		31		(5	)		(34	)		51
Endurance Gold Corp. Common Shares		-		26		(3	)		6			29
	$	3,939	$	57	$	(140	)	$	(2,503	)	$	1,353

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EXPLORATION AND EVALUATION ASSETS (Tables)

9 Months Ended

Sep. 30, 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 (Note 7)		(117	)		-		-		(117	)
Balance, December 31, 2021	$	11,052		$	-	$	1	$	11,053
Costs incurred during 2022:
Acquisition costs – Note 4		-			34,524		-		34,524
Drilling and exploration		588			89		-		677
Assessments and taxes		95			61		-		156
Effect of movements in exchange rates		(9	)		-		-		(9	)
Option income (Note 7)		(30	)		-		-		(30	)
Balance, September 30, 2022	$	11,696		$	34,674	$	1	$	46,371

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PLANT EQUIPMENT AND MINING PROPERTIES (Tables)

9 Months Ended

Sep. 30, 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 December 31, 2020		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		1,009			170			434			2,018		3,728		2,857			10,216
Effect of movements in exchange rates		-			(20	)		(2	)		-		-		(3	)		(25	)
Balance at September 30, 2022		14,047			745			767			16,258		22,341		14,632			68,790
ACCUMULATED DEPLETION AND DEPRECIATION
Balance at December 31, 2020		8,643			187			256			4,907		5,297		1,624			20,914
Additions		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		175			116			314			318		987		1,061			2,971
Effect of movements in exchange rates		-			-			-			-		-		-			-
Balance at September 30, 2022		9,031			410			581			5,262		7,654		2,957			25,895
NET BOOK VALUE
At September 30, 2022		5,016			335			186			10,996		14,687		11,675			42,895
At December 31, 2021		4,182			301			68			9,296		11,946		9,882			35,675
At December 31, 2020		4,506			376			91			8,048		12,186		9,639			34,846

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RELATED PARTY TRANSACTIONS AND BALANCES (Tables)

9 Months Ended

Sep. 30, 2022

Schedule Of Related Party Transactions And Balances

	Three months ended  September 30,				Nine months ended  September 30,
	2022		2021		2022		2021
Salaries, benefits, and consulting fees	$	237	$	243	$	975	$	742
Share-based payments		427		230		1,251		1,133
	$	664	$	473	$	2,226	$	1,875

Schedule Of Due To Related Parties

	September 30, 2022			December 31, 2021
Oniva International Services Corp.	$	99		$	107
Directors		31			56
Silver Wolf Exploration		(58	)		-
	$	72		$	163

Schedule Of Related Party Transactions With Oniva

	Three months ended September 30,				Nine months ended  September 30,
	2022		2021		2022		2021
Salaries and benefits	$	218	$	172	$	670	$	550
Office and miscellaneous		119		91		325		273
	$	337	$	263	$	995	$	823

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NOTE PAYABLE (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of note payable

	September 30,		December 31,
	2022		2021
Balance at beginning of the period	$	-	$	-
Additions		4,665		-
Repayments		-		-
Unwinding of fair value adjustment		177		-
Balance at end of the period	$	4,842	$	-

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WARRANT LIABILITY (Tables)

9 Months Ended

Sep. 30, 2022

Schedule Of Change In Warrant Liability

	September 30, 2022			December 31, 2021
Balance at beginning of the period	$	741		$	2,295
Warrants issued		2,240			-
Fair value adjustment		(2,692	)		(1,581	)
Effect of movement in exchange rates		(71	)		27
Balance at end of the period	$	218		$	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, September 30, 2022		8,950,412		$	1.03

			All Warrants Outstanding and Exercisable
Expiry Date	Exercise Price per Share		September 30, 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

	September 30, 2022			December 31, 2021
Weighted average assumptions:
Risk-free interest rate		3.76	%		0.91	%
Expected dividend yield		0	%		0	%
Expected warrant life (years)		0.98			1.73
Expected stock price volatility		55.79	%		83.13	%
Weighted average fair value	$	0.02		$	0.38

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RECLAMATION PROVISION (Tables)

9 Months Ended

Sep. 30, 2022

RECLAMATION PROVISION (Tables)

Reconciliation Of The Changes In The Company's Reclamation Provision

	September 30, 2022		December 31, 2021
Balance at beginning of the period	$	726	$	808
Changes in estimates		-		(105	)
Unwinding of discount related to continuing operations		32		47
Effect of movements in exchange rates		9		(24	)
Balance at end of the period	$	767	$	726

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SHARE CAPITAL AND SHAREBASED PAYMENTS (Tables)

9 Months Ended

Sep. 30, 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
Forfeited		(20,000	)	$	1.64
Stock options outstanding, December 31, 2021		2,839,000		$	1.68
Granted		2,390,000		$	1.20
Exercised		(48,000	)	$	0.79
Expired		(880,000	)	$	1.98
Forfeited		(45,000	)	$	1.40
Stock options outstanding, September 30, 2022		4,256,000		$	1.36
Stock options exercisable, September 30, 2022		3,067,250		$	1.42

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)
August 28, 2023	$	1.30		105,000		0.91		105,000		0.91
August 21, 2024	$	0.79		126,000		1.89		126,000		1.89
August 4, 2025	$	1.64		1,660,000		2.85		1,660,000		2.85
March 25, 2027	$	1.20		2,340,000		4.48		1,170,000		4.48
May 4, 2027	$	0.92		25,000		4.59		6,250		4.59
				4,256,000		3.68		3,067,250		3.37

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

	September 30, 2022			December 31, 2021
Weighted average assumptions:
Risk-free interest rate		2.49	%	-%
Expected dividend yield		0.00	%	-%
Expected option life (years)		5.00			-
Expected stock price volatility		59.98	%	-%
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
Forfeited		(104,356	)	$	1.54
RSUs outstanding, December 31, 2021		1,439,477		$	1.32
Granted		1,799,000		$	1.19
Exercised		(982,879	)	$	1.18
Forfeited		(64,932	)	$	1.40
RSUs outstanding, September 30, 2022		2,190,666		$	1.27

Schedule of fair value of options granted

Issuance Date	Price (C$)		Number of RSUs Outstanding
August 4, 2020	$	1.64		412,666
March 25, 2022	$	1.19		1,778,000
				2,190,666

Schedule Of Basic Earnings Per Share And Diluted Earnings Per Share

	Three months ended  September 30,						Nine months ended  September 30,
	2022			2021			2022		2021
Net income (loss) for the period	$	(1,129	)	$	(214	)	$	1,800	$	(4,686	)
Basic weighted average number of shares outstanding		117,876,825			101,559,946			113,027,305		99,457,201
Effect of dilutive share options, warrants, and RSUs (‘000)		-			-			3,248,128		-
Diluted weighted average number of shares outstanding		117,876,825			101,559,946			116,275,433		99,457,201
Basic loss per share	$	(0.01	)	$	(0.00	)	$	0.02	$	(0.05	)
Diluted loss per share	$	(0.01	)	$	(0.00	)	$	0.02	$	(0.05	)

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REVENUE AND COST OF SALES (Tables)

9 Months Ended

Sep. 30, 2022

Schedule Of Revenue

	Three months ended September 30,					Nine months ended September 30,
	2022			2021		2022			2021
Concentrate sales	$	9,445		$	1,881	$	30,423		$	1,881
Provisional pricing adjustments		(327	)		-		(885	)		29
	$	9,118		$	1,881	$	29,538		$	1,910

Schedule Of Cost Of Sales

	Three months ended  September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Production costs	$	6,544	$	724	$	17,378	$	724
Stand-by and ramp-up costs		-		-		-		800
Depreciation and depletion		514		319		1,454		1,245
	$	7,058	$	1,043	$	18,832	$	2,769

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GENERAL AND ADMINISTRATIVE EXPENSES (Tables)

9 Months Ended

Sep. 30, 2022

Schedule Of General And Administrative Expenses

	Three months ended September 30,				Nine months ended  September 30,
	2022		2021		2022		2021
Salaries and benefits	$	321	$	326	$	1,123	$	1,068
Office and miscellaneous		261		92		855		333
Management and consulting fees		110		124		345		411
Investor relations		84		28		234		183
Travel and promotion		29		10		75		29
Professional fees		89		103		501		343
Directors fees		30		43		116		133
Regulatory and compliance fees		36		55		116		133
Depreciation		37		34		104		93
	$	997	$	815	$	3,469	$	2,726

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COMMITMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Commitments

	September 30, 2022		December 31, 2021
Not later than one year	$	84	$	96
Later than one year and not later than five years		331		330
Later than five years		396		462
	$	811	$	888

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SUPPLEMENT CASH FLOW INFORMATION (Tables)

9 Months Ended

Sep. 30, 2022

Schedule Of Supplement Cash Flow Information

	September 30, 2022			September 30, 2021
Net change in non-cash working capital items:
Inventory	$	(1,986	)	$	(2,896	)
Prepaid expenses and other assets		(535	)		(22	)
Taxes recoverable		28			1,773
Taxes payable		687			(2	)
Accounts payable and accrued liabilities		2,101			1,066
Amounts receivable		552			(985	)
Amounts due to related parties		(79	)		21
	$	768		$	(1,045	)

	September 30, 2022		September 30, 2021
Interest paid	$	73	$	78
Taxes paid	$	-	$	240
Equipment acquired under finance leases and equipment loans	$	1,589	$	1,007

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FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Schedule Of Contractual Obligations And Commitments

	Total		Less Than 1 Year		1-5 years		More Than 5  Years
Accounts payable and accrued liabilities	$	5,611	$	5,611	$	-	$	-
Amounts due to related parties		72		72		-		-
Note payable		5,000		5,000		-		-
Lease liability		2,072		1,039		1,033		-
Total	$	12,755	$	11,722	$	1,033	$	-

Schedule Of Foreign Currency Risk

	September 30, 2022						December 31, 2021
	MXN			CDN			MXN			CDN
Cash	$	6,064		$	392		$	3,576		$	1,450
Long-term investments		-			1,855			-			4,976
Reclamation bonds		-			4			-			6
Amounts receivable		-			21			-			33
Accounts payable and accrued liabilities		(17,454	)		(56	)		(57,604	)		(211	)
Due to related parties		-			(176	)		-			(206	)
Finance lease obligations		(992	)		(110	)		(1	)		(394	)
Net exposure		(12,382	)		1,930			(54,029	)		5,654
US dollar equivalent	$	(609	)	$	1,409		$	(2,363	)	$	(4,054	)

Schedule Of Fair Value On Recurring Basis

	Level 1		Level 2		Level 3
Financial assets
Cash	$	10,920	$	-	$	-
Amounts receivable		-		656		-
Long-term investments		1,353		-		-
Total financial assets	$	12,273	$	656	$	-
Financial liabilities
Warrant liability		-		-		(218	)
Total financial liabilities	$	-	$	-	$	(218	)

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SEGMENTED INFORMATION (Tables)

9 Months Ended

Sep. 30, 2022

Schedule Of Condensed Consolidated Interim Statements Of Operations

	Three months ended  September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Silver	$	3,454		$	683		$	10,722		$	698
Copper		5,625			398			17,884			407
Gold		2,310			1,179			7,141			1,184
Penalties, treatment costs and refining charges		(2,271	)		(379	)		(6,209	)		(379	)
Total revenue from mining operations	$	9,118		$	1,881		$	29,538		$	1,910

Schedule Of Revenues From Customers

	Three months ended September 30,					Nine months ended  September 30,
	2022			2021		2022		2021
Customer #1	$	7,710		$	429	$	25,569	$	429
Customer #2		1,415			-		3,161		-
Other customers		(7	)		1,452		808		1,481
Total revenue from mining operations	$	9,118		$	1,881	$	29,538	$	1,910

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

	September 30, 2022		December 31, 2021
Exploration and evaluation assets - Mexico	$	46,370	$	11,052
Exploration and evaluation assets - Canada		1		1
Total exploration and evaluation assets	$	46,371	$	11,053

	September 30, 2022		December 31, 2021
Plant, equipment, and mining properties - Mexico	$	42,631	$	35,390
Plant, equipment, and mining properties - Canada		264		285
Total plant, equipment, and mining properties	$	42,895	$	35,675

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BASIS OF PRESENTATION (Details)	9 Months Ended
	Sep. 30, 2022
Oniva Silver And GoldMines SADeCV [Member]
Statement [Line Items]
Subsidiary	Oniva Silver and Gold Mines S.A. de C.V.
Ownership Interest	100.00%
Jurisdiction	Mexico
Nature of Operations	Mexican operations and administration
Nueva Vizcaya Mining, S.A. de C.V. (Member)
Statement [Line Items]
Subsidiary	Nueva Vizcaya Mining, S.A. de C.V.
Ownership Interest	100.00%
Jurisdiction	Mexico
Nature of Operations	Mexican administration
Promotora Avino, S.A. de C.V. (Member)
Statement [Line Items]
Subsidiary	Promotora Avino, S.A. de C.V. (“Promotora”)
Ownership Interest	79.09%
Jurisdiction	Mexico
Nature of Operations	Holding company
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
Ownership Interest	98.45% direct 1.22% indirect (Promotora) 99.67% effective
La Luna Silver & Gold Mines Ltd. (Member)
Statement [Line Items]
Subsidiary	La Luna Silver & Gold Mines Ltd.
Ownership Interest	100.00%
Jurisdiction	Canada
Nature of Operations	Holding company
La Preciosa Silver & Gold Mines Ltd.(Member)
Statement [Line Items]
Subsidiary	La Preciosa Silver & Gold Mines Ltd.
Ownership Interest	100.00%
Jurisdiction	Canada
Nature of Operations	Holding company
Proyectos Mineros La Preciosa S.A. de C.V. (Member)
Statement [Line Items]
Subsidiary	Proyectos Mineros La Preciosa S.A. de C.V.
Ownership Interest	100.00%
Jurisdiction	Mexico
Nature of Operations	Mining and exploration
Cervantes LLP (Member)
Statement [Line Items]
Subsidiary	Cervantes LLP
Ownership Interest	100.00%
Jurisdiction	U.S.
Nature of Operations	Holding company

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ACQUISITION OF LA PRECIOSA (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement [Line Items]
Cash	$ 10,920	$ 24,765
Plant And Equipment	42,895	35,675
Exploration And Evaluation Assets	46,371	$ 11,053
Fair values of the Assets acquired and Liabilities
Statement [Line Items]
Cash Paid	15,301
Note Payable	4,665
Common Shares	14,630
Share Purchase Warrants	2,240
Total Purchase Consideration	36,836
Transaction Costs	270
Total Acquisition Cost	37,106
Cash	168
Other Current Assets	1,121
Plant And Equipment	1,621
Exploration And Evaluation Assets	34,524
Accounts Payable	(328)
Net Assets Acquired	$ 37,106

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ACQUISITION OF LA PRECIOSA (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
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.
Warrants Value		$ 803
Avino
Statement [Line Items]
Common Stock Shares Issuance, 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	7,000,000
Warrants Value	$ 2,240
Warrants Exercisable Price Per Shares	$ 1.09
Warrants Premium	25.00%
Additional Cash Payment	$ 8,750

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TAXES RECOVERABLE (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
VAT recoverable	$ 1,862	$ 790
GST recoverable	16	26
Income Taxes Recoverable	2,595	2,548
Taxes Recoverable	$ 4,473	$ 3,364

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INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Process Material Stockpiles	$ 1,661	$ 1,083
Concentrate Inventory	3,263	2,467
Materials And Supplies	2,249	1,629
Inventories	$ 7,173	$ 5,179

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INVENTORY (Details Narrative) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cost Of Sales	$ 18,842	$ 2,769

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LONG TERM INVESTMENTS (Details)	9 Months Ended
	Sep. 30, 2022 USD ($)
Statement [Line Items]
Fair Value Of Long Term Investments, Beginning Balance	$ 3,939,000
Net Additions And (warrants Exercised)	57,000
Movements In Foreign Exchange	(140,000)
Fair Value Adjustments For The Period	(2,503,000)
Fair Value Of Long Term Investments, Ending Balance	1,353,000
Talisker Resources Ltd [Member] | Common Shares [Member]
Statement [Line Items]
Fair Value Of Long Term Investments, Beginning Balance	3,880,000
Net Additions And (warrants Exercised)	0
Movements In Foreign Exchange	(132,000)
Fair Value Adjustments For The Period	(2,475,000)
Fair Value Of Long Term Investments, Ending Balance	1,273,000
Silver Wolf Exploration Ltd. [Member] | Common Share [Member]
Statement [Line Items]
Fair Value Of Long Term Investments, Beginning Balance	59,000
Net Additions And (warrants Exercised)	31,000
Movements In Foreign Exchange	(5,000)
Fair Value Adjustments For The Period	(34,000)
Fair Value Of Long Term Investments, Ending Balance	51,000
Endurance Gold Corp. Common Shares
Statement [Line Items]
Fair Value Of Long Term Investments, Beginning Balance	0
Net Additions And (warrants Exercised)	26,000
Movements In Foreign Exchange	(3,000)
Fair Value Adjustments For The Period	6,000
Fair Value Of Long Term Investments, Ending Balance	$ 29,000

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LONG TERM INVESTMENTS (Details Narrative) - $ / shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Silver Wolf Exploration Ltd. [Member] | Common Share [Member]
Statement [Line Items]
Receipt of common stock as part of option agreement	250,000	131,718
Warrant shares purchased		300,000
Exercise price		$ 0.20
Endurance Gold Corp. [Member]
Statement [Line Items]
Receipt of common stock as part of option agreement	100,000

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EXPLORATION AND EVALUATION ASSETS (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Statement [Line Items]
Beginning Balance	$ 11,053,000	$ 10,052,000
Acquisition costs - Note 4	34,524,000
Drilling And Exploration	677,000	1,047,000
Assessments And Taxes	156,000	68,000
Effect Of Movements In Exchange Rates	(9,000)	3,000
Option income (Note 7)	(30,000)	(117,000)
Ending Balance	46,371,000	11,053,000
La Preciosa, Mexico [Member]
Statement [Line Items]
Beginning Balance	0	0
Acquisition costs - Note 4	34,524,000
Drilling And Exploration	89,000	0
Assessments And Taxes	61,000	0
Effect Of Movements In Exchange Rates	0	0
Option income (Note 7)	0	0
Ending Balance	34,674,000	0
British Columbia & Yukon, Canada [Member]
Statement [Line Items]
Beginning Balance	1,000	1,000
Acquisition costs - Note 4	0
Drilling And Exploration	0	0
Assessments And Taxes	0	0
Effect Of Movements In Exchange Rates	0	0
Option income (Note 7)	0	0
Ending Balance	1,000	1,000
Avino, Mexico [Member]
Statement [Line Items]
Beginning Balance	11,052,000	10,051,000
Acquisition costs - Note 4	0
Drilling And Exploration	588,000	1,047,000
Assessments And Taxes	95,000	68,000
Effect Of Movements In Exchange Rates	(9,000)	3,000
Option income (Note 7)	(30,000)	(117,000)
Ending Balance	$ 11,696,000	$ 11,052,000

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EXPLORATION AND EVALUATION ASSETS (Details Narrative)	9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($) integer $ / shares shares	Sep. 30, 2022 CAD ($) integer shares	Dec. 31, 2012 CAD ($) shares	Mar. 31, 2022 USD ($) ft² integer	Dec. 31, 2021 USD ($)	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	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
Granted Shares | shares	100,000	100,000
Payment | $		$ 10
Exploration Expenditures Properties | $	$ 46,371,000				$ 11,053,000	$ 10,052,000
Silver Wolf Exploration Ltd. [Member]
Statement [Line Items]
Exploration Expenditures Properties | $				$ 750
Silver Wolf Exploration Ltd. [Member] | Option Agreement [Member]
Statement [Line Items]
Common Stock Shares Issued Value | $	$ 600
Warrants Acquire Shares Purchase | shares	300,000	300,000
Exercise Price | $ / shares	$ 0.20
Ownership Percentage	100.00%	100.00%
La Preciosa, Mexico [Member]
Statement [Line Items]
Area Of Exploitation Concessions | ft²				6,011
Number Of Exploitation Concessions | integer				15
Exploration Expenditures Properties | $	$ 34,674,000				0	0
Avino, Mexico [Member]
Statement [Line Items]
Exploration Expenditures Properties | $	$ 11,696,000				$ 11,052,000	$ 10,051,000
Warrants Purchase | shares	750,000	750,000
Warrants Premium	25.00%	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	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 Owned By Avino Mexico | integer	42	42
Durango, Mexico [Member] | Santiago Papasquiaro property [Member]
Statement [Line Items]
Area Of Exploitation Concessions | ft²				2,552.6
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	the Company has obtained the exclusive right to explore and mine the property for an initial period of 15 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	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	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 | ft²				2,549
Durango, Mexico [Member] | Concessions One [Member] | Santiago Papasquiaro property [Member]
Statement [Line Items]
Area Of Exploitation Concessions | ft²				602.9
Durango, Mexico [Member] | Avino Mine Area Property [Member] | 4 Concessions [Member]
Statement [Line Items]
Area Of Exploitation Concessions | ft²				154.4
Durango, Mexico [Member] | Avino Mine Area Property [Member] | 1 Concessions [Member]
Statement [Line Items]
Area Of Exploitation Concessions | ft²				98.83
Durango, Mexico [Member] | Avino Mine Area Property [Member] | 24 Concessions [Member]
Statement [Line Items]
Area Of Exploitation Concessions | ft²				1,284.7
Number Of Exploitation Concessions | integer				24
Yukon, Canada [Member] | Mayo Mining Division [Member] | Eagle property option agreement [Member]
Statement [Line Items]
Ownership Percentage	100.00%	100.00%
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	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 (Details Narrative) - Avino, Mexico [Member]	Sep. 30, 2022	Dec. 31, 2021
Statement [Line Items]
Ownership Interest, Percentage	99.67%	99.67%
Non-controlling Interest	0.33%	0.33%

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PLANT EQUIPMENT AND MINING PROPERTIES (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement [Line Items]
Beginning Balance	$ 58,599,000	$ 55,760,000
Additions/ Transfers	10,216,000	2,829,000
Effect Of Movements In Exchange Rates	(25,000)	10,000
Ending Balance	68,790,000	58,599,000
Accumulated Depletion And Depreciation, Beginning Balance	22,924,000	20,914,000
Accumulated Depletion And Depreciation, Additions / Transfers	2,971,000	2,010,000
Accumulated Depletion And Depreciation, Effect Of Movements In Exchange Rates	0	0
Accumulated Depletion And Depreciation, Ending Balance	25,895,000	22,924,000
Plant, equipment and mining properties	42,895,000	35,675,000	$ 34,846,000
Office equipment, furniture, and fixtures [Member]
Statement [Line Items]
Beginning Balance	595,000	563,000
Ending Balance	745,000	595,000
Accumulated Depletion And Depreciation, Beginning Balance	294,000	187,000
Accumulated Depletion And Depreciation, Additions / Transfers	116,000	107,000
Accumulated Depletion And Depreciation, Effect Of Movements In Exchange Rates	0	0
Accumulated Depletion And Depreciation, Ending Balance	410,000	294,000
Plant, equipment and mining properties	335,000	301,000	376,000
Additions / Transfers	170,000	31,000
Effect Of Movements In Exchange Rates	(20,000)	1,000
Mine machinery and transportation equipment [Member]
Statement [Line Items]
Beginning Balance	14,240,000	12,955,000
Effect Of Movements In Exchange Rates	0	0
Ending Balance	16,258,000	14,240,000
Accumulated Depletion And Depreciation, Beginning Balance	4,944,000	4,907,000
Accumulated Depletion And Depreciation, Additions / Transfers	318,000	37,000
Accumulated Depletion And Depreciation, Effect Of Movements In Exchange Rates	0	0
Accumulated Depletion And Depreciation, Ending Balance	5,262,000	4,944,000
Plant, equipment and mining properties	10,996,000	9,296,000	8,048,000
Additions / Transfers	2,018,000	1,285,000
Mill machinery and processing equipment [Member]
Statement [Line Items]
Beginning Balance	18,613,000	17,483,000
Effect Of Movements In Exchange Rates	0	0
Ending Balance	22,341,000	18,613,000
Accumulated Depletion And Depreciation, Beginning Balance	6,667,000	5,297,000
Accumulated Depletion And Depreciation, Additions / Transfers	987,000	1,370,000
Accumulated Depletion And Depreciation, Effect Of Movements In Exchange Rates	0	0
Accumulated Depletion And Depreciation, Ending Balance	7,654,000	6,667,000
Plant, equipment and mining properties	14,687,000	11,946,000	12,186,000
Additions / Transfers	3,728,000	1,130,000
Buildings and construction in process [Member]
Statement [Line Items]
Beginning Balance	11,778,000	11,263,000
Effect Of Movements In Exchange Rates	(3,000)	7,000
Ending Balance	14,632,000	11,778,000
Accumulated Depletion And Depreciation, Beginning Balance	1,896,000	1,624,000
Accumulated Depletion And Depreciation, Additions / Transfers	1,061,000	272,000
Accumulated Depletion And Depreciation, Effect Of Movements In Exchange Rates	0	0
Accumulated Depletion And Depreciation, Ending Balance	2,957,000	1,896,000
Plant, equipment and mining properties	11,675,000	9,882,000	9,639,000
Additions / Transfers	2,857,000	508,000
Computer equipment [member]
Statement [Line Items]
Beginning Balance	335,000	347,000
Effect Of Movements In Exchange Rates	(2,000)	0
Ending Balance	767,000	335,000
Accumulated Depletion And Depreciation, Beginning Balance	267,000	256,000
Accumulated Depletion And Depreciation, Additions / Transfers	314,000	11,000
Accumulated Depletion And Depreciation, Effect Of Movements In Exchange Rates	0	0
Accumulated Depletion And Depreciation, Ending Balance	581,000	267,000
Plant, equipment and mining properties	186,000	68,000	91,000
Additions / Transfers	434,000	(12,000)
Mining Property [Member]
Statement [Line Items]
Beginning Balance	13,038,000	13,149,000
Additions/ Transfers	1,009,000	(113,000)
Effect Of Movements In Exchange Rates	0	2,000
Ending Balance	14,047,000	13,038,000
Accumulated Depletion And Depreciation, Beginning Balance	8,856,000	8,643,000
Accumulated Depletion And Depreciation, Additions / Transfers	175,000	213,000
Accumulated Depletion And Depreciation, Effect Of Movements In Exchange Rates	0	0
Accumulated Depletion And Depreciation, Ending Balance	9,031,000	8,856,000
Plant, equipment and mining properties	$ 5,016,000	$ 4,182,000	$ 4,506,000

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PLANT EQUIPMENT AND MINING PROPERTIES (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
PLANT EQUIPMENT AND MINING PROPERTIES (Details)
Assets Under Construction	$ 9,752	$ 6,348
Property Plant Equipment, Net Carrying Amount	$ 2,500	$ 1,306

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RELATED PARTY TRANSACTIONS AND BALANCES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Salaries, Benefits, And Consulting Fees	$ 237	$ 243	$ 975	$ 742
Share-based Payments	427	230	1,251	1,133
Total Key Management Personnel Compensation	$ 664	$ 473	$ 2,226	$ 1,875

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RELATED PARTY TRANSACTIONS AND BALANCES (Details 1) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Statement [Line Items]
Total amounts due to related parties	$ 72,000	$ 163,000
Silver Wolf Exploration Ltd. [Member]
Statement [Line Items]
Due To Related Parties	(58,000)	0
Oniva International Services Corp. [Member]
Statement [Line Items]
Due To Related Parties	99,000	107,000
Directors [Member]
Statement [Line Items]
Due To Related Parties	$ 31,000	$ 56,000

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RELATED PARTY TRANSACTIONS AND BALANCES (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement [Line Items]
Salaries And Benefits	$ 237	$ 243	$ 975	$ 742
Office And Miscellaneous	261	92	855	333
Oniva International Services Corp. [Member]
Statement [Line Items]
Salaries And Benefits	218	172	670	550
Office And Miscellaneous	119	91	325	273
Total Cost	$ 337	$ 263	$ 995	$ 823

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RELATED PARTY TRANSACTIONS AND BALANCES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement [Line Items]
Salaries, Benefits, And Consulting Fees	$ 237	$ 243	$ 975	$ 742
ICC [Member]
Statement [Line Items]
Salaries, Benefits, And Consulting Fees	$ 66	$ 60	$ 263	$ 180

XML

NOTE PAYABLE (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Note Payable At Beginning Of The Period	$ 0	$ 0
Additions	4,665,000	0
Repayments	0	0
Unwinding Of Fair Value Adjustment	177,000	0
Note Payable At Ending Of The Period	$ 4,842,000	$ 0

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NOTE PAYABLE (Details Narrative) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Promissory Note Payable Issued	$ 5
Discount Interest Rate	6.71%
Bear Interest Rate	7.00%
Increasing Principal Amount	$ 1

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WARRANT LIABILITY (Details) - Warrants [Member] - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Statement [Line Items]
Balance At Beginning Of The Year	$ 741,000	$ 2,295,000
Warrants Issued	2,240,000	0
Fair Value Adjustment	(2,692,000)	(1,581,000)
Effect Of Movement In Exchange Rates	(71,000)	27,000
Balance At End Of The Year	$ 218,000	$ 741,000

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WARRANT LIABILITY (Details 1) - Warrants [Member] - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 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

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WARRANT LIABILITY (Details 2) - $ / shares	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Statement [Line Items]
Warrants Outstanding And Exercisable	8,950,412	1,950,412
September 21, 2023 [Member]
Statement [Line Items]
Warrants Outstanding And Exercisable	7,000,000	0
Expiry Date	Sep. 21, 2023
Exercise Price	$ 1.09
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

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WARRANT LIABILITY (Details 3) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Weighted Average Assumptions:
Risk-free Interest Rate	3.76%	0.91%
Expected Dividend Yield	0.00%	0.00%
Expected Option Life (years)	11 months 23 days	1 year 8 months 23 days
Expected Stock Price Volatility	55.79%	83.13%
Weighted Average Fair Value	$ 0.02	$ 0.38

XML

WARRANT LIABILITY (Details Narrative) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Weighted Average Remaining Contractual Life (years)	11 months 23 days	1 year 8 months 23 days
Realized Loss On The Exercise Of Warrants		$ 1,106
Warrants Exercised	1,030,362
Issuance Of Common Shares	1,030,362

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RECLAMATION PROVISION (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Balance At Beginning Of The Year	$ 726,000	$ 808,000
Changes In Estimates	0	(105,000)
Unwinding Of Discount Related To Continuing Operations	32,000	47,000
Effect Of Movements In Exchange Rates	9,000	(24,000)
Balance At End Of The Year	$ 767,000	$ 726,000

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RECLAMATION PROVISION (Details Narrative) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Management's estimate one [Member]
Statement [Line Items]
Risk Free Interest Rate	7.78%	7.78%
Inflation Rate	7.36%	7.36%
Management's Estimate [Member]
Statement [Line Items]
Reclamation Provision	$ 767	$ 726
Reclamation Provision Undiscounted Value	$ 1,292	$ 1,252

XML

SHARE CAPITAL AND SHAREBASED PAYMENTS (Details) - Stock options [Member] - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Statement [Line Items]
Stock Options Outstanding, Beginning	2,839,000	3,483,000
Granted	2,390,000
Expired	(880,000)	(360,000)
Exercised	(48,000)	(264,000)
Cancelled / Forfeited	(45,000)	(20,000)
Stock Options Outstanding, Ending	4,256,000	2,839,000
Stock Options Exercisable	3,067,250
Outstanding And Exercisable Weighted Average Exercise Price, Beginning	$ 1.68	$ 1.77
Weighted Average Exercise Price, Granted	1.20
Weighted Average Exercise Price, Expired	1.98	2.95
Weighted Average Exercise Price, Exercised	0.79	1.16
Weighted Average Exercise Price, Cancelled / Forfeited	1.40	1.64
Outstanding And Exercisable Weighted Average Exercise Price, Ending	1.36	$ 1.68
Weighted Average Exercise Price, Stock Options Exercisable	$ 1.42

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SHARE CAPITAL AND SHAREBASED PAYMENTS (Details 1)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Stock options [Member]
Statement [Line Items]
Stock Options Exercisable	3,067,250
Stock Options Outstanding	4,256,000
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable	3 years 4 months 13 days
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding	3 years 8 months 4 days
Stock options [Member] | 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	10 months 28 days
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding	10 months 28 days
Stock options [Member] | 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	1 year 10 months 20 days
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding	1 year 10 months 20 days
Stock options [Member] | August 4, 2025 [Member]
Statement [Line Items]
Expiry Date	Aug. 04, 2025
Stock Options Exercisable	1,660,000
Exercise Price | $ / shares	$ 1.64
Stock Options Outstanding	1,660,000
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable	2 years 10 months 6 days
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding	2 years 10 months 6 days
Stock options [Member] | March 25, 2027 [Member]
Statement [Line Items]
Expiry Date	Mar. 25, 2027
Stock Options Exercisable	1,170,000
Exercise Price | $ / shares	$ 1.20
Stock Options Outstanding	2,340,000
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable	4 years 5 months 23 days
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding	4 years 5 months 23 days
Stock Option [Member] | May 4, 2027 [Member]
Statement [Line Items]
Expiry Date	May 04, 2027
Stock Options Exercisable	6,250
Stock Options Outstanding	25,000
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable	4 years 7 months 2 days
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding	4 years 7 months 2 days
Exercise price | $ / shares	$ 0.92

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SHARE CAPITAL AND SHAREBASED PAYMENTS (Details 2) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Statement [Line Items]
Weighted Average Fair Value	$ 0.02	$ 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	59.98%
Expected Forfeiture Rate	20.00%
Weighted Average Fair Value	$ 0.63

XML

SHARE CAPITAL AND SHAREBASED PAYMENTS (Detail 3) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 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	(982,879)	(1,330,167)
Granted	1,799,000
Cancelled/Forfeited	(64,932)	(104,356)
Outstanding And Exercisable Underlying Shares, Ending	2,190,666	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	1.18	1.22
Weighted Average Exercise Price, Cancelled/Forfeited	1.40	1.54
Outstanding And Exercisable Weighted Average Exercise Price, Ending	$ 1.27	$ 1.32

XML

SHARE CAPITAL AND SHAREBASED PAYMENTS (Details 4) - Restricted Share Units [Member]	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Statement [Line Items]
Stock Options Outstanding	2,190,666
August 4, 2020 [Member]
Statement [Line Items]
Exercise Price | $ / shares	$ 1.64
Stock Options Outstanding	412,666
Issuance Date	Aug. 04, 2020
March 25, 2022 [Member]
Statement [Line Items]
Exercise Price | $ / shares	$ 1.19
Stock Options Outstanding	1,778,000
Issuance Date	Mar. 25, 2022

XML

SHARE CAPITAL AND SHAREBASED PAYMENTS (Details 5) - Earning loss Per Share [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement [Line Items]
Net income (loss) for the period	$ (1,129)	$ (214)	$ 1,800	$ (4,686)
Basic Weighted Average Number Of Shares Outstanding	117,876,825	101,559,946	113,027,305	99,457,201
Effect of dilutive share options, warrants, and RSUs ('000)			3,248,128
Diluted Weighted Average Number Of Shares Outstanding	117,876,825	101,559,946	116,275,433	99,457,201
Basic Loss Per Share	$ (0.01)	$ 0.00	$ 0.02	$ (0.05)
Diluted Loss Per Share	$ (0.01)	$ 0.00	$ 0.02	$ (0.05)

XML

SHARE CAPITAL AND SHAREBASED PAYMENTS (Details Narrative) - USD ($)	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Mar. 31, 2021
Statement [Line Items]
Gross Proceeds On Cash Commission						$ 523,000
Net Proceeds						18,497,000
Fair Value Of Stock Options Granted, Share-based Payments				$ 748,000	$ 362,000
Restricted Share Units				1,799,000
Weighted Average Fair Value Per Share				$ 1.19
Share-based Payments				$ 870,000	1,028,000
Share-based Payments	$ 556,000		$ 277,000	1,618,000	$ 1,391,000
Share Capital Two [Member]
Statement [Line Items]
Gross Proceeds On Cash Commission						$ 237,000
Common Shares Issued						264,000,000
Exercise Of Warrants						264,000,000
Share-based Payments				$ 980,000		$ 364,000
Fair Value Upon Issuance Of Warrants						$ 127,000
Share Capital [Member]
Statement [Line Items]
Common Shares Issued	48,000	14,000,000		48,000		10,050,000	1,030,362
Exercise Of Warrants	48,000			48,000		1,030,362,000
Share-based Payments		$ 13,650,000		$ 46,000		$ 1,911,000
Share issued for service		$ 1,075,000
Cash Commission, Percent						2.75%
Realized Loss On Exercise Of Warrants						$ 1,106,000
Common Stock, Shares Issued During Period Upon Exercise Of Rsus, Shares						1,330,167
Common Stock Upon Exercise Of Rsus, Value						$ 1,278,000
Market Offering Under Prospectus Supplements, Amount						19,020,000
Additional Share Issuance Cost				15,000		400,000
Proceeds From Excercise Of Warrants				$ 31,000		824,000
Foreign Exchange Amount						$ 19,000
Share Capital Three [Member]
Statement [Line Items]
Common Shares Issued	982,879			982,879
Share-based Payments				$ 899,000

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REVENUE AND COST OF SALES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Concentrate Sales	$ 9,445,000	$ 1,881,000	$ 30,423,000	$ 1,881,000
Provisional Pricing Adjustments	(327,000)	0	(885,000)	29,000
Total Revenue	$ 9,118,000	$ 1,881,000	$ 29,538,000	$ 1,910,000

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REVENUE AND COST OF SALES (Details1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Production costs	$ 6,544,000	$ 724,000	$ 17,378,000	$ 724,000
Stand-by and ramp-up costs	0	0	0	800,000
Depreciation and depletion	514,000	319,000	1,454,000	1,245,000
Total cost	$ 7,058,000	$ 1,043,000	$ 18,832,000	$ 2,769,000

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GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Salaries And Benefits	$ 321	$ 326	$ 1,123	$ 1,068
Office And Miscellaneous	261	92	855	333
Management And Consulting Fees	110	124	345	411
Investor Relations	84	28	234	183
Travel And Promotion	29	10	75	29
Professional Fees	89	103	501	343
Directors Fees	30	43	116	133
Regulatory And Compliance Fees	36	55	116	133
Depreciation	37	34	104	93
General And Administrative Expenses	$ 997	$ 815	$ 3,469	$ 2,726

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COMMITMENTS (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Statement [Line Items]
Minimum Rental And Lease Payments	$ 811	$ 888
Later than five years [member]
Statement [Line Items]
Minimum Rental And Lease Payments	396	462
Not later than one year [member]
Statement [Line Items]
Minimum Rental And Lease Payments	84	96
Later than one year and not later than five years [member]
Statement [Line Items]
Minimum Rental And Lease Payments	$ 331	$ 330

XML

COMMITMENTS (Details Narrative) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Office Lease Payments Recognized As Expense	$ 12	$ 11

XML

SUPPLEMENTARY CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Net change in non-cash working capital items:
Inventory	$ (1,986)	$ (2,896)
Prepaid expenses and other assets	(535)	(22)
Taxes recoverable	28	1,773
Taxes payable	687	(2)
Accounts payable and accrued liabilities	2,101	1,066
Amounts receivable	552	(985)
Amounts due to related parties	(79)	21
Net change in non-cash working capital	$ 768	$ (1,045)

XML

SUPPLEMENTARY CASH FLOW INFORMATION (Details 1) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Interest paid	$ 73,000	$ 78,000
Taxes paid	0	240,000
Equipment acquired under finance leases and equipment loans	$ 1,589,000	$ 1,007,000

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FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement [Line Items]
Accounts Payable And Accrued Liabilities	$ 5,611	$ 3,260
Amounts Due To Related Parties	72	$ 163
Less Than One Year [Member]
Statement [Line Items]
Accounts Payable And Accrued Liabilities	5,611
Amounts Due To Related Parties	72
Note Payable	5,000
Finance Lease Obligations	1,039
Total	11,722
Financial Instruments [Member]
Statement [Line Items]
Accounts Payable And Accrued Liabilities	5,611
Amounts Due To Related Parties	72
Note Payable	5,000
Finance Lease Obligations	2,072
Total	12,755
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
Note Payable	0
Finance Lease Obligations	1,033
Total	1,033
More Than 5 Years [Member]
Statement [Line Items]
Accounts Payable And Accrued Liabilities	0
Amounts Due To Related Parties	0
Note Payable	0
Finance Lease Obligations	0
Total	$ 0

XML

FINANCIAL INSTRUMENTS (Details 1) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Statement [Line Items]
Cash	$ 10,920,000	$ 24,765,000
Long-term Investments	1,353,000	3,939,000
Amounts Receivable	656,000	1,208,000
Accounts Payable And Accrued Liabilities	5,611,000	3,260,000
Due To Related Parties	72,000	163,000
MXN [Member]
Statement [Line Items]
Cash	6,064,000	3,576,000
Long-term Investments	0	0
Reclamation Bonds	0	0
Amounts Receivable	0	0
Accounts Payable And Accrued Liabilities	(17,454,000)	(57,604,000)
Due To Related Parties	0	0
Finance Lease Obligations	(992,000)	(1,000)
Net Exposure	(12,382,000)	(54,029,000)
Us Dollar Equivalent	(609,000)	(2,363,000)
CDN [Member]
Statement [Line Items]
Cash	392,000	1,450,000
Long-term Investments	1,855,000	4,976,000
Reclamation Bonds	4,000	6,000
Amounts Receivable	21,000	33,000
Accounts Payable And Accrued Liabilities	(56,000)	(211,000)
Due To Related Parties	(176,000)	(206,000)
Finance Lease Obligations	(110,000)	(394,000)
Net Exposure	1,930,000	5,654,000
Us Dollar Equivalent	$ 1,409,000	$ 4,054,000

XML

FINANCIAL INSTRUMENTS (Details 2) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement [Line Items]
Cash	$ 10,920	$ 24,765
Amounts Receivable	656	1,208
Long-term Investments	1,353	$ 3,939
Level 1 of fair value hierarchy [member]
Statement [Line Items]
Cash	10,920
Amounts Receivable	0
Long-term Investments	1,353
Total Financial Assets	12,273
Warrant Liability	0
Total Financial Liabilities	0
Level 2 of fair value hierarchy [member]
Statement [Line Items]
Cash	0
Amounts Receivable	656
Long-term Investments	0
Total Financial Assets	656
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	(218)
Total Financial Liabilities	$ (218)

XML

FINANCIAL INSTRUMENTS (Details Narrative) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Statement [Line Items]
Cash	$ 10,920	$ 24,765
Liquidity Risk [Member]
Statement [Line Items]
Cash	10,920
Working Capital	$ 12,273
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)	$ 67	143
Price Risk [Member]
Statement [Line Items]
Impact On Net Earning (loss)	69	26
Price Risk [Member] | Long-term investments [Member]
Statement [Line Items]
Impact On Net Earning (loss)	$ 132	$ 330

XML

SEGMENTED INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Silver	$ 3,454	$ 683	$ 10,722	$ 698
Copper	5,625	398	17,884	407
Gold	2,310	1,179	7,141	1,184
Penalties, treatment costs and refining charges	(2,271)	(379)	(6,209)	(379)
Total revenue from mining operations	$ 9,118	$ 1,881	$ 29,538	$ 1,910

XML

SEGMENTED INFORMATION (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Customer 1	$ 7,710	$ 429	$ 25,569	$ 429
Customer 2	1,415	0	3,161	0
Other customers	(7)	1,452	808	1,481
Total revenue from mining operations	$ 9,118	$ 1,881	$ 29,538	$ 1,910

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SEGMENTED INFORMATION (Details 2) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Exploration And Evaluation Assets - Mexico	$ 46,370	$ 11,052
Exploration And Evaluation Assets - Canada	1	1
Total Exploration And Evaluation Assets	$ 46,371	$ 11,053

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SEGMENTED INFORMATION (Details 3) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Plant, Equipment And Mining Properties - Mexico	$ 42,631	$ 35,390
Plant, Equipment And Mining Properties - Canada	264	285
Total Plant, Equipment And Mining Properties	$ 42,895	$ 35,675