Commodity Price Volatility Risk: The profitability of Avino Silver & Gold is highly dependent on the fluctuating market prices of silver, gold, and other metals. Significant price declines can negatively impact revenues and cash flow.

Operational and Production Risks: Mining operations are inherently risky and subject to geological uncertainties, equipment failures, labor disputes, accidents, and processing issues, all of which can disrupt production and increase costs.

Exploration and Development Success Risk: There is no guarantee that Avino's exploration efforts will lead to the discovery of economically viable mineral deposits or that development projects will be completed on schedule and within budget.