Avino Renews ATM Equity Program

Rhea-AI Summary

Avino (NYSE American:ASM) filed a prospectus supplement dated November 25, 2025 to renew and increase its at-the-market equity program. The company may sell common shares in the U.S. under its Sales Agreement with Cantor Fitzgerald and co-agents up to an aggregate of US$60 million. Sales would occur on the NYSE American (or other agreed markets) at prevailing market prices, with commissions up to 3.0% of gross proceeds. The ATM remains effective until proceeds reach the maximum, the shelf ceases to be effective, or the sales agreement terminates. The Toronto Stock Exchange has conditionally approved listing of Offered Shares.

Positive

• Provides up to US$60 million of incremental financing flexibility
• Allows market-price sales to access capital from time to time
• Conditional TSX listing approved for Offered Shares

Negative

• Potential shareholder dilution if Offered Shares are issued up to US$60 million
• Agents may receive up to 3.0% commission, reducing net proceeds
• Offered Shares sold at prevailing market prices, exposing proceeds to price volatility

News Market Reaction

+7.59%

1 alert

+7.59% News Effect

On the day this news was published, ASM gained 7.59%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

ATM maximum size: US$60 million Agent commission: 3.0% Prospectus supplement date: November 25, 2025 +5 more

8 metrics

ATM maximum size US$60 million Aggregate sales amount for ATM equity program

Agent commission 3.0% Cash commission on gross proceeds under ATM

Prospectus supplement date November 25, 2025 Date of prospectus supplement for ATM program

Shelf prospectus date May 26, 2025 Date of short form base shelf prospectus

Sales Agreement date June 13, 2023 Date of Sales Agreement governing ATM

Form F-10 filing date May 27, 2025 Registration statement on Form F-10 filed with SEC

SEC effectiveness date May 28, 2025 Date Form F-10 was declared effective by SEC

TSX commission cap 3.0% Maximum cash commission to agents on ATM sales

Market Reality Check

Price: $7.00 Vol: Volume 7,984,080 versus 2...

high vol

$7.00 Last Close

Volume Volume 7,984,080 versus 20-day average 4,305,122, indicating elevated trading activity pre-announcement. high

Technical Price 6.16 is trading above 200-day MA at 3.61, reflecting a pre-existing upward trend.

Peers on Argus

Within Other Precious Metals & Mining, peers showed mixed moves: ITRG up 7.51%, ...

1 Down

Within Other Precious Metals & Mining, peers showed mixed moves: ITRG up 7.51%, NEXA up 5%, MUX up 2.12%, MTA up 1.28%, while SLSR fell 0.87%. Mixed peer action suggests this ATM news is more company-specific than a broad sector swing.

Historical Context

5 past events · Latest: Nov 26 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 26	ATM program renewal	Neutral	+7.6%	Renewed and increased ATM equity program up to US$60M.
Nov 06	Q3 earnings	Positive	+3.6%	Record Q3 2025 revenue, net income, EBITDA and strong cash balances.
Oct 30	Investor conference	Neutral	-2.7%	Participation in 51st Annual New Orleans Investment Conference.
Oct 27	Drill results	Positive	-3.9%	High-grade La Preciosa drill intercepts over four twin holes.
Oct 14	Operational update	Positive	+3.8%	Q3 production consistency and La Preciosa advancement with strong cash.

Pattern Detected

Recent news skewed positive (earnings, operations, drilling) with mostly positive price reactions; one exploration update saw a negative move despite constructive results.

Recent Company History

Over the last few months, Avino reported Q3 2025 operational data and later Q3 financials showing record revenue of $21.0M and net income of $7.7M, alongside strong cash and working capital. Exploration at La Preciosa delivered high-grade silver intercepts over 915 metres of drilling, and the company engaged investors at a major conference. The current ATM equity program renewal for up to US$60 million follows this period of operational momentum and financial strength, adding capital-raising flexibility to support ongoing initiatives.

Market Pulse Summary

The stock moved +7.6% in the session following this news. A strong positive reaction aligns with Avi...

Analysis

The stock moved +7.6% in the session following this news. A strong positive reaction aligns with Avino’s recent pattern, where constructive updates such as record Q3 2025 results and operational progress at La Preciosa were followed by gains of 3–4%. Renewing the ATM for up to US$60 million adds funding flexibility on top of prior record cash levels, but also introduced potential equity issuance at prevailing prices. Investors historically responded favorably to the company’s execution, so enthusiasm could reflect confidence that any usage would support ongoing growth initiatives.

Key Terms

prospectus supplement, short form base shelf prospectus, sales agreement, at-the-market distributions, +3 more

7 terms

prospectus supplement regulatory

"announces that it has filed a prospectus supplement dated November 25, 2025"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

short form base shelf prospectus regulatory

"to the Company's short form base shelf prospectus dated May 26, 2025"

A short form base shelf prospectus is a pre-approved, reusable document that lets a company register a pool of securities (like stocks or bonds) it can sell over time without repeating a full disclosure process each time. Think of it as a menu the company files once so it can quickly offer items from that menu later; investors care because it speeds up capital raises, can dilute existing holdings, and signals the company’s ability to access funding when needed.

sales agreement financial

"pursuant to a sales agreement dated June 13, 2023"

A sales agreement is a written contract that sets out the terms for selling goods, services, or assets, specifying price, delivery, payment schedule and responsibilities of each side. For investors it matters because it creates a predictable stream of revenue or cash obligations, clarifies timing and risk, and can change a company’s value or forecasts much like a signed order turns a customer’s verbal intent into a firm commitment.

at-the-market distributions regulatory

"transactions that are deemed to be "at-the-market distributions" as defined in National"

Sales of newly issued shares made gradually into the open market at whatever price buyers are currently paying, typically arranged through a broker rather than a single fixed-price offering. Investors should care because these steady sales increase the number of shares outstanding and can dilute existing holders and influence supply and price—similar to a vendor adding more tickets to resale at the current box-office rate, providing flexible funding but potentially easing upward price pressure.

Form F-10 regulatory

"under the terms of a registration statement on Form F-10, as amended and filed"

Form F-10 is a standardized prospectus document filed with Canadian securities regulators when a Canadian company offers shares or other securities to the public. It lays out the company’s business, financial results, management, and risks—like a detailed product label that helps investors compare what they’re buying and understand potential downsides. For investors, the form matters because it provides the core information needed to evaluate the safety, value and terms of a public securities offering.

registration statement regulatory

"under the terms of a registration statement on Form F-10, as amended"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

NYSE American technical

"will be made directly on the NYSE American, or any other trading market"

NYSE American is a stock exchange where companies can list their shares to be bought and sold by investors. It functions like a marketplace, helping businesses raise money and providing investors with opportunities to buy ownership in these companies. Its role is important because it facilitates the trading of smaller or emerging companies, offering investors access to a broader range of investment options.

AI-generated analysis. Not financial advice.

VANCOUVER, BC / ACCESS Newswire / November 26, 2025 / Avino Silver & Gold Mines Ltd. (TSX:ASM)(NYSE American:ASM)(FSE:GV6) ("Avino" or the "Company") announces that it has filed a prospectus supplement dated November 25, 2025 (the "Prospectus Supplement") to the Company's short form base shelf prospectus dated May 26, 2025 (the "Shelf Prospectus") with the securities commissions in each of the provinces and territories of Canada, with the exception of Québec, pursuant to which the Company may, at its discretion and from time to time, distribute common shares (the "Offered Shares") pursuant to a sales agreement dated June 13, 2023 (the "Sales Agreement") with Cantor Fitzgerald & Co. (the "Designated Agent"), H.C. Wainwright & Co. LLC, Roth Capital Partners, LLC, and A.G.P./Alliance Global Partners (collectively, with the Designated Agent, the "Agents"), as agents or as principals, for the distribution of the Offered Shares in the United States (the "ATM Offering") up to the aggregate sales amount of US$60 million (the "Maximum Amount"). A corresponding prospectus supplement has been filed with the United States Securities and Exchange Commission (the "SEC").

"We have increased the aggregate sales amount of the ATM Share Offering to be used strategically from time to time, at the Company's discretion and subject to regulatory requirements," said David Wolfin, Avino's President and CEO. "The ATM provides Avino with an additional source of financial flexibility if required."

The ATM Offering is being made in the United States under the terms of a registration statement on Form F-10, as amended and filed on May 27, 2025, and declared effective on May 28, 2025, by the SEC in the United States, and the Shelf Prospectus and Prospectus Supplement filed in each province and territory of Canada, except Québec (the "Registration Statement", and together with the Shelf Prospectus and Prospectus Supplement, collectively, the "Prospectus"). Prospective investors should read the Prospectus (including the documents incorporated by reference therein) for more complete information about the Company and the ATM Offering, including the risks associated with investing in the Company and disclosure with respect to the proposed use of proceeds of the ATM Offering.

The sales of the Offered Shares, if any, will be made directly on the NYSE American, or any other trading market for the Offered Shares in the United States or outside of Canada as otherwise agreed between the Agents and the Company, and will be deemed sales of Offered Shares under the Prospectus in transactions that are deemed to be "at-the-market distributions" as defined in National Instrument 44-102 - Shelf Distributions and Rule 415 of the Securities Act of 1933, as amended. The Offered Shares, if any, will be distributed at the market prices prevailing at the time of sale. As a result, prices may vary between purchasers and during the period of distribution. The ATM Offering will be effective until the earlier of (i) the date that the aggregate gross sales proceeds of the Offered Shares sold under the ATM Offering reaches the Maximum Amount, (ii) the receipt for the Shelf Prospectus ceasing to be effective in accordance with applicable securities laws, and (iii) the termination of the Sales Agreement in accordance with its terms. The Company has agreed to pay the Agents a cash commission up to 3.0% of the gross proceeds of the Offering. The Company is not obligated to make any sales of Offered Shares under the Distribution Agreement. There is no certainty that any Offered Shares will be offered or sold under the ATM Offering.

Copies of the Shelf Prospectus, Prospectus Supplement and Registration Statement may be obtained on request without charge from: (i) the Company at Suite 900-570 Granville St., Vancouver, British Columbia, V6C 3P1, Canada, telephone (604) 682-3701; or (ii) Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th floor, New York, New York 10022, by email at prospectus@cantor.com. You may also obtain these documents free of charge under the Company's SEDAR+ profile at www.sedarplus.ca and on EDGAR at www.sec.gov.

The Toronto Stock Exchange has conditionally approved the listing of the Offered Shares that may be sold under the ATM Offering. The Company intends to rely on the exemption in section 602.1 of the TSX Company Manual in respect of the ATM Offering as an "Eligible Interlisted Issuer" (as such term is defined in the TSX Company Manual).

This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Avino:
Avino is a silver producer from its wholly owned Avino Mine near Durango, Mexico. The Company's silver, gold and copper production remains unhedged. The Company intends to maintain long-term sustainable and profitable mining operations to reward shareholders and the community alike through our growth at the historic Avino Property and the strategic acquisition of the adjacent La Preciosa which was finalized in Q1 2022. Early in 2024, the Pre-feasibility Study on the Oxide Tailings Project was completed. This study is a key milestone in our growth trajectory. Avino has been included in the Toronto Stock Exchange's 2025 TSX30™. Avino has distinguished itself by reaching the 5th position on the TSX30 2025 ranking. As part of Avino's commitment to adopting sustainable practices, we have been operating a dry-stack tailings facility for more than two years with excellent results. We are committed to managing all business activities in a safe, environmentally responsible, and cost-effective manner, while contributing to the well-being of the communities in which we operate. We encourage you to connect with us on X at @Avino_ASM and on LinkedIn at Avino Silver & Gold Mines. To view the Avino Mine VRIFY tour, please click here.

This news release contains "forward-looking information" and "forward-looking statements" (together, the "forward looking statements") within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as "forward-looking statements" are made as of the date of this document. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the distribution of Offered Shares, if any, under the ATM Offering and the benefits associated therewith and the use of net proceeds, if any, of the ATM Offering, and expected operations at the Company's mineral properties. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "envisages", "assumes", "intends", "strategy", "goals", "objectives" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. These forward-looking statements are made as of the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. While we have based these forward-looking statements on our expectations about future events at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements.

For Further Information, Please Contact:

Investor Relations
Tel: 604-682-3701
Email: IR@avino.com

SOURCE: Avino Silver & Gold Mines Ltd.

View the original press release on ACCESS Newswire

FAQ

What did Avino (ASM) file on November 25, 2025 for its ATM program?

Avino filed a prospectus supplement dated November 25, 2025 renewing its ATM and increasing the aggregate sales amount to US$60 million.

How much capital can Avino raise under the renewed ATM (ASM)?

The ATM allows Avino to sell Offered Shares for aggregate gross proceeds up to US$60 million.

Where will Avino (ASM) sell shares under the ATM and at what price?

Sales, if any, will be made on the NYSE American or other agreed U.S. markets at prevailing market prices at the time of sale.

What fees will Avino pay agents for ATM (ASM) distributions?

The company agreed to pay the agents a cash commission of up to 3.0% of gross proceeds on sales under the ATM.

How long will the Avino ATM (ASM) remain effective?

The ATM is effective until the earlier of (i) reaching the US$60 million maximum, (ii) the shelf ceasing to be effective, or (iii) termination of the sales agreement.

Has Avino (ASM) received stock exchange approval for Offered Shares under the ATM?

The Toronto Stock Exchange has given conditional approval for listing the Offered Shares that may be sold under the ATM.