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Canada Asset Sale 'Helps Company Focus on Mexico'
Research Report

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The specifics and benefits of the transaction are addressed in a ROTH Capital Partners report.

In a Nov. 22 research note, ROTH Capital Partners analyst Joe Reagor reported that Avino Silver & Gold Mines Ltd. (ASM:TSX.V; ASM:NYSE.MKT; GV6:FSE) agreed to sell its Bralorne gold project in British Columbia to Talisker Resources.

"The sale is a positive for the company as it improves its balance sheet and allows the company to refocus on its Mexico asset," highlighted Reagor. Also, the transaction should "remove some holding costs and general and administrative expenses from future expenses." The resulting cash infusion should help improve Avino's overall valuation.

According to the agreement, Reagor relayed, the total consideration for the asset will include about $6.6 million in cash, 9.9% of Talisker's outstanding shares following an announced financing, a 50% warrant coverage and a $2.5 million cash payment if and when Talisker starts commercial production at Bralorne. Reagor noted that the deal terms appear fair and in line with the value ROTH assigned the project.

ROTH has a Buy rating and a $1.25 per share price target on Avino. The stock is now trading at around $0.71 per share.


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Disclosures from ROTH Capital Partners, Avino Silver & Gold Mines Ltd., Company Note, November 22, 2019

Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

ROTH makes a market in shares of Avino Silver & Gold Mines Ltd. and as such, buys and sells from customers on a principal basis.

Shares of Avino Silver & Gold Mines Ltd. may be subject to the Securities and Exchange Commission's Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities.

Within the last twelve months, ROTH has received compensation for non-investment banking securities-related services from Avino Silver & Gold Mines Ltd.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.

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