Avino Silver & Gold Mines Ltd
ASM40-F,fiscal year ended Dec 31, 2025,filed Mar 27, 2026,Original on SEC.gov (opens in a new tab)
4 of 4 risk excerpts located in the filing text
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The Print
Avino Silver & Gold Mines filed its FY2025 Form 40-F on March 27, 2026, incorporating by reference its Annual Information Form, audited consolidated financial statements, and MD&A as separate exhibits; the cover page discloses 162,308,988 common shares issued and outstanding as of December 31, 2025.
The 40-F cover page reports 162,308,988 common shares issued and outstanding as of December 31, 2025, and the filing states that management concluded internal controls over financial reporting were effective as at December 31, 2025, with no changes in internal control over financial reporting during the year that materially affected, or were reasonably likely to materially affect, those controls. The filing body itself contains no income statement, balance sheet, or cash flow statement; those statements are incorporated by reference to Exhibit 99.2 (audited consolidated financial statements) and Exhibit 99.3 (MD&A), each incorporated by reference to Exhibit 99.1 to a Form 6-K filed with the SEC on March 10, 2026, and therefore no revenue, net income, EPS, or cash-flow figures are presented in the text provided.
- The audited consolidated financial statements for fiscal years ended December 31, 2025 and 2024 are incorporated by reference to Exhibit 99.1 to a Form 6-K filed with the SEC on March 10, 2026, and are not reproduced in the 40-F body.
- The MD&A for the fiscal year ended December 31, 2025 is incorporated by reference to Exhibit 99.1 to the same March 10, 2026 Form 6-K.
- The Company reports under IFRS Accounting Standards as issued by the IASB and files under the U.S.-Canada multijurisdictional disclosure system, so its statements are not comparable in all respects to U.S. GAAP filings.
- Deloitte LLP (PCAOB ID No. 1208) served as independent auditor for both fiscal 2025 and 2024, with audit fees of C$1,201,993 in 2025 versus C$1,197,593 in 2024.
Earnings Quality & Cash Conversion
Not disclosed—the 40-F body contains no statement of operations or earnings figures; the audited consolidated financial statements for fiscal years ended December 31, 2025 and 2024 are incorporated by reference to Exhibit 99.1 to a Form 6-K filed with the SEC on March 10, 2026, and are not reproduced in the text provided.
Value Drivers & Capital Allocation
“The Company has no off-balance sheet arrangements. See Management’s Discussion and Analysis of Financial Condition and Results of Operations for the fiscal year ended December 31, 2025 for an analysis of material cash requirements from known contractual and other obligations.”
Filing statement
Forward Signals
Not disclosed—the 40-F body provides no guidance or outlook; forward-looking statements are qualified by reference to the Risk Factors in the Annual Information Form filed as Exhibit 99.1, and the Company states it undertakes no obligation to update forward-looking statements except as required by applicable law.
Known trends
- Not disclosed—the 40-F body contains no Item 303 known trends or uncertainties; the MD&A for the fiscal year ended December 31, 2025 is incorporated by reference to Exhibit 99.3 and is not reproduced in the text provided.
Subsequent events
- Not disclosed—no material events after the December 31, 2025 period end are described in the 40-F body; the audited financial statements and MD&A were incorporated by reference to a Form 6-K filed with the SEC on March 10, 2026.
Risks
Excerpts are the filing’s own words; each heading is the start of its excerpt. Selected excerpts are not a complete risk inventory.
Any mineral reserves and mineral resources reported by the Company in accordance with NI 43-101…
Any mineral reserves and mineral resources reported by the Company in accordance with NI 43-101 may not qualify as such under or differ from those prepared in accordance with S-K 1300.
The Company prepares its financial statements, which are filed with this Annual Report in accordance…
The Company prepares its financial statements, which are filed with this Annual Report in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). Therefore, they are not comparable in all respects to financial statements of United States companies that are prepared in accordance with United States generally accepted accounting principles.
You should read this Annual Report with the understanding that our actual future results, levels…
You should read this Annual Report with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect.
Because of the inherent limitations in all control systems, no evaluation of controls can provide…
Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues, if any, within our Company have been detected.
4 of 4 excerpts located in the filing text
Balance Sheet & Liquidity
Leverage: This filing's standardized financial data reports no debt balance under a concept whose scope can be verified. That is an unestablished scope, not zero debt and not a net cash position; no total debt, net debt or debt-to-equity figure is stated.
Liquidity: Not disclosed—no cash, credit facility, or liquidity figures appear in the 40-F body; the MD&A for the fiscal year ended December 31, 2025 is incorporated by reference to Exhibit 99.3.
Working capital: Not disclosed—the 40-F body contains no classified balance sheet or current asset/liability figures; the audited consolidated financial statements are incorporated by reference to Exhibit 99.2.
Maturities & covenants
- Not disclosed—no debt maturity or covenant details appear in the 40-F body; the filing directs readers to the MD&A for the fiscal year ended December 31, 2025 for an analysis of material cash requirements from known contractual and other obligations.
Notable Footnotes
| Item | Impact |
|---|---|
| Auditor fees for fiscal 2025 and 2024 | Audit Fees were C$1,201,993 in 2025 versus C$1,197,593 in 2024; Audit-Related Fees were C$25,000 versus C$24,000; Tax Fees were C$27,311 versus C$43,555; and All Other Fees were Nil in both years. All services and fees were reviewed and pre-approved by the Audit Committee. |
| Audit Committee financial experts and independence | The Board determined that Mr. Michael Clark, Mr. Peter Bojtos and Mr. Ronald Andrews are each qualified as an Audit Committee Financial Expert, and that Ms. Linda Broughton, Mr. Michael Clark, Mr. Peter Bojtos, Ms. Carolina Ordonez, and Mr. Ronald Andrews are each independent as determined by the NYSE American rules. |
| Internal control over financial reporting attestation | Management concluded internal controls over financial reporting were effective as at December 31, 2025, and Deloitte LLP issued an attestation report on the effectiveness of internal control over financial reporting as of December 31, 2025. |
| Mine safety and foreign jurisdiction inspection disclosures | The Company states it does not operate any mine in the United States and has no mine safety incidents to report for the year ended December 31, 2025, and reports no foreign jurisdictions that prevent inspections. |
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