Excellon Resources (TSX: EXN) (NYSE American: EXN) (FRA: E4X2) has reported its financial results for the three- and nine-month periods ended Sept. 30, 2021. Highlights of the report include revenues of $9.2 million with gross profit of $1.8 million and total cash cost net of byproducts per silver ounce payable improved to $11.02. The company noted that all-in sustaining cost (“AISC”) per silver ounce payable totaled $21.52, in part due to increased underground exploration at Platosa, with production cost of $281 per ton. Excellon also saw more than 21,000 tons mined and milled for the fifth quarter in a row, with sizeable stockpiles of ore and concentrate being processed and/or delivered in early October. EXN exploration expenditures increased for the quarter by 27% to $2.5 million, with increased drilling expenditures at Silver City, and the company ended the quarter with cash and marketable securities of $5 million. “Platosa continued to generate cash in Q3, which allowed us to realize our highest quarterly exploration expenditure since Q1 2013,” said Excellon Resources president and CEO Brendan Cahill in the press release. “We continue to drill with two rigs at Silver City and aggressively follow up on the 817 Zone at Platosa, where we discovered a new, high-grade and vertical zone of mineralization beneath an area that was mined in 2017. We expect to release new results from 817 shortly. Revenues and costs have remained fairly stable over the past five quarters, though we have seen certain increases for electricity and labor, the latter due to labor law amendments in Mexico that took effect in Q3. Strong base metal prices and strengthening silver prices were beneficial in Q3 and have subsequently increased further. We also had ore in stockpile representing approximately 58,000 AgEq ounces at quarter-end, which will contribute to Q4 sales.”
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About Excellon Resources Inc.
Excellon Resources has a vision to create wealth by realizing strategic opportunities through discipline and innovation for the benefit of its employees, communities and shareholders. The company is advancing a precious metals growth pipeline that includes the following: Platosa, Mexico’s highest-grade silver mine since production commenced in 2005; Kilgore, a high-quality gold development project in Idaho with strong economics and significant growth and discovery potential; and an option on Silver City, a high-grade epithermal silver district in Saxony, Germany, with 750 years of mining history and no modern exploration. The company also aims to continue capitalizing on current market conditions by acquiring undervalued projects. For more information about the company, please visit www.ExcellonResources.com.
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