Excellon Resources Inc.
Excellon Resources Inc. is transitioning from explorer to producer at its Mallay silver-lead-zinc mine in Peru, having produced its first concentrate on 5 Aug 2026 (approximately 29,200 oz Ag). A NI 43-101 mineral resource estimate (SGS Canada, effective 18 Feb 2026) reports Indicated resources of 890,000 tonnes at 195 g/t Ag, 3.33% Pb and 4.83% Zn, for a silver-equivalent Indicated resource of 12.01 Moz AgEq. No NPV, IRR or AISC figures have been published for Mallay as of this research pass.
Notable vs. Peers
- Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7/10.
Lifecycle Milestones
Construction Milestones
4 of 5 reached- Reached — date not disclosed · Reached, date not disclosed. Mallay is a restarted past-producing mine (operated by Compania de Minas Buenaventura S.A.A. 2012-2018), acquired by Excellon via the Minera CRC acquisition closed 24 Jun 2025. Four independent, dated Excellon company statements across 14 months consistently describe Mallay as already fully permitted at acquisition: the acquisition-close release (23-24 Jun 2025, https://www.excellonresources.com/_resources/news/2025/nr-20250624.pdf) -- "a fully permitted, past-producing and potential near-term restart underground silver-lead-zinc mine"; a Newsfile release (6 Aug 2025, this row's source URL) -- "With all necessary permits in place, we are targeting a ramp-up to nameplate capacity by Q2 2026" (the most explicit statement that permits are already in hand, not pending -- a separate mention elsewhere in the same release of "working on obtaining the necessary permits" refers to EXPLORATION permits for Tres Cerros/near-mine drilling, not Mallay's operating permit); the NI 43-101 filing release (8 Apr 2026, https://www.newsfilecorp.com/release/291717/Excellon-Files-NI-43101-Technical-Report-for-Mallay) -- "a modern, fully permitted past-producing underground mine"; and the First Concentrate release (5 Aug 2026, https://www.newsfilecorp.com/release/308098/Excellon-Produces-First-Concentrate-at-Mallay) -- "its fully permitted, past-producing Mallay Mine". Two real MINEM (Peru) EIA record pages for the Mallay unit exist under Compania de Minas Buenaventura S.A.A. (gob.pe/institucion/minem/informes-publicaciones/6516047 and /6552560) corroborating a genuine underlying permitting history, but both were behind a bot wall on every fetch attempt this pass -- their contents, including any specific resolution numbers/dates surfaced by search summaries, could not be verified and are deliberately not cited as fact. High confidence the permit is genuinely granted (four independent dated statements agree; Mallay is physically producing concentrate as of Aug 2026, not legally possible in Peru without it) but no specific grant date could be verified. Added 2026-08-21 closing a gap Task #516's own script (scripts/correct-stage-task516-agmr-exn-dmet-bnkr-vtx-bh6.ts) flagged as pre-existing and explicitly out of its scope. Full reasoning in scripts/backfill-permit-granted-exn-mallay.ts. · Source
- May 2025 · Excellon entered a non-binding agreement with Glencore subsidiaries (concentrate offtake + pre-export finance loan facility) to support the restart of the past-producing Mallay Mine -- combined with equity financing that closed May 14, 2025, this is the company's real financing/decision-equivalent enabling the restart, consistent with the ARTG convention in the Task #305 batch1 script. · Source
- Reached — date not disclosed · An underground mining contractor had commenced rehabilitation of the 4150 and 4090 levels at Mallay by August 6, 2025 (advancing 70-80m/day); Phase One rehabilitation (2,800m+ of mine access) was reported complete by the Nov 20, 2025 Q3 update. No single dated 'restart construction begins' release found; recorded reached-but-undated. · Source
- Aug 2026 · Excellon achieved first concentrate production during the pre-commissioning campaign at Mallay (restarted July 2, 2026): ~12,000t processed, concentrates containing ~29,200oz silver, 319,000lb lead, 456,000lb zinc. Company explicitly frames this as metallurgical/concentrate-quality validation ahead of a commercial production declaration, not full run-rate. · Source
- Not yet reached
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
President and Chief Executive Officer, and a Director, of Excellon Resources Inc. Over 22 years' experience in the mining industry spanning project evaluation, corporate finance, stakeholder relations and corporate strategy. Previously Vice President of Corporate Development at Harte Gold Corp., where he was instrumental in the development of the Sugar Zone mine and the company's subsequent restructuring and sale. Earlier held investment banking and mining advisory roles at Standard Chartered Bank and Gryphon Partners Canada. Holds an MBA from the Ivey School of Business and a Bachelor of Applied Science from Queen's University.
Chief Financial Officer of Excellon Resources Inc. CPA, CA who joined Excellon as Corporate Controller in 2019, responsible for financial reporting, treasury, internal controls, tax, IT systems and operational finance, before advancing to CFO. Previously spent 12 years with Deloitte LLP in Canada, Bermuda and South Africa specializing in public company reporting and complex accounting for global mining companies. Holds a Bachelor of Commerce with a specialization in accounting and finance from Rhodes University, South Africa.
Chief Operating Officer of Excellon Resources Inc. Professional engineer with over 30 years of industry experience in mine development and operations across North America, Africa and Latin America. Most recently Senior Vice President, Major Projects and COO of Trevali Mining, leading project development in Canada and Peru; earlier held management roles at Barrick's Hemlo Mine and Rio Algom Limited. Holds a Bachelor of Engineering in Mining from Laurentian University.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Legendary resource investor Eric Sprott is a major, growing shareholder of Excellon Resources, and insider buying has been broad and heavy through 2025-2026 -- Sprott's entities plus two other company directors (Brendan Cahill and Craig Lindsay) all bought shares with their own money in the past year, with essentially no offsetting insider selling of comparable size.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
NI 43-101 Mineral Resource Estimate (SGS Canada, effective 18 Feb 2026), Mallay mine: Indicated 890,000 tonnes at 195 g/t Ag, 3.33% Pb, 4.83% Zn. Silver-equivalent Indicated resource of 12.01 Moz AgEq (this figure) -- a polymetallic AgEq figure, not contained silver ounces alone. [Stage review, 2026-08-19]: The AISC-backfill flag on this row (scripts/backfill-aisc-part1.ts) was about Excellon's OLD Mexican asset -- "Excellon Resources' Platosa mine (Mexico) wound down production around Q3 2022... No 2026 production news or current-operations disclosure was found" -- an accurate statement about Platosa, but Platosa has not anchored this row's stage for over a year and the flag never checked what does. This row's own country field already correctly reads "Peru", not Mexico. Excellon closed the acquisition of Minera CRC (holder of the 100%-owned Mallay Silver-Lead-Zinc Mine and Tres Cerros exploration property, central Peru) on 24 Jun 2025. Fresh, independent, dated confirmation of REAL current production (Newsfile, "Excellon Produces First Concentrate at Mallay", 5 Aug 2026, accessed 2026-08-19, https://www.newsfilecorp.com/release/308098/Excellon-Produces-First-Concentrate-at-Mallay): "Since restarting on July 2, 2026, the concentrator has processed approximately 12,000 tonnes of material, producing concentrates containing roughly 29,200 ounces of silver, 319,000 pounds of lead, and 456,000 pounds of zinc," running continuously without unplanned interruption, with initial concentrate shipments expected August 2026 -- matching this row's FIRST_PRODUCTION milestone (2026-08-05) exactly. A separate, unrelated 2023 agreement to acquire the past-producing La Negra mine (Mexico) fell through in Jul 2023 (https://www.mining.com/excellon-resources-acquisition-of-la-negra-falls-through/) -- Excellon does not hold La Negra, so it is not a competing "most advanced project" candidate. VERDICT: stage=PRODUCTION is CORRECT, anchored to Mallay (Peru), not Platosa. Not changed. Full reasoning in scripts/fix-stage-review-camb-bh6-exn-xtr-mkr.ts. [PERMIT_GRANTED backfill, 2026-08-21]: This row was stage=CONSTRUCTION (per Task #516) with no PERMIT_GRANTED MinerConstructionMilestone row, a live lifecycle-gates.ts audit violation that Task #516's own script explicitly flagged as pre-existing and out of its scope. Added PERMIT_GRANTED (reached, date not disclosed) based on four independent dated Excellon company statements (23-24 Jun 2025 acquisition close; 6 Aug 2025 near-term restart update; 8 Apr 2026 NI 43-101 filing; 5 Aug 2026 first concentrate release) all describing Mallay as fully permitted, plus corroborating (but unverifiable behind a bot wall) MINEM EIA record pages. See scripts/backfill-permit-granted-exn-mallay.ts for full sourcing and caveats.