Excellon Resources Inc.
Excellon Resources Inc. holds two 100%-owned assets in different countries. Its flagship is the Mallay silver-lead-zinc mine in Oyon Province, Peru, which it restarted in July 2026 and which produced its first concentrate on 5 Aug 2026 (approximately 29,200 oz Ag); commercial production has not yet been declared. The Kilgore Gold Project (Clark County, Idaho, USA) carries an Indicated resource of 44.6 million tonnes at 0.58 g/t Au for 825,000 oz Au (Inferred 136,000 oz Au) per a 2019 NI 43-101 PEA -- the company's largest resource by value, at the company's own currently-featured US$1,800/oz Au case (post-tax NPV7% ~US$275M). 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. Kilgore's 2019 PEA has not been superseded by a newer resource or economic study, though exploration drilling continues under a USFS-approved plan.
Notable vs. Peers
- Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7.8/10.
- Financials score of 9.1/10 is stronger than the peer average of 6.5/10.
- Trading within 6% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Construction Milestones
4 of 5 reached- Reached — date not disclosed · Source
- May 2025 · Source
- Reached — date not disclosed · Source
- Aug 2026 · 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.
Not in place: mill, tailings facility.
Combined view across 2 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 5.6M oz AgMallay Mine
- 825K oz AuKilgore Project
Jurisdiction (40%)5/10
Scored 5 in line with the other Peruvian mining companies on this site. Excellon's flagship, the Mallay silver mine in Oyon Province, Lima Region, sits in Peru, where community relations and permitting continuity are the main jurisdiction risks. Its Kilgore gold project is in Clark County, Idaho, a top-tier US mining jurisdiction, where a legal challenge to the USFS environmental approval was resolved in Excellon's favor on 4 Aug 2023.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Mallay Mine.
Nearby producing mine (20%)9.7/10
Iscaycruz (Glencore plc) is 24 km away -- within regional-platform range.
Acquisition Susceptibility
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 in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:7.6/10
Nearest producing mine: Iscaycruz (Glencore plc), 24 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:7/10
Stage: Construction
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:5/10
Peru: jurisdiction score 5/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
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
Excellon Resources owns 100% of two assets: its flagship, the past-producing Mallay silver-lead-zinc mine in Peru's Lima region, which it bought in June 2025 and restarted in 2026, and the Kilgore gold project in Clark County, Idaho, its largest resource by value. Kilgore has 825,000 oz of gold indicated (44.6 Mt at 0.58 g/t), with no measured category, plus 136,000 oz inferred, from a 2019 estimate and preliminary economic assessment. Mallay restarted on 2 July 2026 and produced its first concentrate on 5 August 2026 during pre-commissioning at about 400 tpd against a 600 tpd nameplate, and concentrate has since been sold to Glencore under an offtake agreement, although commercial production has not been declared. Mallay's indicated resource, effective 18 February 2026, is 890,000 t at 195 g/t silver, 3.33% lead and 4.83% zinc.