Excellon Reports Q3 2025 Financial Results and Provides Mallay Restart and Corporate Updates

Core Viewpoint - Excellon Resources Inc. reported its Q3 2025 financial results, highlighting progress in the restart of the Mallay silver-lead-zinc mine in Peru and securing funding for the project [1][4]. Financial Highlights - The company raised $12 million through a private placement to support the Mallay restart [4][7]. - As of September 30, 2025, Excellon had $24 million in cash and available liquidity, including an undrawn pre-export finance facility with Glencore [8][7]. Mallay Restart Progress - Phase One underground rehabilitation is complete, with over 2,800 meters of mine access rehabilitated, allowing for transition to definition drilling and restart planning [5][7]. - An updated NI 43-101 mineral resource estimate for Mallay is expected in Q4 2025, with ongoing definition drilling from the 4090 level [7][12]. - All necessary mining and environmental permits for the restart are in good standing, including recently received explosives permits for underground operations [7][12]. Exploration and Future Plans - A 40-hole drill program at the Isguiz vein system and a 6-hole program at the Shafra Zone are planned to commence in Q4 2025, aimed at extending mineralization and supporting future mine planning [7][12]. - The company plans a phased restart of mining from the 4090 level, targeting a ramp-up towards the historical capacity of 600 tonnes per day, subject to positive drilling results [12][19]. Corporate Updates - The annual and special meeting of shareholders was held on November 18, 2025, where all matters, including the Share Incentive Plan, were approved [10]. - The company granted 504,853 deferred share units to non-executive directors and 200,000 stock options to Capital Analytica as part of the Share Incentive Plan [11][12].