Excellon Resources

What Excellon Resources does

Excellon Resources Inc. is a Canadian precious and base metals mining and exploration company headquartered in Toronto and publicly traded on the TSX Venture Exchange (TSX-V: EXN) and OTC markets (OTC: EXNRF). The company's portfolio comprises four assets: the Mallay Silver Mine in central Peru (a past-producing underground silver-lead-zinc operation with a 600 tpd flotation plant that restarted underground operations in February 2025 with mill pre-commissioning targeted for June 2026), the Kilgore Project in southeastern Idaho (a 100%-owned epithermal gold deposit with 825,000 oz Au Indicated and a stated US$275M NPV at US$1,800/oz Au), the Silver City Project in Saxony, Germany (a high-grade epithermal silver district covering approximately 340 km² held 75% by subsidiary Saxony Silver Corp.), and the early-stage Tres Cerros Gold-Silver Project adjacent to Mallay in Peru. The Mallay NI 43-101 Technical Report (February 2026) reports 12.01 Moz AgEq Indicated and 4.00 Moz AgEq Inferred resources, representing a 500%+ increase in Indicated silver inventory relative to historical Buenaventura inventory.

Excellon's underlying technology is conventional hard-rock mining and mineral processing: a 600 tpd flotation plant for silver-lead-zinc ore processing, with supporting infrastructure including assay lab, core shed, tailings storage, and camp facilities. The company is leveraging existing past-producing infrastructure at Mallay to reduce restart capital intensity, and is also leveraging the district-scale exploration data set from Silver City's 750-year mining history and modern NI 43-101 compliant resource estimates.

Excellon's business model centers on selling zinc-lead concentrates from the Mallay Mine under an offtake agreement with Glencore, which is committed to purchase 100% of concentrate production until approximately 2028-2029 and provided up to US$18 million in financing for mine restart. Concentrate pricing is benchmarked to commodity market prices for silver, lead, and zinc in a B2B commodity sales structure with no public pricing tiers. The company is currently pre-commercial-production, with revenue dependent on successful mill pre-commissioning in mid-2026. Financing for the restart and exploration program has been sourced through a series of equity private placements in 2025-2026 (totaling over C$40 million with Eric Sprott as repeat anchor investor), the Glencore pre-export finance facility, and the Saxony Silver Corp subsidiary placement.

Name

Excellon Resources

Legal name

Excellon Resources Inc.

Website

https://excellonresources.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

51–100 employees

Short description

Excellon Resources is a Canadian precious and base metals mining company operating the Mallay Silver Mine in Peru (600 tpd flotation plant, mill pre-commissioning mid-2026) and exploring the Kilgore gold project in Idaho and Silver City silver project in Germany. Concentrate offtake is committed 100% to Glencore through 2028-2029.

Ownership category

akta.pro rank

Product category

Silver and Base Metals Mining

NAICS

Gold Ore and Silver Ore Mining (21222)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro industry

PRIMARYIMAKAEAB

Silver Mining

Industrials, Manufacturing & Construction/Metals & Mining/Precious Metals Mining & Refining (Gold, Silver, Platinum Group)

SECONDARYIMAKAEAA

Gold Mining

Industrials, Manufacturing & Construction/Metals & Mining/Precious Metals Mining & Refining (Gold, Silver, Platinum Group)

SECONDARYIMAKAEAD

Precious Metals Ore Processing & Beneficiation

Industrials, Manufacturing & Construction/Metals & Mining/Precious Metals Mining & Refining (Gold, Silver, Platinum Group)

Keywords

• Silver mining
• Precious metals exploration
• Base metals production
• Underground mining operations
• Mineral resource development

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Marketing or Sales, Technology or R&D

Revenue model

1. Concentrate Sales: Sale of zinc-lead concentrates produced from mining operations. Glencore committed to purchase 100% of zinc-lead concentrate until around 2028-2029 under an offtake agreement. This represents the primary revenue stream from the Mallay Silver Mine operations.

Distribution channels1 record

Marketing channels4 records

Core offering

Excellon Resources is a Canadian precious and base metals mining company that operates the Mallay Silver Mine in Peru, a past-producing underground silver-lead-zinc operation with a 600 tpd flotation plant that restarted in February 2026. The company also holds the Kilgore gold project in Idaho, the Silver City epithermal silver district in Saxony, Germany (via 75%-owned subsidiary Saxony Silver Corp.), and the Tres Cerros gold-silver exploration property in Peru. Primary revenue is generated through the sale of zinc-lead concentrates to commodities trading houses such as Glencore under an offtake agreement valid until 2028-2029.

Product overview

Excellon Resources is a Canadian precious and base metals mining and exploration company with a portfolio of four projects. The core asset is the Mallay Silver Mine in Peru - a past-producing underground operation with a 600 tpd flotation plant that restarted in February 2026. The company also operates the Kilgore Project in Idaho (advanced gold exploration) and Silver City Project in Saxony, Germany (epithermal silver district), both held as growth-stage assets. The Tres Cerros Gold-Silver Project in Peru provides nearby exploration upside adjacent to Mallay. The company is positioning to become a near-term silver producer through the Mallay restart while advancing exploration at its other projects.

Differentiator

Problem solved

Functional benefit

Products and services

• Mallay Silver Mine A past-producing silver-lead-zinc underground mine in central Peru acquired in 2025, featuring a 600 tpd flotation plant. Historically produced 7.7 million ounces of silver between 2012-2018, with NI 43-101 indicated resources of 12.01 Moz AgEq at 420 g/t AgEq. The mine sells zinc-lead concentrates to commodities trading houses.
• Kilgore Gold Project A 100%-owned, 6,788-hectare advanced epithermal gold exploration and development project in Clark County, southeastern Idaho. Contains indicated resources of 44.6 million tonnes at 0.58 g/t Au for 825,000 ounces of gold, with potential for low capital intensity open-pit heap-leach mining and US$275M NPV at US$1,800/oz Au.
• Silver City Project A high-grade epithermal silver-zinc-lead exploration project in Saxony, Germany, held 75% by Excellon's subsidiary Saxony Silver Corp. Covers approximately 340 km² in the historic Freiberg mining district, with over 750 years of mining history and approximately 183 million ounces of historical silver production.
• Tres Cerros Gold-Silver Project An early-stage high-sulfidation epithermal gold-silver exploration property located approximately 6 km east of the Mallay Mine in Peru, acquired in 2025 with the Mallay transaction. Features a 2.5 km by 0.5 km alteration footprint with rock samples returning assays up to 9.31 g/t gold and over 1,000 g/t silver.

Quantifiable outcome

• 12.01 Moz AgEq indicated resource at Mallay (420 g/t AgEq)
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered minor and core.

• SGS Canada Geological ServicesminorStrategic or Co-development Partner · 23 February 2026Independent Qualified Person that prepared the NI 43-101 Technical Report for Mallay Mine with effective date of February 18, 2026.
• GlencorecoreStrategic or Co-development Partner · 23 May 2025Partnership with Glencore to restart the Mallay Silver Mine in Peru, including up to $18 million in financing and a gold agreement to purchase zinc-lead concentrates until 2028-2029. The financing supports mine rehabilitation and operations, with Glencore serving as a guaranteed purchaser of 100% of the zinc-lead concentrate.
• Helmholtz Institute FreibergminorStrategic or Co-development Partner · 9 June 2020Partnership to advance the Silver City Project in Germany. The Helmholtz Institute Freiberg specializes in innovative mining technologies and was founded in 2011 by the German federal government.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Emerging players

• Vizsla Silver Corp. Junior silver developer advancing the Panuco silver-gold project in Mexico. Comparable to Excellon as a high-grade silver-focused explorer-developer at a similar stage of resource definition and pre-production capital raising.
• SilverCrest Metals Inc. Silver-focused junior producer/developer with the Las Chispas mine in Mexico. Comparable to Excellon through high-grade silver-gold underground mining, recent transition to producer, and similar capital-markets profile during ramp-up.

Direct peers

• MAG Silver Corp. Mid-tier silver-focused mining company with the Juanicipio project in Mexico (joint venture with Fresnillo). Comparable to Excellon as a silver-focused developer/producer with high-grade assets and similar exposure to precious-metals price leverage.
• Endeavour Silver Corp. Silver mining company operating multiple underground silver-gold mines in Mexico. Comparable to Excellon given its silver-lead-zinc concentrate profile, underground mining approach, and junior-producer status.
• First Majestic Silver Corp. Established silver producer with multiple Mexican operations producing silver doré and concentrates. Comparable to Excellon through silver concentrate production, junior-to-mid-tier scale, and reliance on silver price realization.
• Silver X Mining Corp. Junior silver producer operating in Peru with the Nueva Recuperada project. Directly comparable to Excellon's Mallay operation given Peru geography, silver-lead-zinc concentrate profile, and overlapping board connections (Mike Hoffman chairs Silver X's Technical Committee).
• Hochschild Mining plc: Mid-tier precious-metals miner with underground silver-gold operations in Peru and the Americas. Comparable to Excellon through Peru-based underground silver-lead-zinc mining, concentrate offtake structure, and operational scale at similar deposits.
• Fortuna Silver Mines Inc. Mid-tier silver-gold producer with underground mines in Mexico, Peru, Argentina, and West Africa. Comparable to Excellon through silver-zinc-lead underground production in Peru (Caylloma mine) and a multi-asset, multi-jurisdictional portfolio approach.

Broad incumbents

• Pan American Silver Corp. Large, established silver mining company with a diversified portfolio of producing mines across the Americas. Comparable as an incumbent silver producer with operations in Peru, Mexico, and elsewhere; broader scale but same commodity and concentrate exposure.

Others

• Hecla Mining Company: Established US-listed silver and gold producer with operations in the US, Mexico, and Canada. Comparable to Excellon as a silver-leveraged producer with US-domiciled listing, multi-asset approach, and exposure to silver and gold price realization.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/exn_resources
• Facebookfacebook.com/minera-excellon-de-mexico-1032621293500499
• LinkedInlinkedin.com/company/ecellon-resources-inc.

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds10 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Excellon Resources