Excellon Resources Inc.(TSXV:EXN)

Excellon Resources Inc.

Investor website: https://excellonresources.com/

About

Excellon Resources Inc. is a mining company focused on the acquisition, exploration, and development of mineral properties. The company aims to create wealth through strategic opportunities, emphasizing discipline and innovation for the benefit of employees, communities, and shareholders.

Verified company data

Cash position
not discovered
Shares outstanding
385.3M
Fully diluted shares
498.1M
Mineral resource
The Kilgore project is caldera-related epithermal gold deposit with current Indicated Resource of 44.6 million tonnes at 0.58 g/t Au for 825,000 ounces Au and an Inferred Resource of 9.4 million tonnes at 0.45 g/t Au for 136,000 ounces Au. The property includes historical mine workings dating back to the early 1900s with further drilling in the 1980s that revealed the potential for mineralization well outside of the existing resource area, with limited follow up to date. Kilgore displays similar characteristics to Kinross Gold’s Round Mountain Mine, which has produced over 15 million ounces of gold to date. In 2019 a preliminary economic assessment was completed that supports the potential for a low capital intensity, low operating cost, open-pit, heap-leach mining operation: ASSUMPTIONS Gold Price: $1,300/oz. PRODUCTION PROFILE Total Leach Tons Mined: 54.0 million. Total Waste Tons Mined: 60.0 million. Head Grade - Crushed: 0.72 g/T (0.02 opt). Head Grade - ROM: 0.24 g/T (0.007 opt). Mine Life: 5.0 years. Tons per Day Mined - Crushed: 15,000 tons per day. Tons per Day Mined - ROM: 15,300 tons per day. Strip Ratio (Waste:Mineralized Material): 1.1:1. Average Au Recovery – Crushed / ROM: 82% / 50%. Total Gold Ounces Mined: 752,200. Total Gold Ounces Recovered: 558,700. Average Annual Gold Production: 111,700 oz. Peak Annual Gold Production: 119,600 oz in year 1. UNIT OPERATING COSTS Total Operating Cash Costs: $780/oz. All-In Sustaining Cost: $832/oz. KEY ECONOMIC MEASUREMENTS Royalties: 0%. Initial Cap-ex: $81 million. Pre-tax NPV5%/ After-tax NPV5%: $144.0 million/$110.4 million. Pre-tax IRR/ After-tax IRR: 40.6%/34.0%. Undiscounted Operating Pre-tax Cash Flow/ After-tax Cash Flow: $193.3 million/$151.8 million. After-tax Payback Period: 3.0 years. Multiple opportunities exist to enhance the project, including significant exploration potential. The Kilgore project is scalable in size and throughput and is open for expansion to the north, south and west. Opportunities for step-out drilling exist around the current area of mineralization. Immediately to the north of the deposit 16OKR-338 intersected 85.4 metres of 2.50 g/t Au near surface in the volcanic sequence, an area of the deposit that requires follow up along strike. Additionally, drilling has identified significant mineralization in the Aspen formation, a permeable sedimentary unit lying below the volcanic package that has seen minimal drilling with multiple holes ending in mineralization. Drill results from the Aspen formation include: 56.4 m of 2.05 g/t Au in 15OKR 304; 59.5 m of 3.79 g/t Au in 15OKR-305; 50.3 m of 4.24 g/t Au in 15OKR-308; 94.5 m of 4.21 g/t Au in 15OKR-309; and 30.5 m of 5.37 g/t Au in 16OKR-315. Drilling at the Kilgore Project in 2021 will be performed under a Plan of Operations approved by the U.S. Forest Service. Results from this work will be incorporated into an updated resource estimate. Work is underway to improve understanding of the controls on high-grade mineralization and the underlying structural framework of the deposit. These are believed to represent the feeders of the mineralizing system, and to further define the receptive volcanic and sedimentary rock units that make up the bulk of the current resource. These units are open beyond the current resource.
Projects
["The Kilgore project is caldera-related epithermal gold deposit with current Indicated Resource of 44.6 million tonnes at 0.58 g/t Au for 825,000 ounces Au and an Inferred Resource of 9.4 million tonnes at 0.45 g/t Au for 136,000 ounces Au. The property includes historical mine workings dating back to the early 1900s with further drilling in the 1980s that revealed the potential for mineralization well outside of the existing resource area, with limited follow up to date. Kilgore displays similar characteristics to Kinross Gold’s Round Mountain Mine, which has produced over 15 million ounces of gold to date. In 2019 a preliminary economic assessment was completed that supports the potential for a low capital intensity, low operating cost, open-pit, heap-leach mining operation: ASSUMPTIONS Gold Price: $1,300/oz. PRODUCTION PROFILE Total Leach Tons Mined: 54.0 million. Total Waste Tons Mined: 60.0 million. Head Grade - Crushed: 0.72 g/T (0.02 opt). Head Grade - ROM: 0.24 g/T (0.007 opt). Mine Life: 5.0 years. Tons per Day Mined - Crushed: 15,000 tons per day. Tons per Day Mined - ROM: 15,300 tons per day. Strip Ratio (Waste:Mineralized Material): 1.1:1. Average Au Recovery – Crushed / ROM: 82% / 50%. Total Gold Ounces Mined: 752,200. Total Gold Ounces Recovered: 558,700. Average Annual Gold Production: 111,700 oz. Peak Annual Gold Production: 119,600 oz in year 1. UNIT OPERATING COSTS Total Operating Cash Costs: $780/oz. All-In Sustaining Cost: $832/oz. KEY ECONOMIC MEASUREMENTS Royalties: 0%. Initial Cap-ex: $81 million. Pre-tax NPV5%/ After-tax NPV5%: $144.0 million/$110.4 million. Pre-tax IRR/ After-tax IRR: 40.6%/34.0%. Undiscounted Operating Pre-tax Cash Flow/ After-tax Cash Flow: $193.3 million/$151.8 million. After-tax Payback Period: 3.0 years. Multiple opportunities exist to enhance the project, including significant exploration potential. The Kilgore project is scalable in size and throughput and is open for expansion to the north, south and west. Opportunities for step-out drilling exist around the current area of mineralization. Immediately to the north of the deposit 16OKR-338 intersected 85.4 metres of 2.50 g/t Au near surface in the volcanic sequence, an area of the deposit that requires follow up along strike. Additionally, drilling has identified significant mineralization in the Aspen formation, a permeable sedimentary unit lying below the volcanic package that has seen minimal drilling with multiple holes ending in mineralization. Drill results from the Aspen formation include: 56.4 m of 2.05 g/t Au in 15OKR 304; 59.5 m of 3.79 g/t Au in 15OKR-305; 50.3 m of 4.24 g/t Au in 15OKR-308; 94.5 m of 4.21 g/t Au in 15OKR-309; and 30.5 m of 5.37 g/t Au in 16OKR-315. Drilling at the Kilgore Project in 2021 will be performed under a Plan of Operations approved by the U.S. Forest Service. Results from this work will be incorporated into an updated resource estimate. Work is underway to improve understanding of the controls on high-grade mineralization and the underlying structural framework of the deposit. These are believed to represent the feeders of the mineralizing system, and to further define the receptive volcanic and sedimentary rock units that make up the bulk of the current resource. These units are open beyond the current resource."]
Leadership
Shawn Howarth President & Chief Executive Officer Mr. Howarth has over 22 years’ experience in the mining industry spanning project evaluation, corporate finance, stakeholder relations and corporate strategy. Most recently, he was Vice President, Corporate Development of Harte Gold Corp., where he was instrumental in development of the Sugar Zone mine and ultimate restructuring and sale of the company. Previously, Mr. Howarth worked in investment banking and mining advisory on the global mining and metals teams with Standard Chartered Bank and Gryphon Partners Canada. He holds a Master of Business Administration from the Ivey School of Business and a Bachelor of Applied Science from Queen’s University. Daniel Hall Chief Financial Officer Daniel Hall, CPA, CA joined Excellon as Corporate Controller in 2019 and was responsible for financial reporting, treasury, internal controls, tax, IT systems and all operational finance functions. Prior to joining Excellon, Mr. Hall gained 12 years of experience with Deloitte LLP in Canada, Bermuda and South Africa specializing in public company reporting and complex accounting matters, with a focus on global mining companies. Daniel is a Chartered Accountant, a member of the Institute of Chartered Professional Accountants of Ontario, and holds a Bachelor of Commerce degree with a post graduate specialization in Accounting and Finance from Rhodes University in South Africa. Paul Keller Chief Operating Officer Paul Keller is a professional engineer with over 30 years of industry experience. He is an experienced mining executive with mine development and operations experience in North America, Africa and Latin America. He was most recently Senior VP Major Projects and COO of Trevali Mining, a zinc-focused, base metals mining company with four commercially producing operations in Africa, Canada and Peru. Mr. Keller led the development of Trevali’s Canadian and Peruvian projects from permitting through development to operation. He was also instrumental in business optimization and capital growth projects at Trevali’s African operations. Mr. Keller has expertise building mines from greenfield through to permitting, design and operating phases, while developing operational teams. He has been COO of several junior mining companies and worked in various management roles at Barrick’s Hemlo Mine in operations, engineering and maintenance after beginning his career with Rio Algom Limited. Mr. Keller holds a Bachelor of Engineering – Mining from Laurentian University. Board of Directors Dr. Laurence (Laurie) Curtis Chairman Dr. Curtis brings over 40 years of experience in the mining industry and capital markets, with a proven track record in corporate development, mine development and project financing. He is the founder of Intrepid Minerals, and was a key member of the senior management and technical teams overseeing all aspects from discovery through operations. Under his guidance as CEO and COO, Intrepid transitioned through merger and acquisition to become a gold producer and developer, ultimately attaining a market capitalization in excess of $1.2 billion. During his distinguished career as an exploration geologist, Laurie was involved with a number of worldwide discoveries including the initial discovery and staking of the Back River gold belt, which now hosts the 5M-ounce gold deposit held by Sabina Gold & Silver Corp., and led teams to the discovery of several epithermal systems in the Caribbean Basin. He was actively involved as director of several junior developers with producing mines on several continents including, Wheaton River Minerals, High River Gold Mines, Breakwater Resources and Buryatzolo. Dr. Curtis has also held several positions in the financial sector including, Research and Analyst Mining for Clarus Securities, Vice President and Senior Analyst Global Resources for Dundee Capital Markets. Brendan Cahill Mr. Cahill was President and Chief Executive Officer of Excellon from 2012 to July 2022. Previously, he was Corporate Secretary and Vice President Corporate Development with the Pelangio group of companies, where he was involved in negotiating Pelangio Mines' merger with Detour Gold Corp. and Pelangio Exploration's acquisition of the Manfo Project in Ghana (site of seven subsequent gold discoveries). Mr. Cahill began his career as an associate lawyer at Davies Ward Phillips & Vineberg LLP, where he provided advice on a number of public/private M&A and financing transactions valued at over $15 billion. Mr. Cahill is a board member of Group Eleven Resources Ltd., an Irish zinc explorer, a member of the Transplant Cabinet at the University Health Network, and a member of the Law Society of Upper Canada. Craig Lindsay Mr. Lindsay has in excess of 25 years experience in corporate finance, investment banking and business development in both North America and Asia. Mr. Lindsay was President and CEO of Magnum Uranium Corp. until its sale to Energy Fuels Inc. (TSX: EFR) in July 2009, and prior thereto was a Vice President in the Corporate Finance and Investment Banking Group at PricewaterhouseCoopers LLP. Mr. Lindsay was a founding Director of Malasapina Capital Ltd. and led its merger with Miranda Mining Development Corp (a Mexico-based gold producer that was subsequently acquired by Wheaton River Minerals in 2003). He was a Founder of OneAsia.com (Holdings) Ltd. and helped develop the business from inception to the establishment of offices in Hong Kong, Taipei, Mumbai and Vancouver, and was instrumental in the sale of the business to Tom Group Limited (FEHK:2383) in 2001. He is currently a Director of VR Resources Ltd. (TSX-V:VRR), Silver North Resources Ltd. (TSX-V: SNAG) and Revolve Renewable Power Corp. (TSX-V:REVV). Mr. Lindsay has a Bachelor of Commerce (Finance) from UBC (1989), an MBA (Finance and International Business) from Dalhousie University (1993) and is a Chartered Financial Analyst. He is a Past Chairman of the Family Services of Greater Vancouver (the largest social service agency in British Columbia) and is Chairman of the Hong Kong – Canada Business Association (HKCBA) and a Past President of the Vancouver Section of the HKCBA. Additionally, he served on the Western Leadership Council of Dalhousie University’s successful $250 million “Bold Ambitions” capital campaign. Gerhard Merkel Mr. Merkel has extensive senior executive experience. He was Chief Executive Officer and Chief Financial Officer of a German trading company from 1994 to 2005. Since 2005, he has served as Chief Financial Officer and Chief Operating Officer of an international import/export catering equipment company. He has been actively involved in the mining sector for ten years and is currently a director of Galleon Gold Corp. and Newpath Resources Inc. Mike Hoffman Mr. Hoffman, P.Eng., ICD.D, brings over 35 years of international mining experience spanning engineering, mine operations, corporate development and project execution. He currently serves as Chair and Director of NiCan Limited, and as a Director of 1911 Gold Corporation, Volta Metals Inc. and Fury Gold Mines Limited. He also previously served on the board of Silver X Mining, a Peruvian silver producer, where he chaired the Technical Committee. Mr. Hoffman has held CEO roles at Crocodile Gold, Crowflight Minerals and Kria Resources, leading the development, financing and operation of multiple mining assets. Mr. Hoffman played key roles in the development of major Latin American projects, including Antamina in Peru and Spence in Chile. His broader experience includes senior positions with Goldcorp, Yamana and Desert Sun Mining, where he worked across both underground and open-pit operations in the Americas. He holds a Bachelor of Applied Science in Mining Engineering from Queen’s University, is a licensed Professional Engineer in Ontario, and holds the ICD.D designation from the Institute of Corporate Directors. Shawn Howarth Mr. Howarth has over 22 years' experience in the mining industry spanning project evaluation, corporate finance, stakeholder relations and corporate strategy. Most recently, he was Vice President, Corporate Development of Harte Gold Corp., where he was instrumental in development of the Sugar Zone mine and ultimate restructuring and sale of the company. Previously, Mr. Howarth worked in investment banking and mining advisory on the global mining and metals teams with Standard Chartered Bank and Gryphon Partners Canada. He holds a Master of Business Administration from the Ivey School of Business and a Bachelor of Applied Science from Queen's University.

Verified data last updated: 2026-05-15

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