Episode Details

Shawn Howarth, President and CEO of Excellon Resources (TSXV:EXN) (OTC:EXNRF)(FRA:E4X2), joins us to outline all the development work building towards mill pre-commissioning and trial mining ramp up into production over the next few quarters at their flagship Mallay silver-lead-zinc mine, located in the Cerro de Pasco area of Peru. We then review the value proposition and optionality across their other 3 projects: Tres Cerros, Kilgore, and Silver City. 

Mallay Development Highlights:

• Mill ready for pre-commissioning. All critical refurbishment and wet commissioning milestones completed; bulk-sample campaign targeted for June 2026.
• ~15,000 tonnes stockpiled from Isguiz vein and Footwall Zone. Surface stockpile provides representative feed for the pre-commissioning bulk-sample campaign.
• Infill drilling informing updated restart planning. Results from the ~2,500-metre program are being integrated into the geological model; the Company expects to have an updated restart plan and schedule in early Q3/26.
• Drilling underway to test mineralized extensions: Two rigs active at site targeting extensions of the Isguiz system at depth, the Pierina gold target and Mallay Deeps — a downhole electromagnetics ("DHEM") exploration target; a third rig is expected at Shafra in June.
• Operational team strengthened. New Operations Manager appointed at Mallay; technical capacity expanded in the resource modelling, mine planning, and contract management areas.
• Dewatering of the 400-ramp advanced. Rehabilitation of the 400-ramp is now underway, providing access to Isguiz below the 4090 level.

The work completed over the last several months, includes finishing the mill refurbishment, assay lab upgrades, completion of the initial infill drill program and the expansion to three drill rigs.   This positions the Company to begin testing the process plant in a measured way. Shawn outlines that their operations team is treating June as a bulk-sample exercise, which is designed to validate metallurgy, grades, recoveries, and concentrate quality.   There will then be a steady commissioning of the mill via underground mining and surface stockpiles for the second half of the year, ramping up towards nameplate capacity at 600 tpd by year end.

There is also an systematic exploration program underway with the goal of further resource definition and expansion testing extensions of the Isguiz system at depth, the Pierina gold target, and the exploring along the broader Shafra Zone.  With current silver prices materially above the US$30/oz assumptions used in their February 2026 Mineral Resource Estimate, they believe there are footwall areas and expansion areas that can convert into economic ore and then come into the future mine plan.

In 2025, Excellon secured an off-take agreements with Glencore for their lead and zinc concentrates, Shawn outlined that their internal studies project a run-rate of 600 tonnes per day of production, producing approximately 2-2.5 million silver equivalent ounces per year, and with a target All-In Sustaining Cost (AISC) of US$17 per AgEq ounce.  They are also open to eventual expansion of the plant once more mineral resource growth and data comes back in from all the drilling underway and on tap for the for the foreseeable future.

The Tres Cerros Project is a highly prospective gold-silver exploration project approximately five kilometers northwest of the Mallay Mine. The project’s prime area of interest is a 2.5 kilometer by 500 meter corridor of gold-silver mineralization and coincident IP/resistivity anomalies, indicative of a bulk tonnage, high sulfidation epithermal system.  Numerous historical grab samples were taken across the 2.5 kilometer fault, which are being analyzed to determine further follow-up exploration work.

Kilgore, is an advanced gold project in I