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Excellon Resources Inc.


Excellon Resources Inc.'s 100%-owned La Platosa mine in Durango is Mexico's highest-grade silver mine, with lead and zinc byproducts making it one of the lowest cash cost mines in the country. The company is positioning itself to capitalize on undervalued projects by focusing on increasing La Platosa's profitable silver production and near-term mineable resources.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

The Gold Report Interview with David Morgan (10/8/14) "One of the lowest cost producers, Excellon Resources Inc., is trimming fat at the La Platosa mine in Durango, Mexico. All-in costs are down to almost $16/oz through the first half of the year." More >

Graeme Jennings, Cormark Securities (9/11/14) "In an industry where grade is king, Platosa helps position Excellon Resources Inc. as a positive free cash-flow producer. We estimate the company has approximately $9M cash on its balance sheet and will generate $10.9M in cash flow this year while spending $2.1M in capex. Excellon has an exceptionally strong board of directors for a company of its size, including former board members of large mining companies and financial services in Canada and Mexico."

The Mining Report Interview with Björn Paffrath (8/19/14) "We talked recently with Excellon Resources Inc. President and CEO Brendan Cahill in Zurich. We took a deeper look and started to build a position. We still want to see the results from its latest drill program. It could be a nice investment." More >

Thibaut Lepouttre, Caesars Report (7/27/14) "Excellon Resources Inc. will start a 10,000m drill program at La Platosa, which will be aimed at expanding the total resources of the project in order to increase the mine life. . .the company plans to start a seismic survey close to its existing mine infrastructure, which could indeed be a cost-effective way to generate new exploration targets. . .Excellon was lucky as it was able to process very high-grade ore."

The Gold Report Interview with Sean Rakhimov (7/16/14) "Excellon Resources Inc. is a company I'm watching. Excellon is a junior producer that has been around for a while and has a handle on its deposit's cost structure and grade. . .La Platosa in Durango state, Mexico, certainly is one of the higher-grade assets. In recent quarters Excellon has been mining 600–800 g/t silver, whereas the average for Mexico would probably be closer to 200 g/t. However, La Platosa has had other challenges such as underground water issues, which factors into its costs. Excellon is still chasing the meat of the deposit; it has the tiger by the tail but it is still looking for the tiger itself. Excellon believes it is moving in that direction. In a rising metal price environment, such as the one I expect next year, higher grade may yield some oversized returns due to greater leverage to rising silver price. The gains could be significant." More >

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John R. Ing, Maison Placement (6/19/14) "We continue to recommend Excellon Resources Inc. for its richest silver mine, 100%-owned La Platosa in Mexico. The company continues to prove up more ounces and rather than chase ounces, it has been tweaking and developing its underground mine, growing production and cash flow. . .we like the balance sheet."

Henry Lazenby, Mining Weekly (3/27/14) "Excellon Resources Inc. on Wednesday reported an updated resource estimate for La Platosa, saying the mine has NI 43-101 compliant Measured and Indicated resources totaling 488 Kt grading 777 g/t silver, 8.42% lead, 10.15% zinc or a silver equivalent grade of 1,277 g/t. The Measured and Indicated resources totaled 12.1 Moz silver, or 20 Moz silver equivalent."

The Gold Report Interview with Mike Kachanovsky (2/17/14) "Excellon Resources Inc. has operational and financial strength. It had about 2.1 Moz of silver equivalent output in 2013, but plenty of spare capacity in its mill. It has a defined resource with more than 10 years of mine life. Its cash costs are extremely low. It has $9M in cash. It's positioned to move forward even if the market remains unmoved." More >

Tickerscores (1/27/14) "Excellon Resources Inc. has made a dramatic move up the rankings to our number one spot. The biggest reason? Its all-in cash costs of silver went from $26.60/oz to $12.18/oz, which is the lowest of all silver producers in Mexico."

Rob Fuhrman, Visual Capitalist (1/16/14) "Excellon Resources Inc. has the lowest all-in costs out of our 10 Mexican silver producers and has the top score in our producer stress test. . .the company increased production by nearly 50% from Q2/13 to Q3/13."

The Gold Report Interview with Mike Niehuser (12/4/13) "One company that I met with at the Denver Gold Forum was Excellon Resources Inc. Excellon has a very high-grade silver deposit, not unlike a Mexican Alexco. Excellon recently successfully resolved issues and has rapidly increased cash flow, which is building its balance sheet, and several years of net operating losses to defer taxes. Depending on the rate of production, Excellon has 7 to 15 years of production and what appears to be an excellent exploration profile." More >

Henry Lazenby, Mining Weekly (11/5/13) "Mexico's highest-grade silver miner Excellon Resources Inc. has ascribed its Q3/13 net profit of $3M, or $0.05/share, to higher grades at its flagship La Platosa mine and the relative stabilization of the silver price. . .the ore on average graded 975 g/t silver, and during September, the company produced 190 Koz silver production from ore grading over 1,000 g/t silver."

Thibaut Lepouttre, Caesars Report (11/4/13) "Excellon Resources Inc. has announced its financial results for Q3/13, revealing a decent operational cash flow of $4.8M; the company sold almost 604 Koz silver equivalent at an all-in cost of $10.65/oz, which means that the company is still very profitable despite the low silver price. Excellon operates one of the highest grade silver mines, which is obviously very beneficial for the cash costs. . .Excellon had a working capital of $11.7M at the end of September, and we expect this number to increase further toward $14M by the end of this year."

Henry Lazenby, Mining Weekly (10/16/13) "Excellon Resources Inc. reported last week that it had lifted output from La Platosa by 50% quarter-over-quarter, boosted by higher grades. The Toronto-based miner reported Ag eq output of 607,252 oz for the three months ended September 30, comprising 454,573 oz silver, 1.92 Mlb lead and 2.14 Mlb zinc."

Greg McCoach, Mining Speculator (10/13/13) "With all the difficulties in the junior mining market at the moment, certain companies are starting to stand out. Excellon Resources Inc., a long-time recommendation [is] one such company because of the incredibly high-grade ore that makes it profitable no matter what the silver price is. . .with its cleaned-up share structure and ability to move its agenda forward without undue shareholder dilution, the company looks poised to be a big winner when the recovery is underway."

The Gold Report Interview with Greg McCoach (10/9/13) "Excellon Resources Inc. is in a good situation. The company has money in the treasury. Excellon is paying for the drilling with profits from production at its La Platosa project in north-central Mexico, right in the main silver belt. I've always believed that Excellon is in control of its own destiny. The company just has to keep doing what it has been doing in hopes of hitting the source of all the known mineralization it has already uncovered. The big play, the big blue-sky upside potential in Excellon, is that it is paying for all the exploration work with its own funds, without further dilution of current shareholders. It doesn't matter how bad the market gets; this is a very high-grade situation. Even if silver prices go to $5/oz, Excellon could still probably make money at that level. That's because it has negative cash costs when you consider the high-grade lead and zinc along with the silver." More >

Mike Niehuser, Scarsdale Equities (10/4/13) "Excellon Resources Inc. appears to have the potential to emerge as a solid junior silver producer in the class of an Endeavor or Great Panther Silver. Excellon is one of the highest grade silver producers in the world, with a goal of increasing annual production to about 1.4–1.5 Moz of silver a year or approximately 2.2 Moz Ag eq. Excellon appears to have moved beyond some of the challenges of 2012 and represents one of the best investment ideas undiscovered by analysts. This low-tonnage underground operation has produced grades of about 800 g/t silver and is producing about $1M of cash flow on a monthly basis over the last quarter. The project has a resource of about 17 Moz of silver, representing seven to ten years of production, with exceptional potential to both expand the identified resource and potentially locate additional higher-grade feeder zones. With the recent roll back and apparently satisfied shareholder base, Excellon appears to have the bases of production, exploration and potential acquisition covered." More >

The Gold Report Interview with Andrew Chanin (8/28/13) "Many [oversold companies] will benefit from an increased price in silver going forward. Excellon Resources Inc. is an example. Its operating cost to extract an ounce of silver is in the low $20/oz, which puts it among the lower-cost producers, especially in the junior space. If the silver price increases, it could bounce back very quickly. Excellon is looking for potential properties for acquisition at low valuations. . .some miners sit on their inventory of produced silver instead of selling it into the markets. Excellon is doing it a different way by investing in the Sprott Physical Silver ETF (PSLV) to get that kind of price movement to silver. This gives Excellon some investment correlation based on the performance of silver associated to its cash position." More >

The Gold Report Interview with Phillip Ker (4/12/13) "I am not shying away from silver companies, given that silver has more industrial uses than gold and should benefit from a recovering U.S. and world economy. I am paying particularly close attention to Excellon Resources Inc." More >

Kwong-Mun Achong Low, Jennings Capital (3/27/13) "Excellon Resources Inc. announced a strategic update with positive developments; the company expects to add three new board members: Ned Goodman, Joanne Ferstman and Brendan Cahill. . .there is a renewed strategy to focus on production and near-term exploration potential. . .part of the 2013 mandate would be to 'fill the mill'. . .we are also happy to see that the exploration plan now contemplates a 58,000m lower-cost program focusing on the high-grade manto in and around the existing mining areas. . .we like the focused strategy on production and the additions to an already strong board of directors."

The Gold Report Interview with Henk Krasenberg (2/22/13) "A good example of how the production of crushed ore and concentrates could work is Excellon Resources Inc. in Mexico. I have always said that it was the most profitable trucking company because it crushed the ore and shipped it to a smelter, and it got the money back. That was a fairly nice and clean operation. Now Excellon is adding its own mill." More >

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