Excellon Announces Q2 2022 Production Results
www.excellonresources.com
EXCELLON ANNOUNCES Q2 2022 PRODUCTION RESULTS
Toronto, Ontario – July 21, 202 2 – Excellon Resources Inc. (TSX:EXN; NYSE:EXN and FRA:E4X2)
("Excellon" or the “Company") is pleased to announce Q2 2022 production results from the Platosa Mine
in Durango, Mexico.
Q2 2022 Production (compared to Q2 2021)
• Silver-equivalent (“AgEq”) production of 545,444 oz (Q2 2021 – 487,009 AgEq oz), including:
o Silver production of 307,494 oz (Q2 2021 – 296,013 oz)
o Lead production of 1.6 million lb (Q2 2021 – 1.9 million lb)
o Zinc production of 2.1 million lb (Q2 2021 – 2.5 million lb)
“We realized a solid quarter of production from Platosa in Q2,” stated Brendan Cahill, President and Chief
Executive Officer. “As we reach the final stages of mining from Platosa, we see greater variability in ore
produced, which affects grades and recoveries to some extent. We are continuing to mine at a consistent
rate, though still foresee the wind -down of operations in the curren t quarter, with preparations well
underway. Meanwhile, we are preparing for the commencement of our drill program at Kilgore and
continue to actively pursue acquisition opportunities for producing and development stage assets in
Mexico.”
Production Results
Q2 2022 Q2 2021 6-mos 2022(3) 6-mos 2021
Tonnes Mined 21,481 21,772 36,437 42,984
Tonnes Milled 23,550 21,646 38,135 43,410
Grades
Silver (g/t) 449 489 470 506
Lead (%) 4.19 5.14 4.60 5.24
Zinc (%) 4.70 6.48 5.45 6.61
Recoveries
Silver (%) 90.4 87.0 89.7 88.4
Lead (%) 75.5 78.6 74.2 80.2
Zinc (%) 86.0 79.4 83.7 77.1
Metal Production(1)
Silver (oz) 307,494 296,013 516,875 624,760
Lead (lb) 1,644,972 1,927,048 2,864,431 4,026,790
Zinc (lb) 2,099,581 2,456,137 3,815,100 4,868,595
AgEq (oz)(2) 545,444 487,009 928,315 1,004,825
Average Realized Prices
Silver (US$/oz) 22.55 26.89 23.05 26.59
Lead (US$/lb) 0.99 0.97 1.02 0.95
Zinc (US$/lb) 1.78 1.33 1.72 1.29
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1. Subject to adjustment following settlement with concentrate purchaser.
2. AgEq ounces established using average realized metal prices during the period indicated applied to the recovered metal conten t
of concentrates to calculate the revenue contribution of base metal sales during the period.
3. The results for the six -months ended June 30, 2022 were impacted by a labour action commenced by the Sindicato Nacional
Minero Metalúrgico (the "Platosa Union") at the Platosa Mine in Durango, Mexico (the “Labour Action”). As a result, production
was negligible, and no ore was processed by the Miguel Azua mill in the month of March. On April 1, 2022 the labour action was
resolved and Platosa returned to full production in April.
Consistent throughput resumed in Q2 following the Labour Action at Platosa in March 2022. Production
in Q2 2022 was 23,550 tonnes, 9% higher than Q2 2021.
Grades in Q2 2022 were lower than the comparative period due to the limited number of stopes available
for production . Feed material primarily came from pillars and remnant zones with lower or variable
grades, and higher dilution in the mined mantos.
In Q2 2022, recoveries for lead were lower than the comparative period driven primarily by a 5% higher
lead-oxide ratio in Q2 2022, which contributes to low er lead recoveries in the flotation circuit. Zinc and
silver recoveries were 7% and 3% higher in Q2 2022, respectively, following the rebuild of the flotation
cells and modifications to reagent schemes in mid-2021.
Variances in feed grades and recoveries were primarily due to higher pillar recovery relative to stoping,
which offered fewer blending opportunities.
Silver production increased due to higher recoveries in Q2 2022 , while lead and zinc production
decreased, mainly driven by lower feed grades and high lead-oxide ratios affecting recovery.
As previously disclosed, the Company expects to wind down operations at Platosa during Q3 2022.
Qualified Persons
Paul Keller, P. Eng., has acted as the Qualified Person, as defined in NI 43-101, with respect to the disclosure
of the scientific and technical information relating to production results contained in this press release.
About Excellon
Excellon’s vision is to create wealth by realizing strategic opportunities through discipline and innovation
for the benefit of our employees, communities and shareholders. The Company is advancing a precious
metals growth pipeline that includes: Kilgore, an advanced gold exploration project in Idaho with strong
economics and significant growth and discovery potential; an option on Silver City, a high -grade
epithermal silver district in Saxony, Germany with 750 years of mining history and no modern exploration;
and Platosa, a high-grade silver mine producing in Mexico since 2005, scheduled to wind-down in Q3 2022,
with an 11,000 hectare exploration package on Mexico’s carbonate replacement deposit (CRD) trend. The
Company is also actively seeking to capitali ze on current market conditions by acquiring undervalued
projects in the Americas.
Additional details on Excellon’s properties are available at www.excellonresources.com.
For Further Information, Please Contact:
Excellon Resources Inc.
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Brendan Cahill, President & Chief Executive Officer
Daniel Hall, Chief Financial Officer
Forward-Looking Statements
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this Press Release,
which has been prepared by management. This press release contains forward -looking statements withi n the meaning of Section 27A of the
Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding mineral resources estimates,
the future results of operations, performance and achievements of the Com pany, including potential strategic transactions, the timing, content,
cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations,
proposed production rates, potential minera l recovery processes and rates, business and financing plans, business trends and future operating
revenues. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be
correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and si milar
expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward -looking statements by
the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking
statements as a result of various factors, including, but not limited to, variations in the n ature, quality and quantity of any mineral deposits that
may be located, significant downward variations in the market price of any minerals produced, the Company's inability to obta in any necessary
permits, consents or authorizations required for its acti vities, to produce minerals from its properties successfully or profitably, to continue its
projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company 's public disclosure
filings may be accessed via www.sedar.com and readers are urged to review these materials. This press release is not, and is not to be construe d
in any way as, an offer to buy or sell securities in the United States.
Cautionary Note to U.S. Investors: The terms “mineral resource,” “measured mineral resource,” “indicated mineral resource” and “inferred
mineral resource,” as used on Excellon’s website and in its press releases are Canadian mining terms that are defined in accordance with National
Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). These Canadian terms are not defined terms under United States
Securities and Exchange Commissi on (“SEC”) Industry Guide 7 and are normally not permitted to be used in reports and registration statements
filed with the SEC by U.S. registered companies. The SEC permits U.S. companies, in their filings with the SEC, to disclose only those mineral
deposits that a company can economically and legally extract or produce. Accordingly, note that information describing the Company’s “mineral
resources” is not directly comparable to information made public by U.S. companies subject to reporting requirements under U.S. securities laws.
U.S. investors are urged to consider closely the disclosure in the Company’s Form 40 -F which may be secured from the Company , or online
at http://www.sec.gov/edgar.shtml.