Excellon Reports Strong Q3 Production Results
www.excellonresources.com
EXCELLON REPORTS STRONG Q3 PRODUCTION RESULTS
Toronto, Ontario – October 15, 2020 – Excellon Resources Inc. (TSX:EXN, EXN.WT; NYSE:EXN; FRA:E4X2)
(“Excellon” or the “Company”) is pleased to announce third quarter 2020 production results from the
Platosa Mine in Durango, Mexico.
Q3 2020 Production (compared to Q3 2019)
• Silver equivalent (“AgEq”) production increased 23% to 524,312 AgEq oz
(Q3 2019 – 427,131 AgEq oz)
o Silver production increased 27% to 326,909 oz (Q3 2019 – 257,497 oz), the strongest quarter
of silver production since Q2 2014
o Lead production increased 71% to 2.2 million lb (Q3 2019 – 1.3 million lb)
o Zinc production increased 66% to 2.7 million lb (Q3 2019 – 1.7 million lb)
• Record mined tonnes from Platosa during the quarter
• Private electricity contract now in place, promising savings on largest operational cost
“Our operations team performed exceptionally well in Q3 in all areas, managing the restart and delivering
record mined tonnage from Platosa, while keeping our people safe through the threat of COVID -19,”
stated Brendan Cahill, President & CEO. “We continue to implement all measures necessary to minimize
the impact of the pandemic on our people and the operation s. Additionally, we have now secured a
private electricity contract linked to natural gas prices, which we expect to deliver much lower prices in
this critical cost centre going forward, driving down costs overall.”
Production Results
Q3 2020 Q3 2019 9-mos 2020 9-mos 2019
Tonnes Mined 21,877 18,167 45,046 56,967
Tonnes of ore processed 22,612 17,235 42,941 53,968
Tonnes of historical stockpile processed - - - 1,450
Tonnes Milled 22,612 17,235 42,941 55,419
Ore grades
Silver (g/t) 483 512 510 520
Lead (%) 5.26 4.44 5.34 4.81
Zinc (%) 6.81 5.97 6.80 7.13
Historical stockpile grades
Silver (g/t) - - - 123
Lead (%) - - - 1.22
Zinc (%) - - - 1.44
Blended head grades
Silver (g/t) 483 512 510 509
Lead (%) 5.26 4.44 5.34 4.72
Zinc (%) 6.81 5.97 6.80 6.98
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Q3 2020 Q3 2019 9-mos 2020 9-mos 2019
Recoveries
Silver (%) 93.0 87.2 91.4 89.2
Lead (%) 85.0 77.7 84.0 78.9
Zinc (%) 80.9 76.5 78.3 78.1
Metal Production*
Silver (oz) 326,909 257,497 642,109 794,746
Lead (lb) 2,227,511 1,304,538 4,247,172 4,444,278
Zinc (lb) 2,746,328 1,654,175 5,036,098 6,363,203
AgEq (oz)** 524,312 427,131 1,082,978 1,532,330
Average Realized Prices
Silver ($) 24.82 17.65 20.18 15.78
Lead ($) 0.84 0.94 0.80 0.88
Zinc ($) 1.10 1.07 0.99 1.15
* Subject to adjustment following settlement with concentrate purchaser.
** AgEq ounces established using average realized metal prices during the period indicated applied to the recovered metal content of
concentrates.
The operation continued to realize improvements during the third quarter from the site organizational
changes implemented prior to the pandemic -mandated shut down. Improvements were recognized in
lower consumable costs, lower workforce costs, an increased in mine efficiency, improved mine extraction
by month and increased equipment reliability. At the process plant , a focus on feed blending, reagent
optimization and workforce shift schedule reorganization has resulted in plant operational stabilization
and increased metal recoveries with lower unit cost. Head grades were consistent with past performance,
with reduced silver feed grades the product of current mi ning areas and ordinary course variations.
Ongoing focus on business improvements and lower electricity prices from the newly activated power
contract at Platosa are expected to continue improving the operation’s economics.
The Company expects to file Q3 2020 financials on or about November 13, 2020.
COVID-19 Update
Excellon continues to implement measures to prevent COVID -19 among the workforce and local
communities and to monitor the effectiveness of these measures in mitigating any potential impact on
our business activities. Our actions have been successful to -date and t he pandemic has not had any
material impact on production or shipment of concentrate from any of the Company’s operations.
Update on Silver City Drilling Results
Drilling has continued as planned on the Company’s Silver City Project since early July. The Company has,
however, experienced significant delays in the return of assays from drilling on the project , which is also
being experienc ed across the industry. Core samples are sent from Frieberg to the external assaying
laboratory’s sample preparation facility in Poland for sample preparation. These samples are then flown
a central laboratory in British Columbia, Canada for processing. Th e logistics of this process, combined
with other COVID-19-related challenges and bull-market demand for assaying services , have resulted in
delays in receiving assays. The Company expects to release assay results from the ongoing program in due
course.
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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: Platosa, Mexico’s highest -grade silver mine since production
commenced in 2005; Kilgore, a high quality gold development project in Idaho with strong economics and
significant growth and discovery potential; and an option on Silver City, a high -grade epithermal silver
district in Saxony, Germany with 750 years of mining history and no modern exploration. The Company
also aims to continue capitalizing on current market conditions by acquiring undervalued projects.
Additional details on Excellon’s properties are available at www.excellonresources.com.
For Further Information, Please Contact:
Excellon Resources Inc.
Brendan Cahill, President & Chief Executive Officer
(416) 364-1130
www.excellonresources.com
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 within the meani ng of Section 27A of the
Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the fut ure results of
operations, performance and achievements of the Company, including potential property acqui sitions, 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 mineral 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 similar 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 nature, 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 obtain any necessary permits, co nsents or
authorizations required for its activities, to produce minerals from its prop erties 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, including the technical reports filed with respect to the Company's mineral
properties, and particularly the September 7, 2018 NI 43-101 technical report prepared by SRK Consulting (Canada) Inc. with respect to the Platosa
Property. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.