Excellon Reports Q3 2025 Financial Results and Provides Mallay Restart and Corporate Updates
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The November 20, 2025, press release provides a comprehensive update on Excellon's Q3 2025 financial results and progress at its flagship Mallay Project in Peru. Key highlights include: - Financial Position: The company reported cash and cash equivalents of C$13.5 million as of September 30, 2025. Total liquidity, including an undrawn loan facility from Glencore, stands at C$24 million. - Financing Complete: The company confirmed the closing of a C$12 million equity financing and a US$7.5 million pre-export finance facility with Glencore. - Mallay Mine Restart Progress: Phase One of the mine rehabilitation is complete, with over 2,800 metres of underground access rehabilitated. The company is now moving into an "execution phase" in Q4 2025 and Q1 2026. - Upcoming Catalysts: An updated NI 43-101 Mineral Resource Estimate for Mallay is targeted for Q4 2025. Definition drilling is planned to commence in Q4 2025, along with larger exploration drill programs at the near-mine Isguiz and Shafra targets. - Corporate Updates: Shareholders approved a new Share Incentive Plan, and the company granted Deferred Share Units and stock options.
This news is a material positive confirmation of the company's progress in executing its turnaround strategy. After a year of transformative events—including the acquisition of Mallay, multiple financings, and securing a strategic debt/offtake partnership with Glencore—this release consolidates the achievements and verifies a strong financial position to advance the project.
- De-risking to Execution: As stated by the CEO, the focus has shifted from de-risking the project to execution. The completion of the C$12 million equity raise (September 2025) and the US$7.5 million Glencore facility (August 2025) were critical steps. This release confirms the cash is on the balance sheet, with C$24 million in liquidity providing a solid runway for the next phase of work.
- Operational Momentum: The October 14, 2025, news first announced the completion of the Phase One rehabilitation. This release reiterates that milestone and frames it as the end of the initial de-risking phase. The plan is consistent with previous announcements, targeting an updated resource estimate and definition drilling in Q4 2025 to support a phased restart. There are no signs of delays or negative surprises; the company is meeting its stated timelines.
- Financial Health: The reported Q3 2025 cash position of C$13.5 million is a significant improvement from C$3.6 million in Q2 2025 and just C$1.4 million at year-end 2024, reflecting the successful capital raises. The company is now well-funded for its planned drilling programs and restart activities.
Critically, while the news is positive, it is a confirmation of previously announced events rather than new, game-changing information. The market has been anticipating this progress since the Mallay acquisition was closed in June 2025. The positive share price performance from C$0.10 to a high of C$0.40 already reflects much of this de-risking. The key takeaway is that management is delivering on its promises, which builds credibility and reduces execution risk. The next material catalyst will be the updated Mineral Resource Estimate.
Excellon Resources Inc. is a mineral exploration and development company focused on silver. Its flagship asset is the 100%-owned Mallay Silver-Lead-Zinc Project in Peru. Mallay is a past-producing underground mine that was operated by Buenaventura from 2012 to 2018. Excellon acquired the fully permitted mine in June 2025 and is executing a plan to restart production, targeting a ramp-up to its historical 600 tonnes-per-day capacity by Q2 2026. The company also holds adjacent exploration ground at Tres Cerros and non-core gold and silver assets in the USA (Kilgore) and Germany (Silver City), which it may look to monetize.