Excellon completes Mallay mine rehab

Executive Summary

• Excellon Resources completed Phase 1 rehabilitation of the Mallay mine, restoring over 2,800 m of underground access on the 4090 and 4150 levels.
• The company launched definition drilling programs to de‑risk a staged restart, including a 13,000‑m, 40‑hole Isguiz extension (Q4 2025 start) and a 3,500‑m, six‑hole Shafra zone program (Q4 2025 start).
• All required operating permits are in place; the firm holds > $20 M cash (as of Sept. 30 2025) to fund the drilling and restart activities.

Key Details

• Phase 1 Rehabilitation: Over 2,800 m of mine access rehabilitated across the 4090 and 4150 levels – roadway cleaning, ramp/berm work, support installation, water‑management and piping restored.
• Definition Drilling (4090 level): Targeting Clavos 2, 3, 6 veins; drill depth up to 200 m to support a 600 t/d mill capacity.
• Dewatering: Ongoing dewatering of the 400 ramp to enable additional underground pads for Isguiz drilling.
• NI 43‑101 Resource Estimate: Remodelling of historic data nearly complete; target release in Q4 2025.
• Isguiz Extension Program: Budgeted 13,000 m across 40 holes; aims to test down‑dip/lateral continuity to ~300 m depth and potentially add 300–400 kt of mineralized material (inferred to M&I). Start Q4 2025, first assay results early 2026.
• Shafra Zone Program: Six‑hole, ~3,500 m diamond drill program; will define a gold‑rich bulk‑tonnage target and support deep electromagnetic geophysics (DHEM) survey in Q1 2026. First results expected early 2026.
• Restart Readiness: All operating permits secured; recent receipt of explosives for underground use confirms compliance with environmental requirements.
• Cash Position: > $20 million cash on hand and available liquidity as of Sept. 30 2025, fully funding the outlined drilling programs.
• Upcoming Catalysts:
• Q4 2025 – sampling results from Shafra; NI 43‑101 resource estimate publication; commencement of underground drilling at Isguiz & Shafra; geophysical survey at Shafra.
• H1 2026 – drill assay results (Isguiz); initial Shafra results; progress on staged mill‑restart plan.

Notable Quotes

• Shawn Howarth, President & CEO: “We are pleased to be moving from rehabilitation to resource expansion drilling at Mallay… With over $20‑million in cash on hand … our drilling programs are funded, alongside the restart of Mallay.”
• Paul Keller, COO (Qualified Person): “We see a safe and practical path to restart from the 4090 level given existing infrastructure and potential for wider mining widths…”