Excellon Acquires Significant Exploration Property South of Tres Cerros

On January 12, 2026, Excellon announced the acquisition of two new mineral concessions, Tres Cerros 32 and 33, totaling 1,132 hectares. This acquisition extends the company’s land package at the Tres Cerros project in Peru by approximately five kilometers to the south. Additionally, the company has completed a technical reinterpretation of the project with Terra Resources, resulting in ranked drill targets. Permitting has been initiated for an initial 5,000-metre drill program scheduled for Q2 2026.

This news is materially positive as it transitions Tres Cerros from a static asset to an active exploration district. - Scale: The 5km southern extension provides the necessary footprint to treat the high-sulphidation epithermal system as a potential district rather than an isolated prospect. - Readiness: Moving from "reinterpretation" to "permitting" indicates the company is clearing the administrative hurdles required to deploy capital into the ground. - Strategic Context: While the company's primary value driver remains the restart of the Mallay Silver Mine, the expansion of Tres Cerros provides a secondary "blue-sky" growth lever. However, investors should note that this adds to the company's exploration expenditure requirements at a time when they are also funding a mine restart.

Excellon is a silver-gold explorer and developer focused on Peru. Its flagship project is the Mallay Silver Mine, a past-producing underground mine (2012-2018) with a fully permitted 600 tpd processing facility. The company acquired Mallay in mid-2025 and has since focused on rehabilitating the underground workings (2,800m completed) and dewatering to restart production. The Tres Cerros project, located nearby, is a high-sulphidation gold-silver exploration target that resembles large Peruvian deposits like Lagunas Norte.