Excellon Increases Indicated Silver Mineral Resource by over 500% for the Mallay Mine

The most recent news (February 23, 2026) announces a maiden independent Mineral Resource Estimate (MRE) for the Mallay Silver-Lead-Zinc Mine in Peru. The report highlights a massive 500% increase in Indicated silver resources compared to historical figures. The MRE includes Indicated resources of 890,000 tonnes at 195 g/t Ag, 3.33% Pb, and 4.83% Zinc (totaling 12.01 Moz AgEq). Additionally, Inferred resources add 4.00 Moz AgEq. This follows the February 5, 2026, announcement that underground mining activities have officially restarted at Mallay, focusing on dewatering and development of the new "Footwall Zone."

The impact is Material - Positive. - Resource Validation: The 500% increase in Indicated resources provides the high-confidence inventory required to support a formal production decision and long-term mine planning. It moves the project from "speculative restart" to "underpinned by data." - Operational De-risking: The transition from rehabilitation (completed Q4 2025) to active mining and dewatering (Q1 2026) demonstrates management's ability to hit stated timelines. - Exploration Upside: The identification of the "Footwall Zone" and the ongoing 10,000-meter drill program suggest the resource has room to grow further, potentially extending the mine life beyond the initial 3-year internal plan. - Market Confidence: The trading halt preceding the news indicates the significance of the release, and the scale of the resource increase is likely to attract institutional interest.

Excellon Resources is a silver-focused producer transitioning back to production. Its flagship is the Mallay Mine in Peru, a past-producing underground mine acquired in 2025. The project includes a fully permitted 600 tpd flotation plant and significant underground infrastructure. The company also holds the Tres Cerros gold-silver project (Peru), the Kilgore gold project (Idaho), and the Silver City project (Germany).