Excellon Resources (TSX: EXN, EXN.WT) (NYSE American: EXN) (FSE: E4X2) has released its financial report for first quarter 2021, the period ended March 31, 2021. The report included both financial and operational highlights. Among the financial highlights for the company was the announcement that revenues had increased by 76% to $9.8 million during Q1 2020 compared to $5.6 million in Q1 2020, and gross profit reached $1.8 million, a $3 million improvement over first quarter 2020, which posted a $1.2 million loss. The company also reported total cash cost net of byproducts per silver ounce payable decreased by 13% to $13.43 compared to $15.35 the same quarter in 2020 and AISC per silver ounce payable decreased by 7% to $24.34 compared to Q1 2020, which was $26.28 or $18.67 excluding non-cash items, the cash component of annual compensation grants and additional electricity costs associated with the mid-February polar vortex. The report noted EXN cash and marketable securities of $8.3 million on March 31, 2021 compared to $10.7 million on Dec. 31, 2020. In addition, company highlights included positive underground drilling results at the Platosa Mine, high-grade silver discovery at Silver City and drilling results confirming mineralization over 12 kilometers of strike within 36 kilometers of open strike potential, and doubling ground position at Silver City with the addition of 17,600 hectares of additional exploration licenses. In addition, the company noted that during its recent annual general meeting (“AGM”), shareholders voted in favor of items of business on the agenda. The shareholders also participated in the election of directors, which included Brendan Cahill, André Fortier, Laurence Curtis, Anna Ladd-Kruger, Craig Lindsay, Roger Norwich and Michael Timmins. “Our team in Mexico delivered a strong quarter, though with room for improvement,” said Excellon Resources president and CEO Brendan Cahill in the press release. “As previously disclosed, the polar vortex in February had a sizeable impact on our cost profile, though our team at Platosa did an excellent job mitigating the impact to a great extent. Additionally, we see room for improvement in metal recoveries, which will improve payable metals and byproduct credits. Looking toward the coming quarters, we are focused on continuing our drilling programs around Platosa and on the developing Platosa-style target 11 kilometers northwest at Jaboncillo, while we ramp up drill programs at Oakley and Silver City in the coming weeks.”
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About Excellon Resources Inc.
The vision of Excellon Resources 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 the following: 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. For more information about the company, please visit www.ExcellonResources.com.
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