# Excellon Files NI 43-101 Technical Report for Mallay

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/excellon-files-ni-43-101-technical-report-for-mallay--465d4838-a49a-4c4d-b75c-8f728176037b

Original source: https://money.tmx.com/en/quote/EXN/news/5712534518870136/excellon-files-ni-43-101-technical-report-for-mallay

Publisher: tmx

Original announcement: 2026-04-08T22:41:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Excellon Resources Inc.

- Ticker: EXN

- Exchange: TSX

- Region: central Peru

- Primary commodity: Silver

- Secondary commodities: Lead, Zinc

- Document categories: Resource update, Other

- Extracted: 2026-08-23 10:40:25 UTC

Narrative sentiment: 0.60 · Bullish

## Minestarters Atlas summary

Excellon Resources has filed a NI 43-101 technical report for the Mallay Silver-Lead-Zinc Mine in Peru. The report supports a Mineral Resource Estimate containing 12.01 million ounces of silver equivalent, showing material growth in silver inventory compared to historical estimates.

Reasoning: The filing of a NI 43-101 technical report supporting a materially larger silver inventory than historical levels provides significant de-risking for the restart of the Mallay mine.

- Positive factor: Material silver growth vs historical inventory

- Positive factor: High confidence dataset with extensive drilling and channel samples

- Positive factor: NI 43-101 compliant technical report filed

- Positive factor: QP signed off by independent SGS Canada

- Negative factor: Resource is not reserves

Facts used in scoring: 6

## Classification and evidence

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The company filed an independent NI 43-101 technical report for the Mallay project.

Evidence · text

> Excellon Files NI 43-101 Technical Report for Mallay

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: Allan Armitage, Ph.D., P.Geo. of SGS Geological Services is named as the independent Qualified Person.

Evidence · text

> The mineral resource was estimated by Allan Armitage, Ph.D., P.Geo. of SGS Geological Services and is an independent Qualified Person

**Cut-off Grade**

Polarity: neutral

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The resource is reported at a base case cut-off grade of 120 g/t AgEq.

Evidence · text

> Mineral resources are reported at a base case cut-off grade of 120 g/t AgEq.

## Extracted facts

Stored fact records: 6. Some facts used in scoring do not have a stored record.

## Resource Estimates (6)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-files-ni-43-101-technical-report-for-mallay--465d4838-a49a-4c4d-b75c-8f728176037b#fact-resource-facts-0)

silver

#### Identity

- Commodity: silver
- Ticker: EXN

#### Resource Data

- Category: indicated
- Tonnes: 890000
- Grade: 195
- Grade Unit: g/t
- Contained Metal: 5570000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-08T00:00:00.000Z

Reasoning: High-grade indicated silver resource with significant contained metal.

- Positive factor: Material silver growth vs historical inventory

Evidence · text

> Indicated Mineral Resources: 890,000 tonnes grading 195 g/t silver

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-files-ni-43-101-technical-report-for-mallay--465d4838-a49a-4c4d-b75c-8f728176037b#fact-resource-facts-1)

lead

#### Identity

- Commodity: lead
- Ticker: EXN

#### Resource Data

- Category: indicated
- Tonnes: 890000
- Grade: 3.33
- Grade Unit: %
- Contained Metal: 65000000
- Contained Unit: lbs

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-08T00:00:00.000Z

Reasoning: Significant lead component in the indicated resource.

Evidence · text

> 3.33% lead

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-files-ni-43-101-technical-report-for-mallay--465d4838-a49a-4c4d-b75c-8f728176037b#fact-resource-facts-2)

zinc

#### Identity

- Commodity: zinc
- Ticker: EXN

#### Resource Data

- Category: indicated
- Tonnes: 890000
- Grade: 4.83
- Grade Unit: %
- Contained Metal: 95000000
- Contained Unit: lbs

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-08T00:00:00.000Z

Reasoning: Significant zinc component in the indicated resource.

Evidence · text

> 4.83% zinc

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-files-ni-43-101-technical-report-for-mallay--465d4838-a49a-4c4d-b75c-8f728176037b#fact-resource-facts-3)

silver

#### Identity

- Commodity: silver
- Ticker: EXN

#### Resource Data

- Category: inferred
- Tonnes: 362000
- Grade: 149
- Grade Unit: g/t
- Contained Metal: 1740000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-08T00:00:00.000Z

Reasoning: Inferred silver resource provides additional upside but carries higher risk.

- Negative factor: Inferred category implies lower geological confidence

Evidence · text

> Inferred Mineral Resources: 362,000 tonnes grading 149 g/t silver

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-files-ni-43-101-technical-report-for-mallay--465d4838-a49a-4c4d-b75c-8f728176037b#fact-resource-facts-4)

lead

#### Identity

- Commodity: lead
- Ticker: EXN

#### Resource Data

- Category: inferred
- Tonnes: 362000
- Grade: 2.67
- Grade Unit: %
- Contained Metal: 21000000
- Contained Unit: lbs

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-08T00:00:00.000Z

Reasoning: Inferred lead component.

Evidence · text

> 2.67% lead

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-files-ni-43-101-technical-report-for-mallay--465d4838-a49a-4c4d-b75c-8f728176037b#fact-resource-facts-5)

zinc

#### Identity

- Commodity: zinc
- Ticker: EXN

#### Resource Data

- Category: inferred
- Tonnes: 362000
- Grade: 4.32
- Grade Unit: %
- Contained Metal: 34000000
- Contained Unit: lbs

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-04-08T00:00:00.000Z

Reasoning: Inferred zinc component.

Evidence · text

> 4.32% zinc

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.