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

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--d0dc46c4-d24c-4936-a8c9-c705438f1ba7

Original source: https://money.tmx.com/en/quote/EXN/news/7023992588463599/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay-

Publisher: tmx

Original announcement: 2026-02-23T14:47:00.000Z

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

- Extracted: 2026-08-23 10:47:43 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Excellon Resources Inc. announced its first independent NI 43-101 compliant Mineral Resource Estimate for the Mallay Silver-Lead-Zinc Mine in central Peru. The estimate significantly increases Indicated Silver Mineral Resources by over 500%, establishing a high-confidence inventory to support restart planning. The MRE includes 890,000 tonnes of Indicated resources grading 195 g/t silver, 3.33% lead, and 4.83% zinc, along with Inferred resources.

Reasoning: Excellon announced its first independent NI 43-101 compliant Mineral Resource Estimate for the Mallay Mine, significantly increasing Indicated Silver Mineral Resources by over 500% and establishing a high-confidence inventory to underpin staged restart planning.

- Positive factor: Category Upgrade

- Positive factor: Tonnage Growth

- Positive factor: Contained Metal Growth

- Positive factor: QP/CP Signed

- Positive factor: NI 43-101 Compliant

- Positive factor: Cut-off Disclosed

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 8

## Classification and evidence

**Category Upgrade**

Polarity: positive

Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.

Why it applies: Indicated Mineral Resources increased by approximately 500% compared to historical estimates.

Evidence · text

> Indicated Mineral Resources in Excellon's new MRE are approximately 500% higher than the combined end-2018 Buenaventura Proven + Probable Reserves plus Indicated Resources reported for Isguiz on a historical basis.

**Tonnage Growth**

Polarity: positive

Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved.

Why it applies: The Indicated Mineral Resource tonnage has significantly increased, implied by the 500% growth in silver inventory.

Evidence · text

> Indicated Mineral Resources in Excellon's new MRE are approximately 500% higher than the combined end-2018 Buenaventura Proven + Probable Reserves plus Indicated Resources reported for Isguiz on a historical basis.

**Contained Metal Growth**

Polarity: positive

Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.

Why it applies: The Indicated silver inventory has increased by over 500%, indicating substantial growth in contained metal.

Evidence · text

> Indicated Mineral Resources in Excellon's new MRE are approximately 500% higher than the combined end-2018 Buenaventura Proven + Probable Reserves plus Indicated Resources reported for Isguiz on a historical basis.

**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 an independent Qualified Person and has reviewed and approved the MRE.

Evidence · text

> Allan Armitage, Ph.D., P.Geo. of SGS Geological Services is an independent Qualified Person as defined by NI 43-101, has reviewed and approved the Mineral Resource Estimate

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: The MRE was prepared in accordance with NI 43-101 disclosure standards.

Evidence · text

> in accordance with CIM Best Practice Guidelines and NI 43-101 disclosure standards.

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: Mineral Resources are reported at a base cut-off grade of 120 g/t silver equivalent.

Evidence · text

> Mineral Resources are reported at a base cut-off grade of 120 g/t silver equivalent \(" AgEq "\)

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The MRE includes a significant Inferred Mineral Resource component.

Evidence · text

> Inferred Mineral Resources: 362,000 tonnes grading 149 g/t silver, 2.67% lead, and 4.32% zinc.

**Maiden Resource**

Polarity: neutral

Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.

Why it applies: This is the company's first independent Mineral Resource Estimate for the Mallay Mine.

Evidence · text

> pleased to announce its first independent Mineral Resource Estimate \(" MRE "\) for the Mallay Silver-Lead-Zinc Mine

## Extracted facts

Stored fact records: 8. Some facts used in scoring do not have a stored record.

## Resource Estimates (8)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--d0dc46c4-d24c-4936-a8c9-c705438f1ba7#fact-resource-facts-0)

Mallay Mine · silver

#### Identity

- Project: Mallay Mine
- Commodity: silver
- Region: peru
- Reported Region: central Peru
- Ticker: EXN

#### Resource Data

- Category: indicated
- Tonnes: 890000
- Grade: 195
- Grade Unit: g/t
- Contained Metal: 5572000
- Contained Unit: oz
- Cutoff Grade: 120

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-02-23T00:00:00.000Z

Reasoning: High-grade Indicated silver resource forms a significant part of the updated MRE, providing a strong foundation for restart planning.

- Positive factor: High Grade

- Positive factor: Significant Contained Metal

Evidence · table

> 195

Context: 890,000

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--d0dc46c4-d24c-4936-a8c9-c705438f1ba7#fact-resource-facts-1)

Mallay Mine · lead

#### Identity

- Project: Mallay Mine
- Commodity: lead
- Region: peru
- Reported Region: central Peru
- Ticker: EXN

#### Resource Data

- Category: indicated
- Tonnes: 890000
- Grade: 3.33
- Grade Unit: %
- Contained Metal: 65000000
- Contained Unit: lbs
- Cutoff Grade: 120

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-02-23T00:00:00.000Z

Reasoning: Significant Indicated lead resource contributes to the polymetallic nature and overall value of the Mallay deposit.

- Positive factor: Significant Contained Metal

Evidence · table

> 3.33

Context: 890,000

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--d0dc46c4-d24c-4936-a8c9-c705438f1ba7#fact-resource-facts-2)

Mallay Mine · zinc

#### Identity

- Project: Mallay Mine
- Commodity: zinc
- Region: peru
- Reported Region: central Peru
- Ticker: EXN

#### Resource Data

- Category: indicated
- Tonnes: 890000
- Grade: 4.83
- Grade Unit: %
- Contained Metal: 95000000
- Contained Unit: lbs
- Cutoff Grade: 120

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-02-23T00:00:00.000Z

Reasoning: Significant Indicated zinc resource further enhances the economic potential and polymetallic value of the Mallay deposit.

- Positive factor: Significant Contained Metal

Evidence · table

> 4.83

Context: 890,000

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--d0dc46c4-d24c-4936-a8c9-c705438f1ba7#fact-resource-facts-3)

Mallay Mine · silver

#### Identity

- Project: Mallay Mine
- Commodity: silver
- Region: peru
- Reported Region: central Peru
- Ticker: EXN

#### Resource Data

- Category: indicated
- Tonnes: 890000
- Contained Metal: 12014000
- Contained Unit: oz
- Cutoff Grade: 120

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-02-23T00:00:00.000Z

Reasoning: High Indicated silver equivalent grade reflects the strong overall value of the polymetallic resource, supporting project economics.

- Positive factor: High Metal Equivalent Grade

- Positive factor: Significant Contained Metal

Evidence · table

> 420

Context: 890,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--d0dc46c4-d24c-4936-a8c9-c705438f1ba7#fact-resource-facts-4)

Mallay Mine · silver

#### Identity

- Project: Mallay Mine
- Commodity: silver
- Region: peru
- Reported Region: central Peru
- Ticker: EXN

#### Resource Data

- Category: inferred
- Tonnes: 362000
- Grade: 149
- Grade Unit: g/t
- Contained Metal: 1739000
- Contained Unit: oz
- Cutoff Grade: 120

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-02-23T00:00:00.000Z

Reasoning: Inferred silver resource provides future exploration upside and potential for conversion to higher confidence categories.

- Negative factor: Inferred Resource

Evidence · table

> 149

Context: 362,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--d0dc46c4-d24c-4936-a8c9-c705438f1ba7#fact-resource-facts-5)

Mallay Mine · lead

#### Identity

- Project: Mallay Mine
- Commodity: lead
- Region: peru
- Reported Region: central Peru
- Ticker: EXN

#### Resource Data

- Category: inferred
- Tonnes: 362000
- Grade: 2.67
- Grade Unit: %
- Contained Metal: 21000000
- Contained Unit: lbs
- Cutoff Grade: 120

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-02-23T00:00:00.000Z

Reasoning: Inferred lead resource contributes to the overall polymetallic potential, offering future growth opportunities.

- Negative factor: Inferred Resource

Evidence · table

> 2.67

Context: 362,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--d0dc46c4-d24c-4936-a8c9-c705438f1ba7#fact-resource-facts-6)

Mallay Mine · zinc

#### Identity

- Project: Mallay Mine
- Commodity: zinc
- Region: peru
- Reported Region: central Peru
- Ticker: EXN

#### Resource Data

- Category: inferred
- Tonnes: 362000
- Grade: 4.32
- Grade Unit: %
- Contained Metal: 34000000
- Contained Unit: lbs
- Cutoff Grade: 120

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-02-23T00:00:00.000Z

Reasoning: Inferred zinc resource adds to the polymetallic potential of the project, providing future exploration targets.

- Negative factor: Inferred Resource

Evidence · table

> 4.32

Context: 362,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--d0dc46c4-d24c-4936-a8c9-c705438f1ba7#fact-resource-facts-7)

Mallay Mine · silver

#### Identity

- Project: Mallay Mine
- Commodity: silver
- Region: peru
- Reported Region: central Peru
- Ticker: EXN

#### Resource Data

- Category: inferred
- Tonnes: 362000
- Contained Metal: 4000000
- Contained Unit: oz
- Cutoff Grade: 120

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-02-23T00:00:00.000Z

Reasoning: Inferred silver equivalent grade indicates future potential for resource growth and overall project value.

- Negative factor: Inferred Resource

Evidence · table

> 344

Context: 362,000

## 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.