# Excellon Resources Bets on Depth as Peru's Mallay Silver Restart Gathers Pace

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/excellon-resources-bets-on-depth-as-peru-s-mallay-silver-restart-gathers-pace--ab67b63d-44b1-4bd4-ada5-4219b95097ab

Original source: https://www.cruxinvestor.com/posts/excellon-resources-bets-on-depth-as-perus-mallay-silver-restart-gathers-pace

Publisher: cruxinvestor

Original announcement: 2026-09-29T00:00:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-29T15:58:34.962Z

Atlas analysis updated: 2026-09-29T15:58:34.962Z

- Company: Excellon Resources

- Ticker: EXN

- Exchange: Unavailable

- Region: Peru

- Primary commodity: Silver

- Secondary commodities: Lead, Zinc

- Document categories: Production, Resource update, Drill results

- Extracted: 2026-09-29 15:58:35 UTC

Narrative sentiment: 0.60 · Bullish

## Minestarters Atlas summary

Excellon Resources has restarted the Mallay silver mine in Peru and is ramping up toward a 600 tpd capacity. The company has already sold its first concentrate to Glencore and expects consistent throughput by early-to-mid 2027.

Reasoning: The company is successfully restarting a permitted mine with existing infrastructure and has already sold its first concentrate, providing a clear path to production.

- Positive factor: Restart of fully permitted mine

- Positive factor: Commercial offtake agreement with Glencore

- Positive factor: Strong cash position with no debt

- Positive factor: Drill results show grade continuity at depth

- Negative factor: Ramp-up execution risk

- Negative factor: Resource relies heavily on historical drilling

Facts used in scoring: 3

## Classification and evidence

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: The article mentions an NI 43-101 Mineral Resource Estimate, implying professional reporting standards.

Evidence · text

> The February 2026 National Instrument \(NI\) 43-101 Mineral Resource Estimate \(MRE\)

## Extracted facts

Stored fact records: 1. Some facts used in scoring do not have a stored record.

## Drill Results (1)

### Fact 1

[Link to this fact](https://atlas-staging.minestarters.com/news/excellon-resources-bets-on-depth-as-peru-s-mallay-silver-restart-gathers-pace--ab67b63d-44b1-4bd4-ada5-4219b95097ab#fact-drill-facts-0)

Mallay · silver

Needs review: drill\_no\_hole\_id

#### Identity

- Project: Mallay
- Commodity: silver
- Region: peru
- Reported Region: peru
- Ticker: EXN

#### Geometry

- Grade: 495
- Grade Unit: g/t
- Intercept: 3.4 m

#### Classification

- Deposit Type: epithermal
- Program: exploration
- Sample Type: drill
- Mining Method: underground

#### QA/QC

- QA/QC Disclosed: Yes
- QA/QC Methods: standards, duplicates

#### Metal Equivalent

- Metal Eq. Grade: 495
- Metal Eq. Unit: g/t AgEq

#### Review

- Needs Review: Yes
- Review Reason: drill\_no\_hole\_id
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-29T00:00:00.000Z

Reasoning: 3.4m at 495 g/t AgEq is a strong intercept for an epithermal system.

- Positive factor: High grade intercept

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Metal Equivalent Opaque**

Polarity: negative

Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used.

Why it applies: an equivalent grade is reported without its assumptions

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "It opens about 60 metres of vertical access below the 4090 Level, the mine's lowest level."

## 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.