Excellon Resources (EMT) Q3 2025 earnings summary

Executive summary

• Completed Phase One rehabilitation at Mallay, re-establishing underground access and services, enabling transition to definition drilling and restart planning.

• Secured $12 million in equity and a US$7.5 million offtake-backed pre-export finance facility to fund Mallay restart and exploration.

• Cash and available liquidity reached $24 million at quarter-end, strengthening the capital base for restart activities.

• All key mining and environmental permits for Mallay restart remain in good standing, with new explosives permits received.

Financial highlights

• Cash and cash equivalents stood at $13.5 million at September 30, 2025.

• Working capital improved due to equity financings and the acquisition of Minera CRC.

Outlook and guidance

• Updated NI 43-101 Mineral Resource Estimate for Mallay targeted for Q4 2025.

• Definition drilling from the 4090 level to begin in Q4 2025, focusing on Clavos 2, 3, and 6 structures.

• Isguiz and Shafra drill programs to commence in Q4 2025, aiming to extend mineralization and support future mine planning.

• Staged restart and ramp-up of Mallay mill towards 600 tonnes per day planned for 2026, subject to positive results and a production decision.