Excellon Resources Inc. (TSX: EXN) (NYSE: EXN) (FRA: E4X2) is pleased to announce Q2 2022 production results from the Platosa Mine in Durango, Mexico.

Q2 2022 Production (compared to Q2 2021)

• Silver-equivalent production of 545,444 oz (Q2 2021 – 487,009 AgEq oz), including:
  • Silver production of 307,494 oz (Q2 2021 – 296,013 oz)
  • Lead production of 1.6 million lb (Q2 2021 – 1.9 million lb)
  • Zinc production of 2.1 million lb (Q2 2021 – 2.5 million lb)

“We realized a solid quarter of production from Platosa in Q2,” stated Brendan Cahill, President and Chief Executive Officer. “As we reach the final stages of mining from Platosa, we see greater variability in ore produced, which affects grades and recoveries to some extent. We are continuing to mine at a consistent rate, though still foresee the wind-down of operations in the current quarter, with preparations well underway. Meanwhile, we are preparing for the commencement of our drill program at Kilgore and continue to actively pursue acquisition opportunities for producing and development stage assets in Mexico.”

Production Results

Consistent throughput resumed in Q2 following the Labour Action at Platosa in March 2022. Production in Q2 2022 was 23,550 tonnes, 9% higher than Q2 2021.

Grades in Q2 2022 were lower than the comparative period due to the limited number of stopes available for production. Feed material primarily came from pillars and remnant zones with lower or variable grades, and higher dilution in the mined mantos.

In Q2 2022, recoveries for lead were lower than the comparative period driven primarily by a 5% higher lead-oxide ratio in Q2 2022, which contributes to lower lead recoveries in the flotation circuit. Zinc and silver recoveries were 7% and 3% higher in Q2 2022, respectively, following the rebuild of the flotation cells and modifications to reagent schemes in mid-2021.

Variances in feed grades and recoveries were primarily due to higher pillar recovery relative to stoping, which offered fewer blending opportunities.

Silver production increased due to higher recoveries in Q2 2022, while lead and zinc production decreased, mainly driven by lower feed grades and high lead-oxide ratios affecting recovery.

As previously disclosed, the Company expects to wind down operations at Platosa during Q3 2022.

Qualified Persons

Paul Keller, P. Eng., has acted as the Qualified Person, as defined in NI 43-101, with respect to the disclosure of the scientific and technical information relating to production results contained in this press release.

About Excellon

Excellon’s vision 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: Kilgore, an advanced gold exploration project in Idaho with strong economics and significant growth and discovery potential; an option on Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and no modern exploration; and Platosa, a high-grade silver mine producing in Mexico since 2005, scheduled to wind-down in Q3 2022, with an 11,000 hectare exploration package on Mexico’s carbonate replacement deposit (CRD) trend. The Company is also actively seeking to capitalize on current market conditions by acquiring undervalued projects in the Americas.