Excellon Files NI 43-101 Technical Report for Mallay
Original announcement by tmx on
- Company
- Excellon Resources Inc.
- Ticker
- EXN
- Exchange
- TSX
- Region
- Peru
- Primary commodity
- Silver
- Secondary commodities
- Lead, Zinc
- Document categories
- Resource update, Other
- Extracted
- 2026-09-12 03:50:44 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
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 of 890,000 tonnes of Indicated and 362,000 tonnes of Inferred resources, highlighting material silver growth compared to historical inventories.
Reasoning: The filing of a NI 43-101 technical report supporting a substantial silver-lead-zinc resource provides significant de-risking for the restart of the Mallay mine.
Positive factors
- Material silver growth vs. historical inventory
- NI 43-101 compliant technical report filed
- High confidence dataset with extensive historical drilling
Negative factors
- Significant Inferred component (approx 29%)
Facts used in scoring: 6
Classification and evidence
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The company announced the filing of an independent NI 43-101 technical report.
Evidence · text
“Excellon Files NI 43-101 Technical Report for Mallay”
QP/CP Signedpositive
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”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: A significant portion of the resource is classified as Inferred.
Evidence · text
“Inferred Mineral Resources: 362,000 tonnes”
Extracted facts
Stored fact records: 6. Some facts used in scoring do not have a stored record.
Resource Estimates (6)
indicatedMallay Mine · silverTonnes: 890000Grade: 5.57Grade Unit: mozContained Metal: 5.57Contained Unit: mozView all detailsHide details
Identity
- Project
- Mallay Mine
- Commodity
- silver
- Region
- peru
- Reported Region
- Peru
- Ticker
- EXN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-02-18T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:b2be27ad01101c32cf29
- Deposit or zone
- Mallay
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 890000
- Grade
- 5.57
- Grade Unit
- moz
- Contained Metal
- 5.57
- Contained Unit
- moz
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-02-18
Metal Equivalent
- Metal Eq. Grade
- 420
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-08T00:00:00.000Z
Reasoning: Strong indicated silver grade and significant contained metal.
Positive factors
- High grade for silver
Evidence · table
“5.57”
Context: 890,000
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedMallay Mine · leadTonnes: 890000Grade: 65Grade Unit: mlbsContained Metal: 65Contained Unit: mlbsView all detailsHide details
Identity
- Project
- Mallay Mine
- Commodity
- lead
- Region
- peru
- Reported Region
- Peru
- Ticker
- EXN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-02-18T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:b2be27ad01101c32cf29
- Deposit or zone
- Mallay
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 890000
- Grade
- 65
- Grade Unit
- mlbs
- Contained Metal
- 65
- Contained Unit
- mlbs
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-02-18
Metal Equivalent
- Metal Eq. Grade
- 420
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-08T00:00:00.000Z
Reasoning: Significant lead component in the indicated resource.
Evidence · table
“65”
Context: 890,000
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedMallay Mine · zincTonnes: 890000Grade: 95Grade Unit: mlbsContained Metal: 95Contained Unit: mlbsView all detailsHide details
Identity
- Project
- Mallay Mine
- Commodity
- zinc
- Region
- peru
- Reported Region
- Peru
- Ticker
- EXN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-02-18T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:b2be27ad01101c32cf29
- Deposit or zone
- Mallay
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 890000
- Grade
- 95
- Grade Unit
- mlbs
- Contained Metal
- 95
- Contained Unit
- mlbs
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-02-18
Metal Equivalent
- Metal Eq. Grade
- 420
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-08T00:00:00.000Z
Reasoning: Significant zinc component in the indicated resource.
Evidence · table
“95”
Context: 890,000
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredMallay Mine · silverTonnes: 362000Grade: 1.74Grade Unit: mozContained Metal: 1.74Contained Unit: mozView all detailsHide details
Identity
- Project
- Mallay Mine
- Commodity
- silver
- Region
- peru
- Reported Region
- Peru
- Ticker
- EXN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-02-18T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:dbc0b588cd64770182ca
- Deposit or zone
- Mallay
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 362000
- Grade
- 1.74
- Grade Unit
- moz
- Contained Metal
- 1.74
- Contained Unit
- moz
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-02-18
Metal Equivalent
- Metal Eq. Grade
- 344
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-08T00:00:00.000Z
Reasoning: Inferred resource provides upside but carries lower geological confidence.
Negative factors
- Inferred category limits economic confidence
Evidence · table
“1.74”
Context: 362,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredMallay Mine · leadTonnes: 362000Grade: 21Grade Unit: mlbsContained Metal: 21Contained Unit: mlbsView all detailsHide details
Identity
- Project
- Mallay Mine
- Commodity
- lead
- Region
- peru
- Reported Region
- Peru
- Ticker
- EXN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-02-18T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:dbc0b588cd64770182ca
- Deposit or zone
- Mallay
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 362000
- Grade
- 21
- Grade Unit
- mlbs
- Contained Metal
- 21
- Contained Unit
- mlbs
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-02-18
Metal Equivalent
- Metal Eq. Grade
- 344
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-08T00:00:00.000Z
Reasoning: Inferred lead component.
Evidence · table
“21”
Context: 362,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredMallay Mine · zincTonnes: 362000Grade: 34Grade Unit: mlbsContained Metal: 34Contained Unit: mlbsView all detailsHide details
Identity
- Project
- Mallay Mine
- Commodity
- zinc
- Region
- peru
- Reported Region
- Peru
- Ticker
- EXN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-02-18T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:dbc0b588cd64770182ca
- Deposit or zone
- Mallay
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 362000
- Grade
- 34
- Grade Unit
- mlbs
- Contained Metal
- 34
- Contained Unit
- mlbs
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-02-18
Metal Equivalent
- Metal Eq. Grade
- 344
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-08T00:00:00.000Z
Reasoning: Inferred zinc component.
Evidence · table
“34”
Context: 362,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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.