# Excellon Files NI 43-101 Technical Report for Mallay Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/excellon-files-ni-43-101-technical-report-for-mallay--e913ccbe-549b-4fcc-9130-1744c1b6b69d Original source: https://money.tmx.com/en/quote/EXN/news/5712534518870136/excellon-files-ni-43-101-technical-report-for-mallay Publisher: tmx Original announcement: 2026-04-08T22:41:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Excellon Resources Inc. - Ticker: EXN - Exchange: TSX - Region: Peru - Primary commodity: Silver - Secondary commodities: Lead, Zinc - Document categories: Resource update, Other - Extracted: 2026-09-12 03:50:44 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas 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 factor: Material silver growth vs. historical inventory - Positive factor: NI 43-101 compliant technical report filed - Positive factor: High confidence dataset with extensive historical drilling - Negative factor: Significant Inferred component \(approx 29%\) Facts used in scoring: 6 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: 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 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 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 Resource** Polarity: negative Definition: 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) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/excellon-files-ni-43-101-technical-report-for-mallay--e913ccbe-549b-4fcc-9130-1744c1b6b69d#fact-resource-facts-0) Mallay Mine · silver #### 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 factor: High grade for silver Evidence · table > 5.57 Context: 890,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/excellon-files-ni-43-101-technical-report-for-mallay--e913ccbe-549b-4fcc-9130-1744c1b6b69d#fact-resource-facts-1) Mallay Mine · lead #### 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/excellon-files-ni-43-101-technical-report-for-mallay--e913ccbe-549b-4fcc-9130-1744c1b6b69d#fact-resource-facts-2) Mallay Mine · zinc #### 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/excellon-files-ni-43-101-technical-report-for-mallay--e913ccbe-549b-4fcc-9130-1744c1b6b69d#fact-resource-facts-3) Mallay Mine · silver #### 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 factor: Inferred category limits economic confidence Evidence · table > 1.74 Context: 362,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/excellon-files-ni-43-101-technical-report-for-mallay--e913ccbe-549b-4fcc-9130-1744c1b6b69d#fact-resource-facts-4) Mallay Mine · lead #### 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/excellon-files-ni-43-101-technical-report-for-mallay--e913ccbe-549b-4fcc-9130-1744c1b6b69d#fact-resource-facts-5) Mallay Mine · zinc #### 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: 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.