Excellon Increases Indicated Silver Mineral Resource by over 500% for the Mallay Mine
Original announcement by tmx on
- Company
- Excellon Resources Inc.
- Ticker
- EXN
- Exchange
- TSX
- Region
- central Peru
- Primary commodity
- Silver
- Secondary commodities
- Lead, Zinc
- Document categories
- Resource update
- Extracted
- 2026-09-12 04:16:06 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Excellon Resources Inc. announced its first independent NI 43-101 compliant Mineral Resource Estimate for the Mallay Silver-Lead-Zinc Mine in central Peru, reporting a significant increase in Indicated silver resources. The MRE outlines 890,000 tonnes of Indicated resources grading 195 g/t silver, 3.33% lead, and 4.83% zinc, and 362,000 tonnes of Inferred resources grading 149 g/t silver, 2.67% lead, and 4.32% zinc, at a base cut-off grade of 120 g/t AgEq. This estimate provides a high-confidence inventory to underpin restart planning for the past-producing underground mine.
Reasoning: Excellon's first independent Mineral Resource Estimate for the Mallay Mine significantly increases Indicated silver resources by over 500% compared to historical figures, providing a high-confidence inventory for restart planning. The estimate is NI 43-101 compliant and signed off by a Qualified Person, though it does not yet incorporate ongoing drilling or new upside targets.
Positive factors
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
- Maiden Resource
Negative factors
- Historical Estimate Only
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 15
Classification and evidence
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable.
Why it applies: This is Excellon's first independent Mineral Resource Estimate for the Mallay Mine, establishing a baseline for the project.
Evidence · text
“Excellon is pleased to announce its first independent Mineral Resource Estimate (" MRE ") for the Mallay Silver-Lead-Zinc Mine”
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: The Indicated Mineral Resources increased by over 500% compared to the prior historical Indicated Resources, indicating a significant upgrade in resource confidence and quantity.
Evidence · text
“Excellon Increases Indicated Silver Mineral Resource by over 500% for the Mallay Mine”
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: The Indicated Mineral Resources increased from 6,762 tonnes (historical) to 890,000 tonnes (new MRE), representing substantial tonnage growth.
Evidence · text
“Indicated Mineral Resources in Excellon's new MRE are approximately 500% higher than the combined end-2018 Buenaventura Proven + Probable Reserves plus Indicated Resources reported for Isguiz on a historical basis.”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: The new MRE reports 5.57 Moz of Indicated silver, a significant increase from the implied contained metal of the historical Indicated resource.
Evidence · text
“The Indicated mineral resource includes 5.57 Moz of silver, 65 Mlbs of lead, and 95 Mlbs of zinc.”
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 an independent Qualified Person who reviewed and approved the MRE.
Evidence · text
“The mineral resource was estimated by Allan Armitage, Ph.D., P.Geo. of SGS Geological Services and is an independent Qualified Person as defined by NI 43-101.”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE was prepared in accordance with CIM Best Practice Guidelines and NI 43-101 disclosure standards.
Evidence · text
“in accordance with CIM Best Practice Guidelines and NI 43-101 disclosure standards.”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: Mineral Resources are reported at a base cut-off grade of 120 g/t silver equivalent (AgEq), and the sensitivity table shows varying cut-offs.
Evidence · text
“Mineral Resources are reported at a base cut-off grade of 120 g/t silver equivalent (" AgEq ")”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The MRE includes 362,000 tonnes of Inferred Mineral Resources, which is a speculative category with lower confidence.
Evidence · text
“Inferred Mineral Resources: 362,000 tonnes grading 149 g/t silver, 2.67% lead, and 4.32% zinc.”
Historical Estimate Onlynegative
Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling.
Why it applies: The comparison to prior estimates explicitly states that the historical estimate was not prepared in accordance with current CIM Definition Standards and should not be relied upon as current.
Evidence · text
“Excellon is not treating the historical estimate as current and it should not be relied upon.”
Extracted facts
Stored fact records: 15. Some facts used in scoring do not have a stored record.
Resource Estimates (15)
indicatedMallay Silver-Lead-Zinc Mine · silverTonnes: 890000Grade: 195Grade Unit: g/tContained Metal: 5.57Contained Unit: mozView all detailsHide details
Identity
- Project
- Mallay Silver-Lead-Zinc Mine
- Commodity
- silver
- Region
- peru
- Reported Region
- central 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:5fb03a801a5c53184034
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 890000
- Grade
- 195
- Grade Unit
- g/t
- Contained Metal
- 5.57
- Contained Unit
- moz
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-02-18
- Prior Tonnes
- 6762
- Prior Grade
- 229
Metal Equivalent
- Metal Eq. Grade
- 420
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada (Geological Services)
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The Indicated silver resource shows significant tonnage growth and contained metal, forming a high-confidence base for project restart. The 500% increase compared to the prior Indicated resource is a strong positive signal.
Positive factors
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
- Maiden Resource
Evidence · table
“195”
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
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 890000 against 6762 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 195 against 229 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedMallay Silver-Lead-Zinc Mine · leadTonnes: 890000Grade: 3.33Grade Unit: %Contained Metal: 65Contained Unit: mlbsView all detailsHide details
Identity
- Project
- Mallay Silver-Lead-Zinc Mine
- Commodity
- lead
- Region
- peru
- Reported Region
- central 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:5fb03a801a5c53184034
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 890000
- Grade
- 3.33
- Grade Unit
- %
- Contained Metal
- 65
- Contained Unit
- mlbs
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-02-18
- Prior Tonnes
- 6762
- Prior Grade
- 2.23
Metal Equivalent
- Metal Eq. Grade
- 420
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada (Geological Services)
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The Indicated lead resource shows significant tonnage and contained metal growth, contributing positively to the overall project economics and confidence for restart planning.
Positive factors
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
- Maiden Resource
Evidence · table
“3.33”
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
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 890000 against 6762 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 3.33 against 2.23 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedMallay Silver-Lead-Zinc Mine · zincTonnes: 890000Grade: 4.83Grade Unit: %Contained Metal: 95Contained Unit: mlbsView all detailsHide details
Identity
- Project
- Mallay Silver-Lead-Zinc Mine
- Commodity
- zinc
- Region
- peru
- Reported Region
- central 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:5fb03a801a5c53184034
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 890000
- Grade
- 4.83
- Grade Unit
- %
- Contained Metal
- 95
- Contained Unit
- mlbs
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-02-18
- Prior Tonnes
- 6762
- Prior Grade
- 3.42
Metal Equivalent
- Metal Eq. Grade
- 420
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada (Geological Services)
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The Indicated zinc resource shows significant tonnage and contained metal growth, enhancing the overall project value and confidence for restart planning.
Positive factors
- Category Upgrade
- Tonnage Growth
- Contained Metal Growth
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
- Maiden Resource
Evidence · table
“4.83”
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
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 890000 against 6762 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 4.83 against 3.42 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredMallay Silver-Lead-Zinc Mine · silverTonnes: 362000Grade: 149Grade Unit: g/tContained Metal: 1.74Contained Unit: mozView all detailsHide details
Identity
- Project
- Mallay Silver-Lead-Zinc Mine
- Commodity
- silver
- Region
- peru
- Reported Region
- central 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:480a84bd4e079f93e1ae
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 362000
- Grade
- 149
- Grade Unit
- g/t
- Contained Metal
- 1.74
- Contained Unit
- moz
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-02-18
- Prior Tonnes
- 251805
- Prior Grade
- 208
Metal Equivalent
- Metal Eq. Grade
- 344
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada (Geological Services)
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The Inferred silver resource provides additional potential, but its lower confidence category means it cannot be used for economic studies without further drilling and upgrade.
Positive factors
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
- Maiden Resource
Negative factors
- Inferred Resource
Evidence · table
“149”
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
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 362000 against 251805 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 149 against 208 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredMallay Silver-Lead-Zinc Mine · leadTonnes: 362000Grade: 2.67Grade Unit: %Contained Metal: 21Contained Unit: mlbsView all detailsHide details
Identity
- Project
- Mallay Silver-Lead-Zinc Mine
- Commodity
- lead
- Region
- peru
- Reported Region
- central 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:480a84bd4e079f93e1ae
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 362000
- Grade
- 2.67
- Grade Unit
- %
- Contained Metal
- 21
- Contained Unit
- mlbs
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-02-18
- Prior Tonnes
- 251805
- Prior Grade
- 4.02
Metal Equivalent
- Metal Eq. Grade
- 344
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada (Geological Services)
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The Inferred lead resource adds to the overall metal inventory but requires further work to improve confidence for mine planning.
Positive factors
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
- Maiden Resource
Negative factors
- Inferred Resource
Evidence · table
“2.67”
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
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 362000 against 251805 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 2.67 against 4.02 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredMallay Silver-Lead-Zinc Mine · zincTonnes: 362000Grade: 4.32Grade Unit: %Contained Metal: 34Contained Unit: mlbsView all detailsHide details
Identity
- Project
- Mallay Silver-Lead-Zinc Mine
- Commodity
- zinc
- Region
- peru
- Reported Region
- central 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:480a84bd4e079f93e1ae
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 362000
- Grade
- 4.32
- Grade Unit
- %
- Contained Metal
- 34
- Contained Unit
- mlbs
- Cutoff Grade
- 120
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-02-18
- Prior Tonnes
- 251805
- Prior Grade
- 4.9
Metal Equivalent
- Metal Eq. Grade
- 344
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- SGS Canada (Geological Services)
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The Inferred zinc resource contributes to the overall metal inventory but requires further work to improve confidence for mine planning.
Positive factors
- QP/CP Signed
- NI 43-101 Compliant
- Cut-off Disclosed
- Maiden Resource
Negative factors
- Inferred Resource
Evidence · table
“4.32”
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
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 362000 against 251805 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 4.32 against 4.9 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedMallay Silver-Lead-Zinc Mine · silverTonnes: 6762Grade: 229Grade Unit: g/tHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Mallay Silver-Lead-Zinc Mine
- Commodity
- silver
- Region
- peru
- Reported Region
- central Peru
- Ticker
- EXN
Resource scope
- Estimate type
- resource
- Reporting standards
- other
- QP Signed
- No
- Resource group id
- resource:785af5a455c854f5c40c
- Deposit or zone
- Isguiz Zone
Resource Data
- Category
- indicated
- Tonnes
- 6762
- Grade
- 229
- Grade Unit
- g/t
Prior Estimate
- Resource Date
- 2018-12-31
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2018-12-31T00:00:00.000Z
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: This is a historical estimate from 2018 by a prior operator, not compliant with current NI 43-101 standards, and is included for context only. It has low novelty and confidence.
Negative factors
- Historical Estimate Only
- No QP/CP Disclosure
Evidence · text
“Indicated Resources: 6,762 tonnes @ 229 g/t Ag”
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 7.1 years before this release
indicatedMallay Silver-Lead-Zinc Mine · leadTonnes: 6762Grade: 2.23Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Mallay Silver-Lead-Zinc Mine
- Commodity
- lead
- Region
- peru
- Reported Region
- central Peru
- Ticker
- EXN
Resource scope
- Estimate type
- resource
- Reporting standards
- other
- QP Signed
- No
- Resource group id
- resource:785af5a455c854f5c40c
- Deposit or zone
- Isguiz Zone
Resource Data
- Category
- indicated
- Tonnes
- 6762
- Grade
- 2.23
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2018-12-31
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2018-12-31T00:00:00.000Z
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: This is a historical estimate from 2018 by a prior operator, not compliant with current NI 43-101 standards, and is included for context only. It has low novelty and confidence.
Negative factors
- Historical Estimate Only
- No QP/CP Disclosure
Evidence · text
“2.23% Pb”
Context: Indicated Resources: 6,762 tonnes @ 229 g/t Ag
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 7.1 years before this release
indicatedMallay Silver-Lead-Zinc Mine · zincTonnes: 6762Grade: 3.42Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Mallay Silver-Lead-Zinc Mine
- Commodity
- zinc
- Region
- peru
- Reported Region
- central Peru
- Ticker
- EXN
Resource scope
- Estimate type
- resource
- Reporting standards
- other
- QP Signed
- No
- Resource group id
- resource:785af5a455c854f5c40c
- Deposit or zone
- Isguiz Zone
Resource Data
- Category
- indicated
- Tonnes
- 6762
- Grade
- 3.42
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2018-12-31
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2018-12-31T00:00:00.000Z
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: This is a historical estimate from 2018 by a prior operator, not compliant with current NI 43-101 standards, and is included for context only. It has low novelty and confidence.
Negative factors
- Historical Estimate Only
- No QP/CP Disclosure
Evidence · text
“3.42% Zn”
Context: Indicated Resources: 6,762 tonnes @ 229 g/t Ag
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 7.1 years before this release
inferredMallay Silver-Lead-Zinc Mine · silverTonnes: 251805Grade: 208Grade Unit: g/tHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Mallay Silver-Lead-Zinc Mine
- Commodity
- silver
- Region
- peru
- Reported Region
- central Peru
- Ticker
- EXN
Resource scope
- Estimate type
- resource
- Reporting standards
- other
- QP Signed
- No
- Resource group id
- resource:2ba9d352f20f052e0d2f
- Deposit or zone
- Isguiz Zone
Resource Data
- Category
- inferred
- Tonnes
- 251805
- Grade
- 208
- Grade Unit
- g/t
Prior Estimate
- Resource Date
- 2018-12-31
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2018-12-31T00:00:00.000Z
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: This is a historical estimate from 2018 by a prior operator, not compliant with current NI 43-101 standards, and is included for context only. It has low novelty and confidence.
Negative factors
- Historical Estimate Only
- No QP/CP Disclosure
Evidence · text
“Inferred Resources: 251,805 tonnes @ 208 g/t Ag”
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 7.1 years before this release
inferredMallay Silver-Lead-Zinc Mine · leadTonnes: 251805Grade: 4.02Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Mallay Silver-Lead-Zinc Mine
- Commodity
- lead
- Region
- peru
- Reported Region
- central Peru
- Ticker
- EXN
Resource scope
- Estimate type
- resource
- Reporting standards
- other
- QP Signed
- No
- Resource group id
- resource:2ba9d352f20f052e0d2f
- Deposit or zone
- Isguiz Zone
Resource Data
- Category
- inferred
- Tonnes
- 251805
- Grade
- 4.02
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2018-12-31
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2018-12-31T00:00:00.000Z
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: This is a historical estimate from 2018 by a prior operator, not compliant with current NI 43-101 standards, and is included for context only. It has low novelty and confidence.
Negative factors
- Historical Estimate Only
- No QP/CP Disclosure
Evidence · text
“4.02% Pb”
Context: Inferred Resources: 251,805 tonnes @ 208 g/t Ag
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 7.1 years before this release
inferredMallay Silver-Lead-Zinc Mine · zincTonnes: 251805Grade: 4.9Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Mallay Silver-Lead-Zinc Mine
- Commodity
- zinc
- Region
- peru
- Reported Region
- central Peru
- Ticker
- EXN
Resource scope
- Estimate type
- resource
- Reporting standards
- other
- QP Signed
- No
- Resource group id
- resource:2ba9d352f20f052e0d2f
- Deposit or zone
- Isguiz Zone
Resource Data
- Category
- inferred
- Tonnes
- 251805
- Grade
- 4.9
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2018-12-31
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2018-12-31T00:00:00.000Z
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: This is a historical estimate from 2018 by a prior operator, not compliant with current NI 43-101 standards, and is included for context only. It has low novelty and confidence.
Negative factors
- Historical Estimate Only
- No QP/CP Disclosure
Evidence · text
“4.90% Zn”
Context: Inferred Resources: 251,805 tonnes @ 208 g/t Ag
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 7.1 years before this release
provenMallay Silver-Lead-Zinc Mine · silverTonnes: 133889Grade: 203Grade Unit: g/tHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Mallay Silver-Lead-Zinc Mine
- Commodity
- silver
- Region
- peru
- Reported Region
- central Peru
- Ticker
- EXN
Resource scope
- Estimate type
- reserve
- Reporting standards
- other
- QP Signed
- No
- Resource group id
- resource:f3c68c7baf463dfd3182
- Deposit or zone
- Isguiz Zone
Resource Data
- Category
- proven
- Tonnes
- 133889
- Grade
- 203
- Grade Unit
- g/t
Prior Estimate
- Resource Date
- 2018-12-31
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2018-12-31T00:00:00.000Z
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: This is a historical estimate from 2018 by a prior operator, not compliant with current NI 43-101 standards, and is included for context only. It has low novelty and confidence.
Negative factors
- Historical Estimate Only
- No QP/CP Disclosure
Evidence · text
“Proven + Probable Reserves: 133,889 tonnes @ 203 g/t Ag”
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 7.1 years before this release
provenMallay Silver-Lead-Zinc Mine · leadTonnes: 133889Grade: 3.68Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Mallay Silver-Lead-Zinc Mine
- Commodity
- lead
- Region
- peru
- Reported Region
- central Peru
- Ticker
- EXN
Resource scope
- Estimate type
- reserve
- Reporting standards
- other
- QP Signed
- No
- Resource group id
- resource:f3c68c7baf463dfd3182
- Deposit or zone
- Isguiz Zone
Resource Data
- Category
- proven
- Tonnes
- 133889
- Grade
- 3.68
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2018-12-31
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2018-12-31T00:00:00.000Z
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: This is a historical estimate from 2018 by a prior operator, not compliant with current NI 43-101 standards, and is included for context only. It has low novelty and confidence.
Negative factors
- Historical Estimate Only
- No QP/CP Disclosure
Evidence · text
“3.68% Pb”
Context: Proven + Probable Reserves: 133,889 tonnes @ 203 g/t Ag
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 7.1 years before this release
provenMallay Silver-Lead-Zinc Mine · zincTonnes: 133889Grade: 6.75Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Mallay Silver-Lead-Zinc Mine
- Commodity
- zinc
- Region
- peru
- Reported Region
- central Peru
- Ticker
- EXN
Resource scope
- Estimate type
- reserve
- Reporting standards
- other
- QP Signed
- No
- Resource group id
- resource:f3c68c7baf463dfd3182
- Deposit or zone
- Isguiz Zone
Resource Data
- Category
- proven
- Tonnes
- 133889
- Grade
- 6.75
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2018-12-31
Metal Equivalent
- Assumptions Disclosed
- No
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2018-12-31T00:00:00.000Z
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: This is a historical estimate from 2018 by a prior operator, not compliant with current NI 43-101 standards, and is included for context only. It has low novelty and confidence.
Negative factors
- Historical Estimate Only
- No QP/CP Disclosure
Evidence · text
“6.75% Zn”
Context: Proven + Probable Reserves: 133,889 tonnes @ 203 g/t Ag
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 7.1 years before this release
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.