# Excellon Increases Indicated Silver Mineral Resource by over 500% for the Mallay Mine Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--616adf55-f287-4820-958b-6a0969aaf299 Original source: https://money.tmx.com/en/quote/EXN/news/7023992588463599/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay- Publisher: tmx Original announcement: 2026-02-23T14:47:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Excellon Resources Inc. - Ticker: EXN - Exchange: TSX - Region: central Peru - Primary commodity: Silver - Secondary commodities: Lead, Zinc - Document categories: Resource update - Extracted: 2026-09-12 04:16:06 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas 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 factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Maiden Resource - Negative factor: Historical Estimate Only Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 15 ## Classification and evidence **Maiden Resource** Polarity: neutral Definition: 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 Upgrade** Polarity: positive Definition: 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 Growth** Polarity: positive Definition: 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 Growth** Polarity: positive Definition: 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 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 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 Compliant** Polarity: positive Definition: 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 Disclosed** Polarity: positive Definition: 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 Resource** Polarity: negative Definition: 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 Only** Polarity: negative Definition: 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) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--616adf55-f287-4820-958b-6a0969aaf299#fact-resource-facts-0) Mallay Silver-Lead-Zinc Mine · silver #### 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 factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Maiden Resource Evidence · table > 195 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 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 890000 against 6762 previously **Grade Decline** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--616adf55-f287-4820-958b-6a0969aaf299#fact-resource-facts-1) Mallay Silver-Lead-Zinc Mine · lead #### 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 factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Maiden Resource Evidence · table > 3.33 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 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 890000 against 6762 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 3.33 against 2.23 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--616adf55-f287-4820-958b-6a0969aaf299#fact-resource-facts-2) Mallay Silver-Lead-Zinc Mine · zinc #### 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 factor: Category Upgrade - Positive factor: Tonnage Growth - Positive factor: Contained Metal Growth - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Maiden Resource Evidence · table > 4.83 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 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 890000 against 6762 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 4.83 against 3.42 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--616adf55-f287-4820-958b-6a0969aaf299#fact-resource-facts-3) Mallay Silver-Lead-Zinc Mine · silver #### 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 factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Maiden Resource - Negative factor: Inferred Resource Evidence · table > 149 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 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 362000 against 251805 previously **Grade Decline** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--616adf55-f287-4820-958b-6a0969aaf299#fact-resource-facts-4) Mallay Silver-Lead-Zinc Mine · lead #### 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 factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Maiden Resource - Negative factor: Inferred Resource Evidence · table > 2.67 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 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 362000 against 251805 previously **Grade Decline** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--616adf55-f287-4820-958b-6a0969aaf299#fact-resource-facts-5) Mallay Silver-Lead-Zinc Mine · zinc #### 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 factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Maiden Resource - Negative factor: Inferred Resource Evidence · table > 4.32 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 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 362000 against 251805 previously **Grade Decline** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--616adf55-f287-4820-958b-6a0969aaf299#fact-resource-facts-6) Mallay Silver-Lead-Zinc Mine · silver Historical result Needs review: historical\_restatement #### 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 factor: Historical Estimate Only - Negative factor: No QP/CP Disclosure Evidence · text > Indicated Resources: 6,762 tonnes @ 229 g/t Ag #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--616adf55-f287-4820-958b-6a0969aaf299#fact-resource-facts-7) Mallay Silver-Lead-Zinc Mine · lead Historical result Needs review: historical\_restatement #### 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 factor: Historical Estimate Only - Negative factor: No QP/CP Disclosure Evidence · text > 2.23% Pb Context: Indicated Resources: 6,762 tonnes @ 229 g/t Ag #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--616adf55-f287-4820-958b-6a0969aaf299#fact-resource-facts-8) Mallay Silver-Lead-Zinc Mine · zinc Historical result Needs review: historical\_restatement #### 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 factor: Historical Estimate Only - Negative factor: No QP/CP Disclosure Evidence · text > 3.42% Zn Context: Indicated Resources: 6,762 tonnes @ 229 g/t Ag #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--616adf55-f287-4820-958b-6a0969aaf299#fact-resource-facts-9) Mallay Silver-Lead-Zinc Mine · silver Historical result Needs review: historical\_restatement #### 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 factor: Historical Estimate Only - Negative factor: No QP/CP Disclosure Evidence · text > Inferred Resources: 251,805 tonnes @ 208 g/t Ag #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--616adf55-f287-4820-958b-6a0969aaf299#fact-resource-facts-10) Mallay Silver-Lead-Zinc Mine · lead Historical result Needs review: historical\_restatement #### 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 factor: Historical Estimate Only - Negative factor: No QP/CP Disclosure Evidence · text > 4.02% Pb Context: Inferred Resources: 251,805 tonnes @ 208 g/t Ag #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--616adf55-f287-4820-958b-6a0969aaf299#fact-resource-facts-11) Mallay Silver-Lead-Zinc Mine · zinc Historical result Needs review: historical\_restatement #### 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 factor: Historical Estimate Only - Negative factor: No QP/CP Disclosure Evidence · text > 4.90% Zn Context: Inferred Resources: 251,805 tonnes @ 208 g/t Ag #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: 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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--616adf55-f287-4820-958b-6a0969aaf299#fact-resource-facts-12) Mallay Silver-Lead-Zinc Mine · silver Historical result Needs review: historical\_restatement #### 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 factor: Historical Estimate Only - Negative factor: No QP/CP Disclosure Evidence · text > Proven + Probable Reserves: 133,889 tonnes @ 203 g/t Ag #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: 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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--616adf55-f287-4820-958b-6a0969aaf299#fact-resource-facts-13) Mallay Silver-Lead-Zinc Mine · lead Historical result Needs review: historical\_restatement #### 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 factor: Historical Estimate Only - Negative factor: 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 Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: 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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/excellon-increases-indicated-silver-mineral-resource-by-over-500-for-the-mallay--616adf55-f287-4820-958b-6a0969aaf299#fact-resource-facts-14) Mallay Silver-Lead-Zinc Mine · zinc Historical result Needs review: historical\_restatement #### 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 factor: Historical Estimate Only - Negative factor: 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 Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: 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.