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Excellon Reports First Quarter 2023 Financial Results and Corporate Highlights
Toronto, Ontario--(Newsfile Corp. - May 15, 2023) - Excellon Resources Inc. (TSX: EXN) (OTCQB: E...
About this update from Excellon Resources Inc.
[{"type":"text","content":"Excellon Reports First Quarter 2023 Financial Results and Corporate HighlightsToronto, Ontario--(Newsfile Corp. - May 15, 2023) - Excellon Resources Inc. (TSX: EXN) (OTCQB: EXNRF) (FSE: E4X2) (\"Excellon\" or the \"Company\") reports financial results and corporate highlights for the three months ended March 31, 2023.Q1 2023 HighlightsAnnounced acquisition of the past-producing La Negra mine in Querétaro, Mexico.aFully permitted mine with established infrastructure and historical payable production averaging +3.0 million silver-equivalent (\"AgEq\") ounces (\"oz\") annually.bIndicated Mineral Resources of approximately 15.1 million oz AgEq at 191 g/t AgEq and Inferred Mineral Resources of approximately 41.8 million AgEq oz at 202 g/t AgEq.c d2022 Preliminary Economic Assessment (\"PEA\") demonstrates a post-tax NPV5% of USD$132.4 million.eEstimated restart capital of US$20.9 million based on the PEA.Announced private placement financing for up to C$10 million of subscription receipts.fOffer price C$0.35 per subscription receipt.Each subscription receipt entitles the holder to one unit of the Company comprised of one common share and one common share purchase warrant of the Company.Each warrant to acquire one common share at a price of C$0.55 per common share for a period of 24 months.Reversal of the US$22 million litigation liability relating to the previously disclosed judgment against one of the Company's subsidiaries in Mexico.gInitial diamond drilling results from the 2022-2023 exploration program at the Oakley project in Idaho, USA, subject to the option agreement between Excellon and Centerra (U.S.) Inc. (\"Centerra\"), a subsidiary of Centerra Gold Inc., including: 189.56m at 0.40 grams/tonne (g/t) gold (Au) in BHC-22-02; and110.64m at 0.43 g/t Au in BHC-22-03, including 2.03m at 3.94 g/t Au.hCenterra exercised their first option to earn an initial 51% interest in Oakley and, on April 4, 2023, provided notice of intention to proceed to exercise the second option to acquire an additional 19%. Financial ResultsFinancial results for the three months ended March 31, 2023 and 2022 were as follows:('000s of USD, except amounts per share and per ounce)Q1 2023(5)Q1 2022(4) Revenue (1)-8,496Production costs-(5,635)Depletion and amortization-(2,278)Cost of sales-(7,913)Gross profit-583Gain on deconsolidation of San Pedro ...