Business
Excellon Resources Reports 2019 Annual and Fourth Quarter Financial Results
TORONTO, March 31, 2020 /CNW/ - Excellon Resources Inc. (TSX:EXN, EXN.WT, OTC:EXLLF and FRA:E4X1) ("Excellon" or the "Company") is pleased to report financial r
About this update from Excellon Resources Inc.
[{"type":"text","content":" TORONTO, March 31, 2020 /CNW/ - Excellon Resources Inc. (TSX:EXN, EXN.WT, OTC:EXLLF and FRA:E4X1) (\"Excellon\" or the \"Company\") is pleased to report financial results for the three- and twelve-month periods ended December 31, 2019. 2019 Financial and Operational Highlights (compared to 2018) Revenues of $26.5 million (2018 – $24.3 million) Silver equivalent (\"AgEq\") production of 2.0 million ounces (2018 – 1.9 million AgEq ounces) AgEq ounces payable sold of 1.8 million ounces (2018 – 1.6 million AgEq ounces payable) Mined tonnage 30% higher to 74,876 tonnes, a record for the Platosa Mine (2018 – 57,475 tonnes) Total tonnage processed, including toll milling, increased 11% to 89,478 tonnes, a record for the Miguel Auza Processing Facility (2018 – 81,004 tonnes) Gross loss of $1.4 million (2018 – profit of $0.7 million) Total cash cost per Ag oz payable of $13.01 (2018 – $9.48) All-in sustaining cost net of byproducts per Ag oz payable (\"AISC\") of $23.57 (2018 – $20.69) Net loss of $10.0 million or $0.10/share (2018 – net loss of $7.7 million or $0.08/share) Net working capital totaled $7.6 million at December 31, 2019 (2018 – $7.9 million) Acquired an option to earn 100% interest on Silver City Project in Saxony, Germany Q4 2019 Financial Highlights (compared to Q4 2018) Revenues of $6.4 million (Q4 2018 – $5.9 million) AgEq production of 469,707 ounces (Q4 2018 – 509,043 AgEq ounces) AgEq ounces payable sold of 408,899 (Q4 2018 – 408,235 AgEq ounces payable) Gross loss of $0.5 million (Q4 2018 – loss of $0.2 million) Total cash cost per Ag oz payable of $14.36 (Q4 2018 – $11.76) AISC per Ag oz payable of $26.76 (Q4 2018 – $21.06) Net loss of $1.1 million or $0.01/share (Q4 2018 – net loss of $4.1 million or $0.04/share) Agreement with Wallbridge Mining on Beschefer Property In Q1 2020, the Company entered an agreement with Wallbridge Mining Company Limited (\"Wallbridge\") in satisfaction the option agreement on the Beschefer Property (Quebec), pursuant to which Wallbridge has issued to Excellon an additional three million common shares (\"WM Shares\") and 500,000 warrants to purchase WM Shares with an exercise price of $1.00 and a term of five years Excellon currently holds 3.5 million WM Shares valued at C$1.925 million (based on Wallbridge's closing price on March 30, 2020) \"Both the Platosa Mine and...