Business
Excellon Closes Glencore Offtake and Financing
Toronto, Ontario--(Newsfile Corp. - August 20, 2025) - Excellon Resources Inc. (TSXV: EXN) (OTC Pink: EXNRF) (FSE: E4X2) ("Excellon" or the "Company") is pleased to announce the closing of its offtake and financing agreement (the "Agreement") with subsidiaries of Glencore plc ("Glencore") to support the restart of the past-producing Mallay Silver Mine ("Mallay") in Peru.Highlights:Facility Size: Up to US$7.5 million in secured funding, structured as a Pre-Export Finance loan, with an initial dra
About this update from Glencore Plc
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - August 20, 2025) - Excellon Resources Inc. (TSXV: EXN) (OTC Pink: EXNRF) (FSE: E4X2) ("Excellon" or the "Company") is pleased to announce the closing of its offtake and financing agreement (the "Agreement") with subsidiaries of Glencore plc ("Glencore") to support the restart of the past-producing Mallay Silver Mine ("Mallay") in Peru.","length":423,"tagName":"p"},{"type":"text","content":"Highlights:","length":11,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Facility Size: Up to US$7.5 million in secured funding, structured as a Pre-Export Finance loan, with an initial drawdown amount of up to US$5.0 million and an optional second amount of US$2.5 million available until March 2026.","length":228,"tagName":"p"}]},{"val":[{"type":"text","content":"Interest Rate: SOFR + 5%.","length":25,"tagName":"p"}]},{"val":[{"type":"text","content":"Repayment Terms: Six months grace period following initial drawdown, with monthly prepayment through to 2027.","length":109,"tagName":"p"}]},{"val":[{"type":"text","content":"Security: Loan secured against concentrates sales and other various guarantees.","length":79,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":441,"olType":false},{"type":"text","content":"The proceeds of the Facility will be used to fund the restart of the Mallay Mine, including underground development, mill upgrades and working capital to achieve commercial production.","length":184,"tagName":"p"},{"type":"text","content":"Shawn Howarth, President and CEO, commented, "The closing of our agreement with Glencore marks a major milestone in our journey to return Excellon to silver production. With additional and flexible funding now secured, we continue to execute on our restart plan at Mallay — a project with exceptional infrastructure and near-term cash flow potential."","length":361,"tagName":"p"},{"type":"text","content":"The associated concentrates offtake agreement grants Glencore the right to purchase 100% of the Mallay Mine's zinc and lead concentrates (containing silver by-product). This long-term commitment provides a guaranteed purchaser for Mallay's output and provides Excellon with exposure to future upside on silver and other metals prices.","length":342,"tagName":"p"},{"ty...