Excellon Resources (TSX: EXN) this morning released its production results for the fourth quarter and full year of 2021. The firm saw year over year growth in terms of silver equivalent production, however the fourth quarter fell short when compared to the third quarter as well as the year ago period.
For the fourth quarter, the firm produced a total of 492,013 silver equivalent ounces at Platosa, its flagship and only operating mine. This was down substantially from the 521,160 equivalent ounces produced in the third quarter, as well as down from the 556,332 ounces produced in the year ago period.
On an annual basis, the firm produced a total of 2.0 million ounces of silver equivalent, compared to 1.6 million ounces in 2020, however the comparable period faced prolonged periods of mine closures due to the ongoing pandemic.
The lower production figure was blamed on both seasonal impacts on processing and delivery, as well as lower ore grades. Head grades are said to have fallen due to narrow sections of the ore body being mined, and “variation in manto mineralization. The firm is currently in the process of determining what level of production is feasible at the mine due to dewatering rates, with the firm potentially halting production past mid-2022.
Excellon Resources last traded at $0.95 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
