RCKS Talk

Thursday, December 14, 2017 Derek Macpherson

EXN Begins 2018 Exploration at Platosa

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Excellon Resources Inc. (TSX:EXN) has started an extensive surface exploration program at Platosa, comprised of 30,000m of drilling as well as soil geochemistry and induced polarization surveys. Drilling will follow up on results from 2017 to define mineralization near existing infrastructure from underground drill platforms and to test, new manto mineralization along the Platosa Corridor (5km strike) and skarn targets. Drilling has been ongoing, having drilled 6,600m from surface (24 holes) and 6,000m from existing underground infrastructure since Q3 2016, the program will be completed in Q1 2018, with results to follow. The geophysical campaigns in Q1 2018, will follow up on previous soil geochemistry work which began in Q4 2017. Excellon currently trades at a discount to peers at 4.5x 2017e EV/CF versus peers at 5.4x 2017e EV/CF. Ongoing and upcoming exploration should be an important catalyst for the company, as they highlight the potential to improve and grow operations in the near-term. read more


Friday, November 03, 2017 Derek Macpherson

EXN Q3 Financials; Reflect Improving Operations

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Excellon Resources Inc. (TSX:EXN) reported significantly improved Q3 2017 financial results. Excellon nearly doubled revenue to $7.1M compared to Q2 2017 and up 77% YoY. Production cost per tonne, cash cost per payable silver ounce and AISC all decreased significantly QoQ and YoY with a 70% drop in AISC. With AISC currently below $12/oz Ag and a mining rate of 200 tpd, the company is well positioned to increase production going into 2018. The successful completion of the company’s Optimization Plan resulted in higher tonnage and metal produced at La Platosa. For the remainder of 2017, the focus for the company remains on ramping up production to 300 tpd. We view the results very positively and believe the following quarters are likely to show incremental gains as the effects of dry mining conditions and overall improvements are realized. Excellon currently trades at a discount to peers at 3.8x 2017e EV/CF versus peers at 4.9x 2017e EV/CF. Ongoing exploration should be an important catalyst for the company, as they highlight the potential to expand and grow operations in the near-term.   read more


Tuesday, October 17, 2017 Derek Macpherson

As Anticipated Excellon Reports Improved Q3 Results

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Excellon Resources Inc. (TSX:EXN) has reported a significant increase in grades and tonnage at its Platosa mine in Mexico. By mining the high-grade 623 manto and ramping up production from 125 tpd in Q2 2017 to 200 tpd, the company was able to increase metal AgEq production by 96% compared to Q3 2016. The company also completed the first stage of a new tailings management facility at their milling facility in Miguel Auza, Zacatecas, which, once in commission, will allow for a 300 tpd production rate in five stages for approximately 19 years. The commissioning of this facility is in line with the company’s plan to continue expanding their resource base and the mine’s production rate. Management also pointed out that their AISC decreased during this past quarter to approximately $11-$13 per payable silver ounce. As previously suggested, the production and cost improvements are a direct result of the company’s recently completed mine optimization plan which has resulted in dry mining conditions in higher grade areas. In our view, these operational improvements are key to enhancing the company’s value and liquidity in the years to come. Excellon currently trades similarly to peers at 5.9x 2017e EV/CF versus peers at 5.8x 2017e EV/CF. Ongoing exploration should be an important catalyst for the company, as they highlight the potential to expand and grow operations in the near-term.  read more


Thursday, October 05, 2017 Derek Macpherson

RCKS Charts: EXN, FM, GRR, WDO, PGE, MMX & RPX

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In this edition of RCKS Charts, Keith has evaluated Excellon Resources Inc. (TSX:EXN), First Quantum Minerals Ltd. (TSX:FM), Golden Reign Resources Ltd. (TSXV:GRR), Wesdome Gold Mines Ltd. (TSX:WDO), Group Ten Metals Inc. (TSXV:PGE), Maverix Metals Inc. (TSXV:MMX) and Red Pine Exploration Inc. (TSXV:RPX).  read more


Wednesday, September 20, 2017 Derek Macpherson

RCKS Charts: WRN, SBB, RIC, PG and EXN

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In this edition of RCKS Charts, Keith has evaluated Western Copper and Gold Corp. (TSX: WRN), Sabina Gold & Silver Corp. (TSX:SBB), Richmont Mines Inc. (TSX:RIC), Premier Gold Mines Ltd. (TSX:PG) and Excellon Resources Inc. (TSX:EXN).  read more


Monday, September 11, 2017 Derek Macpherson

RCKS Charts: Gold, Copper, EXN, KL & SIR

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In this edition of RCKS Charts, Keith has evaluated Excellon Resources Inc. (TSX:EXN), Kirkland Lake Gold Ltd. (TSX:KL) and Serengeti Resources Inc. (TSXV:SIR) along with the gold and copper charts.  read more


Wednesday, September 06, 2017 Derek Macpherson

EXN Intersects High Grades; Accessible by End of Year

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Excellon Resources Inc. (TSX:EXN) reported high grade results from ongoing exploration at its Platosa Mine in Mexico. Results were highlighted by hole EX17UG330, returning 1,203 g/t Ag, 9.3% Pb and 13.4% Zn 2,255 g/t over 11.1m, including 2,079 g/t Ag, 14.2% Pb, 23.9% Zn over 5.2m. Importantly, drilling discovered near mine mineralization, that connected and expanded the 623 and Guadaloupe South Mantos, which can be accessed by the end of the year. To date, 16,030m (139 holes) of drilling has been completed through the ongoing program. Excellon currently trades similarly to peers at 5.9x 2017e EV/CF versus peers at 6.3x 2017e EV/CF. Ongoing exploration should be an important catalyst for the company, as they highlight the potential to expand and grow operations in the near-term. read more


Tuesday, August 01, 2017 Derek Macpherson

EXN Q2 Financials Begin to Reflect Optimization Work

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Excellon Resources Inc. (TSX:EXN) reported improved Q2 2017 financial results, as the company began to experience the benefits of completing the optimization plan at Platosa. Although YoY costs are still higher and revenue is lower, on a quarterly basis the company’s financials have improved. QoQ revenue increased by 4.6% to ~US$3.6 million, while costs decreased; production costs per tonne by 14.5%, cash costs per payable Ag oz by 19.3% and AISC per Ag oz payable by 38.9%. In Q3 2017, the company noted it will produce from the Rodilla Manto, increase production from the Guadalupe South Manto and begin producing from the 623 Manto. For the remainder of 2017, the focus remains on ramping up production to 300 tpd, and to continue on the path to double production and cut costs in half. We view the results positively and believe the following quarters are likely to show incremental gains as the effects of dry mining conditions and overall improvements are realized. Excellon currently trades at a premium to peers at 8.7x 2017e EV/CF versus peers at 6.7x 2017e EV/CF. Ongoing exploration should be an important catalyst for the company, as they highlight the potential to expand and grow operations in the near-term. read more


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