Excellon Resources achieved multiple important milestones in 2020, including the expansion of its portfolio of high-quality projects with the acquisition of Otis gold and the publication of an updated resource at Evolucion, both of which contributed to the dramatic increase in the global resource base and NAV per share. Management navigated the government-imposed mining suspension at Platosa and was able to implement improved operational efficiencies and cost reductions upon resumption of mining activities. Shift schedule changes, a new mining method, zinc offtake renegotiation, and the switch to a private natural gas electricity supplier all contributed to the improved economics at Platosa. The Company also started drilling and hitting high-grade intervals at its Silver City project in Saxony, Germany, including 1,042 g/t Ag over 0.45 metre, making new discoveries over a 12 km strike. Assays from a further nine holes are pending. Excellon bolstered its balance sheet by raising C$17.9M in an oversubscribed convertible debenture offering and subsequently completed an NYSE listing in September.
