Excellon Resources Reports Third Quarter 2016 Financial Results

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/506-tsx/exn/26255-excellon-resources-reports-third-quarter-2016-financial-results.html

TORONTO, ON –(Marketwired – November 02, 2016) – Excellon Resources Inc. (TSX: EXN) (TSX: EXN.WT) (OTC: EXLLF)(“Excellon” or the “Company”), Mexico’s highest grade silver producer, is pleased to report financial results for the three and nine-month periods ended September 30, 2016.

Q3 2016 Financial Highlights

  • Revenue of $4.0 million (Q3 2015 – $4.6 million)
  • Sales of 228,172 silver equivalent ounces (“AgEq oz”) payable (Q3 2015 – 372,485 AgEq oz payable)
  • Adjusted net loss of $1.0 million or $0.01/share (Q3 2015 – adjusted net loss of $1.3 million or $0.02/share)
  • Adjusted all-in sustaining cost (“AISC”) per silver ounce payable of $33.92, excluding the one- time sustaining capital expenditures associated with Company’s ongoing optimization plan, with lower silver ounce production resulting in increased cost per ounce
  • Preparation made for 150%+ increase in drawdown rate during Q4, with all material development now completed and the first primary booster array and wells coming online, as the Company’s ongoing optimization program heads toward completion
  • Cash, accounts receivable and marketable securities totaled $14.7 million at September 30, 2016 (December 31, 2015 – $4.7 million)
  • Net working capital totaled $14.7 million at September 30, 2016 (December 31, 2015 – $5.5 million)

Leave a Reply