TORONTO, ON–(Marketwired – May 10, 2017) – Excellon Resources Inc. (TSX: EXN) (TSX: EXN.WT)(OTC: EXLLF) (“Excellon” or the “Company”) is pleased to report financial results for the three-month period ended March 31, 2017 and provide an update on the ongoing mine optimization plan (the “Optimization Plan”) at the Company’s Platosa Mine.
Q1 2017 Financial Highlights
- Revenue of $3.4 million (Q1 2016 – $4.3 million)
- Production of 205,314 silver equivalent (“AgEq”) ounces (Q1 2016 – 363,552 AgEq ounces)
- Mine operating loss of $1.2 million (Q1 2016 – earnings of $0.4 million)
- Adjusted net loss of $1.9 million or $0.03/share (Q1 2016 – adjusted net loss of $0.7 million or $0.01/share), excluding non-cash financing costs associated with outstanding convertible debentures (the “Debentures”) issued in November 2015
- Cash, current accounts receivable and marketable securities totaled $5.7 million at March 31, 2017 (December 31, 2016 – $7.6 million)
- Net working capital totaled $6.2 million at March 31, 2017 (December 31, 2016 – $8.6 million)
- Sale of Osisko Mining Corporation (“Osisko”) common shares at CDN$5.29/share in early April 2017 for net proceeds of $3.3 million, realizing 350% gain since DeSantis Property sale transaction was announced in December 2015