Excellon Provides Operational Update

Excellon_16022021

Toronto, Ontario – February 16, 2021 – Excellon Resources Inc. (TSX:EXN, EXN.WT; NYSE:EXN; FRA:E4X2) (“Excellon” or the “Company”) advises that the impact of the ongoing polar vortex in the American southwest is likely to increase operational costs during the first quarter of 2021. The Company’s current energy contract is backed by natural gas. Weather conditions in the southwest United States have affected natural gas production and transport, leading to record high natural gas prices since Friday, February 12th, with unit costs increasing from US$3.00 to over US$300 per mmBtu. These temporarily increased prices impact energy costs at the Platosa Mine. The Company is seeking alternative, lower-cost options in cooperation with its energy provider, but may not be able to confirm such alternatives in an effective timeframe. The increase in prices is expected to be a short term event and the Company expects to return to normal pricing over the coming days as weather patterns normalize. The Company will provide an update in due course.

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