Excellon Resources secures Glencore partnership and funding to restart Mallay Silver Mine in Peru

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25d ago 4:11

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Excellon Resources CEO Shawn Howarth joined Steve Darling from Proactive to announce a major milestone for the company as it works toward becoming a silver producer once again. Excellon has entered into a non-binding agreement with subsidiaries of Glencore plc, one of the world's largest diversified natural resource companies, to support the restart of the past-producing Mallay Silver Mine, located in Peru. The agreement includes two critical financial instruments: a concentrate offtake agreement and a pre-export finance loan facility. Combined, these will provide Excellon with the key capital required to fund the recommencement of mining operations at Mallay. Specifically, under the offtake component of the deal, Glencore will purchase 100% of the zinc-lead concentrate produced at the Mallay Mine through at least 2028, with the potential to extend to 2029 depending on certain performance and market conditions. Adding to this momentum, Howarth shared that Excellon recently closed an $8 million equity financing round on May 14, bringing its total available capital for the restart project to approximately $18 million. The financing included participation from well-known mining financier Eric Sprott. Sprott now owns approximately 9.5% of Excellon’s outstanding common shares on a non-diluted basis, and 12.8% on a partially diluted basis. This funding package will enable Excellon to move forward with the development, refurbishment, and ramp-up of the Mallay Mine, which previously operated from 2010 to 2013. Excellon plans to leverage this capital to restart production swiftly, optimize operational efficiency, and extend mine life through exploration and expansion. With Glencore’s backing, a healthy cash position, and a proven asset ready for revitalization, Excellon is now well positioned to deliver near-term value to shareholders and establish a platform for long-term growth in the Americas-focused silver sector. #proactiveinvestors #excellonresourcesinc #tsx #exn #glencore #mining #peru #ericsprott #MiningNews #SilverMining #Glencore #MallayMine #TSX #ResourceInvestment #MiningUpdate #EricSprott #ExplorationDrilling #PeruMining #Zinc #Lead #KilgoreProject #TresCerros

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