Excellon has achieved first concentrate production at the Mallay Mine in central Peru during a pre-commissioning campaign that commenced on 2 July 2026. The plant has processed approximately 12,000 tonnes of material, yielding concentrates containing about 29,200 ounces of silver, 319,000 pounds of lead, and 456,000 pounds of zinc.

The concentrator is currently operating at a controlled rate of approximately 400 tonnes per day to facilitate metallurgical optimization during the restart phase. The company expects to ship the initial concentrates produced during this campaign in August 2026, with payment scheduled for receipt within the same quarter.

“Achieving first concentrate production at Mallay is an important milestone for Excellon, and the plant has run consistently since start-up. It is important to recognize 2026 is a restart and ramp-up year. We are deliberately holding the mill at a throughput rate that gives our metallurgical team room to work through recovery optimization in a structured and pragmatic manner. The same discipline applies underground, where dewatering of the 400 Ramp has advanced sufficiently for rehabilitation to begin, the next step toward providing access below the 4090 Level.”

— Shawn Howarth, President and Chief Executive Officer

Dewatering of the 400 Ramp—the primary access point to mineralization located below the 4090 Level—has reached a stage where rehabilitation can now proceed. The company expects this rehabilitation work to take approximately three months, after which development below the 4090 Level is slated to continue.

Following the announcement, Excellon is currently trading at $0.345, up 13.11%.

Looking ahead, management intends to deliver an updated restart plan and schedule for the mine during the third quarter of 2026. Three drill rigs remain active on site, conducting confirmation drilling at depth and near-mine exploration, with results to be disclosed separately.

Read the full announcement: Excellon Produces First Concentrate at Mallay