Silver producer and Explorer today reported excellent production figures for the last quarter of 2020 Excellon Resources (TSX EXN / WKN A2QEQZ). According to the company, things went more than smoothly at the Mexican silver mine Platosa.
According to Excellon, production in the fourth quarter of last year increased by 18% from 469,707 to 556,332 ounces of silver equivalent compared to the same period in 2019. The silver output increased by 37% from 259,282 to 355,581 ounces and thus replaced the third quarter of 2020 as the second quarter of 2014 as the strongest three-month period in this regard!
In addition, according to Excellon, lead production increased 32% year over year from 1.7 to 2.2 million pounds, while zinc output from the Platosa mine increased from 2.1 to 2.5 million pounds, a 19% increase. According to the company, after the resumption of production, the mine was closed between April and June due to COVID19 measures, a record productivity was achieved at the end of the second quarter.
According to Excellon’s CEO Brendan Cahill, the numerous improvements that have been made to the company have taken effect on Platosa. This optimization process will be continued and opportunities for improvement will continue to be identified. According to Cahill, the Miguel Auza-Mühle achieved an excellent performance in 2020 and achieved strong and increasing recovery rates. The Excellon CEO pointed out that last year’s metal production was not too significantly below the value of 2019, although a whole quarter of production was missing due to the corona pandemic!
As Excellon further explained, productivity in 2020 was higher than the previous year, while operating costs were reduced at the same time. The extraction rates of the mill increased over the year and at the same time the reliability of the processing plant could be increased substantially. Given the continued strong precious metals price environment, the company said the company’s Mexican assets are positioned to continue the performance of the second half of 2020. In the fourth quarter, speaking of the price environment, Excellon sold silver at $ 24.46, compared to just $ 17.12 an ounce in the last three months of 2010. The price of zinc also rose from 1.04 to 1.21 USD per pound, while the price of lead remained unchanged at USD 0.87 per pound.
With strong production figures, rising metal prices and, according to the company, falling costs, the financial figures for the fourth quarter should also be convincing. We are already excited!
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