Record Mined Tonnage From Platosa Mine

TORONTO - Excellon Resources Inc. President & CEO, Brendan Cahill, said, "Our operations team performed exceptionally well in Q3 in all areas, managing the restart and delivering record mined tonnage from Platosa, while keeping our people safe through the threat of COVID-19. We continue to implement all measures necessary to minimize the impact of the pandemic on our people and the operations. Additionally, we have now secured a private electricity contract linked to natural gas prices, which we expect to deliver much lower prices in this critical cost centre going forward, driving down costs overall."

Q3 2020 Production (compared to Q3 2019): Silver equivalent (AgEq) production increased 23% to 524,312 AgEq oz ?(Q3 2019 – 427,131 AgEq oz), Silver production increased 27% to 326,909 oz (Q3 2019 – 257,497 oz), the strongest quarter of silver production since Q2 2014, Lead production increased 71% to 2.2 million lb (Q3 2019 – 1.3 million lb), and Zinc production increased 66% to 2.7 million lb (Q3 2019 – 1.7 million lb); Record mined tonnes from Platosa during the quarter; and Private electricity contract now in place, promising savings on largest operational cost.

The operation continued to realize improvements during the third quarter from the site organizational changes implemented prior to the pandemic-mandated shutdown. Improvements were recognized in lower consumable costs, lower workforce costs, an increased in mine efficiency, improved mine extraction by month and increased equipment reliability. At the process plant, a focus on feed blending, reagent optimization and workforce shift schedule reorganization has resulted in plant operational stabilization and increased metal recoveries with lower unit cost.  Head grades were consistent with past performance, with reduced silver feed grades the product of current mining areas and ordinary course variations. Ongoing focus on business improvements and lower electricity prices from the newly activated power contract at Platosa are expected to continue improving the operation's economics.

Drilling has continued as planned on the Company's Silver City Project since early July. The Company has, however, experienced significant delays in the return of assays from drilling on the project, which is also being experienced across the industry. Core samples are sent from Frieberg to the external assaying laboratory's sample preparation facility in Poland for sample preparation. These samples are then flown a central laboratory in British Columbia, Canada for processing. The logistics of this process, combined with other COVID-19-related challenges and bull-market demand for assaying services, have resulted in delays in receiving assays. The Company expects to release assay results from the ongoing program in due course.