- Excellon Resources (TSX:EXN) has revealed improved financial markers in its first quarter report of the year
- The silver, lead and zinc miner generated C$6.6 million in revenue for the quarter, up from $5.2 million in 2019’s same quarter
- The company’s quarterly production totalled 523,742 silver equivalent ounces
- Net loss for the year was $100,000, down from a $600,000 net loss in the previous corresponding quarter
- Excellon Resources (EXN) is up 16 per cent and is trading at 93 cents per share
Excellon Resources (TSX:EXN) has revealed improved financial markers in its first quarterly report of the year.
The company posted revenues of C$6.6 million for the quarter, compared to $5.2 million the year before.
Production totalled 523,742 silver equivalent ounces for the quarter, compared to 522,261 ounces in 2019’s same quarter.
Production costs grew from $4.6 million in 2019 to $5.4 million this year.
Excellon’s cash flow from operations went to $1.77 million, up from $977,000 last year’s same quarter.
The company posted a gross loss for the quarter of $100,000, down from a loss of $600,000 in 2019’s first quarter.
The total net loss for the quarter was $6.4 million, or a net per share loss of six cents.
The company’s cash and cash equivalents totalled $8.4 million, at March 31, 2020.
Excellon’s President and CEO, Brendan Cahill said the company was preparing the restart the company’s Mexican operations, following the suspension of work due to the coronavirus outbreak.
“We are looking forward to resuming operations at Platosa and Miguel Auza in a safe and health manner and doing our part to prevent the further spread of COVID-19 in Mexico.
“Fortunately, our people have not suffered any cases of the sieges and incidences in our surrounding communities have been minimal.
“Our markets are beginning to improve after the extreme swings of recent m months in metal prices, currencies and input costs, which significantly impacted our financial results in the first quarter, despite a strong quarter operationally,” he said.
Excellon Resources (EXN) is up 16 per cent and is trading at 93 cents per share at 1:09 pm EDT.
