Excellon Resources (TSXV:EXN) Is Up 30.8% After First NI 43-101 Mallay Resource Estimate
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In February 2026, Excellon Resources Inc. reported its first independent NI 43-101 Mineral Resource Estimate for the Mallay silver-lead-zinc mine in central Peru, outlining indicated resources of 890,000 tonnes and inferred resources of 362,000 tonnes at specified silver, lead, and zinc grades.
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The estimate consolidates an extensive historical dataset of more than 160,000 metres of drilling and 22,000 metres of channel sampling, creating a higher-confidence resource base to support staged restart planning while ongoing drilling and new target areas remain outside the current model.
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We’ll now examine how this higher-confidence NI 43-101 resource base at Mallay shapes Excellon Resources’ investment narrative and risk profile.
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To own Excellon Resources today, you have to believe that Mallay can transition from being a past-producing asset with zero current revenue into a viable mine restart that addresses the company’s ongoing losses and tight cash runway. The new NI 43-101 resource at Mallay is important because it upgrades a large portion of the inventory to compliant, indicated resources, giving management a more credible foundation for staged restart plans and potential financing discussions. That said, the resource estimate itself does not fix the core risks: Excellon is still unprofitable, has less than a year of cash runway, and has diluted shareholders in the past year. With the share price already very strong over the last twelve months, the key short term catalysts now revolve around concrete progress on restart, funding, and drill results that could reshape expectations around Mallay.
Insights from our recent valuation report point to the potential overvaluation of Excellon Resources shares in the market.
The Simply Wall St Community’s two fair value estimates span from about US$0.95 to US$31.80, showing how far apart individual views on Excellon’s potential really are. Set that against a business with no current revenue, continuing losses and a planned Mallay restart that still depends on funding and execution, and it is clear you are weighing very different scenarios for how this story plays out.
Explore 2 other fair value estimates on Excellon Resources – why the stock might be a potential multi-bagger!
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