On July 21st, Excellon Resources has mobilized a mining contractor and commenced underground rehabilitation activities at its 100%-owned Mallay Silver Mine in Peru, marking a significant step toward restarting operations and returning to silver production.

Initial efforts are focused on cleaning and reinforcing the 4,150 and 4,090 haulage levels, including ground support improvements, ventilation upgrades, and reopening key drifts and ramps to facilitate equipment access. The rehabilitation phase is expected to be completed within four months, aligning with Excellon’s broader restart schedule that targets nameplate capacity of 600 tonnes per day by the second quarter of 2026.

An updated NI 43-101 Mineral Resource Estimate is currently underway and expected by late August 2025. Following completion of rehabilitation, the company plans to advance operational planning, initiate stope development, and commence underground drilling to expand known high-grade resources. Concurrently, exploration efforts continue around the Mallay Mine, including the Pierina vein system and the Tres Cerros corridor. Excellon emphasized that the restart project is progressing safely and responsibly in partnership with an experienced Peruvian contractor.