Benzinga | May 13, 2021 04:22PM EDT

Excellon Q1 2021 Revs $9.8M

Q1 2021 Financial and Operational Highlights

* Revenues increased by 76% to $9.8 million during Q1 2020 ($5.6 million in Q1 2020)

* Gross profit improved by $3.0 million to $1.8 million (Q1 2020 -- loss of $1.2 million)

* Cost profile impacted by additional energy costs of $0.6 million due to increase in natural gas price during mid-February polar vortex in southwest U.S.

* Total cash cost net of byproducts per silver ounce payable decreased by 13% to $13.43 (Q1 2020 -- $15.35)

* AISC per silver ounce payable decreased by 7% to $24.34 (Q1 2020 -- $26.28) or $18.67 excluding non-cash items, the cash component of annual compensation grants and additional electricity costs associated with the polar vortex

* Production cost per tonne increased by 2% to $297 per tonne (Q1 2020 -- $292 per tonne)

* Cash and marketable securities of $8.3 million at March 31, 2021 (December 31, 2020 -- $10.7 million)

* Other highlights during the quarter included: Positive underground drilling results at the Platosa Mine which identified multiple significant opportunities to define additional mineralization; High-grade silver discovery at Silver City (Grauer Wolf) and drilling results confirming mineralization over 12 kilometres of strike within 36 kilometres of open strike potential; and Doubling ground position at Silver City with the addition of 17,600 hectares of additional exploration licenses.

"Our team in Mexico delivered a strong quarter, though with room for improvement," stated Brendan Cahill, President and CEO. "As previously disclosed, the polar vortex in February had a sizeable impact on our cost profile, though our team at Platosa did an excellent job mitigating the impact to a great extent. Additionally, we see room for improvement in metal recoveries, which will improve payable metals and by-product credits. Looking toward the coming quarters, we are focused on continuing our drilling programs around Platosa and on the developing Platosa-style target 11 kilometres northwest at Jaboncillo, while we ramp up drill programs at Oakley and Silver City in the coming weeks."