Excellon Resources (EXN) AI Stock Analysis

• Market Cap: C$193.76M
• Dividend Yield: N/A
• Average Volume (3M): 2.82M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.77
• Revenue Growth: N/A
• EPS Growth: 49.02%
• Country: CA
• Employees: 3
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Silver
• EPS (TTM): >-0.01
• Shares Outstanding: 334,077,420
• 10 Day Avg. Volume: 2,817,281
• 30 Day Avg. Volume: 2,819,369
• PEG Ratio: <0.01
• Price to Book (P/B): 0.57
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -8.41
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: C$0.49 ▼(-3.92% Downside)

The score is held down primarily by weak financial performance (zero recent revenue, persistent operating losses, and ongoing cash burn). Offsetting factors are improving technical trend signals and positive operational updates around funding, rehabilitation, and restart/exploration plans, but valuation remains constrained by losses (negative P/E).

Positive Factors

Balance sheet repair

Recapitalization that moved equity into positive territory and a moderate reported debt-to-equity (~0.41) materially lowers immediate insolvency risk. This improves financing optionality and credit standing, supporting multi-month exploration and permitting activities without imminent default risk.

Sufficient staged-restart funding

Management’s claim of sufficient liquidity for a staged rehabilitation/restart is a structural positive: it reduces near-term refinancing risk and permits execution of redevelopment and exploration milestones. If executed, this preserves project timelines and preserves optionality for value-creating de-risking events.

Focused flagship project

Concentrated focus on a defined flagship asset provides clarity of strategy and concentrates capital allocation, allowing targeted permitting, resource definition and feasibility work. Successful advancement of the Kilgore project would materially change cash-generation prospects over the medium term.

Negative Factors

Zero recent operating revenue

The absence of operating revenue removes self-funding capacity and makes the business reliant on external capital or asset transactions. Over months this elevates execution and dilution risk, and constrains the company’s ability to progress projects without ongoing fundraising or partner transactions.

Persistent negative cash flow

Consistent operating and free cash flow deficits indicate the company cannot internally finance exploration or rehabilitation. This structural cash burn increases dependence on equity raises or asset sales, risking dilution and potential delays to project schedules if capital markets tighten.

Weak operating margins and earnings quality

Negative gross margins and recurring operating losses show core operations are not profitable and reported net income lacks underlying cash revenue support. Over the medium term this undermines sustainability, makes future project financing harder, and elevates risk that reported earnings won’t translate to lasting cash generation.

Excellon Resources Business Overview & Revenue Model

Company Description

Excellon Resources Inc. engages in the acquisition, exploration, and advancement of mineral properties in the United States, Germany, and Mexico. It primarily explores for silver, lead, zinc, and gold deposits, as well as base metals. The company was incorporated in 1987 and is based in Toronto, Canada.

How the Company Makes Money

Excellon Resources generates revenue primarily through the extraction and sale of silver, lead, and zinc concentrates produced at its Platosa Mine. The company sells these concentrates to metal processing and smelting companies, which then refine the metals for various industrial applications. Excellon's earnings are heavily influenced by prevailing market prices for silver, lead, and zinc, as well as the efficiency of its mining operations. Key partnerships with processing facilities and smelters, along with strategic management of production costs, significantly contribute to its profitability.

Excellon Resources Financial Statement Overview

Summary

Core fundamentals are stressed: revenue fell to $0 in 2023–2024, gross profit is negative, and operating losses persist. Balance sheet quality improved with equity turning positive in 2024 and moderate debt-to-equity (~0.41), but cash flow remains structurally negative with ongoing free-cash-flow burn.

Income Statement

Operating performance is weak and volatile. Revenue fell from ~$38.0M (2021) to ~$25.8M (2022) and then dropped to $0 in 2023–2024, while gross profit turned negative in 2022–2024. Losses are persistent at the operating level (negative EBIT/EBITDA across all years shown), and 2024 reported a large net loss (-$5.2M). Although 2023 shows positive net income (+$6.5M), it occurred with $0 revenue and negative gross profit, suggesting earnings quality is not supported by core operations.

Balance Sheet

The balance sheet shows some improvement recently but remains higher-risk. Stockholders’ equity was deeply negative in 2021–2023, then turned positive in 2024 (~$11.0M), indicating recapitalization and/or balance sheet repair. Debt is moderate relative to current equity in 2024 (debt-to-equity ~0.41), but leverage looked distorted when equity was negative in prior years. Returns to equity holders are poor (negative return on equity in 2023–2024), reflecting ongoing losses and weak profitability.

Cash Flow

Cash generation is consistently challenged. Operating cash flow is negative in most years (including 2022–2024), with only a modest positive year in 2020–2021, and free cash flow is negative every year shown—implying the business is not self-funding. 2024 free cash flow improved versus 2023 (less negative) but still remains a cash burn. Overall, cash flow trends point to continued reliance on external funding or asset sales to sustain operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	25.82M	37.95M	26.20M
Gross Profit	-26.00K	-102.75K	-540.00K	-635.00K	11.75M	6.22M
EBITDA	-2.47M	-2.79M	-5.47M	-6.55M	-41.41M	-5.29M
Net Income	-3.71M	-5.22M	6.53M	-18.84M	-57.77M	-16.02M
Balance Sheet
Total Assets	18.18M	18.39M	16.64M	26.66M	41.56M	73.28M
Cash, Cash Equivalents and Short-Term Investments	409.00K	1.38M	744.00K	1.47M	4.53M	10.73M
Total Debt	4.75M	4.50M	11.99M	11.50M	9.68M	8.11M
Total Liabilities	9.30M	8.94M	26.47M	48.56M	46.05M	22.84M
Stockholders Equity	10.41M	10.98M	-9.83M	-21.89M	-4.49M	50.44M
Cash Flow
Free Cash Flow	-1.37M	-747.00K	-1.59M	-1.77M	-5.25M	-8.24M
Operating Cash Flow	-658.00K	-747.00K	-1.59M	-221.00K	2.08M	251.00K
Investing Cash Flow	-1.99M	-1.30M	1.00M	-738.00K	-6.26M	-10.52M
Financing Cash Flow	3.53M	3.53M	-6.00K	-248.00K	-447.00K	12.23M

Excellon Resources Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.51
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:EXN, the sentiment is Positive. The current price of 0.51 is below the 20-day moving average (MA) of 0.56, above the 50-day MA of 0.47, and above the 200-day MA of 0.30, indicating a bullish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 55.47 is Neutral, neither overbought nor oversold. The STOCH value of 28.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:EXN.

Excellon Resources Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
KTN	54 Neutral	C$181.08M	-26.00	-11.69%	―	―	-0.78%
SVE	52 Neutral	C$191.82M	-72.53	-5.64%	―	―	13.33%
IPT	52 Neutral	C$136.45M	-19.53	-8.15%	―	52.70%	60.33%
KUYA	52 Neutral	C$140.92M	-15.74	-20.00%	―	―	21.09%
EXN	50 Neutral	C$193.76M	-14.91	-26.99%	―	―	49.02%
BIG	49 Neutral	C$234.42M	-11.79	-116.89%	―	―	12.26%

Excellon Resources Corporate Events

Excellon Expands Tres Cerros Land Package and Defines Drill Targets in Peru

Excellon Resources has expanded its Tres Cerros Gold-Silver Exploration Property in central Peru by acquiring two additional mineral concessions, Tres Cerros 32 and Tres Cerros 33, adding 1,132 hectares and increasing the total project area by about 52% to 3,310 hectares. The acquisition extends the mineralized corridor roughly five kilometres south, consolidating what the company views as an emerging district-scale system defined by coincident geophysical, geochemical and spectral anomalies and a large intrusive body interpreted to be linked to Tres Cerros mineralization. Australia-based Terra Resources has reinterpreted historical geophysical and geological data, delivering a ranked suite of drill-ready targets along the main north-south structural corridor and associated volcanic and caldera-margin features, which Excellon plans to test in an initial 5,000-metre drill program once permitting is complete. Permitting for exploration drilling has begun, with fieldwork expected to start in the second quarter of 2026, potentially accelerating the project’s advancement and strengthening Excellon’s exploration footprint and growth prospects in a prolific Peruvian precious metals belt.

The most recent analyst rating on (TSE:EXN) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on Excellon Resources stock, see the TSE:EXN Stock Forecast page.

Excellon Resources Grants 4.6 Million Stock Options to Leadership

Excellon Resources Inc. has granted 4,600,000 stock options to its directors and officers as part of its Share Incentive Plan. These options, exercisable at $0.38 per share over three years, aim to align management interests with company growth, potentially impacting its operational focus and stakeholder engagement.

Excellon Resources Unveils New Exploration Plans at Mallay Mine

Excellon Resources has announced updated geological interpretations and exploration priorities at its Mallay Silver Mine in Peru, highlighting the continuity of the Pierina Vein and the potential of the Shafra Zone. The company plans to conduct extensive underground drilling to explore these targets, which could significantly enhance its exploration pipeline and align with its growth strategy in the gold and silver market.

Excellon Resources Advances Mallay Mine Restart with Strong Financial Backing

Excellon Resources has completed the first phase of rehabilitation at the Mallay mine, securing funding and increasing liquidity to support its restart. The company plans to execute a staged restart of the mine, aiming to return to silver production and advance drilling programs to extend mineralization, with a focus on achieving historical production capacity.