Excellon Resources (TSXV:EXN) Is Up 30.8% After First NI 43-101 Mallay Resource Estimate

Simply Wall St

Thu, February 26, 2026 at 2:10 PM GMT+9 3 min read

In this article:

EXN.V

+4.62%

EXN.NE

+4.69%

SI=F

-1.23%

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.

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.

We’ll now examine how this higher-confidence NI 43-101 resource base at Mallay shapes Excellon Resources’ investment narrative and risk profile.

Uncover the next big thing with 12 elite penny stocks that balance risk and reward.

What Is Excellon Resources’ Investment Narrative?

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.

Exploring Other Perspectives

TSXV:EXN 1-Year Stock Price Chart

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!

The Verdict Is Yours

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

Story Continues  

A great starting point for your Excellon Resources research is our analysis highlighting 1 key reward and 4 important warning signs that could impact your investment decision.

Our free Excellon Resources research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Excellon Resources' overall financial health at a glance.

Interested In Other Possibilities?

Early movers are already taking notice. See the stocks they’re targeting before they’ve flown the coop:

Rare earth metals are the new gold rush. Find out which 30 stocks are leading the charge.

The future of work is here. Discover the 32 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation.

Explore 22 top quantum computing companies leading the revolution in next-gen technology and shaping the future with breakthroughs in quantum algorithms, superconducting qubits, and cutting-edge research.

_ This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned._

Companies discussed in this article include EXN.V.

Have feedback on this article? Concerned about the content? Get in touch with us directly._ Alternatively, email editorial-team@simplywallst.com_

Terms and Privacy Policy

Privacy Dashboard

More Info