Excellon Resources Inc. TSXV: EXN / OTCQB: EXNRF / FRA: E4X2
Introduction
Excellon Resources Inc. is a Canadian precious and base-metals company focused on restarting the Mallay silver-lead-zinc mine in central Peru. Mallay is a fully permitted, past-producing underground mine with a conventional flotation plant, underground workings, grid power, tailings infrastructure, roads, and a nameplate processing capacity of approximately 600 tonnes per day.
The company acquired Mallay and the adjacent Tres Cerros gold-silver property in June 2025. The transaction gave Excellon control of infrastructure representing more than US$115 million of historical investment, although the acquisition also came with royalties, a lead-zinc stream, production commitments, and a potential 49 percent back-in right over Tres Cerros.
The main story today is Mallay. Mining activities restarted in February 2026, and the concentrator began operating on a pre-commissioning basis on July 2, 2026. By August 5, Excellon had processed approximately 12,000 tonnes and produced concentrates containing approximately 29,200 ounces of silver, 319,000 pounds of lead, and 456,000 pounds of zinc. However, this was pre-commissioning production from stockpiled and early-development material. Excellon has not yet declared commercial production.
The investment case is based on 4 main pillars:
- A past-producing, fully permitted mine with substantial sunk capital and a working 600 tpd processing plant.
- A high-grade silver-lead-zinc mineral resource that can potentially support a relatively quick return to commercial production.
- Near-mine exploration opportunities at Isguiz, the Footwall Zone, Pierina, Shafra, and Mallay Deeps.
- Additional optionality from Tres Cerros in Peru, Kilgore in Idaho, and the Silver City project in Germany.
The main risk is that Excellon restarted Mallay without completing a PEA, PFS, feasibility study, or mineral-reserve estimate demonstrating economic viability. Investors therefore do not yet have independently supported figures for restart capex, sustainable production, AISC, NPV, IRR, payback, dilution, or mine life.
This is a potentially attractive silver-restart story, but it is also an execution story. The company must demonstrate reliable mine access, consistent underground feed, acceptable dilution, stable metallurgical recoveries, payable concentrate quality, manageable operating costs, and sustainable commercial production.
Projects / Location / MRE / Grades
Project 1: Mallay Silver-Lead-Zinc Mine, Peru (Flagship Asset)
Main asset
Mallay is located in the Lima Region of central Peru, approximately 180 kilometres north of Lima by road and 11 kilometres west of the town of Oyón. The mine sits in an established polymetallic mining district with road access, grid power, underground development, a tailings facility, camp facilities, and a conventional flotation concentrator.
Mallay was operated by Compañía de Minas Buenaventura between 2012 and 2018. Historical operations produced approximately 7.7 million ounces of silver and around 11 million silver-equivalent ounces. Peak silver production was approximately 1.6 million ounces in 2016, when the plant operated near its 600 tpd capacity.
Operations were placed on care and maintenance in 2018 when silver traded around US$15 per ounce and operating costs had increased. This history is important because Mallay is not a newly constructed mine. Its infrastructure, historical production records, underground workings, and operating database significantly reduce the physical barriers to restarting the asset.
Current restart status
Excellon restarted underground mining and haulage at Mallay in February 2026. The company subsequently accumulated approximately 15,000 tonnes of surface stockpile material and completed critical plant refurbishment and wet commissioning.
The concentrator was restarted on July 2, 2026. During the initial campaign, the plant operated at a controlled rate below nameplate capacity so that the metallurgical team could optimize grinding, reagent consumption, flotation performance, recoveries, and concentrate quality.
The company reported no unplanned plant shutdowns during the initial 12,000-tonne campaign. Two concentrate products were produced:
- Lead-silver concentrate
- Zinc concentrate
This is an important technical milestone, but it should not be confused with commercial production. The quantities reported are contained metal in concentrate, not final payable metal after recoveries, deductions, treatment charges, refining charges, penalties, streams, and settlement adjustments.
Underground activity remains focused on small stopes accessible from the 4090 Level. The 400 Ramp, which provides access below the 4090 Level, was dewatered sufficiently for rehabilitation to begin. Excellon estimated that rehabilitation would require approximately three months.
Access below the 4090 Level is central to the longer-term plan. Management believes the mineralized zones become wider at depth, potentially allowing a transition from labour-intensive jackleg cut-and-fill mining toward more mechanized bench-and-fill methods. This could improve productivity, but it still needs to be proven in actual operations.
Grade feel
Mallay is a high-grade underground polymetallic project. The February 2026 mineral resource contains:
- Indicated grade of 195 g/t silver, 3.33 percent lead, and 4.83 percent zinc.
- Inferred grade of 149 g/t silver, 2.67 percent lead, and 4.32 percent zinc.
- Indicated silver-equivalent grade of 420 g/t.
- Inferred silver-equivalent grade of 344 g/t.
These are attractive polymetallic underground grades. The lead and zinc credits materially increase the silver-equivalent grade and may reduce the effective cost of producing silver.
The main issue is mining width and dilution. Mallay historically mined relatively narrow veins using cut-and-fill methods. The economic grade delivered to the plant will depend on geological continuity, stope design, minimum mining width, dilution, ground conditions, mining recovery, and grade control.
Mallay Mineral Resource Estimate
The current NI 43-101 mineral resource estimate has an effective date of February 18, 2026 and was prepared by SGS Canada Geological Services.
Mineral resources are reported at a base-case cut-off grade of 120 g/t silver equivalent. The estimate assumes metal prices of US$30 per ounce silver, US$1.00 per pound lead, and US$1.35 per pound zinc. It assumes recoveries of 89 percent for silver, 88 percent for lead, and 87 percent for zinc.
| Resource category | Tonnes | Silver grade | Lead grade | Zinc grade | Contained silver | Contained lead | Contained zinc | Contained AgEq |
| Indicated | 890,000 | 195 g/t | 3.33% | 4.83% | 5.57 Moz | 65 Mlb | 95 Mlb | 12.01 Moz |
| Inferred | 362,000 | 149 g/t | 2.67% | 4.32% | 1.74 Moz | 21 Mlb | 34 Mlb | 4.00 Moz |
The resource is based on a large historical dataset covering 1,595 surface and underground drill holes and 18,150 channel-sample locations. This represents 166,420 metres of drilling and 22,740 metres of channel sampling.
The existing resource is high grade, but not large. At a fully utilized rate of approximately 200,000 tonnes per year, the Indicated resource could theoretically support slightly more than four years of processing before applying mining losses, dilution, production sequencing, inaccessible material, or reserve-conversion adjustments.
That is why resource expansion is critical. Excellon’s September 2026 presentation targets a revised technical report demonstrating approximately four to five years of mine-life potential, followed by drilling intended to add at least another three years. These remain corporate targets rather than mineral reserves or an approved life-of-mine plan.
Near-Mine Growth Opportunities
Isguiz vein extension
Isguiz is the principal historically productive vein system at Mallay. The current resource models mineralization within ten vein domains, but the system remains open in places, particularly below existing mine development.
Drilling is testing down-plunge continuity and areas where management believes mineralization widens below the 4090 Level. Successful extension drilling could add material close to existing mine access and infrastructure, which would generally be more valuable than a distant standalone discovery.
Footwall Zone
The Footwall Zone is a newly recognized calc-silicate mineralized package adjacent to, but geologically distinct from, the main Isguiz vein.
Historical drilling indicates a zone extending approximately 330 metres vertically and 500 metres along strike, with locally wider mineralized intervals of around three to eight metres. Excellon completed approximately 2,500 metres of infill drilling across Isguiz and the Footwall Zone, but these new results were not included in the February 2026 resource estimate.
The Footwall Zone could be important because greater mining widths may support more mechanized and productive mining methods. Metallurgical performance and grade continuity still need to be confirmed.
Pierina target
Pierina is a gold-rich structure on the eastern side of the broader Shafra corridor. Underground drilling is intended to determine whether it can provide additional gold-silver mineralization near existing Mallay infrastructure.
Shafra Zone
Shafra is a broader gold-silver target approximately 500 metres from the Isguiz system. Historical selective surface samples have returned elevated gold and silver values along a roughly 2.5-kilometre corridor.
The target could potentially introduce wider, bulk-tonnage-style mineralization and a meaningful gold credit. However, historical surface samples are selective, and there is no current mineral resource at Shafra.
Mallay Deeps
Mallay Deeps is a deeper exploration target being evaluated using drilling and downhole electromagnetic geophysics. A deep discovery could extend Mallay well beyond its current workings, but this remains an early-stage exploration concept.
Project 2: Tres Cerros Gold-Silver Project, Peru (Exploration Optionality)
Tres Cerros is an exploration property adjacent to Mallay. Following additional concession acquisitions, Excellon described the broader property as covering approximately 11,000 hectares, although the June 2026 MD&A referred to a 3,310-hectare core property package.
The strategic advantage is proximity. Tres Cerros shares road access and is close to Mallay’s camp and existing infrastructure.
In August 2026, Excellon reported that mapping, geochemical sampling, and spectrometry had defined seven targets across approximately 40 percent of the licence area. Selective grab sampling returned:
- Up to 14 g/t gold and 9,050 g/t silver at Xica.
- Up to 4.30 g/t gold at Alpaquitay.
- Up to 512 g/t silver at Xica East.
The company interprets the system as prospective for epithermal gold-silver mineralization, with some targets potentially representing distal expressions of a porphyry copper system.
These samples are encouraging but are selective surface samples, not drill intersections or mineral resources. They do not establish grade over a mineable width.
Excellon has completed environmental baseline and archaeological studies. The company expects to submit its Environmental Impact Declaration by the end of 2026 and is targeting initial drilling in the first half of 2027, subject to permitting.
Ownership limitation
Excellon controls Tres Cerros, but Adar Mining and M4G have a back-in right to acquire a combined interest of up to 49 percent after delivery of a qualifying PEA. The exercise price is based on 1.5 times their attributable share of qualifying exploration expenditure.
Excellon is also required to spend at least US$7.5 million on Tres Cerros over three years. The back-in right reduces Excellon’s ultimate economic exposure if Tres Cerros becomes a major discovery.
Project 3: Kilgore Gold Project, Idaho (Resource Development Optionality)
Kilgore is an advanced-stage epithermal gold project in Clark County, Idaho.
Kilgore Mineral Resource
| Resource category | Tonnes | Gold grade | Contained gold |
| Indicated | 44.6 Mt | 0.58 g/t | 825,000 oz |
| Inferred | 9.4 Mt | 0.45 g/t | 136,000 oz |
Kilgore has a 2019 PEA based on a five-year open-pit, heap-leach operation.
| PEA item | Result |
| Gold-price assumption | US$1,300/oz |
| Average annual gold production | 111,700 oz |
| Peak annual production | 119,600 oz |
| Total recovered gold | 558,700 oz |
| Mine life | 5 years |
| Initial capex | US$81M |
| Cash cost | US$780/oz |
| AISC | US$832/oz |
| After-tax NPV5% | US$110.4M |
| After-tax IRR | 34% |
| After-tax payback | 3 years |
At US$1,800 gold, the historical PEA sensitivity showed an after-tax NPV7% of approximately US$275 million and an after-tax IRR of approximately 81 percent.
Kilgore is economically interesting, particularly at higher gold prices, but the study is old. Costs, permitting assumptions, metallurgy, construction estimates, and mine planning require updating before the PEA can be relied upon as a current development case.
Excellon is evaluating ways to realize value from Kilgore, including further advancement, a strategic transaction, partnership, sale, or another corporate alternative. It is not the company’s current operational priority.
Project 4: Silver City, Germany (Exploration Optionality)
Silver City is a district-scale silver-zinc-lead exploration project in Saxony, Germany. The project covers approximately 340 square kilometres across four contiguous licences in the historic Freiberg silver district.
From 2019 to 2022, Excellon completed 40 diamond drill holes totalling more than 12,050 metres across the Bräunsdorf, Grauer Wolf, and Grossvoigtsberg target areas. Mineralized vein structures were intersected in 37 of the 40 holes.
Notable results included:
- 1.3 metres grading 954 g/t silver.
- 8.1 metres grading 194 g/t AgEq, including 1.3 metres grading 1,043 g/t AgEq.
- 2.9 metres grading 257 g/t AgEq, including 0.35 metres grading 1,633 g/t AgEq.
True widths have not been established, and there is no current mineral resource.
Silver City is held through Saxony Silver Corp. In May 2026, Saxony Silver completed a C$2.125 million financing at a C$20.8 million pre-money valuation. Excellon’s undiluted ownership declined from 75 percent to approximately 68.1 percent. The financing implied a pro forma value of approximately C$15.6 million for Excellon’s interest.
The structure is positive because exploration can be funded at the subsidiary level without issuing additional Excellon shares. The trade-off is that future Saxony Silver financings may continue to dilute Excellon’s ownership.
Share Structure / Ownership / Insiders
Capital Structure
As of August 27, 2026:
| Share-structure item | Securities |
| Issued and outstanding shares | 440,781,956 |
| Stock options | 13,290,000 |
| Deferred share units | 8,195,420 |
| Restricted share units | 2,485,000 |
| Warrants expiring December 2026 | 9,714,300 |
| Warrants expiring May 2028 | 24,217,238 |
| Fully diluted shares | 498,583,914 |
At the September 18, 2026 closing price of approximately C$0.43:
- Basic market capitalization: approximately C$189.5 million.
- Fully diluted market capitalization: approximately C$214.4 million.
- Fully diluted market capitalization in US dollars: approximately US$156.5 million, using C$1.37 per US dollar.
Excellon reported US$10.6 million of cash at June 30, 2026 and an undrawn US$5 million Glencore facility. The company subsequently reported that substantially all remaining convertible-debenture principal was converted into shares and the residual balance was repaid, leaving no outstanding debt.
Ownership and insiders
Public ownership data indicate that Eric Sprott holds approximately 42.2 million shares, or around 9.6 percent of Excellon’s current issued shares. M4G holds approximately 22.8 million shares, or about 5.2 percent.
Together, these two large aligned holders represent approximately 14.8 percent of current issued shares. CEO Shawn Howarth also owns approximately 2.1 million shares, but direct management ownership appears modest relative to the total share count.
The overall ownership profile is supportive because Excellon has credible precious-metals and strategic shareholders. However, this should not be described as exceptionally high management ownership. Much of the aligned ownership comes from external strategic or transaction-related shareholders rather than directors and executives.
People / Management
Laurie Curtis, Chairman
Laurie Curtis has more than 40 years of mining and capital-markets experience. He founded Intrepid Minerals, which progressed from discovery through operations and reached a market capitalization exceeding US$1.2 billion.
Shawn Howarth, President and Chief Executive Officer
Shawn Howarth has more than 22 years of mining-industry experience across project evaluation, corporate finance, strategy, and stakeholder relations. His previous experience includes mining and metals advisory work at Standard Chartered Bank and Gryphon Partners Canada.
Under his leadership, Excellon acquired Mallay, completed multiple financings, eliminated its convertible debt, restarted mining, recommissioned the plant, and produced first concentrate.
Paul Keller, Chief Operating Officer
Paul Keller is a professional engineer with more than 30 years of mine-development and operating experience in Latin America and Canada. He was involved in advancing Trevali’s projects through permitting and operations, including the Santander mine in Peru.
Dan Hall, Chief Financial Officer
Dan Hall is a Chartered Professional Accountant and Chartered Accountant. He joined Excellon in 2019 after approximately 12 years with Deloitte advising mining companies.
Remi Rondeau, Mallay Operations Manager
Remi Rondeau has mine-operating experience that includes First Majestic Silver’s San Dimas mine, La Libertad in Nicaragua, and operating roles in Peru.
Board strength
The board also includes:
- Mike Hoffman, with more than 35 years of engineering, operations, and project-execution experience, including Antamina in Peru and Spence in Chile.
- Craig Lindsay, with more than 25 years in mining finance, investment banking, M&A, and public-company leadership.
- Brendan Cahill, former president and CEO of Excellon.
- Gerhard Merkel, a mining-sector finance and operations executive.
Risks / Catalysts / Timeline
Key Risks
| Risk category | Key risk |
| No feasibility study | Mallay was restarted without a PEA, PFS, feasibility study, or mineral reserve demonstrating economic and technical viability. |
| Commercial-production risk | First concentrate has been produced, but Excellon has not declared commercial production. |
| Short resource life | The current Indicated resource supports only a limited planning horizon at full plant capacity. |
| Mining dilution | Narrow underground veins can suffer significant dilution and grade loss. |
| Underground-access risk | The longer-term plan depends on rehabilitation of the 400 Ramp and safe access below the 4090 Level. |
| Metallurgical risk | Pre-commissioning recoveries, reagent consumption, concentrate quality, and payability still need optimization. |
| Cost risk | No independently supported AISC or sustainable operating-cost estimate has been published for the restart. |
| Royalty and stream burden | Mallay and Tres Cerros carry a 3% NSR, while Mallay is subject to a 5%-8% lead and zinc stream. |
| Production commitment | The Mallay stream agreement contains production commitments that must be addressed. |
| Financing risk | Additional working capital or mine-development funding may be needed before positive free cash flow. |
| Dilution risk | Almost 499 million fully diluted shares already exist, with further financing possible. |
| Resource-conversion risk | Mineral resources are not mineral reserves and do not demonstrate economic viability. |
| Peru risk | Permitting, politics, taxation, community relations, labour, and regulatory conditions can change. |
| Tres Cerros back-in right | Adar and M4G can acquire up to 49% of Tres Cerros after a qualifying PEA. |
| Commodity risk | Revenue is exposed to silver, lead, zinc, and gold prices. |
| Legal risk | Excellon is defending an approximately US$23 million claim connected to a former Mexican subsidiary, although management considers the probability of an outflow remote. |
| Execution risk | The company must simultaneously ramp up Mallay, rehabilitate deeper access, complete drilling, optimize recoveries, and fund district exploration. |
The company’s June 2026 MD&A confirms the 3 percent NSR, lead-zinc stream, Tres Cerros back-in right, US$7.5 million exploration commitment, and material uncertainties associated with its going-concern basis.
Catalysts
| Expected timing | Catalyst |
| H2 2026 | Further results from Mallay pre-commissioning and recovery optimization |
| H2 2026 | Concentrate shipment and settlement information |
| H2 2026 | Progress toward 600 tpd nameplate capacity |
| H2 2026 | Rehabilitation of the 400 Ramp |
| H2 2026 | Updated Mallay mine plan and production schedule |
| H2 2026 | Isguiz and Footwall Zone drill results |
| H2 2026 | Pierina, Shafra, and Mallay Deeps exploration results |
| Q4 2026 | Potential Shafra gold-silver discovery update |
| End 2026 | Tres Cerros Environmental Impact Declaration submission |
| H1 2027 | Initial Tres Cerros drilling, subject to permits |
| 2027 | Potential updated Mallay technical report and longer mine plan |
| Medium term | Declaration of commercial production |
| Medium term | Improved clarity on AISC, payable production, and free cash flow |
| Medium term | Possible strategic transaction or revaluation of Kilgore |
| Medium term | Silver City exploration funded through Saxony Silver |
| Longer term | Potential resource growth toward management’s target of a ten-year-plus Mallay district mine life |
Expected Timeline to Full Production
2026
The main objective is to complete the pre-commissioning and ramp-up phase.
Priorities include:
- Optimize grinding, flotation, reagent use, recoveries, and concentrate quality.
- Operate initially around the controlled 400 tpd rate.
- Rehabilitate the 400 Ramp.
- Continue underground mining from accessible areas.
- Integrate drilling into an updated mine plan.
- Build access to mineralized zones below the 4090 Level.
- Ship and settle initial concentrates.
- Progressively move toward the plant’s 600 tpd nameplate capacity.
2027
If the 2026 work is successful, 2027 could be the first year of more stable production.
Potential milestones include:
- Sustainable feed from below the 4090 Level.
- Greater use of mechanized bench-and-fill mining.
- Improved production consistency.
- Better visibility on recoveries and concentrate payability.
- A revised resource and mine plan.
- Potential commercial-production declaration.
- Initial drilling at Tres Cerros.
2028 onward
The longer-term outcome depends on exploration success.
Without additional resources, Mallay’s current inventory supports only a limited operating horizon. Isguiz extensions, the Footwall Zone, Pierina, Shafra, and Mallay Deeps must add enough economic material to support a longer mine life.
Management is targeting:
- An initial four-to-five-year planning horizon.
- At least another three years from near-mine drilling.
- Ultimately, a ten-year-plus district-scale operation.
These are objectives, not current mineral reserves or a demonstrated life-of-mine plan.
Valuation
CAD Share Price Sensitivity
Important note
Mallay does not have a completed PEA, PFS, feasibility study, reserve estimate, or independently supported free-cash-flow forecast. Therefore, this model is illustrative and should not be treated as a formal target price.
The September 2026 presentation states a corporate goal of approximately US$70 million in annual free cash flow at US$65 per ounce silver, based on a target run-rate of roughly two million silver-equivalent ounces annually. This projection is not supported by a feasibility study.
To avoid treating all silver-equivalent production as physical silver, the sensitivity below uses approximately 1.6 million ounces of annual silver production, consistent with Mallay’s historical peak. Lead and zinc contributions are held constant within management’s US$70 million starting FCF assumption.
Model Assumptions
| Assumption | Value |
| Fully diluted shares | 498,583,914 |
| CAD USD conversion | 1.37 |
| Management FCF goal at US$65 silver | US$70M |
| Annual physical silver assumption | 1.6 Moz |
| Target annual AgEq production | Approximately 2.0 Moz |
| Silver-price case 1 | US$150/oz |
| Silver-price case 2 | US$200/oz |
| Lead and zinc contribution | Held constant |
| Future dilution | Not included |
| Tax and cost escalation | Not included |
Illustrative FCF Sensitivity
| Silver price | Starting FCF at US$65 | Incremental silver margin | Illustrative annual FCF |
| US$150/oz | US$70M | US$136M | US$206M |
| US$200/oz | US$70M | US$216M | US$286M |
CAD Share Price Target
| Silver price | Illustrative annual FCF | 10 times FCF | 15 times FCF | 20 times FCF |
| US$150/oz | US$206M | C$5.66 | C$8.49 | C$11.32 |
| US$200/oz | US$286M | C$7.86 | C$11.79 | C$15.72 |
Summary & Quick Scorecard
| Category | Assessment | Overall |
| Company overview | TSXV EXN, OTCQB EXNRF, FRA E4X2. Main metal is silver, with lead, zinc, and gold exposure. Flagship asset is Mallay in Peru. Project phase is pre-commercial production ramp-up and near producer. | — |
| 1 Management | Previous successful project, discovery, mine build, or company growth: Yes. Exploration-to-development experience: Yes. Big-company and operating experience: Yes. Strong capital-markets track record: Yes. | Strong |
| 2 Projects | High grades: Yes. MRE size: Modest and currently short-life. Optionality: Yes, through Tres Cerros, Kilgore, Silver City, and near-mine targets. | Good |
| 3 Cost structure | Low AISC: Unknown. Low capex and existing infrastructure: Yes, significant existing infrastructure and a working 600 tpd plant, but remaining restart and sustaining costs are not fully disclosed. | Good |
| 4 Share structure discipline | Issued shares: 440.8M. Fully diluted shares: 498.6M. Fully diluted market cap at C$0.43: approximately C$214.4M or US$156.5M. | Strong |
| 5 Insider ownership | Eric Sprott approximately 9.6%. M4G approximately 5.2%. Direct management ownership appears modest. External aligned ownership is meaningful, but this is not a tightly held management-controlled company. | Good |
| 6 Location | Mallay and Tres Cerros are in Peru, a Tier 2 jurisdiction. Kilgore in Idaho and Silver City in Germany provide Tier 1 optionality. | Good |
RT Rating, Commentary
Excellon Resources is on our watchlist.
We rate Excellon Resources 4 out of 5 stars.
Excellon has a compelling silver-restart setup. Mallay is a fully permitted, past-producing underground mine with substantial sunk capital, high silver-equivalent grades, a functioning 600 tpd flotation plant, grid power, underground access, and a management team with relevant Peruvian and underground-mining experience.
The company has already achieved several important milestones. It acquired Mallay, rehabilitated large sections of the underground mine, restarted mining, recommissioned the concentrator, produced first concentrate, completed a current NI 43-101 resource, raised sufficient capital to advance the restart, and eliminated its outstanding debt.
The optionality is also meaningful. Tres Cerros could become a major gold-silver discovery beside Mallay. Kilgore has an existing resource and historical PEA economics. Silver City gives shareholders exposure to a high-grade European silver district through Excellon’s controlling interest in Saxony Silver.
However, there are three major reasons we cannot rate Excellon higher yet.
First, the Mallay restart is not supported by a PEA, PFS, feasibility study, or mineral-reserve estimate. There is no independently demonstrated AISC, capex, NPV, IRR, payback, or sustainable production schedule.
Second, the current Mallay resource is high grade but relatively small and shortlife. Excellon needs successful drilling at Isguiz, the Footwall Zone, Shafra, Pierina, and Mallay Deeps to establish a longer mine life. A four-to-five-year operation would not deserve the same valuation multiple as a ten-year mine.
Then, their insider aligned is low. Too little skin in the game.
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