NetworkNewsBreaks – Excellon Resources Inc. (TSX: EXN) (NYSE American: EXN) (FSE: E4X2) Releases Annual, Q4 Financial Results
Excellon Resources (TSX: EXN) (NYSE American: EXN) (FSE: E4X2) has released its financial numbers for the three- and twelve-month periods ended Dec. 31, 2020. Fourth-quarter financial and operational highlights of the report include a 41% increase in revenues from Q4 2019 ($9 million this quarter compared to $6.4 million in 2019); a gross profit increase of 37%, from a loss in Q4 2019 to $1.6 million in Q4 2020; an increase in silver production from 259,282 ounces in Q4 2019 to 355,581 in Q4 2020, resulting in the company’s strongest quarter of silver production since 2014. Fiscal year 2020 highlights included revenues of $26.2 million and significant improvements in productivity and cost profile, as well as the acquisition of Otis Gold Corp., uplisting to the NYSE American exchange and the completion of successful drill permitting, land access and ramp-up of the drilling program at the Silver City Project in Saxony, Germany. “Our greatest success in 2020 was ensuring the health of our people during the COVID-19 pandemic,” said Excellon Resources president and CEO Brendan Cahill in the press release. “Our team in Mexico did an exceptional job in trying circumstances, while balancing the continued operation of our business. Coming out of the suspension in Q2 2020, we turned the operation around, improving productivity and reducing costs — though concentrate treatment charges remained high and a strain on cash flow. But 2020 set the stage for what we believe will be a new year full of resource growth and discovery, as we advance and commence drilling programs on almost all of our projects.”
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Excellon Resources (TSX: EXN) (NYSE American: EXN) (FSE: E4X2) has released its financial numbers for the three- and twelve-month periods ended Dec. 31, 2020. Fourth-quarter financial and operational highlights of the report include a 41% increase in revenues from Q4 2019 ($9 million this quarter compared to $6.4 million in 2019); a gross profit increase of 37%, from a loss in Q4 2019 to $1.6 million in Q4 2020; an increase in silver production from 259,282 ounces in Q4 2019 to 355,581 in Q4 2020, resulting in the company’s strongest quarter of silver production since 2014. Fiscal year 2020 highlights included revenues of $26.2 million and significant improvements in productivity and cost profile, as well as the acquisition of Otis Gold Corp., uplisting to the NYSE American exchange and the completion of successful drill permitting, land access and ramp-up of the drilling program at the Silver City Project in Saxony, Germany. “Our greatest success in 2020 was ensuring the health of our people during the COVID-19 pandemic,” said Excellon Resources president and CEO Brendan Cahill in the press release. “Our team in Mexico did an exceptional job in trying circumstances, while balancing the continued operation of our business. Coming out of the suspension in Q2 2020, we turned the operation around, improving productivity and reducing costs — though concentrate treatment charges remained high and a strain on cash flow. But 2020 set the stage for what we believe will be a new year full of resource growth and discovery, as we advance and commence drilling programs on almost all of our projects.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
