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Ramping Mallay With No Debt, About US$10M in Cash & an Undrawn US$5M Glencore Facility $EXN.v $EXNRF Posted on behalf of Excellon Resources - Restart stories usually get judged on grade, but the thing that decides whether a ramp-up actually finishes is the balance sheet behind it. A @CruxInvestor piece on @EXN_Resources puts that part of the Mallay silver-lead-zinc restart in central Peru on the table. ⭐️What Is Funding The Ramp⭐️ ➡️No debt ➡️About US$10M in cash ➡️US$5M Glencore credit facility, undrawn ➡️Concentrator restarted in July 2026 on a pre-commissioning basis, with first concentrate produced and sold to Glencore under the commercial off-take ⭐️Where The Mine Goes Next⭐️ ✅Mill restart tested roughly 10,000 t of stockpile in batches at 400 tpd and 600 tpd ✅Current feed is largely narrow remnant stopes around 1.5 m wide ✅The 400 Ramp, a decline built by Buenaventura, is dewatered and rehabilitation is expected to finish later this year ✅It opens about 60 m of vertical access below the 4090 Level, the mine's lowest, where 3 to 5 m ore shoot widths are targeted, enough to shift from jackleg mining to mechanised stoping ✅CEO Shawn Howarth expects consistent 400 to 600 tpd by early-to-mid 2027, roughly 2M oz AgEq a year at capacity. No formal guidance has been issued. ⭐️The Resource Question ➡️Feb 2026 MRE: Indicated 890,000 t at 195 g/t Ag, 3.33% Pb, 4.83% Zn for 12.01M oz AgEq at 420 g/t, plus Inferred 362,000 t at 149 g/t Ag, 2.67% Pb, 4.32% Zn for 4.00M oz AgEq at 344 g/t (Feb 23, 2026 NR). No reserves at Mallay. ➡️Management's read is that it understates the deposit, because the previous owner only ever drilled two to three years ahead of mining ➡️Updated resource and detailed mine schedule targeted year-end 2026 into Q1 2027 Behind the mine sit Tres Cerros, now in permitting, and the proposed Silver City spin-out in Germany, neither of which the restart leans on. A clean balance sheet does not make a mine, but it buys the room to finish a ramp-up properly. With the 400 Ramp due to open the wider ground below 4090 and a new resource behind it, the next couple of quarters could look quite different from the last. Crux Investor's write-up from the Beaver Creek interview covers the rest. Full Feature: cruxinvestor.com/posts/excel…