Excellon Resource EXN.t Mexicos highest grade silver producer Rising production, lowering costs
Q3 Highlights
Net earnings of $3 million ($0.05/share)
Cash flow from ops $4.8 million ($0.09/share)
Sales 603,666 AgEq OZ (9-mos - 1,524,727 AgEq OZ),
Net cash costs $7.77 (9-mos - $8.77)
All-in costs/ per AgEq OZ sold $10.65 (9-mos - $15.60)
Cash corp administrative costs reduced by 37% versus Q2 2013
Cash, $9.7 million at September 30, 2013
Working capital $11.7 million September 30, 2013
"During the third quarter, despite realized silver prices of $21.40
annualized Q3 numbers at $21.40 Silver and todays share price gets:
net earnings of $12mill & P/E = 7.6
CF of $19.2 mill & P/CF ratio= 4.8
2.4 million oz AgEq production
Not bad numbers even after the run up in share price.
They were in the penalty box due to temporary blockade of the mine by a hostile union that missed the contract. Union eventually got booted off the property by the local government. This Caused a couple bad quarters but they are running very efficient now.
Currently, they are building their cash and looking for a M or A deal and will continue drilling the property looking to increase the feed rate and finding the Curd source. Currently only using about half the mill capacity.
