The implementation by Excellon Resources of Phases 2 and 3 of the Platosa optimisation programme and development into higher-grade areas of the Mexican mine has resulted in significant cost reductions, and pushed the company back to an adjusted second-quarter profit.
During the period, the Toronto-headquartered miner recorded a net loss of $4.4-million, or $0.07 a share, compared with a net loss of $1.8-million in the comparable period of 2015. Adjusted to remove special items, the company’s net income totalled $852 000, or $0.01 a share, beating Bay Street analyst estimates of posting a loss of $0.01 a share.
