RE:RE:RE:The Search for Saxony's Forgotten Silver Excellon Resources Inc. (EXN - TSX) Silver City On Display, First-Mover Advantage in Germany Warrants Silver City Valuation Nov 19, 2021.
We ascribe a nominal value of $45.0 MM to the Silver City project. While there are no resources at the project yet, we believe this is a reasonable value given the exploration potential of the asset. If Silver City were in a standalone company, we are confident the market value would be at least $45.0 MM. Excellon continues to be a first mover on silver exploration in Saxony, with an unparalleled ground position covering historical highgrade silver mines on an epithermal silver belt that has never seen modern exploration for precious metals. • Maintaining Buy Rating With production stabilized at Platosa, we see upside in the shares from FCF generation in the near-term and from further drill results at the Silver City exploration project in Germany where assays are pending. We maintain our Buy recommendation and C$4.15 target price. Prepared by Cormark Securities Inc. Link to article.
| MORNING NOTE FRIDAY, NOVEMBER 19, 2021 Richard Gray, CFA (416) 943-6407, rgray@cormark.com Brandon Smith, CFA, Associate (416) 943-4224, bsmith@cormark.com Company Description: Excellon Resources is a silver producer engaged in the operation of the 100%-owned Platosa mine in Mexico goldinvest.de |