Excellon Resources Inc T.EXN

New president, CEO July 28, 2022 !!

[Marine2]

WOW

Excellon Resources appoints Howarth as president, CEO

 

2022-07-12 09:59 ET - News Release

 

Mr. Brendan Cahill reports

EXCELLON APPOINTS NEW PRESIDENT & CEO

Excellon Resources Inc. has appointed Shawn Howarth to the role of president and chief executive officer, effective July 28, 2022. Mr. Howarth will be appointed to the board following the company's annual general and special meeting on Aug. 12, 2022.

Mr. Howarth has over 22 years experience in the mining industry spanning project evaluation, corporate finance, stakeholder relations and corporate strategy. Most recently, he was vice-president of corporate development of Harte Gold Corp., where he was instrumental in development of the Sugar Zone mine and ultimate restructuring and sale of the company. Previously, Mr. Howarth worked in investment banking and mining advisory on the global mining and metals teams with Standard Chartered Bank and Gryphon Partners Canada. He holds a master of business administration from the Ivey School of Business and a bachelor of applied science from Queen's University.

"I am excited and energized to be joining the Excellon team at such a pivotal time," stated Mr. Howarth, incoming President and CEO. "Excellon has the foundation for future growth, including strong leadership at the board and management level, coupled with deep operating experience, particularly in Mexico. My near-term focus will be on optimizing the asset portfolio and returning financial stability to the company. I look forward to working with the Excellon board and all stakeholders on a collaborative basis to grow sustainable value for the company."

"We are delighted to welcome Shawn to Excellon as president and CEO," stated Andre Fortier, chair of the board at Excellon. "As part of a renewed perspective on corporate strategy as we wind down operations at Platosa, we are establishing new leadership to position the company for its next phase of growth. Shawn will support this mandate, bringing to Excellon a broad experience set and deep relationship base that will be particularly useful in the company's ongoing corporate development strategy."

Mr. Fortier added: "We thank Brendan for his tireless leadership and commitment to the company over the past 10 years. Brendan joined Excellon in 2012, leading the turnaround of our Platosa operation and developing strong relationships in Mexico, while assembling the company's current portfolio of assets, including Kilgore and Silver City. Brendan has been integral to this transition of leadership and the board will benefit from his continued support going forward."

"We have a strong set of assets at Excellon and I believe their full value will be realized under Shawn's leadership of the company," stated Brendan Cahill, outgoing president and CEO of Excellon. "I remain committed to supporting Excellon and the board. My focus will shift to ensuring a smooth transition and I look forward to supporting Shawn and the broader management team as a board member." Mr. Cahill will remain on the board of directors of the company.

Annual and special meeting of shareholders

The company will hold its annual and special meeting of shareholders on Aug. 12, 2022.

About Excellon Resources Inc.

Excellon's vision is to create wealth by realizing strategic opportunities through discipline and innovation for the benefit of its employees, communities and shareholders. The company is advancing a precious metals growth pipeline that includes: Kilgore, an advanced gold exploration project in Idaho with strong economics and significant growth and discovery potential; an option on Silver City, a high-grade epithermal silver district in Saxony, Germany, with 750 years of mining history and no modern exploration; and Platosa, a high-grade silver mine producing in Mexico since 2005, scheduled to wind down in Q3 2022, with an 11,000-hectare exploration package on Mexico's carbonate replacement deposit (CRD) trend. The company is also actively seeking to capitalize on current market conditions by acquiring undervalued projects.

We seek Safe Harbor.

© 2022 Canjex Publishing Ltd. All rights reserved.

[Marine2]

Annual and "special" meeting of shareholders The company will hold its annual and special meeting of shareholders on Aug. 12, 2022.   Sprott must have had enough B,S ! Time for change !!   Andre Fortier, chair of the board at Excellon must Mr Sprotts Board member, new blood !   “We are delighted to welcome Shawn to Excellon as president and CEO," CAN&

[Marine2]

Sorry for the late reaction, I have been on Hoildays ! All great news M2

[silverforever]

Marine I agree, great news. In the new CEO's own words,  "My near-term focus will be on optimizing the asset portfolio and returning financial stability to the Company.  I look forward to working with the Excellon Board and all stakeholders on a collaborative basis to grow sustainable value for the Company.”  Now he needs to communicate his Plan to accomplish 

[frankthetank007]

I would say we should of got rid of Cahill from the BOD.  He has to go down as the all time worse CEO i've scene in the mining space.  That's hard to do since there are so many bad CEO;s in the sector.  THe lawsuit issue in Mexico was the biggst mistake i've ever scene in investing in mining companies since 2003.  He took a 500k lawsuit and made into a 26 million

[Bmyles1]

frank, thanks. totally agree with you. I am surprised there was not some sort of bounce once CEO chnage/announcement made and still think back to that day many months ago it traded some $38 million shares and why??? nevertheless, I am hoping we see some turnaround by year end. have a nice weekend Frank and All. BMmyles1

[frankthetank007]

Bsmyles I'm starting to get bullish in the sector and feel like were right at the spot where GOld/silver out perform for the next year and half.  We for sure need to see what the plan is for the mexican operation.  All i can say get this lawsuit settled by giving them back the property and and 500k.  Time to move the F on.  I still think Platosa is a great property and has

[DaytonGuy]

My guess is the "Plan" includes selling part or all of the company. Players can't be identified. Otherwise the secrecy doesn't make sense, nor is it proper.

[frankthetank007]

THat would be my guess but a lot of the time this doesn't work out for the existing shareholders as we sell the assets in a crappy market.  I have no idea why existing management team is waiting to sell mexico after we shut down the mine.  Cahill was the worst CEO i've ever scene.  Guy had no idea of mexico or mining. 

[DaytonGuy]

I think the future buyer has manipulated this stock down by shorting every uptick. They will offer a cash deal at half the true value of the company. That's just my conspiracy theory, nothing more.

[Marine2]

I am at the point with Execellon that anything is better then bankruptcy ! This in not a good time to be making deals or selling anything. It's a situation EXN find them selve in,,, please no bankruptcy. I blame myself for not selling way back when EXN jumped to $2.10, If onlt I had a crysal ball ? M2

[silverforever]

Hi Marine. I do not think Excellon's CEO is foolish enough to issue a special NR in January 2022 to announce that "The Company is considering various corporate development opportunities and strategic alternatives that may include acquisitions, divestitures, mergers or spin-offs of the Company’s or third parties’ assets" unless he had the deals already set up and is waiting for

[frankthetank007]

Cahill is a terrible corporate lawyer who was an even worse CEO.  Nothing he's touched has turned out positive for EXN.  Hopefully the new CEO can unlock the value of this stock and its assets as its current market cap of 15 million is a joke and reflects how bad a CEO and how bad a lawyer Cahill has been.  A blind man with no mining experience could of done better then Cahill.

[silverforever]

frankthetank I agree. But as bad as Excellon's CEO was, IMO Excellon needs to keep him on the hook until he fixes one of his biggest screw ups by getting the San Pedro lawsuit judgement against Excellon removed and  the $23 million charge  off Excellon's books. That could take Excellon's stock price back up to pre lawsuit  judgement levels of  US$3.85 in a hurry

[frankthetank007]

Cahill has no idea how to fix the lawsuit.  He is the dumbest corporate lawyer in history.  How do you turn a 500k-1 million lawsuit into a 23 million dollar lawsuit.  He should be sued for neglegence by us shareholders.  if he just paid the amount we would have a share price 1 dollar higher right now.

[DaytonGuy]

The only fix to the San Pedro lawsuit, unless negotiated down, is bankruptcy. This benefits no one.

[frankthetank007]

Hi Dayton,  If we were in Canada there would be no bankruptcy because the subisdary would go bankrupt and the property would go back to the previous owner but in Mexico no one seems to know how the corporate law works there. How a small property in a corp  bought in 20008 can take down the Platosa mine (worth 50 million ) is beyond my knowledge of Mexican corporate law and obviously was

[DaytonGuy]

Frank, I agree with everything you said. I think we should first threaten to leave Mexico unless there is a reasonable settlement, and then if rejected, leave. I bet restarting the company as a development company would get us to much higher stock price. I don't see any other path, other than bankruptcy.

[frankthetank007]

I've scene many other resource companies with no revenue last for along time.  EXN actually has potential to make money at the Platosa mine.  I was bitter that management has never drilled Riocan which had the best drill results in 2012 of any area.  I think they never drilled that area because of the lawsuit as they didn't want to expose this to the ranchero who has them by

[silverforever]

DaytonGuy. Companies go bankrupt when their liabilities exceed their assets which is just the opposite for Excellon which has many times more  proven asses than liabilities even counting the San Pedro lawsuit judgement as a legitimate liability which Excellon has denied. If and when Excellon is forced to pay that judgement, which every day that passes becomes more unlikely, it can do it

[silverforever]

Frankthetank. You may be right and maybe he will be sued for negligence, you may be able to throw Fiduciary and Corporate Governess irresponsibility in there as well. Thats why I think it will get done one way or another, not directly by him but by contacts he and Excellon's large shareholders in the Canadian Government to persuade the Mexican government to do so. IMO, he can't afford not

[OliverZ]

All that EXN is doing now and in the future is burn money , Platosa is not creating any CF its not EXN ATM like Cahill a few years ago in a interwie said its simply just a burden and with energie prices at these high lvl it will only get worst . Silver City and Kilgore need at first also a lot of time and money to explore at first so EXN sh need to think about from where the $ can come ??