Fourth-quarter silver-equivalent production at Excellon's Platosa mine in Durango, Mexico, fell 12% year-on-year to 492,013 ounces. Silver production was down 24% to 271,525oz, lead production fell 23% to 1.7 million lb, and zinc production decreased 12% to 2.2Mlb, Excellon said. 

"During Q4, we realised lower production than the very strong Q4 2020 quarter, primarily due to lower ore grades and partially due to seasonal impacts on processing and delivery schedules," said Excellon's CEO Brendan Cahill.

Despite the drop, annual silver equivalent production from Platosa was the strongest in eight years in 2021 and up 24% year-on-year at 2Moz.

"Our Mexican operations delivered records for mined and processed tonnage in 2021, along with the most silver ounces produced since 2013," the company's president and CEO Brendan Cahill said. 

The fourth-quarter result meant full 2021 silver-equivalent production was 2Moz, which was up 25% from 2020, the company said. 

The 2021 production consisted of silver production of 1.2Moz, up 20% year-on-year; lead production of 7.6Mlb, up 17% year-on-year; and zinc production of 9Mlb, up 20% year on year, Excellon said. 

Shares in Excellon have slumped 34% since January 5 when the company suggested it was running out of steam at Platosa.

"The last two years have seen an increase in the challenges we face in Mexico, particularly the impact on dewatering rates of the suspension of industries in Q2 2020 and the polar vortex in February 2021, along with increased consumable prices and certain legislative changes. We continue to explore from underground and surface and refine the operation, but we are now assessing the economic viability of mining at Platosa beyond mid-2022," Cahill said at the time.

 

Shares in Excellon are currently trading at C95c, capitalising the company at $32 million.