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Excellon Resources Inc. (EXN) Fair Value & Analysis

Basic Materials · CA · Market cap C$150M (≈ $109M)

What is Excellon Resources Inc. really worth?

ER Excellon Resources Inc. EXN · V
PriceC$0.4650
Fair ValueC$0.0510
Upside−89.0%
Quality21/100

Below-average quality, and trading another 812% above our fair value of C$0.0510.

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Risks

!Weak Growth (revenue YoY −32.0 %/yr)
!Thin margins · 0.0% net margin
!negative free cash flow
!Trails peers (0/8)
!Narrow moat 3/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range C$0.0425 – C$0.0850

Fair value as of: Aug 23, 2026

From 1 valuation models · updated 13 days ago

Share price +50.0% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (C$0.0850). The favourable scenario is already priced in.
  • Weak quality (21/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • A fairly wide model range (C$0.0425 to C$0.0850) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

C$8.75 C$0.1100 Fair Value C$0.0510 Jan 2009 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.

How to read this chart

60‑month range C$0.1100 – C$8.75 · fair‑value band C$0.0425 – C$0.0850 · the C$0.4650 price screens above the C$0.0510 fair value. Dashed = 300-day average. As of Aug 23, 2026.

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Analysis

Excellon Resources Inc. (EXN) currently trades at C$0.4650, while our model-based Fair Value estimate is C$0.0510, implying the stock looks roughly 811.6% overvalued today. The Quality Score stands at 21/100 (below-average quality), in the Basic Materials sector. How firm this estimate is: it rests on 1 models at a data quality of 89/100, which puts the evidence level at low.

It earns a return on equity of −24.8%. Net debt stands at C$3.1M. Fundamentals as of Aug 23, 2026

Our scenario range runs from C$0.0425 (bear case) to C$0.0850 (bull case); at C$0.4650, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 37% below its 52-week high and 133% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −73% fair-value upside, at −89%, EXN screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
NCAV (Graham) best evidence C$0.0300 C$0.0500 C$0.0700 51
All 1 models by family
Asset-Based
NCAV (Graham) best evidence C$0.0300 C$0.0500 C$0.0700 51

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Key figures & financial health

EPS (TTM) C$−0.0300
Return on equity −24.8% TTM
Return on assets (EBIT) −25.6% avg 5y
Free cash flow −C$7.2M FY2025
Net debt C$3.1M FY2024

Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 21/100

Of which business quality 25 · Market factors (momentum, volatility) 37

Profitability 0
Margins and returns on capital today
Quality Growth 75
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 62
Balance sheet, leverage, solvency risk
Investment 20
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 71
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Excellon Resources Inc. engages in the acquisition, exploration, and advancement of mineral properties in the United States, Germany, and Mexico. It primarily explores for silver, lead, gold, and zinc deposits, as well as base metals. The company was incorporated in 1987 and is based in Toronto, Canada.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Excellon Resources Inc. reported revenue of $0 in FY2025 versus $38.0M in FY2021. Reported net income was −$4.4M in FY2025.

Growth Quality 0/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2022)
C$25.8M
Latest YoY
−32.0%
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue
FY21 $38.0M
FY22 $25.8M
FY23 $0
FY24 $0
FY25 $0
Net income
FY21 −$57.8M
FY22 −$18.8M
FY23 $6.5M
FY24 −$5.2M
FY25 −$4.4M

EXN screens 812% overvalued. Compare with First Majestic Silver Corp →

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Cite: Fair Value Calculator (2026). "Excellon Resources Inc. Fair Value". https://www.fairvalue-calculator.com/stock/EXN

Peer Group

Materials · 3588 stocks

How this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Silver” was too small, so the broader sector is used.)

Quality Score 25 · Bottom 25%
Fair Value upside −89% · Bottom 25%
Return on assets −7% · Bottom 25%
Net margin (TTM) 0% · Below median
Operating margin (TTM) 0% · Below median
Revenue growth 0% · Below median

Valuation Multiples vs Materials median · lower = cheaper

P/B 4.06× · Pricier than 75% of peers

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Silver stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).

Stock Price Fair Value vs Fair Value
First Majestic Silver Corp AG $21.74 $5.78 −73%
Discovery Silver Corp DSV C$12.48 C$3.82 −69%
Aya Gold & Silver Inc AYA C$40.53 C$7.46 −82%
Endeavour Silver Corp EDR C$15.65 C$1.76 −89%
Silvercorp Metals Inc SVM $13.11 $7.70 −41%
Andean Precious Metals Corp APM C$7.04 C$12.33 +75%
Apollo Silver Corp APGO C$3.21 C$0.5200 −84%
Sotkamo Silver AB SOSI1 €0.4290 €0.1700 −60%
Minaurum Silver Inc MGG C$0.2900 C$0.0400 −86%
Argenta Silver Corp AGAG C$0.5350 C$0.0600 −89%

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Frequently asked questions

Is Excellon Resources Inc. (EXN) overvalued or undervalued?
As of Aug 23, 2026, our model estimates a fair value of C$0.0510 versus a price of C$0.4650, about −89% upside (overvalued).
What is the fair value of EXN?
Our model-based fair value for Excellon Resources Inc. is C$0.0510 (as of Aug 23, 2026), built from audited fundamentals. The current price: C$0.4650.
What is the quality score of EXN?
Excellon Resources Inc. has a Quality Score of 21/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the net profit margin of EXN?
The net profit margin of Excellon Resources Inc. is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.
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