08:13 AM EDT, 03/11/2025 (MT Newswires) -- Excellon Resources ( EXNRF ) on Tuesday said it secured a deal to buy the the past-producing Mallay Silver Mine and Tres Cerros Exploration Property in Peru.

Premier Silver agreed to sell its shares of Minera CRC, which holds the Mallay mine stake, to Excellon through a court-supervised sale process conducted under Canadian insolvency law. As part of the agreement, Premier Silver will receive $400,000 in Excellon shares valued on a 5-Day volume-weighted average price on the close of the acquisition.

The deal, which is expected to close next month, will give Excellon full ownership of Minera free and clear of all encumbrances.

"We are executing on an aggressive plan to return to silver production at Mallay in Q4 2025 and this agreement ensures an expedited closing with the full support of all stakeholders, allowing us to focus on unlocking value from the property," said Excellon Chief Executive Shawn Howarth. "We will immediately begin the restart process after closing and aim to return Excellon to producer status on an accelerated timeline."

Shares of Excellon closed down 8.3% to $0.11 on Monday on the Toronto Stock Exchange.