EXN - Excellon Resources: An Inferior Way To Get Silver Exposure

• Excellon Resources released its Q4 and FY2021 results last month, reporting increased production, but mainly due to the benefit of being up against easy year-over-year comps.
• However, while production was higher, costs remained well above the industry average at $24.78/oz, leading to another year of significant let losses for Excellon.
• With Excellon's market cap below $40 million, one might conclude that the stock might be worth buying, but the Kilgore economics which the company highlights paint an incomplete picture.
• So, while Excellon is reasonably valued after a 70% decline, I see a risk of share dilution and I see few redeeming qualities, suggesting there are dozens of better ways to bet on higher silver prices.

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